The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about the competitiveness of factor markets and the form of the underlying aggregate production function. This paper outlines a new approach utilizing...

The paper provides an overview of the profound and rapid changes in banking brought about by technology and deregulation, and discusses the hurdles that will have to be negotiated for putting in place the three pillars - capital adequacy rules, supervision, and market discipline - of the bank...

There is now a substantial theoretical literature arguing that inflation impedes financial deepening. Furthermore, it has been hypothesized that the relationship is a nonlinear one, in that there is a threshold level of inflation below which inflation has a positive effect on financial depth,...

This paper reviews the existing evidence on the macroeconomic effects of Fund-supported adjustment programs, and provides new estimates of these effects for 67 developing countries with programs during 1973-86. The empirical analysis indicates that in the short run programs have led to an...