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Too Much Finance?

Author : Mr.Jean-Louis Arcand

Publisher : International Monetary Fund

Page : 50 pages

File Size : 13,4 MB

Release : 2012-06-01

Category : Business & Economics

ISBN : 1475526105

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Book Description

This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.



Financial Structure and Economic Growth

Author : Aslı Demirgüç-Kunt

Publisher : MIT Press

Page : 452 pages

File Size : 16,18 MB

Release : 2001

Category : Business & Economics

ISBN : 9780262541794

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Book Description

CD-ROM contains: World Bank data.



Making Finance Work for Africa

Author : Patrick Honohan

Publisher : World Bank Publications

Page : 264 pages

File Size : 23,39 MB

Release : 2007

Category : Business & Economics

ISBN : 0821369105

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Book Description

Drawing on its extensive experience in helping restructure and reform financial systems, the World Bank examines the state of African domestic financial systems in a global comparison. It identifies promising trends as well as pinpointing the major shortcomings that are observed across sub-Saharan Africa. Policy recommendations distinguish between those designed to make finance a more effective driver of economic growth and those designed to give low income, small-scale and other excluded groups better access to financial services.



Development Economics

Author : Debraj Ray

Publisher : Princeton University Press

Page : 868 pages

File Size : 30,70 MB

Release : 1998-01-12

Category : Business & Economics

ISBN : 1400835895

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Book Description

The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now there has been no comprehensive text that incorporates the huge strides made in the subject over the past decade. Development Economics does precisely that in a clear, rigorous, and elegant fashion. Debraj Ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will help to set the agenda for future research. He covers such vital subjects as theories of economic growth, economic inequality, poverty and undernutrition, population growth, trade policy, and the markets for land, labor, and credit. A common point of view underlies the treatment of these subjects: that much of the development process can be understood by studying factors that impede the efficient and equitable functioning of markets. Diverse topics such as the new growth theory, moral hazard in land contracts, information-based theories of credit markets, and the macroeconomic implications of economic inequality come under this common methodological umbrella. The book takes the position that there is no single cause for economic progress, but that a combination of factors--among them the improvement of physical and human capital, the reduction of inequality, and institutions that enable the background flow of information essential to market performance--consistently favor development. Ray supports his arguments throughout with examples from around the world. The book assumes a knowledge of only introductory economics and explains sophisticated concepts in simple, direct language, keeping the use of mathematics to a minimum. Development Economics will be the definitive textbook in this subject for years to come. It will prove useful to researchers by showing intriguing connections among a wide variety of subjects that are rarely discussed together in the same book. And it will be an important resource for policy-makers, who increasingly find themselves dealing with complex issues of growth, inequality, poverty, and social welfare.



Process Engineering and Industrial Management

Author : Jean-Pierre Dal Pont

Publisher : John Wiley & Sons

Page : 382 pages

File Size : 24,85 MB

Release : 2013-03-04

Category : Technology & Engineering

ISBN : 1118565983

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Book Description

Process Engineering, the science and art of transforming raw materials and energy into a vast array of commercial materials, was conceived at the end of the 19th Century. Its history in the role of the Process Industries has been quite honorable, and techniques and products have contributed to improve health, welfare and quality of life. Today, industrial enterprises, which are still a major source of wealth, have to deal with new challenges in a global world. They need to reconsider their strategy taking into account environmental constraints, social requirements, profit, competition, and resource depletion. “Systems thinking” is a prerequisite from process development at the lab level to good project management. New manufacturing concepts have to be considered, taking into account LCA, supply chain management, recycling, plant flexibility, continuous development, process intensification and innovation. This book combines experience from academia and industry in the field of industrialization, i.e. in all processes involved in the conversion of research into successful operations. Enterprises are facing major challenges in a world of fierce competition and globalization. Process engineering techniques provide Process Industries with the necessary tools to cope with these issues. The chapters of this book give a new approach to the management of technology, projects and manufacturing. Contents Part 1: The Company as of Today 1. The Industrial Company: its Purpose, History, Context, and its Tomorrow?, Jean-Pierre Dal Pont. 2. The Two Modes of Operation of the Company – Operational and Entrepreneurial, Jean-Pierre Dal Pont. 3. The Strategic Management of the Company: Industrial Aspects, Jean-Pierre Dal Pont. Part 2: Process Development and Industrialization 4. Chemical Engineering and Process Engineering, Jean-Pierre Dal Pont. 5. Foundations of Process Industrialization, Jean-François Joly. 6. The Industrialization Process: Preliminary Projects, Jean-Pierre Dal Pont and Michel Royer. 7. Lifecycle Analysis and Eco-Design: Innovation Tools for Sustainable Industrial Chemistry, Sylvain Caillol. 8. Methods for Design and Evaluation of Sustainable Processes and Industrial Systems, Catherine Azzaro-Pantel. 9. Project Management Techniques: Engineering, Jean-Pierre Dal Pont. Part 3: The Necessary Adaptation of the Company for the Future 10. Japanese Methods, Jean-Pierre Dal Pont. 11. Innovation in Chemical Engineering Industries, Oliver Potier and Mauricio Camargo. 12. The Place of Intensified Processes in the Plant of the Future, Laurent Falk. 13. Change Management, Jean-Pierre Dal Pont. 14. The Plant of the Future, Jean-Pierre Dal Pont.



Rethinking Financial Deepening

Author : Ms.Ratna Sahay

Publisher : International Monetary Fund

Page : 41 pages

File Size : 17,32 MB

Release : 2015-05-04

Category : Business & Economics

ISBN : 1498312616

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Book Description

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.



the econometrics of finance and growth

Author : Thorsten Beck

Publisher : World Bank Publications

Page : 45 pages

File Size : 28,58 MB

Release : 2008

Category : Access to Finance

ISBN :

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Book Description

Abstract: This paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example of a simple Ordinary Least Squares estimation. It discusses cross-sectional and panel instrumental variable approaches to overcome the identification problem. It presents the time-series approach, which focuses on the forecast capacity of financial development for future growth rates, and differences-in-differences techniques that try to overcome the identification problem by assessing the differential effect of financial sector development across states with different policies or across industries with different needs for external finance. Finally, it discusses firm-level and household approaches that allow analysts to dig deeper into the channels and mechanisms through which financial development enhances growth and welfare, but pose their own methodological challenges.



Securing Development in an Unstable World

Author : François Bourguignon

Publisher : World Bank Publications

Page : 188 pages

File Size : 18,81 MB

Release : 2006-01-01

Category : Business & Economics

ISBN : 9780821361078

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Book Description

Brings together the world's finest development thinkers to present their perspectives and ideas in the field of international development. This title presents selected papers from the seventh annual ABCDE (The Annual World Bank Conference on Development Economics) - Europe meetings, held in May 2005 in Amsterdam, the Netherlands.





Inflation and Activity – Two Explorations and their Monetary Policy Implications

Author : Mr.Olivier J. Blanchard

Publisher : International Monetary Fund

Page : 29 pages

File Size : 31,83 MB

Release : 2015-11-06

Category : Business & Economics

ISBN : 1513555839

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Book Description

We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.