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Financial Frictions and the Persistence of History : A Quantitative Exploration

Buera, Francisco J. - 2014

We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as...

Persistent link: https://www.econbiz.de/10013069222

Why Doesn'T Asia Have Bigger Bond Markets?

Eichengreen, Barry; Luengnaruemitchai, Pipat - 2021

Asia's underdeveloped bond markets and dependence on bank finance have been topics of concern since the crisis of 1997 … characteristics and macroeconomic and financial policies account fully for differences in bond market development between Asia and the … rest of the world. Once one controls for these characteristics and policies, in other words, there is no residual Asia …

Persistent link: https://www.econbiz.de/10013313346

Resolving the African Financial Development Gap : Cross-Country Comparisons and a Within-Country Study of Kenya

Allen, Franklin - 2012

With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We also find that population density appears to be considerably more important...

Persistent link: https://www.econbiz.de/10013107224

The Evolving Importance of Banks and Securities Markets

Demirgüç-Kunt, Asli - 2012

This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an...

Persistent link: https://www.econbiz.de/10013107516

Financial Development, Growth, and Crisis : Is There a Trade-Off?

Loayza, Norman - 2018

This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect—with one literature focusing on the effect of financial deepening on long-run growth and another studying its impact on volatility and...

Persistent link: https://www.econbiz.de/10012922229

Government, Financial Markets, and Economic Development

Stiglitz, Joseph E. - 2021

Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling for large scale government interventions to solve problems of massive market failures, the other for the unfettering of markets, with the dynamic forces of capitalism naturally...

Persistent link: https://www.econbiz.de/10013219988

Financial Factors in Economic Development

Dornbusch, Rudiger; Reynoso, Alejandro - 2021

isolated in the respective experiences: in Asia unrepressed financial markets in mobilizing saving and allocating investment …

Persistent link: https://www.econbiz.de/10013226568

Financial Development and the Composition of Industrial Growth

Fisman, Raymond J.; Love, Inessa - 2021

We re-examine the role of financial market development in the intersectoral allocation of resources. Specifically, we propose the use of a new methodology that looks at the co-movement in growth rates across pairs of countries to examine the role of financial development in allowing firms to...

Persistent link: https://www.econbiz.de/10013242889

The Origins of Financial Development : How the African Slave Trade Continues to Influence Modern Finance

Levine, Ross - 2017

We assess how the African slave trade—which had enduring effects on social cohesion—continues to influence financial systems. After showing that the intensity with which people were enslaved and exported from Africa during the 1400 – 1900 period helps account for overall financial...

Persistent link: https://www.econbiz.de/10012948060

Currency and Financial Crises of the 1990s and 2000s

Razin, Assaf - 2011

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) the credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves' meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...

Persistent link: https://www.econbiz.de/10013130560

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