In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons fromFinancial crises. Today, there is consensus that financial development depends on financial stability and convergence...

The new economy decrease the relative importance of the traditional productivity inputs, such as labour and natural resources, and emphasize the importance of the new drivers of economic growth. Technology becomes one of the main driving forces of economic growth in the new economy and the...