The present paper examines the changing landscape of the finance-growth nexus using detailed industry-level data for 40 countries and 20 industries spanning 1980–2020. Regarding the long-term relationship between finance and growth, the findings indicate that industries more dependent on external finance experienced stronger growth in financially more developed markets during the 1980s and 1990s, but weaker growth in the 2000s and 2010s. Moreover, private credit changes are associated with lower industrial growth rates over the medium term. In terms of credit types, corporate credits generally have positive effects, while household credits display negative medium-term growth effects. These results highlight significant changes in the finance-growth relationship over the past four decades.

中文翻译：

---

金融与增长关系格局的变化：行业增长、信贷类型和外部金融依赖

本文利用 1980 年至 2020 年 40 个国家和 20 个行业的详细行业数据，研究了金融与增长关系的变化格局。关于金融与增长之间的长期关系，研究结果表明，更依赖外部融资的行业在 1980 年代和 1990 年代在金融较发达的市场经历了更强劲的增长，但在 2000 年代和 2010 年代增长较弱。此外，私人信贷变化与中期工业增长率下降有关。从信贷类型来看，企业信贷普遍具有正效应，而家庭信贷则表现出负中期增长效应。这些结果凸显了过去四十年金融与增长关系的重大变化。