Finance and Development
Issues and Experience

Research by leading experts on the relationship between financial markets, growth and development.

Alberto Giovannini (Edited by)

9780521057561, Cambridge University Press

Paperback / softback, published 28 January 2008

380 pages, 22 b/w illus. 40 tables
22.8 x 15.3 x 2.2 cm, 0.623 kg

Progress towards economic and monetary union in Western Europe has highlighted the importance of regional policies, while events in Eastern Europe have focused attention on the role of finance in development and may lead to a substantial diversion of capital flows. This volume from the Centre for Economic Policy Research addresses the relationships between growth, convergence, and capital market imperfections. Theoretical papers shed light on the debates over the role of financial structure in economic development and the scope for government intervention to promote regional development. Highly topical empirical papers examine the relationship between international lending and economic development in a historical perspective; the experience of regional policies in the European Community, and of financial liberalization in high-growth East Asian economies; and the development of financial markets in Eastern Europe.

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.

Subject Areas: Macroeconomics [KCB]