This paper shows that, financial structure, defined as the mixture of stock market and credit in the financial system, tends to converge across countries over time. The results are obtained using data from a broad sample of countries over several decades. Financial structure convergence remains...

This paper sheds light on the role of informal economy, defined as all economic activities that are hidden from official authorities for various reasons, in financial development convergence. Using panel data from 156 countries over the period of 1991-2017, we find that financial development (as...