To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...

Globally, financial institutions have increased their holdings of domestic sovereign debt, tightening the linkage between the health of the financial system and the level of sovereign debt, or the "financial sector-sovereign nexus," during the ongoing COVID-19 pandemic. In South Africa, the...

From 2000-2006 U.S. house prices and mortgage credit grew while the relative cost of mortgage credit fell - particularly for privately securitized mortgages - suggesting a credit supply expansion. This paper explores two (credit supply) shocks: an increased inow of global savings into the United...