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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 Markets' Assessment of Emu

Bates, David S. - 2008

This article reviews the assumptions and methodologies underlying EMU probability calculators,' which infer from financial data the probability of specific countries joining the European Monetary Union. Some historical evidence is presented in support of the expectations hypothesis for...

Persistent link: https://www.econbiz.de/10012774808

Financial System Risk and Flight to Quality

Caballero, Ricardo J. - 2005

We present a model of flight to quality episodes that emphasizes financial system risk and the Knightian uncertainty surrounding these episodes. In the model, agents are uncertain about the probability distribution of shocks in markets different from theirs, treating such uncertainty as...

Persistent link: https://www.econbiz.de/10012784030

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

Rajan, Raghuram G. - 2010

a country's legal origin. We propose instead an 'interest group' theory of financial development. Incumbents oppose … financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an … economy allows both cross-border trade and capital flows. This theory can go some way in accounting for the cross …

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

Pitfalls of a State-Dominated Financial System : The Case of China

Boyreau-Debray, Genevieve; Wei, Shang-Jin - 2021

State-owned financial institutions have been proposed as a way to address market failure, but the recent literature has also highlighted their pathological problems. This paper studies the case of China for pitfalls of a state-dominated financial system, including possible segmentation of the...

Persistent link: https://www.econbiz.de/10013215373

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

Financial factors have been assigned strategic importance in economic development. But very different factors have been isolated in the respective experiences: in Asia unrepressed financial markets in mobilizing saving and allocating investment have been given prominence. In Latin America the...

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