Although financial development is good for long-term growth, not all countries pursue policies that render full financial development. This paper builds on an extensive political economy literature to construct a theoretical model showing that the intensity of opposition to financial development...

The goal of integrated risk management in a financial institution is to measure and manage risk and capital across a range of diverse business activities. This requires an approach for aggregating risk types (market, credit, and operational) whose distributional shapes vary considerably. In this...

El sistema financiero de Honduras sufrió el impacto de la crisis financiera de 2009 con un deterioro de los indicadores de calidad de activos y de rentabilidad, que posteriormente experimentaron una recuperación en 2010. En el último año se ha podido notar una preferencia de los agentes por...

Weather is a key source of income risk, particularly in emerging market economies. This paper uses a randomized controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production decisions. We find that insurance provision induces...

Recognizing the need to improve the quality of financial disclosure by private sector firms in Latin America and the Caribbean, the Inter-American Development Bank sponsored a conference in September 29-30, 1997 entitled Financial Disclosure and the Development of Financial Markets: The Impact...

Recognizing the need to improve the quality of financial disclosure by private sector firms in Latin America and the Caribbean, the Inter-American Development Bank sponsored a conference in September 29-30, 1997 entitled Financial Disclosure and the Development of Financial Markets: The Impact...

This paper documents the relationship between regional financial development and firm growth in the Peruvian manufacturing sector. In order to control for mutual causality between credit availability and firm growth, industry differences in financial dependence on external funds are exploited....

This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial...

This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...