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Financial institutions and markets across countries and over time - data and analysis
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In this article, the authors introduce the updated and expanded version of the Financial Development and Structure Database and present recent trends in structure and development of financial institutions and markets across countries, adding indicators on banking structure and financial globalization.Abstract:
This paper introduces the updated and expanded version of the Financial Development and Structure Database and presents recent trends in structure and development of financial institutions and markets across countries. The authors add indicators on banking structure and financial globalization. They find a deepening of both financial markets and institutions, a trend concentrated in high-income countries and more pronounced for markets than for banks. Similarly, the recent increase in cross-border lending and debt issues has been concentrated in high-income countries, while low and lower-middle income countries have experienced an increase in remittance flows. Low net interest margins, rising profitability and declining stability in high-income countries banking sectors characterize the recent financial sector boom in high income countries leading up to the global financial crisis of 2007.read more
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Capital Flow Waves: Surges, Stops, Flights and Retranchment
TL;DR: This article analyzed the drivers of international waves in capital flows and found that global factors, especially global risk, are the most important determinants of these episodes, while domestic macroeconomic characteristics are generally less important, although changes in domestic economic growth influence episodes caused by foreigners.
Journal ArticleDOI
Capital Flow Waves: Surges, Stops, Flight, and Retrenchment
TL;DR: In this article, the authors developed a new methodology for identifying episodes of extreme capital flow movements using data that differentiates activity by foreigners and domestics, and identified episodes of "surges" and "stops" (sharp increases and decreases, respectively, of gross inflows) and "flight", "retrenchment", and "outflow".
Journal ArticleDOI
An International Comparison of Capital Structure and Debt Maturity Choices
TL;DR: In this article, the authors examine how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries and find that firms in more corrupt countries and those with weaker laws tend to use more debt, especially short-term debt; explicit bankruptcy codes and deposit insurance are associated with higher leverage and more longterm debt.
Journal ArticleDOI
The great retrenchment: international capital flows during the global financial crisis
Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti,Cédric Tille +3 more
TL;DR: Milesi-Ferretti and Tille as mentioned in this paper identify stylized facts and main drivers of the retrenchment in international capital flows and identify the stylized fact and main driver of this development.
Journal Article
The real effects of debt
Stephen G. Cecchetti,Stephen G. Cecchetti,Stephen G. Cecchetti,Madhusudan Mohanty,Fabrizio Zampolli +4 more
TL;DR: In this paper, the authors used a new dataset that includes the level of government, non-financial corporate and household debt in 18 OECD countries from 1980 to 2010, and found that, beyond a certain level, debt is a drag on growth.
References
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Journal ArticleDOI
Finance and Growth: Schumpeter Might Be Right
TL;DR: In this paper, the authors examined a cross-section of about 80 countries for the period 1960-89 and found that various measures of financial development are strongly associated with both current and later rates of economic growth.
Posted Content
Stock Markets, Banks, and Economic Growth
Ross Levine,Sara Zervos +1 more
TL;DR: This paper showed that stock market liquidity and banking development both positively predict growth, capital accumulation, and productivity improvements when entered together in regressions, even after controlling for economic and political factors.
Posted Content
Stock markets, banks, and economic growth
Ross Levine,Sara Zervos +1 more
TL;DR: In this paper, the authors investigate whether measures of stock market liquidity, size, volatility, and integration in world capital markets predict future rates of economic growth, capital accumulation, productivity improvements, and private savings.
Posted Content
Finance and the Sources of Growth
TL;DR: Beck, Levine, and Loayza as mentioned in this paper evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources- total factor productivity growth, physical capital accumulation, and private saving.
Journal ArticleDOI
Shadow Economies: Size, Causes, and Consequences
TL;DR: In this paper, the size of the shadow economy in 76 developing, transition, and OECD countries is estimated using various methods, and the average size varies from 12 percent of GDP for OECD countries, to 23 percent for transition countries and 39 percent for developing countries.
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