Frontmatter -- Contents -- List of Figures and Tables -- Preface to the Paperback Edition -- Preface -- Part One. Setting the Stage -- Part Two. Building Blocks -- Part Three. Inadequate Institutions -- Part Four. Currency Competition -- Appendix -- Notes -- References -- Acknowledgments -- Index

This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital...

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New financial technologies - including those underpinning cryptocurrencies - herald broader access to the financial system, quicker and more easily verifiable settlement of transactions and payments, and lower transaction costs. Domestic and cross-border payment systems are on the threshold of...