TY - BOOK ID - 30703158 TI - Financial structure and economic growth : a cross-country comparison of banks, markets, and development AU - Demirgüç-Kunt, Aslı AU - Levine, Ross. PY - 2001 SN - 0262271451 0585436835 9780262271455 9780585436838 PB - Cambridge, Mass. : MIT Press, DB - UniCat KW - Banks and banking KW - Financial institutions KW - Stock exchanges KW - Economic development KW - Finance KW - Business & Economics KW - Banking KW - Bulls and bears KW - Commercial corners KW - Corners, Commercial KW - Equity markets KW - Exchanges, Securities KW - Exchanges, Stock KW - Securities exchanges KW - Stock-exchange KW - Stock markets KW - Financial intermediaries KW - Lending institutions KW - Agricultural banks KW - Banking industry KW - Commercial banks KW - Depository institutions KW - Capital market KW - Efficient market theory KW - Speculation KW - Associations, institutions, etc. KW - Money KW - Bancos KW - Estudio de casos. KW - Instituciones financieras KW - Bolsa de valores KW - Desarrollo económico KW - ECONOMICS/Finance KW - ECONOMICS/Trade & Development KW - ECONOMICS/International Economics UR - https://www.unicat.be/uniCat?func=search&query=sysid:30703158 AB - 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. The book includes a CD containing World Bank data. ER -