This paper studies how financial development affects the relation between average growth and growth volatility through liquidity crises. We .first establish in a micro model that imperfect enforceability creates a short term bias in contracts financing long term investments. This can generate...

The Democratic Republic of Congo (DRC) is rich in natural resources, but its economy remains vulnerable to fluctuations in commodity prices. Endogenous economic diversif ication, a concept aimed at broadening a country’s economic base by utilizing its own resources and capacities, could offer...

This paper addresses the question whether the substantial financial flows received by emigration countries in the four decades running up to World War I contributed to domestic financial development in peripheral Europe. We quantify a sizable and significant relation between remittances and...

The objective of our work is to show the importance of a healthy institutional framework in the finance-growth relation. In this context, we start by presenting, a theoretical lighting on this subject while trying to define the concept of the governorship and to determine its various...

The Democratic Republic of Congo (DRC) is endowed with vast natural resources, including cobalt, copper, and diamonds. Despite this wealth, the country struggles with economic challenges, notably high poverty rates and instability. This paper introduces the Theorem of Industrial Diversification...

The purpose of this paper is to investigate empirically the determinants of financial structure in the Moroccan manufacturing firms. The paper contributes to the empirical literature on capital structure in developing countries. It relies on the data collected by the Firm Analysis and...

This paper tries to take into account two contrasted points of view that can be found the literature: the first one showing that financial development has a positive effect on economic growth, and the second one stressing the unfavourable effect of financial crisis. Our main assumption is that...