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This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...
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Up to a point, banks and markets both foster economic growth. Beyond that limit, expanded bank lending or market … with financial crises, we find that the impact on GDP has been three times as severe for bank-oriented economies as it has …
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In recent years there has been substantial theoretical and empirical work on the role that financial markets play in fostering economic growth and development. This paper provides a selective review of the literature, as well as new empirical evidence on the relationship between financial...
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