Financial Development and Economic Growth

The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro financial institutions. BEATRIZ ARMENDRIZ Harvard University, USA and University College London, UK SVETLANA ANDRIANOVA University of Leicester, UK ERIK BERGLOF Director, Stockholm Institute of Transition Economics, Sweden PATRICK BOLTON Princeton University, USA STIJN CLAESSENS University of Amsterdam, The Netherlands E. PHILIP DAVIS Brunel University, London, UK PANICOS DEMETRIADES University of Leicester, UK PATRICK HONOHAN Development Research Group, The World Bank, USA LUC LAEVEN Economist, The World Bank, USA JONATHAN MORDUCH New York University, USA