Domestic Resource Mobilization and Financial Development by G. Mavrotas

By G. Mavrotas

This booklet provides insights into the evolving debate regarding the mobilization of household assets and the the most important position that monetary improvement can and will play during this regard, exploring aspects of the financial development–domestic source mobilization nexus, including country case reports.

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During these stages, financial markets are dominated by banks, or similar types of financial intermediaries. Stock markets are completely absent or, if they exist in any form, their size is negligible. • As capital accumulates, financial intermediaries develop, the number of financial instruments increases, as does the level of sophistication and complexity of financial contracts, and the flow of resources and funds accruing to the financial market increases its size. Stock markets start developing both in terms of the number of listed firms and market capitalization.

Stock markets appear to emerge and develop only when economies reach a reasonable size, and the level of capital accumulation is high. Notwithstanding such uncontroversial empirical evidence, the causal relationship remains a debated issue in the literature. Is it stock markets that boost growth (for example, by reducing liquidity and monitoring costs), or is it capital accumulation that induces a modification in the financial system, which causes the emergence of equity financing – for example, by engendering modifications in the optimal financial contract?

Significantly, the evolution of financial markets does not appear to be a straightforward and linear phenomenon. A complex bundle of connections between the relevant variables makes it difficult to uncover (and replicate through modelling) the real dynamics of the economic systems. Among these empirical facts, one surfaces as particularly interesting. The emergence and expansion of stock markets does not usually give rise to the simple substitution of financial intermediation with equity financing in the economy.

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