The Great Divide and Beyond: Financial Architecture in Transition

Journal of Economic Perspectives - Tập 16 Số 1 - Trang 77-100 - 2002
Erik Berglöf1, Patrick Bolton2
1Stockholm Institute of Transition Economics (SITE), Stockholm School of Economics, Stockholm, Sweden; Research Fellows, Centre for Economic Policy Research, London, United Kingdom.
2Professor of Economics, Princeton University, Princeton, New Jersey, and Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts; Research Fellows, Centre for Economic Policy Research, London, United Kingdom.

Tóm tắt

The Great Divide in economic and financial development and the convergence in financial architecture among the successful countries raise fundamental questions about how financial development interacts with economic growth. Is it possible to engineer a development takeoff by creating a modern financial architecture from scratch? Or are financial institutions and markets a reflection of underlying conditions in the real sector? Or are both financial development and economic growth driven by some other underlying variables? Is it possible to leapfrog certain stages of financial development or must all countries go through a phase of bank-oriented financial architecture? The experience of the transition economies represents a unique opportunity to shed new light on these issues.

Từ khóa


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Thông tin
Thông tin xuất bản

Journal of Economic Perspectives

Tập 16 Số 1

77-100

Thông tin tác giả