The robustness of the cross-sectional relationship between the size of a country's financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of...

Modern banking institutions were virtually non-existent in the planned economies of central Europe and the former Soviet Union. In the early transition period, banking sectors began to develop during several years of macroeconomic decline and turbulence accompanied by repeated bank crises....

Although the finance-growth nexus has become firmly entrenched in the empirical literature, studies that question the strength of the empirical results have appeared and seem to have become more frequent as well. In this paper we reexamine the core crosscountry panel results that established the...

This paper examines the nature of links between the intensity of financial intermediation and economic performance that operated in the U.S., the U.K., Canada, Norway and Sweden over the 1870-1929 period. After describing the co- evolution of the financial and real sectors in these countries,...