Macroeconomic development must be supported by a stable and efficient financial system. There are many different measures of financial development that are suggested when the relationship between growth and financial system is analyzed. In this paper we will identify the most important...

Finance long has been described as the quot;governorquot; of economic development. Yet there are no agreed indicators of financial development or measures of the efficiency with which finance provides services to other sectors. This paper clarifies the choices by distinguishing price from...