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Finance, Institutions and Development: Literature Survey and Research Agenda


This paper takes stock of and provides a critical review of several literatures, notably the theoretical and empirical work on finance and growth and studies on the determinants of financial development. These two literatures are linked as the sustainable expansion of the financial sector is constrained by the institutional framework it operates in. Important interactions between financial sector and institutional development are discussed as well as policy implications and a research agenda going forward.

Author: Thorsten Beck

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