Soviet growth from 1960 to 1989 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. There is some evidence that the burden of defense spending modestly contributed to the Soviet debacle. The declining Soviet growth rate from...

The roles of banks and securities markets evolve during the process of economic development. 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 increase in economic output and an...

This article introduces the updated and expanded version of the Financial Development and Structure Database. The database includes indicators on the size, efficiency, and stability of banks, nonbank financial institutions, and equity and bond markets over 1960--2007. It also contains indicators...

Is the financial system important for economic growth? One line of research argues that it is not; another line stresses the importance of the financial system in mobilizing savings, allocating capital, exerting corporate control, and easing risk management. Moreover, some theories provide a...

World stock markets are booming, and emerging stock markets account for a disproportionate share of this growth. Yet economists lack a common concept or measure of stock market development. This article collects and compares a broad array indicators of stock market and financial intermediary...

This article introduces a new database of indicators of financial structure and financial development across countries and over time. The database is unique in that it combines a wide variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets....