Theoretical perspectives on the finance–growth nexus have evolved significantly since the seminal insights of Schumpeter (1912), Gurley and Shaw (1955), and Goldsmith (1959), who each emphasized the catalytic role of financial systems in promoting innovation, mobilizing savings, reducing transaction costs, and efficiently allocating capital. These early theorists laid the foundation for the “supply-leading” hypothesis, which posits that financial development precedes and stimulates economic growth by fostering capital accumulation and technological progress. This viewpoint has been revisited and expanded by contemporary endogenous growth theorists, such as Romer (1986) and Lucas (1988), who underline how financial markets and institutions enhance total factor productivity through better allocation of resources and support for innovation-driven activities (Aghion, Howitt, and Mayer-Foulkes, 2005).