Remittances from migrant workers currently represent one of the most important financial flows to developing countries. They can play an important role in pulling millions of families out of poverty. It is therefore critical to identify the key factors affecting remittances, as well as the barriers to these flows (Beck and Martinez Peria 2009 ).
Remittances and vulnerability in developing countries: Results from a new dataset on remittances from Italy
Giulia Bettin, Andrea F Presbitero, Nikola Spatafora, 10 February 2014
Finance and growth: Too much of a good thing?
Thorsten Beck, 27 October 2013
Over the past 20 years, economists have accumulated a substantial body of empirical evidence that financial sector deepening is a critical part of the economic development process. This shows a well-functioning financial system is a conditio sine qua non for modern market economies to flourish.
Migrating out of poverty: The role of finance
Meghana Ayyagari, Thorsten Beck, Mohammad Hoseini, 23 June 2013
For better or worse, the 2008 financial crisis has put the financial sector again at the centre of public debate. Several commentators have suggested that financial liberalisation contributed both to the financial crisis and to growing income inequality (e.g.
Interest groups and government capabilities matter for financial development
Eduardo Cavallo, Carlos Scartascini, 12 May 2012
The debate on the benefits and limits of financial development has come to the fore with the global financial crisis. The fact that the epicentre of the global financial crisis was in countries with developed credit markets has led some commentators to argue that financial development may have gone too far.
Finance, long-run growth, and economic opportunity
Ross Levine, 25 October 2011
Finance is powerful. The financial system can be an engine of economic prosperity – or a destructive cause of economic decline and misery.
Sovereign defaults, banks and financial institutions
Nicola Gennaioli, Alberto Martin, Stefano Rossi, 17 November 2010
Recent sovereign defaults highlight a close link between government default and financial sector turmoil, where banks often take centre stage. In the Russian default of 1998 the government's suspension of debt payments triggered large losses on the balance sheets of Russian banks, which had heavily invested in public bonds.
Can financial sector reform help bring informal firms into the formal sector?
Thorsten Beck, Chen Lin, Yue Ma, 13 October 2010
While the global crisis has amply demonstrated the economic fragilities that a highly evolved financial sector can create, it is important not to “throw the baby out with the bath water”. The financial sector is critical to the economy. The important connection between financial development and growth is supported by a growing literature (Levine 2005).
“Mother, can I trust the government?” Stable democracies are more likely to enjoy sustained financial development
Marc Quintyn , Geneviève Verdier, 23 September 2010
The epicentre of the global crisis can be traced to the world’s most developed financial systems, but few would consider this enough to challenge the broad consensus that financial development is good for economic growth.
The policy roots of finance
Giuseppe Bertola, Anna Lo Prete, 20 May 2010
Finance boomed for quite some time. And then it crashed. To understand what might happen as the world begins to emerge from the crisis, we need to try and understand where finance came from. At the global level, finance grew along with international economic integration at the turn of this century, as well as at the beginning of the 20th century.
The crisis and the developing countries
Fabrizio Coricelli, 1 May 2010
Economists and policymakers are still debating the causes of the global crisis and the prospects for recovery in the world economy (see the excellent column by Berkmen et al. 2010 on this site). But one point of agreement is that emerging economies have so far have weathered the crisis much better than advanced countries.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Cadot, de Melo, 16 June 2014