Examines the institutional factors influencing financial innovation, the consequences of financial development, widespread consolidation occurring through mergers and acquisitions, and the implementation of policy reform.--From publisher description

We update Rose and Spiegel (2010a, b) and search for simple quantitative models of macroeconomic and financial indicators of the “Great Recession” of 2008‐09. We use a cross‐country approach and examine a number of potential causes that have been found to be successful indicators of...