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Real Business Cycles in Emerging Countries?

Garcia Cicco, Javier - 2010

We use more than one century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at explaining business cycles in emerging countries. We then...

Persistent link: https://www.econbiz.de/10012760602

Capitalizing China

Fan, Joseph P. H. - 2011

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement...

Persistent link: https://www.econbiz.de/10013117212

Bank-Based or Market-Based Financial Systems : Which is Better?

Levine, Ross - 2008

For over a century, economists and policy makers have debated the relative merits of bank-based versus market …-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful … robustly linked with economic growth, there is no support for either the bank-based or market-based view …

Persistent link: https://www.econbiz.de/10012774642

Finance and Growth : Theory and Evidence

Levine, Ross - 2004

This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...

Persistent link: https://www.econbiz.de/10012785451

Long Run Growth of Financial Technology

Farboodi, Maryam - 2017

In most sectors, technological progress boosts efficiency. But financial technology and the associated data-intensive trading strategies have been blamed for market inefficiency. A key cause for concern is that better technology might induce traders to extract other's information from order flow...

Persistent link: https://www.econbiz.de/10012955436

Skill Biased Financial Development : Education, Wages and Occupations in the U.S. Financial Sector

Philippon, Thomas - 2010

Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the growth in the share of value added has been fairly linear, it hides a dramatic change in the composition of skills and occupations. In the early 1980s, the financial sector started paying higher wages...

Persistent link: https://www.econbiz.de/10012759800

Insurance Underwriter or Financial Development Fund : What Role for Reserve Pooling in Latin America?

Eichengreen, Barry - 2010

The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response...

Persistent link: https://www.econbiz.de/10012760717

The Great Reversals : The Politics of Financial Development in the 20th Century

Rajan, Raghuram G. - 2010

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...

Persistent link: https://www.econbiz.de/10012763181

Financial Dependence and Growth

Rajan, Raghuram G. - 2010

Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. As has been noted elsewhere, the observed correlation does not necessarily imply a...

Persistent link: https://www.econbiz.de/10012763856

Financial Development and Growth in the Short and Long Run

Fisman, Raymond J.; Love, Inessa - 2021

We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10013222934

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