Financial Structure and Economic Growth (Cross-Country Comparisons of Banks, Markets, and Development)

Author: Kent Leven edited by, Huang Chunchun translated
Publisher:
Publish Date: 2006-01-01
Features: This book is a series of research reports on global financial development and economic growth, specifically produced by a research team led by the world-renowned economists T. Beck, Esri Demirgü?-Kunt, and Ross Levine. In the book, the research team constructs for the first time a comprehensive and systematic database of financial development across countries. It presents information on the scale, productivity, and business activities of financial markets and institutions in 150 countries and regions, as well as a wealth of data on their political, economic, and social environments. This is the most comprehensive and authoritative financial development database in academia to date regarding this research. The research team further conducts scientific studies based on its database, not only establishing a new indicator system and methodology for evaluating financial development in countries but also challenging many traditional and popular beliefs. The book particularly points out that it is the overall level of financial development, rather than the financial structure, that promotes economic growth. Moreover, differences in political and legal systems also affect the relationship between financial development and economic growth. Therefore, the authors suggest that policymakers should focus less on financial structure and more on policy reforms related to law, regulation, market promotion, and banking operations, believing that this may yield greater returns. This book elevates the study of financial development to a new height.