The hypothesis that financial development promotes economic growth enjoys significant support from empirical evidence drawn from both developed and developing countries alike. However, analogous empirical evidence is still lacking for economies in transition. This article analyses the effects of...

Voluminous theoretical and empirical literature examines the relation between financial-sector development and economic growth. However, previous studies have largely ignored progress in former Soviet Central Asian republics engaged in transition from socialist command economies to market...

This article examines financial liberalisation in Indonesia and South Korea during the 1980s and the early 1990s. It provides a brief discussion of the pre-reform political and economic environment in the two countries, followed by a description of the state of the pre-reform financial sectors...

Despite plausible theoretical grounds for presuming a positive relationship between foreign direct investment inflows (FDI) and economic growth, existing empirical evidence on this nexus is inconclusive. In an effort to add to the empirical literature, this paper estimates the relationship...