This study provides evidence on the role of financial development in accounting for economic growth in low- and middle-income countries classified by geographic regions. To document the relationship between financial development and economic growth, we estimate both panel regressions and...

This study provides evidence on the role of financial development in accounting for economic growth in OIC countries. To document the relationship between financial development and economic growth, we estimate not only unbalanced panel regressions, but also variance decompositions of annual GDP...

Contract enforcement does not only affect single transactions but the market as a whole. We compare alternative institutions that allocate enforcement rights to the different parties to a credit transaction: either lenders, borrowers, or judges. Despite all parties having incentives to enforce...