Credit market imperfections provide the key to understanding many important issues in business cycles, growth and …

. Although the study does not presume that finance is the most binding constraint to growth and socio-economic development in … Burundi, it takes the view that unlocking the financing constraint could alleviate other impediments to growth and poverty … potentially boost competition, financial innovation, and access to finance with positive effects on growth and poverty reduction. …

-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to … perfectly efficient competitive equilibrium. A numerical example suggests that finance is important for growth. …

This paper examines the relationship between the structure of banking markets and economic growth using a new dataset … on manufacturing industry-level growth rates and banking market concentration for U.S. states during 1899-1929--a period … impact on manufacturing sector growth in the early twentieth century, with little variation across industries with different …

neoclassical growth model. Investment rates and total factor productivity start out low and rise over time. These model dynamics …

China is the world’s largest investor and greatest contributor to global economic growth by wide margins, and will … sustain this growth. This paper shows that China’s stock market has a crucial role to play. Since the reforms of the last … economies. They pay up for large stocks, growth stocks, and long shots, and they discount for illiquidity and market risk. China …