The role of financial system in economic development has been a much discussed topic among economists. Economists hold dramatically different views. From a much earlier time, Bagehot (in 1873), and Schumpeter (in 1911) argued that an efficient financial system greatly helped a nation's economy to grow. https://www.expertsmind.com/topic/economics/role-of-financial-markets-in-the-economy-92618.aspx