• Publications
  • Influence
Financial Development and Economic Growth: Views and Agenda
The author argues that the preponderance of theoretical reasoning and empirical evidence suggests a positive first order relationship between financial development and economic growth. There is
A Sensitivity Analysis of Cross-Country Growth Regressions
A vast amount of literature uses cross-country regressions to find empirical links between policy indicators and long-run average growth rates. The authors study whether the conclusions from existing
A New Database on Financial Development and Structure
The authors introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that
Financial Intermediation and Growth: Causality and Causes
The authors evaluate: a) whether the level of development of financial intermediaries exerts a casual influence on economic growth; and b) whether cross-country differences in legal and accounting
Finance, entrepreneurship and growth
Abstract How do financial systems affect economic growth? We construct an endogenous growth model in which financial systems evaluate prospective entrepreneurs, mobilize savings to finance the most
Finance and the Sources of Growth
The authors evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources-total factor productivity growth, physical capital accumulation,
Bank-Based or Market-Based Financial Systems: Which is Better?
  • R. Levine
  • Business, Economics
  • 1 September 2002
For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as
Stock Markets, Banks, and Economic Growth
Using data on 49 countries from 1976 to 1993, the authors investigate whether measures of stock market liquidity, size, volatility, and integration in world capital markets predict future rates of
Bank concentration, competition, and crises: First results
Motivated by public policy debates about bank consolidation and conflicting theoretical predictions about the relationship between bank concentration, bank competition and banking system fragility,
Stock Markets, Growth, and Tax Policy
An extensive literature documents the role of financial markets in economic development. To help explain this relationship, this paper constructs an endogenous growth model in which a stock market