This study aims to understand the impact of fundraising innovations on sustainable growth in emerging markets. It opted for a multiple-case study research design using different sources of evidence, including nineteen semi-structured interviews. The subject matter experts (SMEs) were selected...

This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth...

This paper contributes to the literature by looking at the possible relevance of the structure of the financial system—whether financial intermediation is performed through banks or markets—for macroeconomic volatility, against the backdrop of increased policy attention on strengthening...

The 2017 Spring Meetings coincided with the surprise calling of snap general elections in the UK and military tensions in the Yellow Sea. Our postwar social contract has to cope with unprecedented shocks: Britain's thorny withdrawal from the EU, worsening Migrant Crisis, rise in populist...

This paper investigates the convergence in real Gross Domestic Product (GDP) growth focusing on the impact of financial crises (i.e. banking crises, currency crises and debt crises) and nominal exchange rate regimes (i.e. fixed, intermediate and flexible) on convergence. To that end, we compute...

A sound and efficient financial system is an indispensable ingredient of economic growth. It consists primarily of banks and capital markets, which channel savings into investments and other productive activities that contribute to economic growth and augment the economy's productive capacity....

Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization,...

Hong Kong has grown strongly as a result of its successful transformation from a manufacturing presence to a services hub over past decades. Executive Directors support the government’s commitment for the Linked Exchange Rate System. Hong Kong’s future as a financial center is...

We provide an estimate of China’s impact on the growth rate of resource-rich countries after its WTO accession on 11 December 2001. Our empirical approach follows the logic of the differences-in-differences estimator. In addition to temporal variation arising from the WTO accession, which we...

This paper integrates in a unified and tractable framework some of the key insights of the field of international trade and economic growth. It examines a sequence of theoretical models that share a common description of technology and preferences but differ on their assumptions about trade...