The positive relation between financial development and economic growth seems to have weakened in recent years and when analyzing only developed countries. We suggest here that banks' relative ability to intermediate funds cost-efficiently is a quality-based measure of financial development that...

This paper investigates whether, and to what extent, the uncertainty with respect to the annual debt service payments may adversely affect economic growth of the group of highly indebted poor countries (HIPCs). We find supportive evidence for this hypothesis. Based on these results, we conclude...

This paper aims to investigate the relationship between financial liberalization on the one hand and saving, investment and economic growth on the other hand, using a new dataset for measuring financial liberalization for a sample of 25 developing economies over the period 1973-96. We find no...