economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and important … society, as well as the channels through which finance can slow down long-term growth. …

, innovations, and the advance of human knowledge-the rate of growth of capacity has slowed. The past quarter century witnessed the …

, innovations, and the advance of human knowledge - the rate of growth of capacity has slowed. [...] …

We show that countries that take on more international risk are rewarded with higher expected consumption growth …. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold … is negatively correlated with expected consumption growth. Therefore, uninsured shocks affect not only current growth …

growth. We further demonstrate that banking market structure can be responsible for the emergence of development traps in …

This paper analyzes growth and welfare effects of income taxation in a stochastic endogenous growth model with … effect on the expected growth rate. Paradoxically, this may induce welfare gains. The opposite results can be derived for a … ascribed to the specific int eraction of consumption and portfolio choice in the determination of growth and welfare. …

This paper examines the relationship between stock market development and economic growth in case of Argentina … growth. …

This paper analyzes growth and welfare effects of income taxation in a stochastic endogenous growth model with … effect on the expected growth rate. Paradoxically, this may induce welfare gains. The opposite results can be derived for a … ascribed to the specific int eraction of consumption and portfolio choice in the determination of growth and welfare. …