Ideologues are quick to explain the current financial meltdown: it's the markets, stupid. Economists agree but add: it's politics too, stupid. Ideologues agree but counter: first and foremost it's capitalism, stupid. Economists agree but reply: §$%&?!, stupid. This is where this short paper...

This paper discusses the link between financial development and macroeconomic volatility by exploring some of the ways through which financial development may affect business cycle fluctuations. To be specific, we examine whether stock market development exerts an unambiguous effect on...

A Ricardian-type set-up is used to explore the linkage between financial development and the business cycle. Though financial advancement may be good for growth due to making possible a higher degree of division of labor, it may, for the same reason, be bad for the business cycle. Building on...

This paper is aimed at exploring how X-efficiency or management quality is associated with one of the most vivid forms of international banking, that is, entering new markets by setting up foreign subsidiaries. The analysis focuses on the supposition that management quality ought to be one of...

Empirical evidence is increasingly emphasising the positive influence of financial markets on the level and the rate of growth of a country's per-capita income. Theoretically, the rationale for the finance-growth nexus appears to be straightforward: in imperfect economies, financial markets...