Title:	Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development
Authors:	Aslõ DemirguÈ cË-Kunt and Ross Levine
Keywords:	Development
Issue Date:	2001
Publisher:	The MIT Press
Description:	In Financial Structure and Development, Raymond W. Goldsmith (1969) sought to accomplish three goals. His ®rst goal was to docu- ment how ®nancial structureÐthe mixture of ®nancial instruments, markets, and intermediaries operating in an economyÐchanges as economies grow. Thus, he sought to trace the evolution of the structure of national ®nancial systems as economies develop. Sec- ond, Goldsmith wanted to assess the impact of overall ®nancial de- velopmentÐthe overall quantity and quality of ®nancial instruments, markets, and intermediariesÐon economic growth. He sought to answer the question: Does ®nance exert a causal in¯uence on eco- nomic growth? Finally, Goldsmith sought to evaluate whether ®nan- cial structure in¯uences the pace of economic growth. Does the mixture of markets and intermediaries functioning in an economy in¯uence economic development? Indeed, Goldsmith (1969) sum- marized his motivation for studying the last two questions as fol- lows: ``One of the most important problems in the ®eld of ®nance, if not the single most important one, almost everyone would agree, is the effect that ®nancial structure and development have on economic growth'' (390).
URI:	http://10.6.20.12:80/handle/123456789/28661
ISBN:	0-262-04198-7
Appears in Collections:	Regional and Local Development Studies

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.