NEW PERSPECTIVES ON FINANCE AND exploitation
Panicos O. Demetriades, University of Leicester, UK
Working write up No. 08/14 April 2008
NEW PERSPECTIVES ON FINANCE AND GROWTH? By Panicos O. Demetriades1
Abstract This paper offers a number of fresh perspectives on the finance and growth belles-lettres. It starts by reviewing the empirical march on finance and growth, highlighting studies which suggest that pecuniary discipline may be ineffective in delivering growth in the poorest of countries. The paper proceeds to examine the likely sources of monetary (under-) infractment and argues that: (a) the sub judice origins view has been largely discredited by lawyers; (b) government ownership of banks is much more of a symptom of weak institutions than a cause of financial under-development. It then argues that political economy explanations of financial development, focussing on the subprogram of incumbents, income and wealth inequality and the phylogeny of economic institutions, are much more promising hypotheses that remain largely untested. It calls for more work to test and develop further these ideas but warns against oversimplified notions of politics.
It ends by reviewing recent work on the political economy origins of financial development and the politics of financial reforms, which suggests that politics plays a greater and more complex role than has so far been recognised by the economics literature on finance and growth. APRIL 2008
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This paper has been prepared for presentation as a keynote address at a conclave on Financial Development and Economic Growth arrange by the Department of political economy and the Asian Business and Economics explore Unit at Monash University. It draws on work carried egress under a research project entitled รข€ž home(a) and International Aspects of Financial Development?, supported by an pose under the ESRC?s World Economy and Finance Research Programme (Award RES-156-250009). I would like to thank Svetlana...If you want to aim a full essay, order it on our website: Orderessay
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