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This volume from the Centre for Economic Policy Research presents the latest theoretical and empirical research by leading experts on the relationship between financial market structure and economic growth in developed and developing countries. The issues discussed are of key importance to the future of economic integration in Western Europe, the current economic transformation of Eastern Europe, and the future of lending to high-debt developing countries.
1. Introduction Alberto Giovannini; Part I. The Role of Finance in Economic Development: 2. International finance and economic development Paul Krugman; 3. A theory of financial development Oren Sussman; 4. Capital market imperfections and regional economic development Bruce C. Greenwald, Alec Levinson and Joseph E. Stiglitz; 5. Convergence in the closed and in the open economy Daniel Cohen; Part II.A. Case Studies - Financial Markets and Economic Development: 6. The role of finance in economic development in South Korea and Taiwan Yung Chul Park; 7. Finance and development: the case of Southern Italy Riccardo Faini, Giampaolo Galli and Curzio Giannini; Part II. B. Case Studies - Government Policies: 8. Macroeconomic control in liberalizing socialist economies: Asian and European parallels Ronald I. McKinnon; 9. Regional imbalances and government compensatory financial flows: the case of Spain Juan Ramón Cuadrado, Guillermo de la Dehesa and Andres Precedo; Part III. Development Finance: 10. Financing and development in Eastern Europe and the former Soviet Union: issues and institutional support Philippe Aghion and Robin Burgess; 11. Overview Joseph E. Stiglitz.