This paper elucidates the key debates surrounding the optimal design of financial systems and institutions: bank-based versus market-based; universal versus specialized banking; relationship versus arms-length banking. The paper also examines the historical pattern of financial system development...

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...

This paper describes the structural transformations that Chile has experienced in the last 50 years and how they have contributed-or not-to inclusive growth and genuine economic modernization from a historical perspective. The empirical analysis of the paper shows a premature deindustrialization...

This works covers peculiarities of formation of Georgian monetary system in XI-XII centuries and their effect on the international financial and economic relations. In this works we have researched the matters of formation of monetary policy of feudal age and their effect on development of...

The present paper provides an overview of literature on the shift to services. It follows the three dimensions of structural change - final demand, the inter-industry division of labor and inter-industry productivity differences. It first looks at the ‘classics’, however (Fisher (1935),...

This paper analyses and documents new long-term income inequality series for Argentina, Brazil, Chile, Colombia, Mexico and Venezuela based on dynamic social tables with four occupational groups. This enables the calculation of comparable Overall (4 groups) and Labor Ginis (3 groups) with their...

Common to the bulk of the “new” economic growth and development literature is the idea that the process by which less-developed countries break out of a poverty trap and achieve steady, self-sustaining growth in real per-capita income is predicated on persistent production and accumulation...

Between 2000 and 2017, Chile presented a great economic performance, with an average GDP growth of 3.87%. Nevertheless, Chile has confronted a great number of conflicts, reaching its peak of tension in the 2006 “Revolución de los Pinguinos” and the protests against the private pension...

Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only through...