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Assessment of the ties between financial structure and economic growth, based on data from a broad cross-section of countries.
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Financial Structure and Economic Growth This page intentionally left blank Financial Structure and Economic Growth A Cross-Country Comparison of Banks, Markets, and Development Edited by Aslõ DemirguÈcË-Kunt and Ross Levine The MIT Press Cambridge, Massachusetts London, England ( 2001 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. This book was set in Palatino by Asco Typesetters, Hong Kong, on 3B2. Printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data Financial structure and economic growth : a cross-country comparison of banks, markets, and development / edited by Aslõ DemirguÈcË-Kunt and Ross Levine. p. cm. Includes bibliographical references and index. ISBN 0-262-04198-7 (hc. : alk. paper) 1. Banks and bankingÐCase studies. 2. Financial institutionsÐCase studies. 3. Stock exchangesÐCase studies. 4. Economic developmentÐCase studies. I. DemirguÈcË-Kunt, Aslõ, 1961± II. Levine, Ross. HG1601 .F48 2001 332.1Ðdc21 2001044154 Contents Acknowledgments vii I Introduction 1 1 Financial Structure and Economic Growth: Perspectives and Lessons 3 Aslõ DemirguÈcË-Kunt and Ross Levine II Measurement and Determinants of Financial Structure 2 The Financial Structure Database 15 17 Thorsten Beck, Aslõ DemirguÈcË-Kunt, and Ross Levine 3 Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons 81 As