This paper uses firm-level data from the Business Environment and Enterprise Performance Surveys to study the process of convergence of transition countries with developed market economies. The study focuses on competition and market structure, finance and the structure of lending to firms, and...

To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...

This document provides empirical evidence about the role of the financial system on the growth of developing economies. In order to prove that relationship a panel data regression using a sample of 26 developing economies for the period 1961- 2005 is estimated. Instrumental variables methodology...

This work estimates the impact of Private Credit to the private sector and Liquid Liabilities (as measures of financial development) on economic growth, capital growth and productivity growth for different regions. Estimations are conducted with a panel database of 78 countries and 35 years...

Capital mobility and absence of direct taxation have made Vanuatu, an attractive Offshore Financial Centre (OFC) in the Pacific, since its independence in 1980. Consequently, Vanuatu has been depending on trade taxes. As Vanuatu would become part of a Pacific free trade area by 2015, policy...