That is, the level of bank credit relative to GDP can positively explain an income increase for the bottom  11  See Allen, F., Demirguc-Kunt, A., Klapper, L., and Martinez Peria, M. S. (2016). "The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts," Journal of Financial Intermediation, Vol. 27 (1), pp. 1-30. 12  See Dupas, P., and Robinson, J.
The troubled macroeconomic context in which the digital revolution has been taking place since the global financial crisis has also played a role in explaining the stagnation of productivity. We have learnt that deep recessions, especially if accompanied by severe financial distress, may have long-lasting effects on potential output, in particular through a reduction in the speed and quality of capital increase.