Financial Development and Economic Growth: Views and Agenda

No AccessPolicy Research Working Papers21 Jun 2013Financial Development and Economic Growth: Views and AgendaAuthors/Editors: Ross LevineRoss Levinehttps://doi.org/10.1596/1813-9450-1678SectionsAboutPDF (3.4 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract:October 1996 A growing body of theoretical and empirical work would push even skeptics toward the belief that the development of financial markets and institutions is critical to economic growth, rather than a sideshow or a passive response to growth. Levine argues that the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capital accumulation, and technological change. Moreover, cross-country, case-study, industry-level, and firm-level analyses document extensive periods when financial development (or the lack thereof) crucially affects the speed and pattern of economic development. Levine explains what the financial system does and how it affects, and is affected by, economic growth. Theory suggests that financial instruments, markets, and institutions arise to mitigate the effects of information and transaction costs. A growing literature shows that differences in how well financial systems reduce information and transaction costs influence savings rates, investment decisions, technological innovation, and long-run growth rates. A less developed theoretical literature shows how changes in economic activity can influence financial systems. Without minimizing the role of institutions, Levine advocates a functional approach to understanding the role of financial systems in economic growth. This approach focuses on the ties between growth and the quality of the functions provided by the financial system. Levine discourages a narrow focus on one financial instrument, such as money, or a particular institution, such as banks. Instead, he addresses the more comprehensive, and difficult, question: What is the relationship between financial structure and the functioning of the financial system? More research is needed on financial development. Why does financial structure change as countries grow, for example? Why do countries at similar stages of economic development have different looking financial systems? Are there long-run economic growth advantages to adopting legal and policy changes that create one type of financial structure rather than another? This paper is a product of the Finance and Private Sector Development Division, Policy Research Department. Previous bookNext book FiguresreferencesRecommendeddetailsCited byImpact of digital finance on energy efficiency: empirical findings from ChinaEnvironmental Science and Pollution Research, Vol.30, No.28 August 2022Stock market development and nexus of market liquidity: The case of FijiInternational Journal of Finance & Economics, Vol.27, No.47 December 2020Does digital finance affect the quality of economic growth? Analysis based on Chinese city dataFrontiers in Environmental Science, Vol.106 September 2022Financial Reforms in Nigeria and Its Effect on the Performance of Quoted Manufacturing FirmsWSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS, Vol.196 September 2022Financial structure and earnings manipulation activities in ChinaThe World Economy, Vol.45, No.830 November 2021Remittances and financial development in AfricaJournal of Public Affairs, Vol.22, No.310 November 2020Banking performance and institutional quality: Evidence from dynamic panel data analysisInternational Journal of Finance & Economics, Vol.10089326 July 2022The finance–growth nexus in the Middle East and Africa: A comparative m eta‐analysisInternational Journal of Finance & Economics, Vol.919 July 2022RETURN AND VOLATILITY SPILLOVERS BETWEEN BİST100 AND EQUITY MARKETS OF COUNTRIES HAVING HIGH FOREIGN TRADE VOLUMEDicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Vol.12, No.2328 May 2022The impact of bank ownership on lending behavior: Evidence from the 2008–2009 financial crisisInternational Journal of Finance & Economics, Vol.27, No.220 September 2020Role of Long-term Bank Credit in the Economic Growth of IndiaGlobal Business Review, Vol.3918 January 2022Los efectos del crédito bancario otorgado a la industria y al consumo en el crecimiento económico: evidencia de México, 1994-2017Revista Mexicana de Economía y Finanzas, Vol.17, No.217 November 2021Impact of Sovereign Credit Rating Disclosure on Chinese Financial MarketSAGE Open, Vol.12, No.114 March 2022Frontiers in Psychology, Vol.13Financial Inclusion: Globally Important DeterminantsFinancial Internet Quarterly, Vol.17, No.41 January 2022Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in ChinaFrontiers in Public Health, Vol.919 November 2021Modeling Economic Risk in the QISMUT Countries: Evidence From Nonlinear Cointegration TestsSAGE Open, Vol.11, No.421 October 2021The convergence of financial inclusion across provinces in Vietnam: A novel approachPLOS ONE, Vol.16, No.826 August 2021Does high debt ratio influence Chinese firms' performance? A semiparametric stochastic frontier approach with zero inefficiencyEmpirical Economics, Vol.61, No.211 June 2020Financial development and energy poverty: global evidenceEnvironmental Science and Pollution Research, Vol.28, No.265 March 2021Financing the economy: The multidimensional influences of financial development on economic complexityJournal of International Development, Vol.4015 April 2021Investigating the Institutional Determinants of Financial Development: Empirical Evidence From SAARC CountriesSAGE Open, Vol.11, No.223 April 2021Does Financial Institution Proximity Affect the Development of Entrepreneurship?24 February 2021Financial Deepening and Business Creation: A Regional Analysis of ColombiaEmerging Markets Finance and Trade, Vol.57, No.325 April 2019Impact of financial development and energy consumption on environmental degradation in 184 countries using a dynamic panel modelEnvironmental Science and Pollution Research, Vol.28, No.84 November 2020How do the Banking Systems of High Income Countries differ from others?Financial Markets, Institutions and Risks, Vol.5, No.11 January 2021The Role of Finance in Inclusive Human Development in Africa RevisitedSSRN Electronic Journal, Vol.64The terrorism-finance nexus contingent on globalisation and governance dynamics in AfricaSSRN Electronic Journal, Vol.32The Real Effects of Distressed Bank MergersSSRN Electronic Journal, Vol.31The Impact of the 2008 Global Crisis on the Banking SystemFinancial Markets, Institutions and Risks, Vol.5, No.31 January 2021Institutional governance and financial sector development: Panel evidence from Asian economiesCogent Economics & Finance, Vol.9, No.17 March 2021How ICT affects economic growth in the Euro area during the economic crisisNETNOMICS: Economic Research and Electronic Networking, Vol.21, No.1-310 February 2021Analyzing the Role of Government Efficiency on Financial Development for OECD CountriesReview of Economic Perspectives, Vol.20, No.417 December 2020Security as an outcome for promoting economic prosperity in the regional economic communities of Africa: Evidence from a panel data analysisAfrican Security Review, Vol.29, No.420 November 2020The finance-growth nexus in China: a meta-analysisApplied Economics Letters, Vol.27, No.1328 August 2019The Spatial Effect of the Efficiency of Regional Financial Resource Allocation from the Perspective of Internet Finance: Evidence from Chinese ProvincesEmerging Markets Finance and Trade, Vol.56, No.621 January 2019THE NEXUS OF E-GOVERNMENT AND INCREASED PRODUCTIVITY RELATIVE TO INCOME LEVEL COMPARISONBusiness, Management and Education, Vol.18, No.1The conundrum of bank capital structure: Empirical evidence from PakistanCogent Economics & Finance, Vol.8, No.11 January 2020The Efficiency of the Financial System: A Comparison of Developed and Less Developed CountriesFinancial Markets, Institutions and Risks, Vol.4, No.21 January 2020The Depth of the Financial System: A Comparison of Developed and Less Developed CountriesFinancial Markets, Institutions and Risks, Vol.4, No.41 January 2020Mandatory Pension Savings and Long-run Debt Accumulation: Evidence from Danish Register DataSSRN Electronic JournalThe Death of Trust Across the Finance IndustrySSRN Electronic JournalThe Specialization of Capital and Economic GrowthSSRN Electronic JournalImporting Activists: Determinants and Consequences of Increased Cross-border Shareholder ActivismSSRN Electronic Journal, Vol.14Tribalism and FinanceSSRN Electronic Journal, Vol.59자본유입과 물가상승률 간의 동태적 상관관계 분석: 아시아의 8개국 소규모 개방경제를 중심으로 (Dynamic Relationship between Foreign Capital Inflow and Inflation: Evidence from Eight Small Open Economies in Asia)SSRN Electronic JournalLocal Financial Structure and Economic ResilienceSSRN Electronic JournalCAPITAL MARKET CHALLENGES AND DEVELOPMENT PREREQUISITES IN GEORGIAGlobalization and Business, Vol.4, No.827 December 2019The Missing-Link between Financial Development and Economic Growth: Financial InnovationProcedia Computer Science, Vol.158An Empirical Equilibrium Model of Formal and Informal Credit Markets in Developing CountriesSSRN Electronic JournalInstitutional Investment and the Changing Role of Public Equity Markets: International EvidenceSSRN Electronic JournalThe Mobile Phone, Information Sharing and Financial Sector Development in Africa: A Quantile Regressions ApproachSSRN Electronic JournalHysteresis in the Banking IndustrySSRN Electronic Journal, Vol.25Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global DebateSSRN Electronic JournalDo Creditor Rights Affect Corporate Financial Contracts? Evidence from the Anti-Recharacterization StatuteSSRN Electronic JournalThe Telegraph and Modern Banking DevelopmentSSRN Electronic JournalThe Comparative African Regional Economics of Globalization in Financial Allocation Efficiency: Pre-Crisis Era RevisitedSSRN Electronic JournalThe Relationship Between Financial Development, Innovation and Economic GrowthWhat Happens If the Rules Change? The Impact of Brexit on the Future Strategic Intentions of UK SMEsSSRN Electronic JournalEclipse of the Public Corporation or Eclipse of the Public Markets?SSRN Electronic JournalLaw & Economics of Banks Corporate Governance in the Bail-In EraSSRN Electronic JournalFinance, Talent Allocation, and GrowthSSRN Electronic JournalRoads and LoansSSRN Electronic JournalFinancial Inclusion and Development: Evidence from Satellite Light Density at NightSSRN Electronic JournalLabor Scarcity, Finance, and Innovation: Evidence from Antebellum AmericaSSRN Electronic JournalThe Banking Systems of Germany, UK and Spain from a Spatial Perspective: The Spanish CaseSSRN Electronic JournalProductivity and the Financial Sector What's Missing?SSRN Electronic JournalModern Growth in Perspective: Relative Performance Since the Global Financial CrisisSSRN Electronic JournalShort Sightedness of Output: Input Base Comparision Between Turkey and South KoreaSSRN Electronic JournalTechnology Disclosure and Capital Market Uncertainty: The Role of PatentsSSRN Electronic JournalForeign and Domestic Investment in Global Bond MarketsSSRN Electronic JournalThe Nature of Finance – Growth Relationship: Evidence from a Panel of Oil-Producing CountriesSSRN Electronic JournalCreditor Protection and Credit Market Development in Emerging CountriesSSRN Electronic JournalDo Both Demand-Following and Supply-Leading Theories Hold True in Developing Countries?SSRN Electronic JournalThe Banking Systems of Germany, the UK and Spain from a Spatial Perspective: The UK CaseSSRN Electronic JournalExternal Instability in Transition: Applying Minsky's Theory of Financial Fragility to International MarketsSSRN Electronic JournalFinancial Development and Economic Growth: A Study for OECD Countries in the Context of CrisisSSRN Electronic JournalICT in Reducing Information Asymmetry for Financial Sector CompetitionSSRN Electronic JournalThe Inverted-U Relationship Between Credit Access and Productivity GrowthSSRN Electronic JournalChanging the Climate for Banking: The Economic Effects of Credit in a Climate-Vulnerable AreaSSRN Electronic JournalThe Anatomy of Large Public and Private Firms in the U.S. and EuropeSSRN Electronic JournalThe Role of the Financial Sector in Economic DevelopmentSSRN Electronic JournalSME Growth, Financing Constraints, and Corruption: Evidence from Transition EconomiesSSRN Electronic JournalThe Information Content of 'Big' Firms' Idiosyncratic ShocksSSRN Electronic JournalSectoral Credit Around the World, 1940-2014SSRN Electronic JournalRegulatory Integration of International Capital MarketsSSRN Electronic JournalDoes Privatization Reform Alleviate Ownership Discrimination? Evidence from the Split-Share Structure Reform in ChinaSSRN Electronic JournalBank Capital Structure, Fire Sales, and the Social Value of DepositsSSRN Electronic JournalShari'a Law and Economic GrowthSSRN Electronic JournalInequality OverhangSSRN Electronic JournalThe Composite Effect of Stock Markets, Bank Stability and Country-Level Institutional Factors on LeverageSSRN Electronic Journal(Analysis of the Advancing Development of the Financial Sector in the Global Economy)SSRN Electronic JournalCredit Deepening: Precursor to Growth or Crisis?SSRN Electronic JournalAt What Levels of Financial Development Does Information Sharing Matter?SSRN Electronic JournalInstitutionalization of Capital and the Changing Role of Public Equity Markets: International EvidenceSSRN Electronic JournalCredit Constraints and Job Destruction: Evidence from DenmarkSSRN Electronic JournalInformation Asymmetry and Conditional Financial Sector DevelopmentSSRN Electronic JournalInvestment Timing with Costly Search for FinancingSSRN Electronic JournalTamed by Titans: Bank Competition and Corporate Risk-TakingSSRN Electronic JournalCollectivism and Corruption in Commercial Loan Production: How to Break the Curse?SSRN Electronic JournalThe Dark Side of the Implementation of Basel Capital Requirements: Theory, Evidence and PolicySSRN Electronic JournalEndogenous Political Institutions and Financial DevelopmentSSRN Electronic JournalEconomic Growth and Financial Sector Development: An Indonesian StorySSRN Electronic JournalPolicies in Hard Times: Assessing the Impact of Financial Crises on Structural ReformsSSRN Electronic JournalThe Microstructure of Reference Rates: A Review of the Telbor and Libor Reference RatesSSRN Electronic JournalEast Asian Financial and Economic DevelopmentSSRN Electronic JournalImpactos Do Crédito Bancário No Crescimento Economico Dos Municípios Brasileiros (Impacts of Bank Credit on the Economic Growth of Brazilian Municipalities)SSRN Electronic JournalA Influencia Politica E O Papel Dos Bancos Públicos Comerciais No Crescimento Economico Dos Municipios Brasileiros (The Political Influence and the Role of Commercial Public Banks in the Economic Growth of Brazilian Municipalities)SSRN Electronic JournalFinancial Development and Pre-Historic Geographical Isolation: Global EvidenceSSRN Electronic JournalDoes Financial Market Structure Impact the Cost of Capital?SSRN Electronic JournalIs There a Relationship between Shareholder Protection and Stock Market Development?SSRN Electronic JournalElementos Para Alcanzar El Mercado De Capitales Que Colombia Necesita: Hoja De Ruta Y Desaffos Estructurales (Reaching the Capital Markets Colombia Needs: Roadmap and Structural Challenges)SSRN Electronic JournalAccess to Finance Mind the Gender GapSSRN Electronic JournalCredit Information Sharing and Stock Price Crash Risk: The Role of Information Asymmetry and Bank RegulationsSSRN Electronic JournalPerchh La Produttivitt Degli Investimenti Varia Tra Paesi? (Why Does the Productivity of Investment Vary Across Countries?)SSRN Electronic JournalTrade Partner Diversification and Growth: How Trade Links MatterSSRN Electronic JournalMeasuring the Contribution to Systemic Risk of Sectors in the United States, the UK and Germany Using CoVaRSSRN Electronic JournalDistance and Modern Bankss LendIng to SMEs: Decentralised versus Centralised Banking in GermanySSRN Electronic JournalStock Returns and Mutual Fund Flows in the Korean Financial Market: A System ApproachSSRN Electronic Journal((((((((((( ) (The Transformation of the Role and Tasks of the Central Bank (Monetary Authorities) in the Modern Economy)SSRN Electronic JournalRegulation of Financial Innovation Stability vs. Progress?SSRN Electronic JournalLong-Term Investment and Accounting: Overcoming Short-Term BiasSSRN Electronic JournalThe Role of ICT in Reducing Information Asymmetry for Financial AccessSSRN Electronic JournalThe Impact of Bank Credit on Labor Reallocation and Aggregate Industry ProductivitySSRN Electronic JournalCapital Structure and Corporate Performance: A Case of NepalSSRN Electronic JournalFinancial Development and Geographic Isolation: Global EvidenceSSRN Electronic JournalInformation Sharing and Financial Sector Development in AfricaSSRN Electronic JournalDebtor Protection and Small Business CreditSSRN Electronic JournalFirm R&D and Financial Analysis: How Do They Interact?SSRN Electronic JournalOwnership and Financing Discrimination: Evidence from the Split-Share Structure Reform in ChinaSSRN Electronic JournalThe Direction of Causality between Financial Development and Economic Growth in Tanzania. An Empirical AnalysisSSRN Electronic JournalEase of Doing Business: International Policy Experience and EvidenceSSRN Electronic JournalStudy on the Impact of the Private Credit Excess on the Credit Risk Under the Massive Capital InflowsSSRN Electronic JournalFinancial Management Practices: An Exploratory Study of Capital Budgeting Techniques in the Caribbean Region.SSRN Electronic JournalVolatility and Economic Growth in the Twentieth CenturySSRN Electronic JournalFinancial Openness and Total Factor Productivity GrowthSSRN Electronic JournalAccess to Banking and Its Value in Developed Countries: Evidence from the U.S. Marijuana IndustrySSRN Electronic JournalIs the American Public Corporation in Trouble?SSRN Electronic JournalDo You See What I See? Transparency and Bond Issuing CostsSSRN Electronic JournalFinance for All: The Success of the Market-Led Approach to Financial Development in the Developing WorldSSRN Electronic JournalIntegration and Efficiency Convergence in European Life Insurance MarketsSSRN Electronic JournalFinancial development, economic growth and millennium development goals in South AfricaInternational Journal of Social Economics, Vol.42, No.5Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938SSRN Electronic JournalBank Ownership Structure, Lending Corruption and the Regulatory EnvironmentSSRN Electronic JournalDoes Finance Benefit Society?SSRN Electronic JournalInstitutional Framework, Corporate Ownership Structure, and R&D Investment: An International AnalysisSSRN Electronic JournalFragile New EconomySSRN Electronic JournalEnhancing the Ease of Doing Business in APEC Countries: A Comprehensive Review of LiteratureSSRN Electronic JournalFinancial Intermediation and Economic GrowthSSRN Electronic JournalThe Political Economy of State Capitalism and Shadow Banking in ChinaSSRN Electronic JournalFederalism and Innovation Support for Small and Medium-Sized EnterprisesSSRN Electronic JournalTribalism and Financial DevelopmentSSRN Electronic JournalDoes Creditor Protection Matter? Legal and Financial Development in Four OECD Countries, 1970-2005SSRN Electronic JournalPrivatization & FDI: Examining Growth in Vietnam's ProvincesSSRN Electronic JournalFinance-Growth Nexus and Dual-Banking Systems: Relative Importance of Islamic BanksSSRN Electronic JournalThe Impact of Financial Sector Development on Economic Growth: Analysis of the Financial Development Gap between Cameroon and South AfricaSSRN Electronic JournalFrom Delaware to Israel: Evaluating Israel's Quasi Experiment of a Specialized Corporate CourtSSRN Electronic JournalInformation Asymmetry and Financial Development Dynamics in AfricaSSRN Electronic JournalBanking Reforms: The Nigerian Corporate Governance Perspective and New ChallengesSSRN Electronic JournalBank Leverage Ratios and Financial Stability: A Micro- and Macroprudential PerspectiveSSRN Electronic JournalMobile Money and Financial Development: The Case of M-PESA in KenyaSSRN Electronic JournalGiving Credit Where Credit is Due: The Benefits of Letting Banks Issue MoneySSRN Electronic JournalStabilizing Nominal Spending: An Emergent, Free Banking PerspectiveSSRN Electronic JournalR&D Subsidies and Firms' Cost of DebtSSRN Electronic JournalFinancial Globalisation Uncertainty/Instability is Good for Financial DevelopmentSSRN Electronic JournalThe Causal Relationship between Financial Development and Economic Performance in TanzaniaSSRN Electronic JournalInstitutional Quality, Trade Openness, and Financial Development in Asia: An Empirical InvestigationSSRN Electronic JournalThe Comparative African Regional Economics of Globalization in Financial Allocation EfficiencySSRN Electronic JournalFinance and Creative Destruction: Evidence for ItalySSRN Electronic JournalTheory and Evidence on the Finance-Growth Relationship: The Virtuous and Unvirtuous CyclesSSRN Electronic JournalEU Development Policy and the Promotion of the Financial SectorSSRN Electronic JournalUnderstanding the LIBOR Scandal: The Historical, the Ethical, and the TechnologicalSSRN Electronic JournalAn Econometric Analysis of the Relationship Between Millennium Development Goals, Economic Growth and Financial Development in South AfricaSocial Indicators Research, Vol.118, No.228 September 2013Financial Development and Economic Growth: The Role of Financial LiberalizationSSRN Electronic JournalConsumer Credit on American Indian ReservationsSSRN Electronic JournalProfits and Economic DevelopmentSSRN Electronic JournalFinancial Liberalization, Development and Industrial Growth: Evidence from IndiaSSRN Electronic JournalA Robust Sensitivity Analysis of Cross-Country Finance-Growth RegressionsSSRN Electronic JournalCall for a Spatial Classification of Banking Systems through the Lens of SME Finance -- Decentralized versus Centralized Banking in Germany as an ExampleSSRN Electronic JournalDebt Markets in Emerging Economies: Major TrendsSSRN Electronic JournalFinancializing Development: a of Sovereign Development Electronic JournalThe between Financial Development, and Economic Growth: Empirical Evidence for the United Electronic JournalFinancial Development, Finance and the The Role of MarketsSSRN Electronic A Cost Theory & EvidenceSSRN Electronic JournalBank and Real Economic Electronic Electronic JournalFinancial Development and Electronic and in the Electronic JournalFinancial Development, Financial Instability and A in the of Structural Electronic the Bank Capital Structure and Electronic JournalMobile Money in TanzaniaSSRN Electronic JournalLong-Term of Trade and Electronic JournalFinance and Growth: Modern of the of Electronic of Economic Growth in Transition Economies: for Electronic JournalA New and Nexus to Financial and Electronic JournalFinancial Inclusion A to at of Electronic JournalBank Financial and Economic Growth in Electronic Countries: and Integration in the European Financial Electronic Electronic the of MoneySSRN Electronic JournalBank Competition and Evidence from Electronic of Foreign Investment in Examining Empirical in Electronic Bank and Capital Allocation EfficiencySSRN Electronic Growth and Banking Electronic is Evidence of the between and in Electronic the Contribution of Insurance and Financial to Systemic Electronic JournalFinancial Development and Economic Growth: A Electronic for Bank in Electronic JournalFinancial Innovation and Electronic JournalFinance and Economic Growth in Case of Research Electronic Banks and Role in Economic Growth: Research in Case of Electronic JournalFinancial Economic Growth and A Four Study of the of the Social the of the for and Growth that Electronic JournalBanking Development: Evidence from the Spanish Banking Electronic JournalThe Investment Fund and Systemic Risk in the Electronic JournalThe of Corporate Social Electronic JournalThe Gender Impact of The Case of in Electronic JournalThe of Corporate Social Electronic JournalIs the Growth Effect of Financial Development Conditional on Electronic and Financial Development in AmericaSSRN Electronic JournalA Model of from Financial Electronic JournalFinancial Economic Growth and Electronic Growth, and Financial Electronic Economic Development, Strategic and Efficiency in Chinese Commercial BanksSSRN Electronic Economic Growth in Countries?SSRN Electronic JournalInstitutional of Investment in Transition EconomiesSSRN Electronic Financial Development and Growth: Evidence from Countries in AfricaSSRN Electronic in Corporate Governance for Banking Sector GrowthSSRN Electronic Stock Market Development and Effect on Economic GrowthSSRN Electronic of Asian Pension for Financial and Capital MarketsSSRN Electronic JournalThe Impact of Bank Credit on in Electronic JournalFinancial and Economic Development – A Study of of for the Electronic of Development An Empirical AnalysisSSRN Electronic JournalFinancial and Economic Growth in Evidence from and Causality Electronic and Finance: Evidence from the African Electronic the Cost of and Economic Growth: Evidence from the Capital Electronic JournalThe Effect of Bank Debt and Equity Financing on the between Investment and Financial Electronic JournalThe Effects of Financial Electronic in Indian Banking An Empirical Analysis of Indian Loan Electronic Stock Market Performance A Convergence Electronic Financial System in of Global & Financial Crisis A New Approach to Electronic JournalInstitutional Investment and Financial An International Development, Corporate Governance and Cost of Equity Electronic JournalCapital Budgeting and Economic Development: A Comparative Study of in and AfricaSSRN Electronic JournalDoes the Structure of Banking Markets Affect Economic Evidence from U.S. State Banking MarketsSSRN Electronic JournalThe Transformation Changing Role of the State the of in Central and EuropeSSRN Electronic JournalFinancial Development in Emerging Markets: The Indian Electronic and Development: Credit Constraints and Economic GrowthSSRN Electronic JournalCredit and the Stock Market in Four East Asian EconomiesSSRN Electronic JournalA The to a Financial Regulatory in Electronic JournalThe Doing Business Economic Growth and Regulatory Electronic JournalThe Real Effects of Bank at of Economic Development: The European Electronic JournalFinancial Deepening and Social Electronic from Stock and Economic GrowthSSRN Electronic Journal