relationship between these functions and economic growth using methods that more accurately conform to theory, and which broaden … our understanding of the mechanisms through which the financial sector impacts on growth. Our analytical models provide … growth. Our results suggest that if financial sector reforms are to be more effective, greater focus has to be placed on …

growth. At early stages of development, the presence of indivisible projects limits the degree of risk … inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern … financial deepening and lastly, steady growth. ‘Lucky’ countries will spend relatively less time in the primitive accumulation …

? We argue that if this was the case, financially developed countries should see faster growth in industries with … investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth …

the relationship between finance and growth. Section I describes the role of financial development in economic growth at …

We study the rise of finance across a set of now-industrial economies. The long-run pattern of the growth of the income …

portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the … valuation of tradable assets, particularly equity. Another important factor was growth in fees associated with an expansion in … nonbank credit intermediation (or "shadow banking"). We offer a preliminary assessment of whether the growth of active asset …