issues of causality. This paper gently introduces some leading work in this area, using a concrete example-assessing the …

like no other at a time of record-breaking debt levels, especially among nonfinancial firms across the world, could …

The recent financial crisis highlighted the role of Bank Holding Companies (BHCs) in exacerbating the crisis and in … of banking typically focus on banks with a loan desk. We develop a dynamic model of a BHC that encompasses both a trading … monetary policy and market innovations on bank behavior in the presence of Basel III type regulations. To our knowledge, this …

hypotheses. In this paper, I build a panel structural vector autoregression (SVAR) model for a short panel of 119 countries over …

throughout the world. This paper contributes to the literature by investigating whether this impact differs across regions …, income levels, and types of economy. Using a rich dataset for 150 countries for the period 1975–2005, dynamic panel … estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable …

, inequality, and government spending on poverty reduction. A new panel dataset has been assembled on inequality and poverty that …

of financial information applies to growth forecasts more broadly, including the IMF’s forecasts in the World Economic …

preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic …