This paper examines the evolving importance of banks and securities markets during the process of economic development … provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory …

"While substantial research finds that financial development boosts overall economic growth, we study whether financial … development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we … distinguish among competing theoretical predictions about the impact of financial development on changes in income distribution …

, exchange rate, and financial sector policies. They also consider such new measures as infrastructure development, cultural … the Macroeconomics and Growth Division and the Finance and Private Sector Development Division, Policy Research Department …