Norman V. Loayza

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This paper evaluates (1) whether the exogenous component of "nancial intermediary development in#uences economic growth and (2) whether cross-country di!erences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain di!erences in the level of "nancial development. Using both traditional cross-section,(More)
For over a century, economists and policymakers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bankor market-based is not a very fruitful way to distinguish financial systems. This paper represents the first broad, cross-country examination of which view of(More)
The article presents the first major update of the international $1 a day poverty line, proposed in World Development Report 1990: Poverty for measuring absolute poverty by the standards of the world’s poorest countries. In a new and more representative data set of national poverty lines, a marked economic gradient emerges only when consumption per person(More)
In this article we take an empirical cross-country perspective to investigate the robustness and causality of the link between income inequality and crime rates. First, we study the correlation between the Gini index and, respectively, homicide and robbery rates along different dimensions of the data (within and between countries). Second, we examine the(More)
This study uses panel data of intentional homicide and robbery rates for a sample of developed and developing countries for the period 1970}1994, based on information from the United Nations World Crime Surveys, to analyze the determinants of national crime rates both across countries and over time. A simple model of the incentives to commit crimes is(More)
This study uses a cross-country panel to examine the determinants of corruption, paying particular attention to political institutions that increase accountability. Even though the theoretical literature has stressed the importance of political institutions in determining corruption, the empirical literature is relatively scarce. Our results confirm the(More)
Romain Wacziarg is with the Graduate School of Business, Stanford University. His e-mail address is This article was written while the author was a visiting scholar in the World Bank’s Development Prospects Group. The author thanks François Bourguignon, Milan Brahmbhatt, Francesco Caselli, Uri Dadush, David Dollar, Jean Imbs,(More)
This paper examines the empirical relationships between trade structure and economic growth, particularly the influence of natural resource abundance, export concentration and intra-industry trade. The paper tests the robustness of these relationships across proxies, control variables and estimation techniques. We find trade variables to be important(More)