Financial market performance and growth in Africa

Inflation and Financial Market Performance

Banking Market Structure, Financial Dependence and Growth

This paper explores the empirical relevance of banking market structure on growth. There is substantial evidence of a positive relationship between the level of development of the banking sector of an economy and its long-run output growth. Little is known, however, about the role played by the market structure of the banking sector on the dynamics of capital accumulation. This paper provides e...

Financial Market Im ~ erfections and Productivity Growth

Joseph E. Stiglitz Stanford University Stanford, CA This paper examines the impact of financial market imperfections on long-tenn productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help finns diversify the risks of real investment. The paper examines separately situations in which productivity growth is driven by le...

Financial Dependence, Stock Market Liberalizations, and Growth

Stock market liberalizations provide a natural experiment to test for the causal relation between financial development and economic growth. We test this relation by investigating whether liberalizations facilitate growth through the particular mechanism of reducing capital market imperfections that drive a wedge between the external and internal cost of capital to firms. Using panel data on a ...

Financial market crisis and financial market channel