In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we...

In this paper we compute economic complexity following Tacchella et al. (2012) for Italian provinces (NUTS 3) in the period 1998-2017 and test the impact of provincial financial structure on the former. We implement several dynamic panel models and tackle endogeneity issues and the persistence...

While the evidence accumulates that many countries are fashioning aspects of green development to complement their black, fossil-fueled industries, the case for a wholesale adoption of green development strategies is seldom made. Instead, it is frequently assumed that green development can only...

Existing historical GDP series for Norway do not always coincide with our historical knowledge of the economic development. This is to a large extent a result of lack of calculations from the production side and in addition to insufficient data sets upon which these series rest. The present...

Business groups are an important aspect of the industrial organization of many developing countries. This paper develops a theory suggesting that they may be organizations that facilitate economic development in the presence financial market constraints.An important function of the stockmarket...

Much of the recent growth and development literature is based on the notion that economies may exhibit multiple equilibria. An economy may get stuck in a vicious circle of poverty as a result of a coordination failure. Little attention has been given to which economic institutions may solve such...

Enterprise creation, destruction, and evolution support the transition to modern economic growth, yet these processes are poorly understood in industrializing contexts. We investigate Imperial Russia's industrial development at the firm-level by examining entry, exit, and persistence of...

Corporate governance distortions delay or even halt a country's transformation into a modern innovation economy. We investigate the mechanism through a growth model that allows for agency issues within firms. Governance distortions raise the cost of investment and depress the incentives to set...

The finding that industrial sectors differ in their dependence on external finance for sector-specific technological reasons and, thus, rely to a different degree on financial development has become a major concept in studies conducted on both growth and trade. Although natural resources might...