This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...

Although financial development is good for long-term growth, not all countries pursue policies that render full financial development. This paper builds on an extensive political economy literature to construct a theoretical model showing that the intensity of opposition to financial development...

This paper documents the relationship between regional financial development and firm growth in the Peruvian manufacturing sector. In order to control for mutual causality between credit availability and firm growth, industry differences in financial dependence on external funds are exploited....

This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial...

Promotion of foreign direct investment (FDI) has been a priority policy goal in Central America, Panama and Dominican Republic for the past twenty years. Fiscal benefits are among the policies that have been used to attract it. At first sight the model followed has been fruitful. In 2013 the...

This paper combines development and growth accounting exercises with economic theory to estimate the relative importance of total factor productivity and the accumulation of factors of production in the economic development performance of Latin America. The region’s development performance is...

This paper is part of the project "Explaining Economic Growth Performance" launched by the Global Development Network (GDN). The purpose of this project is to explain economic growth performances across seven regions of the world. This paper provides a qualitative and quantitative evaluation of...

This paper examines Brazilian economic growth as part of the project "Explaining Economic Growth Performance" launched by the Global Development Network (GDN), the purpose of which is to explain economic growth performances across seven regions of the world. According to the author of this...

This study focuses on how Latin America¿s small and medium-sized enterprises (SMEs) can participate in global markets in a way that provides for sustainable growth. In addition, it study analyzes the impact of collective efficiency on clusters upgrading and undertakes an investigation of the...

This paper reviews the literature on the impact of ethnic diversity on economic development. Ethnically polarized societies are less likely to agree on the provision of public goods and more likely to engage in rent seeking activities providing lower levels of social capital. Initial conditions...