Publication:
Finance, Financial Sector Policies, and Long-Run Growth

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dc.contributor.authorLevine, Ross
dc.contributor.authorDemirgüç-Kunt, Asli
dc.date.accessioned2017-08-28T17:35:13Z
dc.date.available2017-08-28T17:35:13Z
dc.date.issued2008
dc.description.abstractIn this paper, authors first review the literature on the relation between finance and growth. Theory provides ambiguous predictions concerning the question of whether financial development exerts a positive, causative impact on long-run economic growth. The second part of this 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 authors discuss the relationship between financial sector policies and economic development. The remainder of the paper proceeds as follows. Sections one and two review theory and evidence on the relation between finance and growth. Section three turns to an examination of financial sector policies, and section four concludes.en
dc.identifierhttp://documents.worldbank.org/curated/en/644501468149692967/Finance-financial-sector-policies-and-long-run-growth
dc.identifier.doi10.1596/28021
dc.identifier.urihttps://hdl.handle.net/10986/28021
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesCommission on Growth and Development Working Paper;No. 11
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCESS TO FINANCIAL SERVICES
dc.subjectACCESS TO INFORMATION
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACTIVE MARKETS
dc.subjectAGENCY PROBLEM
dc.subjectALLOCATION OF CAPITAL
dc.subjectALLOCATION OF CREDIT
dc.subjectAMOUNT OF CAPITAL
dc.subjectBANK = DEPOSIT
dc.subjectBANK BRANCH
dc.subjectBANK CREDIT
dc.subjectBANK DOMESTIC CREDIT
dc.subjectBANK INTERMEDIATION
dc.subjectBANK LENDING
dc.subjectBANK PROFITABILITY
dc.subjectBANKING CRISES
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBLACK MARKET
dc.subjectBOND
dc.subjectBOND MARKETS
dc.subjectBONDS
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL GROWTH
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL STOCK
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCHECKS
dc.subjectCIVIL LAW
dc.subjectCOMMON LAW
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE INSIDERS
dc.subjectCREDIT ALLOCATION
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT MARKET
dc.subjectCREDIT RATIONING
dc.subjectCREDIT SCORING
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENCY
dc.subjectDEPOSIT MONEY BANKS
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectDOMESTIC EQUITIES
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC AGENTS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIES OF SCALE
dc.subjectENFORCEMENT MECHANISMS
dc.subjectENFORCEMENT OF CONTRACTS
dc.subjectENTREPRENEURS
dc.subjectEQUITY MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXPROPRIATIONS
dc.subjectEXTERNAL CAPITAL
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL INVESTORS
dc.subjectFAMILIES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REVOLUTION
dc.subjectFINANCIAL SECTOR POLICIES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCING OBSTACLES
dc.subjectFINANCING REQUIREMENTS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED ASSETS
dc.subjectFIXED COST
dc.subjectFLOW OF INFORMATION
dc.subjectFOREIGN EXCHANGES
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT REGULATION
dc.subjectGOVERNMENT SECURITIES
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGROWTH OPPORTUNITIES
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHUMAN CAPITAL
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFLATION RATES
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMATION SYSTEMS
dc.subjectINFORMATIONAL ASYMMETRIES
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE SPREADS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINVESTING
dc.subjectINVESTMENT BANKING
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectLACK OF CAPITAL
dc.subjectLEGAL SYSTEM
dc.subjectLEGAL SYSTEM ADAPTABILITY
dc.subjectLEGAL SYSTEMS
dc.subjectLEGAL TRADITIONS
dc.subjectLENDERS
dc.subjectLENDING DECISIONS
dc.subjectLIQUID ASSETS
dc.subjectLIQUID MARKETS
dc.subjectLIQUIDITY RISK
dc.subjectLONG-TERM CAPITAL
dc.subjectLONG-TERM DEBT
dc.subjectLONG-TERM INVESTMENTS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET FAILURES
dc.subjectMARKET INTEGRATION
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET SIZE
dc.subjectMARKET TRANSACTION
dc.subjectMICRO DATA
dc.subjectMINORITY SHAREHOLDERS
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMUTUAL FUNDS
dc.subjectNATIONAL SAVINGS
dc.subjectNATIONAL STOCK EXCHANGE
dc.subjectNATIONAL STOCK EXCHANGES
dc.subjectOUTSIDE INVESTORS
dc.subjectOWNERSHIP STRUCTURE
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPRICE MOVEMENTS
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE ENTERPRISES
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE PROPERTY
dc.subjectPRIVATE REGISTRIES
dc.subjectPROPERTY RIGHTS
dc.subjectPROPERTY RIGHTS PROTECTION
dc.subjectPURCHASING POWER
dc.subjectRATES OF RETURN
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectRETURNS
dc.subjectRISK DIVERSIFICATION
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT SERVICES
dc.subjectRISK SHARING
dc.subjectSAVINGS RATE
dc.subjectSAVINGS RATES
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM BORROWING
dc.subjectSMALL BUSINESS
dc.subjectSMALL BUSINESS LENDING
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectSTOCK MARKETS
dc.subjectSTOCK RETURN
dc.subjectSTOCKS
dc.subjectSUPERVISORY AGENCIES
dc.subjectTAX
dc.subjectTAX SYSTEMS
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSACTIONS COSTS
dc.subjectTRANSITION COUNTRIES
dc.subjectTURNOVER
dc.titleFinance, Financial Sector Policies, and Long-Run Growthen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.date.disclosure2010-11-25
okr.date.doiregistration2025-04-15T11:45:32.258906Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/644501468149692967/Finance-financial-sector-policies-and-long-run-growth
okr.guid644501468149692967
okr.identifier.externaldocumentum000334955_20101125034527
okr.identifier.internaldocumentum13160213
okr.identifier.report57711
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/644501468149692967/pdf/577110NWP0Box31UBLIC10gc1wp10111web.pdfen
okr.topicFinance and Financial Sector Development::Law Finance and Growth
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.unitPoverty Reduction and Equity (PRMPR)
relation.isAuthorOfPublication234a20c0-893c-561a-8c90-6f5be5be5b9b
relation.isAuthorOfPublication.latestForDiscovery234a20c0-893c-561a-8c90-6f5be5be5b9b
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