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1 Introduction A large number of economists are trying to answer the questions: How to enhance economic growth and what are the drivers of growth? (e.g., Audretsch – Fritsch 2002 ; Valliere – Peterson 2009

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1 Introduction There is a considerable amount of research on the impact of financial development on economic growth. Nevertheless, when adding a third factor, innovation to the causal relationship, only a few studies analysed the trivariate nexus

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1 Introduction Until the Great Depression of the 1930s and the years immediately after World War II, economic growth, as compared with economic efficiency at full employment, had not been a major focus for economists' attention. In Paul A

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-shen ( 2013 ). Urbanization, economic growth mechanism of action in Fujian Province . Urban Problems , ( 5 ), 57 – 61 . Chou Juan

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): Financial Systems, Economic Growth and Globalisation. NBER Working Papers, 8323, June. Financial Systems, Economic Growth and Globalisation

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providing more tourist relating retailing businesses ( Turner 2018 ). To reap the cross-cultural benefits developing economies are paying a lot of attention towards the development of the tourism industry. Many studies support the tourism and economic growth

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processing of increasingly large amounts of data by companies that have grown enormously due to globalization [ 5 ]. This was when, after the global financial crisis, economic growth began to become robust in the world economy following the successful crisis

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. ( 2010 ): The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets . IMF Staff Papers , 57 ( 1 ): 209 – 255

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) from foreign sources. Such policy leaves more money in the hands of domestic private sector, facilitating higher level of savings and investment, which is beneficial for economic growth. Let us now turn to a more realistic situation, with r D > 0 . In

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Al-Faris, A. F. (2002): Public Expenditure and Economic Growth in the Gulf Cooperation Council Countries. Applied Economics , 34: 1187–1193. Al-Faris A. F

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