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Author: Biagio Bossone
Publisher: World Bank Publications
ISBN:
Category : Acumulacion de capital
Languages : en
Pages : 32
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Book Description
There may be a compelling discontinuity to financial sector development in that banks need to be supported early in development but need to be "weakened" later, at the expense of bank rents, to foster further development. The important question for policy is when and how to generate and manage this discontinuity so that it is not forced on society by costly and traumatic events such as bank failures.
Author: Biagio Bossone
Publisher: World Bank Publications
ISBN:
Category : Acumulacion de capital
Languages : en
Pages : 32
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Book Description
There may be a compelling discontinuity to financial sector development in that banks need to be supported early in development but need to be "weakened" later, at the expense of bank rents, to foster further development. The important question for policy is when and how to generate and manage this discontinuity so that it is not forced on society by costly and traumatic events such as bank failures.
Author: Biagio Bossone
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
There may be a compelling discontinuity to financial sector development in that banks need to be supported early in development but need to be weakened later - at the expense of bank rents - to foster further development. The important question for policy is when and how to generate and manage this discontinuity so that it is not forced on society by costly and traumatic events such as bank failures.In an economy where decisions are decentralized and made under conditions of uncertainty, the financial system can be seen as the complex of institutions, infrastructure, and instruments that society adopts to minimize the costs of trading promises when agents have incomplete trust and limited information.Building on a microeconomic general equilibrium model that portrays such fundamental financial functions, Bossone shows that, in line with recent empirical evidence, the development of financial infrastructure stimulates greater and more efficient capital accumulation.He also shows that economies with more developed financial infrastructure can more easily absorb exogenous shocks to output.The results call for addressing a crucial issue in the sequencing of reform in the financial sector: early in development, banks provide essential financial infrastructure services as part of their exclusive relationships with borrowers. Further economic development requires that such services be provided extrinsically to the bank-borrower relationship, clearly at the expense of bank rents.There may be a compelling discontinuity to financial sector development in that banks need to be supported early in development but to be weakened later - at the expense of bank rents - to foster further development. The important question for policy is when and how to generate and manage this discontinuity so that it is not forced on society by costly and traumatic events such as bank failures.This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study the links between financial sector and economic development and improve financial sector reform policies.
Author: Muhammad Shahbaz
Publisher: Springer Nature
ISBN: 3030790037
Category : Business & Economics
Languages : en
Pages : 245
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Book Description
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Author: Ross Levine
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 84
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Book Description
The International Monetary Fund (IMF) presents the full text of the December 2000 paper entitled "Financial Development and Economic Growth: An Overview," prepared by Mohsin S. Khan and Abdelhak S. Senhadji. The text is available in PDF format and the paper is part of the IMF's Working Paper series. This paper provides a review of literature on financial markets and discusses the relationship between financial development and economic growth.
Author: Ross Levine
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 130
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Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: Robert Graham King
Publisher: World Bank Publications
ISBN:
Category : Capital
Languages : en
Pages : 53
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Book Description
Should our research and policy advice be guided by a modern version of capital fundamentalism, in which capital and investment are viewed as the primary determinants of economic development and long- run growth? No. Capital accumulation seems to be part of the process of economic development, not its igniting source.
Author: Mr.Biaggio Bossone
Publisher: International Monetary Fund
ISBN: 1451844166
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
This study presents a theory of financial infrastructure - or the set of rules, institutions, and systems within which agents carry out financial transactions. It investigates the effects of financial infrastructure development on financial architecture and real capital accumulation, taking into account financial-sector special interests. It shows that a more developed infrastructure promotes financial market growth, reduces the scope of traditional banking, and helps investors make more efficient investment decisions. The theory presented explains why traditional banking predominates in the early stages of economic development and becomes relatively less important as the economy develops, and why banks may retard financial sector development. The study provides evidence in support of its predictions.
Author: Asli Demirguc-Kunt
Publisher: World Bank Publications
ISBN:
Category : Access to Finance
Languages : en
Pages : 82
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Book Description
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Author: Ronald I. McKinnon
Publisher: Brookings Institution Press
ISBN: 0815718497
Category : Business & Economics
Languages : en
Pages : 197
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Book Description
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Author: Lester D. Taylor
Publisher: Springer Science & Business Media
ISBN: 9780792377818
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
Such a root concept of capital offers a framework for integrating monetary and capital theory, and for analyzing the functioning of an economy, whether that economy is in a steady state of subsistence or in a process of sustainable growth."--BOOK JACKET.
