By Basudeb Guha-Khasnobis, George Mavrotas
This book explores country case reports and works that aspect the precise transmission mechanisms in which monetary improvement can increase pro-poor improvement with a purpose to derive most sensible practices during this box. This is an vital spouse for pros and policymakers, and likewise an essential reference resource for college kids.
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Extra info for Financial Development, Institutions, Growth and Poverty Reduction
Specifically, Beck et al. test the endowment hypothesis of Acemoglu et al. (2001), which postulates that geography and the disease environment encountered by European settlers were critical in shaping institutional development. Alongside this, they also test the law and finance hypothesis of LLS. 65 41 Notes: Figures in the parentheses are the t-statistics; Significance at 1 per cent, 5 per cent and 10 per cent denoted by ∗∗∗ , ∗∗ and ∗ respectively. Source: Demetriades and Law (2005). that the initial endowment theory of Acemoglu et al.
They were also thought to Svetlana Andrianova and Panicos Demetriades 15 have reasonably respectable systems of banking regulation and supervision. Stiglitz emphasizes the destabilizing influence of short-term capital flows in his analysis, arguing that ‘there is not only no case for capital market liberalization, . . there is a fairly compelling case against full liberalization’ (Stiglitz 2000: 1076). His analysis of why capital market liberalization produces instability, not growth, identifies the following fallacy in the pro-liberalization arguments; namely, that ‘financial and capital markets are essentially different from markets for ordinary goods and services’.
Financial development is found to have very small direct effects on growth. The estimated coefficients are not only small they are also statistically insignificant for two of the three indicators. 20 for high-income countries. Institutions, however, have a large positive and significant direct effect on growth in these countries. The estimated coefficients on institutional quality are roughly twice the size of those obtained for middle- or highincome countries. The estimated coefficients of the interaction terms are positive and highly significant; however, they are almost half the size of the corresponding coefficients obtained for the middle-income 34 Sources of Financial Development group.