Finance, Financial Sector Policies, and Long-Run Growth

The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role...

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Bibliographic Details
Main Authors:	Demirgüç-Kunt, Asli, Levine, Ross
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKETS AGENCY PROBLEM ALLOCATION OF CAPITAL ALLOCATION OF CREDIT AMOUNT OF CAPITAL BANK BRANCH BANK CREDIT BANK INTERMEDIATION BANK LENDING BANK PROFITABILITY BANKING CRISES BANKING SECTOR BANKING SECTOR DEVELOPMENT BANKING SYSTEM BANKING SYSTEMS BLACK MARKET BOND BOND MARKETS BONDS CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCK CENTRAL BANK CENTRAL BANKS CHECKS CIVIL LAW COMMON LAW CONTRACT ENFORCEMENT COORDINATION FAILURES CORPORATE GOVERNANCE CORPORATE INSIDERS CREDIT INFORMATION CREDIT MARKET CREDIT PROVISION CREDIT RATIONING CREDIT SCORING CREDITOR CREDITORS CREDITWORTHINESS CURRENCY DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSIT MONEY BANKS DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DIVERSIFIED PORTFOLIO DIVERSIFIED PORTFOLIOS DOMESTIC CREDIT DUMMY VARIABLES ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC POLICIES ENFORCEMENT MECHANISMS ENFORCEMENT OF CONTRACTS ENTRY BARRIERS EQUITY MARKETS EXCHANGE RATE EXPENDITURES EXPROPRIATIONS EXTERNAL FINANCE EXTERNAL INVESTORS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING OBSTACLES FINANCING REQUIREMENTS FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FIXED ASSETS FLOW OF INFORMATION FOREIGN EXCHANGES FOREIGN INTERESTS GLOBALIZATION GOVERNMENT INTERVENTION GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT REGULATION GOVERNMENT SECURITIES GOVERNMENT SPENDING GOVERNMENT SUBSIDIES HOLDING HOLDINGS HUMAN CAPITAL INFLATION INFLATION RATES INFORMATION ASYMMETRIES INFORMATION DISCLOSURE INFORMATION SYSTEMS INFORMATIONAL ASYMMETRIES INSTITUTIONAL DEVELOPMENT INSURANCE INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INVESTING INVESTMENT BANKING INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT OPPORTUNITIES LEGAL SYSTEM LEGAL SYSTEM ADAPTABILITY LEGAL SYSTEMS LEGAL TRADITIONS LENDERS LENDING DECISIONS LIABILITY LIQUID ASSETS LIQUID MARKETS LIQUIDATIONS LIQUIDITY RISK LONG-TERM CAPITAL LONG-TERM DEBT LONG-TERM INVESTMENTS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONDITIONS MARKET DEVELOPMENT MARKET DISCIPLINE MARKET FAILURES MARKET INTEGRATION MARKET LIQUIDITY MARKET PARTICIPANTS MARKET SIZE MARKET STRUCTURE MARKET TRANSACTION MICRO DATA MINORITY SHAREHOLDERS MONETARY FUND MONETARY POLICY MUTUAL FUNDS NATIONAL SAVINGS NATIONAL STOCK EXCHANGE NATIONAL STOCK EXCHANGES OUTSIDE INVESTORS OWNERSHIP STRUCTURE POLITICAL ECONOMY POLITICAL STABILITY PORTFOLIO PRICE MOVEMENTS PRIVATE CREDIT PRIVATE ENFORCEMENT PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE PROPERTY PRIVATE REGISTRIES PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL REGULATION PUBLIC ENFORCEMENT PURCHASING POWER RATES OF RETURN REAL INTEREST REAL INTEREST RATES RETURNS RISK DIVERSIFICATION RISK MANAGEMENT RISK MANAGEMENT SERVICES RISK SHARING RULE OF LAW SAFETY NET SAFETY NETS SAVINGS RATE SAVINGS RATES SECURITIES SECURITIES MARKETS SETTLEMENT SHAREHOLDER SHAREHOLDERS SHORT-TERM BORROWING SMALL BUSINESS SMALL BUSINESS LENDING STATE BANKS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DEVELOPMENT STOCK MARKETS STOCK RETURN STOCKS STRATEGIC INVESTOR SUPERVISORY AGENCIES SUPERVISORY POWERS TAX TAX SYSTEMS TRADING TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSITION COUNTRIES TURNOVER
Online Access:	http://documents.worldbank.org/curated/en/2008/01/8922571/finance-financial-sector-policies-long-run-growth http://hdl.handle.net/10986/6443

Description
Summary:	The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.

Finance, Financial Sector Policies, and Long-Run Growth

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