This paper examines the mainstream theories of "financial sustainability" and "financial development". It is suggested understanding "financial development" as the complex dynamic characteristics of the financial sector, which is formed under the influence of financial and economic policy...

Using a newly available World Bank survey of over 28,000 firms from 46 countries, we examine how financial development affects firm innovation around the world. We find that while stock market development significantly enhances firm innovation, banking sector development has mixed effects. We...

This paper aims to investigate the role of capital for banking institutions and provide an empirical analysis on large Italian banks' capital adequacy. The paper is organized as follows. The first section introduces to the issue of the paper. The second section explains why the capital is...