We consider an overlapping generations model with two production factors and two types of agents in the presence of financial intermediation and its application to the Russian default of August 1998. The paper focuses on the analysis of the...
Although the finance–growth nexus has become firmly entrenched in the empirical literature, studies that question the strength of the empirical results have appeared and seem to have become more frequent as well. In this paper we re-examine the core...
We investigate domestic private investment behaviour in a panel of 24 low-income and middle-income countries spanning a period of 1981-2000. The paper rigorously addresses (i) the cross-country heterogeneity in private investment behaviour, and (ii)...
Drawing on recent literature, the paper argues that institutions and political economy factors hold the key to understanding why some countries have succeeded in developing their financial systems while others have not. The paper also reviews new...
The paper primarily investigates the interrelationship between financial sector development and poverty reduction in Ghana. This is done using time-series data from the World Development Indicators from 1970-2001. The main findings are, first, that...
This paper introduces a discrete-time intertemporal investment model in which the flow of profits affects the risk premium on the cost of finance, and, as a consequence, the rate of discount of future profits. While public investments, according to a...
This paper aims to investigate the relationship between financial liberalization on the one hand and saving, investment and economic growth on the other hand, using a new dataset for measuring financial liberalization for a sample of 25 developing...
Recent years have witnessed important structural changes around the world as a result of the globalization process, the creation of new economic blocks and the liberalization of financial sector in many countries. Responding to these changes many...
With the deadline for achieving the UN’s Sustainable Development Goals just seven years away, there is an increasing sense of urgency over the...
29 June 2013 Tony Addison The June-July summer issue of Angle comes to you amid the 19 hours daylight of the Finnish mid-summer. Last week UNU-WIDER’s...
The majority of the world’s poor, by income poverty and multi-dimensional poverty, now live in countries officially classified by the World Bank as middle-income countries. Of course nothing happens when a country crosses a (somewhat) arbitrary...
This volume explores the various linkages between financial development, institutions, growth and poverty reduction in low-income and transition countries. It is the result of a two-year research project undertaken by UNU-WIDER, and the strong range...
Part of Book Financial Development, Institutions, Growth and Poverty Reduction
Three-quarters of the world’s poor (however defined) live in countries classified as middle-income. Donors need not assume their only option is to abandon countries once they cross the arbitrary threshold in per capita income. The thresholds...
Part of Book Financial Development, Institutions, Growth and Poverty Reduction
This paper examines the country specific effect of policy reform on infrastructure spending in China and India. In China we have examined how marketization and decentralization has affected the composition of provincial public expenditure and in the...
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