Download Financial Development, Institutions, Growth and Poverty by Basudeb Guha-Khasnobis, George Mavrotas PDF

By Basudeb Guha-Khasnobis, George Mavrotas

This booke xplores nation case reports and paintings that info the precise transmission mechanisms wherein monetary improvement can increase pro-poor improvement that allows you to derive most sensible practices during this box. this can be a big significant other for pros and policymakers, and likewise a necessary reference resource for college kids.

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Additional info for Financial Development, Institutions, Growth and Poverty Reduction (Studies in Development Economics)

Sample text

Their rents are generated because new firms with profitable business projects have to team up with an industrial incumbent in order to obtain financing. ‘Financial incumbents’, in turn, capitalize on their informational advantage, which stems from relation-based financing, and become monopolists in providing loans to firms when problems of poor disclosure and weak contract enforcement raise fixed costs of new financial entrants. Financial development improves transparency and enforcement, thus reducing the barriers to entry and undermining not only the profits of incumbents who have to operate in a more competitive environment, but also the source of their rents, since entrants are able to operate effectively without any help from incumbents.

Moreover, their sample of countries, driven by data availability in the pre-Second World War period, is rather limited, and in some of the regressions the sample size is as low as 17 observations. Thus, while the ideas in Rajan and Zingales (2003), by themselves, undoubtedly advance our understanding of political economy factors, the empirical evidence that is provided by the same authors is less than convincing, leaving ample scope for further empirical research. Further questions that need to be addressed, both theoretically and empirically, include the following.

They use the same sample of 49 countries as LLS and find that French civil law countries have the least developed capital markets, especially compared to common law countries. Their indicators of financial development include: stock market capitalization/GNP, number of firms relative to population size, initial public offerings (IPOs) relative to population and debt/GDP. Their empirical findings suggest that civil law countries have lower levels of capital market development than common law countries.

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