This paper discusses the link between financial development and macroeconomic volatility by exploring some of the ways through which financial development may affect business cycle fluctuations. To be specific, we examine whether stock market development exerts an unambiguous effect on...

In recent years, institutions and institutional structure have become some of the most popular concepts analyzed by economics theory. New growth theories have especially focused on the effects of institutions and institutional structure on a macro level. Property rights are one of the most...