Financial Structure and Economic Growth : A Cross-Country Comparison of Banks, Markets, and Development

This is the first broad cross-country assessment of the ties between financial structure—the mix of financial instruments, institutions, and markets in a given economy—and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with similar long-run growth rates. The absence of data on developing countries limits the usefulness of such studies for policy makers. The book contains recently acquired cross-country data from almost 150 countries. It includes information on the size, efficiency, and activity of banks, insurance companies, pension and mutual funds, finance companies, and stock and bond markets. It also incorporates information on each country's political, economic, and social environment. The chapters contain a mix of case studies, cross-country studies, macro- and micro-oriented approaches, and analytical and empirical work. The conclusions point not to markets versus banks, but to markets and banks. It is how well a financial system functions that is critical for long-run economic growth. The research suggests that strong legal rights for outside investors and the overall efficiency of contract enforcement are effective tools for developing the financial sector and the economy. 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Financial Structure And Economic Growth: Perspectives And Lessons / Asli Demirguc-kunt, Ross Levine -- Measurement And Determinants Of Financial Structure -- The Financial Structure Database / Thorsten Beck, Asli Demirguc-kunt, Ross Levine -- Bank-based And Market-based Financial Systems: Cross-country Comparisons / Asli Demirguc-kunt, Ross Levine -- Financial Structure And Economic Growth Across Countries -- Does Financial Structure Matter For Economic Growth? A Corporate Finance Perspective / Rene Stulz -- Financial Structure And Economic Development: Firm, Industry, And Country Evidence / Thorsten Beck, Asli Demirguc-kunt, Ross Levine, Vojislav Maksimovic -- Financial Structure And Bank Profitability / Asli Demirguc-kunt, Harry Huizinga -- International Evidence On Aggregate Corporate Financing Decisions / Ian Domowitz, Jack Glen, Ananth Madhavan -- Financial Structure And Economic Performance: Country Studies -- Financial Structure In Chile: Macroeconomic Developments And Microeconomic Effects / Francisco Gallego, Norman Loayza -- Firms' Financing Choices In Bank-based And Market-based Economies / Sergio Schmukler, Esteban Vesperoni -- Corporate Groups, Financial Liberalization, And Growth: The Case Of Indonesia / Andy Chui, Sheridan Titman, K.c. John Wei. Edited By Aslı Demirgüç-kunt And Ross Levine. Includes Bibliographical References And Index. Ibm-pc Or Equivalent; Microsoft Word; Excel; Cd-rom Drive. This is the first broad cross-country assessment of the ties between financial structure -- the mix of financial instruments, institutions, and markets in a given economy -- and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with similar long-run growth rates. The absence of data on developing countries limits the usefulness of such studies for policy makers.The book contains recently acquired cross-country data from almost 150 countries. It includes information on the size, efficiency, and activity of banks, insurance companies, pension and mutual funds, finance companies, and stock and bond markets. It also incorporates information on each country's political, economic, and social environment. The chapters contain a mix of case studies, cross-country studies, macro- and micro-oriented approaches, and analytical and empirical work. The conclusions point not to markets versus banks, but to markets and banks. It is how well a financial system functions that is critical for long-run economic growth. The research suggests that strong legal rights for outside investors and the overall efficiency of contract enforcement are effective tools for developing the financial sector and the economy.