Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling …

We propose a model of sovereign debt where countries vary in their level of financial development, defined as the … development generate the “debt intolerance” phenomenon that plagues emerging markets: it reduces debt capacity, increases credit …

to test the interaction between inequality and financial development when the banking system was starting over from …

period helps account for overall financial development, household access to credit, and firm access to finance, we evaluate …

. Although the study does not presume that finance is the most binding constraint to growth and socio-economic development in …

population density appears to be considerably more important for banking sector development in Africa than elsewhere. To better … focus on Kenya, which has made significant strides in financial inclusion and development in recent years. We find a … that has hindered the development of inclusive financial sectors in many other African countries …

This paper examines the evolving importance of banks and securities markets during the process of economic development … the size of the economy, (2) the association between an increase in economic output and an increase in bank development … development becomes larger. The results are consistent with theories predicting that as economies develop, the services provided …

This paper examines micro-level channels of how financial development can affect macroeconomic outcomes like the level …

. Using detailed U.S. data, we establish that financial development in a country is associated with relatively more entry by … with host-country financial development affecting multinationals' incentives for horizontal, vertical and platform FDI …

Financial factors have been assigned strategic importance in economic development. But very different factors have been …, normal economic development is suspended. Moreover, difficult to reverse capital flight puts savings outside the home economy …