Pôle financier et croissance régionale, les effets externes des activités bancaires sur l'économie luxembourgeoise ; Financial sector and regional growth: external effects of banking activities on Luxembourg economy

peer reviewed ; This article intends to evaluate and to precise the transmission channels from financial development to non financial activities in the Luxembourg economy. Especially, we isolate the role played by the external effects of the financial sector on the productiviy of the other sectors. Based on the modified Feder’s production functions (1983), we propose a measure of technological spill-overs generated by the proximity of the banking sector. The analysis of spatial externalities allows a better understanding of these effects on the internal growth process.