Financial Development and Economic Growth

1. Front Matter

   Pages i-xxvi

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2. Financial Development, Growth and Poverty: How Close are the Links?

   • Patrick Honohan

   Pages 1-37

3. Finance and Growth: What we Know and What we Need to Know

   • P. Demetriades, S. Andrianova

   Pages 38-65

4. Competition in the Financial Sector and Growth: A Cross-Country Perspective

   • Stijn Claessens, Luc Laeven

   Pages 66-105

5. The Great Divide and Beyond: Financial Architecture in Transition

   • Erik Berglof, Patrick Bolton

   Pages 106-134

6. Microfinance: Where do we Stand?

   • Beatriz Armendáriz de Aghion, Jonathan Morduch

   Pages 135-148

7. Financial Development, Institutional Investors and Economic Performance

   • E. Philip Davis

   Pages 149-182

8. Money, Stability and Growth

   • C. A. E. Goodhart

   Pages 183-206

9. Back Matter

   Pages 207-221

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The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.

• development
• economic growth
• financial markets
• growth
• money
• Sustainable Growth

• London School of Economics and Political Science, UK

  Charles A. E. Goodhart

BEATRIZ ARMENDÁRIZ Harvard University, USA and University College London, UK SVETLANA ANDRIANOVA University of Leicester, UK ERIK BERGLOF Director, Stockholm Institute of Transition Economics, Sweden PATRICK BOLTON Princeton University, USA STIJN CLAESSENS University of Amsterdam, The Netherlands E. PHILIP DAVIS Brunel University, London, UK PANICOS DEMETRIADES University of Leicester, UK PATRICK HONOHAN Development Research Group, The World Bank, USA LUC LAEVEN Economist, The World Bank, USA JONATHAN MORDUCH New York University, USA

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