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Since the World Bank and the International Monetary Fund were launched at Bretton Woods more than 50 years ago, and the … regional development banks in subsequent decades, the world economy has changed in important respects. In considering the role … result, world real interest rates have increased markedly. Second, the poor performance of statist models of development has …
Persistent link: https://www.econbiz.de/10010273271
This paper discusses the different functions that capital markets and banks have in economic development, and it reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period 1975-98, the paper then shows that variation in both...
Persistent link: https://www.econbiz.de/10010273331