This paper explores the consequences of embracing the regulatory framework of the Bretton Woods Institutions as the political landscape from which a global pattern of “modern development” historically nurtured. With the enhanced influence of the deregulation of financial capital, the market...

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...