Financial Structures and Economic Growth: A Cross-Country by Asli Demirguc-Kunt, Ross Levine

By Asli Demirguc-Kunt, Ross Levine

Overview of the binds among monetary constitution and financial development, in line with facts from a vast cross-section of nations.

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Extra resources for Financial Structures and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development

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S. dollars are from the World Bank. Secondary stock market data are available for ninety-three countries starting in 1975. Secondary bond market data are available for thirty-seven countries, mostly industrialized, and for the years since 1990. Primary market data are available for forty-two countries, both industrialized and developing, for the years 1980±1995. 7. Countries with a higher level of GDP per capita have bigger, more active, more ef®cient stock markets. 8. 6 Concluding Remarks This chapter introduced a new and unique compilation of indicators of the size, activity, and ef®ciency of ®nancial intermediaries and markets across countries and over time.

Unlike in the previous section, we do not de¯ate numerator and denominator of these two measures, although they are ratios of a ¯ow and a stock variable and therefore measured at different points of time, for several reasons. First, unlike for macroeconomic variables, there is no obvious de¯ator for individual banks' assets and income ¯ows. Second, unlike macroeconomic variables and ®nancial-sector assets, bank-individual ¯ows and stocks are directly related. Third, ®nancial assets and ¯ows do not equal quantity times price, as does the GDP.

4. Pooled Investment Schemes: These ®nancial institutions invest on behalf of their shareholders in a certain type of asset, such as real estate investment schemes or mutual funds. 5. Development Banks: These ®nancial institutions derive their funds mainly from the government, other ®nancial institutions, and supranational organizations. On the asset side, they are often concentrated on speci®c groups of borrowers. Most of these institutions were set up after World War II or after independence in an effort to foster economic development.

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