This paper discusses the causes of the middle-income trap in Latin America and the Caribbean, identifies the challenges and opportunities for Latin America that come from China's rise, and draws lessons from New Structural Economics and the Growth Identification and Facilitation Framework to...

With panel data for 28 Chinese provinces (autonomous regions, municipalities) during 1985-2002, this paper assesses the effect of banking structure on economic growth. Banking structure is defined as the relative importance of banks of different size in the banking sector. The market share of...

This overview introduces the background of the study "Inclusive Growth toward a Harmonious Society in the People's Republic of China (PRC)", under which all the papers in this special volume were prepared. It summarizes key findings of these papers as grouped into three parts: (i) Inclusive...

This paper provides an historical overview of both the evolution of the economic performance of the developing world and the evolution of economic thought on development policy. The twentieth century was broadly characterized by divergence between high-income countries and the developing world,...

Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy. Since the 18th century, all countries that industrialized successfully have followed their comparative advantages and leveraged the latecomer advantage, including emerging...

In this article the authors use quantile regressions to assess the relationship between economic and financial development at each percentile of the distribution of economic development. Thus; the quantile regressions provide information on how the associations between economic development and...