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Handbook of Finance and Development
This Handbook provides a comprehensive overview of the relationship between financial and real sector development. The different chapters, written by leading contributors in the field, survey research on the importance of financial development for economic growth, the causes and consequences of financial fragility, the historic development of financial systems in several major economies and regions of the world, and the regulatory and supervisory underpinnings of financial sector development.
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Contributors
Contents
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The Handbook of Finance and Development provides a thorough assessment of the existing research on the relationship between the financial system and economic growth. Containing chapters on theory, empirical work and historic accounts, this is the first Handbook to provide a comprehensive overview of the fields of finance and development.
As leading researchers in the field the contributors analyse the emergence of, and innovations in, financial instruments, markets and intermediaries, providing commentary on how these components of financial systems shape resource allocation, poverty, income inequality and aggregate economic growth. They also explore the causes and consequences of financial fragility, the historic development of financial systems, and the regulatory and supervisory underpinnings of financial sector development. Further chapters examine financial development at both the aggregate and country levels and assess the degree to which individuals and firms can access financial services. Recent literature on the financial inclusion of households and enterprises is also analysed.
The Handbook will be of great value to scholars and researchers who are interested in the fields of finance, development and financial inclusion. Throughout the chapters contributors highlight how insights drawn from research inform policy debates on the topics at hand, making this work a useful resource for policy makers and regulators.
As leading researchers in the field the contributors analyse the emergence of, and innovations in, financial instruments, markets and intermediaries, providing commentary on how these components of financial systems shape resource allocation, poverty, income inequality and aggregate economic growth. They also explore the causes and consequences of financial fragility, the historic development of financial systems, and the regulatory and supervisory underpinnings of financial sector development. Further chapters examine financial development at both the aggregate and country levels and assess the degree to which individuals and firms can access financial services. Recent literature on the financial inclusion of households and enterprises is also analysed.
The Handbook will be of great value to scholars and researchers who are interested in the fields of finance, development and financial inclusion. Throughout the chapters contributors highlight how insights drawn from research inform policy debates on the topics at hand, making this work a useful resource for policy makers and regulators.
Contributors
Contributors: F. Abraham, P. Aghion, F. Allen, M. Ayyagari, J.R. Barth, T. Beck, A.N. Berger, H. Bodenhorn, C. Burhop, G. Caprio Jr, R. Cull, A. Demirgüç-Kunt, W.S. Frame, X. Gu, T.W. Guinnane, P. Honohan, P. Howitt, L. Klapper, O. Kowalewski, T. Lambert, R. Levine, N. Loayza, V. Maksimovic, M.S. Martinez Peria, R. Morck, J. Morduch, A. Ouazad, A. Popov, R. Rancière, R.A. Roman, S.L. Schmukler, D. Singer, W. Summerhill, R. Tilly, J. Verrier, P. Volpin, H.-J. Voth, B. Yeung
Contents
Contents:
Introduction
Thorsten Beck and Ross Levine
PART I THEORY AND EVIDENCE ON FINANCE AND GROWTH
1. Financial Development and Innovation-Led Growth
Philippe Aghion, Peter Howitt and Ross Levine
2. Financial Structure, Economic Growth and Development
Franklin Allen, Xian Gu and Oskar Kowalewski
3. Evidence on Finance and Economic Growth
Alexander Popov
PART II HISTORIC ACCOUNTS
4. Two centuries of finance and growth in the United States, 1790-1980
Howard Bodenhorn
5. The financial system in Germany, 1800-1914
Carsten Burhop, Timothy W. Guinnane and Richard Tilly
6. Finance and Growth in the United Kingdom
Hans-Joachim Voth
7. East Asian Financial and Economic Development
Randall Morck and Bernard Yeung
8. Sovereign Commitment and Financial Underdevelopment in Nineteenth-Century Brazil
William Summerhill
PART III FINANCE, GROWTH AND STABILITY
9. Finance and the Real Economy: Evidence from the US
Allen N. Berger and Raluca A. Roman
10. Financial Development, Growth, and Crisis: Is there a trade-off?
Norman Loayza, Amine Ouazad and Romain Rancière
11. The Management and Prevention of Banking Crises: Lessons from Recent Experience
Patrick Honohan
12. Financial Globalization: A Glass Half Empty?
Facundo Abraham and Sergio L. Schmukler
13. Technological Change, Financial Innovation, and Economic Development
Thorsten Beck and W. Scott Frame
PART IV POLICIES AND INSTITUTIONS
14. Regulation and Supervision in financial development
James R. Barth and Gerard Caprio Jr.
15. Bank ownership and economic development
Robert Cull, Maria Soledad Martinez Peria and Jeanne Verrier
16. What drives financial sector development? Policies, politics and history
Thorsten Beck
17. Endogenous Political Institutions and Financial Development
Thomas Lambert and Paolo Volpin
PART V ACCESS TO FINANCE
18. Financing SMEs and Economic Development
Meghana Ayyagari, Asli Demirgüç-Kunt and Vojislav Maksimovic
19. Household Finance and Economic Development
Asli Demirgüç-Kunt, Leora Klapper and Dorothe Singer
20. Microfinance and Economic Development
Robert Cull and Jonathan Morduch
Index
Introduction
Thorsten Beck and Ross Levine
PART I THEORY AND EVIDENCE ON FINANCE AND GROWTH
1. Financial Development and Innovation-Led Growth
Philippe Aghion, Peter Howitt and Ross Levine
2. Financial Structure, Economic Growth and Development
Franklin Allen, Xian Gu and Oskar Kowalewski
3. Evidence on Finance and Economic Growth
Alexander Popov
PART II HISTORIC ACCOUNTS
4. Two centuries of finance and growth in the United States, 1790-1980
Howard Bodenhorn
5. The financial system in Germany, 1800-1914
Carsten Burhop, Timothy W. Guinnane and Richard Tilly
6. Finance and Growth in the United Kingdom
Hans-Joachim Voth
7. East Asian Financial and Economic Development
Randall Morck and Bernard Yeung
8. Sovereign Commitment and Financial Underdevelopment in Nineteenth-Century Brazil
William Summerhill
PART III FINANCE, GROWTH AND STABILITY
9. Finance and the Real Economy: Evidence from the US
Allen N. Berger and Raluca A. Roman
10. Financial Development, Growth, and Crisis: Is there a trade-off?
Norman Loayza, Amine Ouazad and Romain Rancière
11. The Management and Prevention of Banking Crises: Lessons from Recent Experience
Patrick Honohan
12. Financial Globalization: A Glass Half Empty?
Facundo Abraham and Sergio L. Schmukler
13. Technological Change, Financial Innovation, and Economic Development
Thorsten Beck and W. Scott Frame
PART IV POLICIES AND INSTITUTIONS
14. Regulation and Supervision in financial development
James R. Barth and Gerard Caprio Jr.
15. Bank ownership and economic development
Robert Cull, Maria Soledad Martinez Peria and Jeanne Verrier
16. What drives financial sector development? Policies, politics and history
Thorsten Beck
17. Endogenous Political Institutions and Financial Development
Thomas Lambert and Paolo Volpin
PART V ACCESS TO FINANCE
18. Financing SMEs and Economic Development
Meghana Ayyagari, Asli Demirgüç-Kunt and Vojislav Maksimovic
19. Household Finance and Economic Development
Asli Demirgüç-Kunt, Leora Klapper and Dorothe Singer
20. Microfinance and Economic Development
Robert Cull and Jonathan Morduch
Index
