Financial Development, Institutions, Growth

This booke xplores country case studies and work that details the exact transmission mechanisms through which financial development can enhance pro-poor development in order to derive best practices in this field. This is an important companion for professionals and policymakers, and also a vital reference source for students.

BASUDEB GUHA-KHASNOBIS is a Senior Research Fellow and Project Director at UNU-WIDER. Previous appointments include IGIDR (Mumbai), the EXIM Bank of India (Bangalore) ICRIER (New Delhi), and as a research consultant for several international organizations. He is the editor of The WTO, Developing Countries and the Doha Development Agenda and co-editor of Informal Labour Markets and Development and Food Insecurity, Vulnerability and Human Rights Failure.

GEORGE MAVROTAS is the Chief Economist of the Global Development Network. Prior to that he worked for UNU-WIDER as a Fellow and Project Director and was on the Economics faculty of the Universities of Oxford and Manchester. He has published extensively in development economics and development finance, including Commodity Supply Management by Producing Countries, Advancing Development: Core Themes in Global Economics,Domestic Resource Mobilization and Financial Development and Development Finance in the Global Economy: The Road Ahead.

List of Tables and Figures	p. ix
Acknowledgements	p. xiii
Notes on the Contributors	p. xiv
List of Abbreviations	p. xviii
Introduction and Overview	p. 1
Sources and Effectiveness of Financial Development: What We Know and What We Need to Know	p. 10
Introduction	p. 10
Sources of financial development	p. 11
Sources of financial development: some new evidence	p. 23
Effectiveness of financial development	p. 27
Summary and conclusion	p. 34
The Poverty-Macroeconomic Policy Nexus: Some Short-Run Analytics	p. 38
Background and motivation	p. 38
Sketch of the model	p. 41
Equilibrium	p. 45
Variations in parameters	p. 46
Conclusion and policy implications	p. 54
Finance and Poverty in Ethiopia: A Household-Level Analysis	p. 61
Introduction	p. 61
Finance and poverty	p. 63
Poverty, savings and access to credit in Ethiopia	p. 64
Theoretical framework and estimation results: finance and poverty	p. 70
Conclusion	p. 83
Financial Sector Development, Savings Mobilization and Poverty Reduction in Ghana	p. 87
Introduction	p. 87
Developments in Ghana's financial sector	p. 89
Financial sector development and poverty reduction	p. 95
Methods of analysis	p. 102
Findings	p. 103
Conclusion and policy implications	p. 114
Appendix	p. 116
Finance and Growth: An Empirical Assessment of the Indian Economy	p. 120
Introduction	p. 120
Financial development and transmission mechanism	p. 122
Empirical results	p. 125
Conclusion	p. 135
Does Financial Openness Promote Economic Integration?	p. 141
Introduction	p. 141
Theoretical background	p. 143
Methodology and data	p. 145
Econometric results	p. 149
Conclusion and directions of future research	p. 157
Descriptions of variables	p. 159
Does Financial Liberalization Influence Saving, Investment and Economic Growth? Evidence From 25 Emerging Market Economies, 1973-96	p. 164
Introduction	p. 164
Financial liberalization and economic growth: a brief review of the existing literature	p. 165
Data and methodology	p. 171
Regression results	p. 177
Conclusion	p. 183
Data sources	p. 184
The Corporate Debt Market in India: An Analytical Study of Macroeconomic and Institutional Issues	p. 190
Introduction and brief literature review	p. 190
Data, model and results	p. 197
Conclusion	p. 207
Financial Markets and R&D Investments: A Discrete Time Model to Interpret Public Policies	p. 212
Introduction	p. 212
The model	p. 215
A slightly unusual result: what is the role of financial markets?	p. 222
Interpretation of the results and policy considerations	p. 226
Financial Sector Development and Total Factor Productivity Growth	p. 231
Introduction	p. 231
Production function approach	p. 233
Data issues	p. 239
Estimation and results	p. 243
Conclusion	p. 255
The Effects of Regional Integration: Impact on Real Effective Exchange Rate Volatility, Institutional Quality and Growth for MENA Countries	p. 260
Introduction	p. 260
Cost of volatility and advantage of flexibility: theoretical rationales and empirical findings	p. 261
The literature on exchange rate volatility, institutional quality and growth	p. 263
Methodology	p. 264
Specification for conditional convergence growth model	p. 266
Empirical findings	p. 268
Conclusion and policy implications for MENA countries	p. 279
Appendix	p. 281
Index	p. 287
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Financial Development, Institutions, Growth and Poverty Reduction

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