The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes...

We study the success and failure of 59 newly established (“nascent”) stock markets since 1975 in their first 40 years of activity. Nascent markets differ markedly in their success, as measured by number of listings, market capitalization, and trading activity. Long-term success is in part...

We study the success and failure of newly established stock markets, as measured by listings, market capitalization, and trading activity. Early success is a necessary but not sufficient condition for long-term success, while small population, high corruption, limited law and order, low...

Contents: Part I Theory and evidence on finance and growth -- 1. Financial development and innovation-led growth / Phillippe Aghion, Peter Howitt and Ross Levine -- 2. Financial structure, economic growth and development / Franklin Allen, Xian Gu and Oskar Kowalewski -- 3. Evidence on finance...