We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as...

This study investigated the linkages between foreign direct investment (FDI) and financial development measured by banks and stock markets in 30 Asian developing countries from 1986 to 2019. We used a bivariate model with Granger causality tests to test the reverse causality between FDI and...

We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as...

Ambiguous impacts of financial development on income inequality in the literature imply that the impacts can be affected by other variables and may depend on different dimensions of financial development. This paper studies the effects of financial development with multi-dimensional analysis...

This study reviews the evolution of financial markets, institutions, and policy frameworks in the economy of the Republic of Korea over the two decades since the 1997 Asian financial crisis and assesses their effectiveness in reducing the likelihood and adverse effects of future financial...

Waves of military technological changes have swept through the Eurasian land mass since the dawn of civilization. Military technological changes decisively shaped geopolitics and the fortunes of states, empires and civilizations. In his book Jimmy Teng claims that to understand the impacts of...