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The paper describes tests of hypotheses from economic history and theory concerning the significance of financial development as a possible determinant of economic growth. The empirical analysis is based on a large panel data set covering 93 countries from 1970-90. It goes beyond existing...
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- such as the dynamics of financial innovation and globalization - remain relevant for the region. As the world embraces wide …
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of a financial crisis: 1) Regulation creates two categories of financial institutions. The first class faces greater … subsidized funds to make riskier investments (including investments in the second class) without regulation compensating for …
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