| Current | 2001~2005 | 1996~2000 | 1989~1995 |
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BOOKS
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Rethinking Bank Supervision and Regulation: Until Angels Govern (with James Barth and Gerard Caprio). Cambridge, UK: Cambridge University Press, forthcoming.(DATA & 2003 Indices) (Economist Magazine Review) |
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Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, (with Asli Demirguc-Kunt). Cambridge, MA: MIT Press, December 2001.Comes with Data on CD-ROM (Download) |
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WORKING PAPERS |
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"Competition and Racial Discrimination" (with Alexey Levkov and Yona Rubinstein) |
| "Bank Regulations are Changing: For Better or Worse?" (Raw DATA) (programs / indexes) (longer version)(with James Barth and Gerard Caprio) | |
"Big Bad Banks: The Impact of U.S. Branch Deregulation on Income Distribution" (with Thorsten Beck and Alexey Levkov) "Patterns of International Capital Raisings" (with Juan Carlos Gozzi and Sergio Schmukler) |
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| "Corporate Governance, Regulation, and Bank Risk Taking" (with Luc Laeven) Discussed in the IMF Research Bulletin | |
"Finance and Economic Opportunity" (with Asli Demirguc-Kunt). Paper prepared for the World Bank's Annual Bank Conference on Development Economics in Bled, Slovenia. |
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"Finance, Financial Sector Policies, and Long-Run Growth" (with Asli Demirguc-Kunt) Paper prepared for the Growth Commission |
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| "A New Database on Financial Development and Structure (1960-2006)" (with Thorsten Beck and Asli Demirguc-Kunt) New Data Updated September 2006! | |
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Publications in Professional Journals, Handbook Volumes, and Magazines |
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2008 and Forthcoming |
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| “Complex Ownership Structures and Corporate Valuations ” (Appendix Tables) (with Luc Laeven) Review of Financial Studies, forthcoming. | |
| "Internationalization and the Evolution of Corporate Valuations" (with Juan Carlos Gozzi and Sergio Schmukler) Journal of Financial Economics. | |
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“Is there a Diversification Discount in Financial Conglomerates?” (with Luc Laeven) Journal of Financial Economics. Data! Program! Summary Info. “Finance, Firm Size, and Growth.” (with Thorsten Beck, Asli Demirguc-Kunt, and Luc Laeven) Journal of Money, Credit, and Banking, forthcoming. Data! Program! Readme file |
| “Reassessing the Rationale and Practice of Bank Regulation and Supervision After Basel II.” (with James R. Barth and Gerard Caprio Jr.) In Current Developments in Monetary and Financial Law , 2008, Volume 5, pp. 41-67, Washington , DC : International Monetary Fund. | |
2007 |
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“Governance and Bank Valuation.” (with Gerard Caprio and Luc Laeven) Journal of Financial Intermediation, 2007, 16 584-617.. Data & STATA program |
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| “Finance, Inequality, and the Poor ” (Thorsten Beck and Asli Demirguc-Kunt) Journal of Economic Growth, 2007, March, 12(1), 27-49. Variable Definitions. Data. | |
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| "Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Market Activity" (with Sergio Schmukler) Journal of Banking and Finance , 2007, June, 31(6), 1595-1612. | |
| "The Microeconomic Effects of Different Approaches to Bank Supervision" (with James Barth and Gerard Caprio) in The Politics of Financial Development , Eds: Stephen Haber, Douglass North, and Barry Weingast, Stanford University Press, 2007, 156-188. | |
| 2006 | |
| "Bank Supervision and Corruption in Lending" (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Monetary Economics, 2006, November, 53(8), 2131-2163.Data | |
| "Internationalization and Stock Market Liquidity" (with Sergio Schmukler) Review of Finance, 2006, 10, 153-187. | |
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“Bank Concentration, Competition, and Crises: First Results.” (T. Beck and A. Demirguc-Kunt) Journal of Banking and Finance, 30(5), 2006, 1581-1603. Data! |
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| "Should Governments and Aid Agencies Subsidize Small Firms ?" in Transforming the Development Landscape , Brookings Institution, Ed.: Lael Brainard, 2006, 66-73. | |
| “Bank Concentration and Fragility: Impact and Mechanics.” (Thorsten Beck and Asli Demirguc-Kunt) in Risk of Financial Institutions, Eds: Mark Carey and Rene Stulz, National Bureau of Economic Research, Chicago : University of Chicago Press, 2006, 193-231. Data! | |
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2005
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“Law, Endowments, and Property Rights.” Journal of Economic Perspectives, 19(3), Summer, 2005, 61-88. “SMEs, Growth, and Poverty: Cross-Country Evidence.” (Thorsten Beck, Asli Demirguc-Kunt) Journal of Economic Growth, 10(3), September, 2005, 199-229. (Data!) |
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“Legal Institutions and Financial Development.” (with T. Beck) in Handbook for New Institutional Economics, Eds: Claude Menard and Mary M. Shirley, Norwell MA: Kluwer Academic Publishers, 2005. "Law and Firms' Access to Finance." (Thorsten Beck and Asli Demirguc-Kunt) American Law and Economics Review 7(1), Spring 2005, 211-52. |
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“Finance and Growth: Theory and Evidence.” in Handbook of Economic Growth, Eds:Philippe Aghion and Steven Durlauf, The Netherlands: Elsevier Science, 2005. |
“Does Foreign Direct Investment Accelerate Economic Growth?” (with Maria Carkovic) in Does Foreign Direct Investment Promote Development ", Eds: Theodore H. Moran, Edward M. Graham, and Magnus Blomstrom , Washington , DC : Institute for International Economics, pp. 195-220, 2005. "Bank Regulation and Supervision", NBER Reporter, Fall 2005 "Regulating Banks: What Really Works." (James Barth and Gerard Caprio) Milken Institute Review, 7, 56-79. |
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2004
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“Aid, Policies, and Growth” (W. Easterly and D. Roodman) American Economic Review, 94(3), June, 2004, 774-780. (Data!) |
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“Bank Regulation and Supervision: What Works Best?” (with James Barth and Gerard Caprio) Journal of Financial Intermediation, 13, 2004, 205-248. (Data!) |
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“Bank Concentration and Competition: An Evolution in the Making.” (with A. Berger, A. Demirguc-Kunt, and J.G. Haubrich) Journal of Money, Credit, and Banking, 36(3), June, 2004, 433-452. |
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“Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation.”(with A. Demirguc-Kunt and L. Laeven) Journal of Money, Credit, and Banking, 36(3), June, 2004, 593-622. (STATA -data) (STATA-program) |
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“Stock Markets, Banks, and Growth: Panel Evidence.” (with Thorsten Beck) Journal of Banking and Finance, 28, 2004, 423-442. (Data!) |
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“Denying Foreign Bank Entry: Implications for Bank Interest Margins” in Bank Market Structure and Monetary Policy Eds: Luis Antonio Ahumada and J. Rodrigo Fuentes, Santiago, Chile: Banco Central de Chile, 2004, pp. 271-292. |
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“The Corporate Governance of Banks: A Concise Discussion of Concepts and Issues.” in Global Corporate Governance Forum Washington, D.C. (www.gcgf.org) and The Certified Accountant, 18, April, 2004. |
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| 2003 | |
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“Tropics, Germs, and Crops: How Endowments Influence Economic Development.” (with William Easterly) Journal of Monetary Economics, 2003, 50(1), 3-40. (Data!) |
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“Law, Endowments, and Finance.” (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Financial Economics, 70, 2003, 137-181. (Data!) |
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“Law and Finance: Why Does Legal Origin Matter?” (with Asli Demirguc-Kunt and Thorsten Beck) Journal of Comparative Economics, 31(4), December, 2003, 653-676. (Data!) |
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“More on Finance and Growth: More Finance, More Growth?” Federal Reserve Bank of St. Louis Review, 85(4), 2003, 31-46. |
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“Bank Regulation and Supervision: Lessons From a New Database.” (James R. Barth and Gerard Caprio, Jr.) in Macroeconomic Stability, Financial Markets, and Economic Development, Ed. Jose Antonio Murillo Garza, Mexico, City: Banco de Mexico, forthcoming, 2003. |
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"Stock Market Liquidity and Economic Growth: Theory and Evidence" in Finance, Research, and Education, and Growth eds. Luigi Paganetto and Edmund S. Phelps, New York: Palgrave MacMillan, 2003, 1-24. |
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“Napoleon, Bourses, and Growth: With A Focus on Latin America.” in Market-Augmenting Government: The Institutional Foundations for Prosperity, Eds. Omar Azfar and Charles A. Cadwell. Ann Arbor, MI: University of Michigan Press, 2003, pp. 49-85. |
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Comment: “Monetary Policy with International Currencies and the Road to Dollarization” by Alberto Trejos” in The Future of Central Banking, Cleveland Federal Reserve Bank, forthcoming, 2002. |
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2002
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“Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?” (with Thorsten Beck) Journal of Financial Economics, 2002. (Data!) |
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“Bank-Based or Market-Based Financial Systems: Which is Better?” Journal of Financial Intermediation, 2002, 11, 1-30. (Selected as Outstanding Paper of the year by the Milken Institute Award, 2001) |
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“International Financial Integration and Economic Growth.” (with Hali Edison, Luca Ricci, and Thorsten Slok) Journal of International Money and Finance, 2002, 21, 749-776. |
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“Corporate Governance in Finance: Concepts and International Observations.” (with Gerard Caprio) in Financial Sector Governance: The Roles of Private and Public Sectors. Eds: Robert E. Litan, Michael Pomerleano, V. Sundararajan (Washington, D.C.: Brookings Institution Press) 2002, 17-50. |
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“Finance and Growth: New Evidence and Policy Analyses for Chile.” (with Maria Carkovic) in Economic Growth: Sources, Trends, and Cycles, Eds.: Norman Loayza and Raimundo Soto, Central Bank of Chile, 2002. |
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Article: “A ‘Cookie-Cutter’ Approach Is the Wrong Way for Countries to Regulate and Supervise Banks,” (with James Barth and Gerard Caprio), Capco Institute Journal. |
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2001
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"The Impact of Inflation on Financial Sector Performance." (with John H. Boyd and Bruce D. Smith) Journal of Monetary Economics, 2001, 47, pp. 221-248. (Bank data) (Stock Market data) |
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“It’s Not Factor Accumulation: Stylized Facts and Growth Models.” (with William Easterly) forthcoming: World Bank Economic Review, 15, 2001, pp. 177-219. |
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“How Much Bang For The Buck? Mexico and Dollarization.” (with Maria Carkovic) Journal of Money, Credit, and Banking, May 2001, 33(2.2), pp. 339-363. |
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“International Financial Liberalization and Economic Growth.” Review of International Economics, 9(4), November 2001, pp. 684-698. |
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“Legal Theories of Financial Development.” (with Thorsten Beck and Asli Demirguc-Kunt) Oxford Review of Economic Policy, 17(4) Winter 2001, pp. 483-501. |
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“Financial Structure and Economic Growth: Overview.” (with Asli Demirguc-Kunt) in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds. Asli Demirguc-Kunt and Ross Levine. Cambridge, MA: MIT Press, 2001. |
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“The Financial Structure Database.” (with Thorsten Beck and Asli Demirguc-Kunt) in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds. Asli Demirguc-Kunt and Ross Levine. Cambridge, MA: MIT Press, 2001. |
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| “Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons.” (with Asli Demirguc-Kunt) in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds. Asli Demirguc-Kunt and Ross Levine. Cambridge, MA: MIT Press, 2001. | |
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“Financial Structure and Economic Development: Firm, Industry, and Country Evidence.” (with Thorsten Beck, Asli Demirguc-Kunt, and Vojislav Maksimovic) in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds. Asli Demirguc-Kunt and Ross Levine. Cambridge, MA: MIT Press, 2001. |
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"Banking Systems Around the Globe: Do Regulation and Ownership Affect Performance and Stability?" (with James Barth and Gerard Caprio) in Financial Supervision and Regulation: What Works and What Doesn’t? Ed. Frederick Mishkin, NBER, 2001. |
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“Financial Regulation and Performance: Cross-Country Evidence.” in Banking, Financial Integration and International Crises, (with James Barth and Gerard Caprio) eds. Hernandez, Leonardo and Schmidt-Hebbel, Klaus. Central Bank of Chile, 2001. |
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“Growth and Dolarization.” (with Maria Carkovic) in Optimal Monetary Institutions for Mexico, Eds. Alejandro Hernandez Delgado, Elisabeth Huybens, Macro del Negro. Mexico: Fondo de Cultura Economica, 2001. |
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"The Regulation and Supervision of Banks Around the World: A New Database." (with James R. Barth and Gerard Caprio, Jr.), Brookings-Wharton Papers on Financial Services 2001, Robert E. Litan and Richard Herring, Editors, Washington, DC: Brookings Institution Press, 2001, pp.183-240. Link to Data |
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Article: “Choosing Regulations That Work,”(with James Barth and Gerard Caprio), Financial Regulator, London, U.K. “ Central Banking Publications Limited, 6(3), pp. 43-49, 2001. |
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“Financial Intermediation and Growth: Causality and Causes.” (with Thorsten Beck and Norman Loayza) Journal of Monetary Economics, August, 46, 2000, pp. 31-77. Link to Data |
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“Finance and the Sources of Growth.” (with Thorsten Beck and Norman Loayza) Journal of Financial Economics, October, 58(1-2), 2000, 261-300. Link to Data |
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“A New DataBase on Financial Development and Structure.” (with Thorsten Beck and Asli Demirguc-Kunt) World Bank Economic Review, September 2000, 14(3), pp.597-605. Link to Data |
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“Son Mejores Los Sistemas Financieros Basados en el Sistem Bancario o Los Basados en el Mercado Bursatil.” Economia Chilena, 3(1), April 2000, pp. 25-56. |
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Comment on “Financial Markets, Financial Flows, and Economic Growth in LDCs” by Maxwell Fry in The Determinants of Economic Growth, Eds. M.S. Oosterbaan, Thijs de Ruyter van Steveninck, and N. van der Windt. (Boston, MA: Kluwer Academic Publishers) 2000, p. 162-164. |
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Article: “Bank Concentration: Chile and International Comparisons.” Banco Central de Chile, Documentos de Trabajo N° 62, January, 2000. |
| 1999 | |
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“Law, Finance, and Economic Growth.” Journal of Financial Intermediation, 1999. (Selected as Best Paper in 1999 by JFI) |
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“Financial Development and Growth: Where Do We Stand?” Analisis Economico, December 1999, 26(2), pp. 113-136. |
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“Banks, Markets, and Structure: Implications and Determinants.” in Banks and Capital Markets, eds: Burki, Shahid Javed and Perry, Guillermo E. Washington, D.C.: World Bank, June 1999, pp. 29-50. |
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| Book Review of Creating Resilient Financial Regimes in Asia edited by Priya Basu. Oxford University Press, 1999, Journal of Economic Literature. | |
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1998
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"Stock Markets, Banks, and Economic Growth." (with Sara Zervos), June 1998, American Economic Review. |
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“The Legal Environment, Banks, and Long-Run Economic Growth.” August 1998, Journal of Money, Credit, and Banking. |
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"Capital Control Liberalization and Stock Market Development." (with Sara Zervos), July, 1998, World Development. (Annex of Liberalization Events) |
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“Troubles with the Neighbors: Africa’s Problems, Africa’s Opportunities.” (with William Easterly) Journal of African Economics, January 1998,7(1), pp. 120-142. |
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“Opening to Foreign Banks: Issues of Efficiency, Stability, and Growth.” (with Asli Demirguc-Kunt and Hong G. Min) in The Implications of Globalization of World Financial Markets, ed. Seongtae Lee, Seoul, Korea: The Bank of Korea, 1998. |
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Book Review of Determinants of Economic Growth: A Cross-Country Empirical Study by Robert J. Barro. The MIT Press, December 1998, Journal of Comparative Economics. |
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"Comment: 'Financial Structure, Investment, and Growth' by Stanley Black and Mathias Moersch' " in Which Way Ahead for European Financial Markets: The German or the Anglo-Saxon Model? Ed.: Stanley Black and Mathias Moersch, Cambridge University Press, 1998. |
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1997
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“Africa's Growth Tragedy: Policies and Ethnic Divisions." (with William Easterly), Quarterly Journal of Economics, November 1997. DATA! |
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"Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature, June 1997. |
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“Marco Legal Y Finanzas: Una Estrategia de Reforma para Estimular El Crecimiento de la Productividad en Mexico." in Perspectivas del Sistema Financiero Mexicano: Su Papel en la Movilizacion de Recursos para el Esarrollo (November 1997), Instituto Mexicano de Executivos de Finanzas. |
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"Financial Functions, Institutions, and Growth." in Sequencing? Financial Strategies for Developing Countries, Eds.: Allison Harwood and Bruce L.R. Smith, Washington, D.C.: Brookings Institution Press, 1997. |
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Magazine: “Stock Markets, Economic Development, and Capital Control Liberalization.” in PERSPECTIVES, Investment Company Institute, December 1997. |
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Magazine: "Stock Markets: A Spur to Economic Growth." in ASX Perspective, 1997. |
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Book Review of Growth, Trade, and Endogenous Technology: A Study of OECD Manufacturing by Orlando A. Ochoa. St.Martin’s Press, 1997, Journal of Economic Literature. |
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1996
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"Stock Markets, Corporate Finance, and Economic Growth: An Overview." (A. Demirguc-Kunt), World Bank Economic Review, May 1996. |
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"Stock Market Development and Financial Intermediaries: Stylized Facts." (A. Demirguc-Kunt), World Bank Economic Review, May, 1996. |
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"Stock Market Development and Long Run Growth." (with Sara Zervos), World Bank Economic Review, May 1996. |
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Financial Sector Policies: AnalyticalFramework and Research Agenda." in Financial Development and Economic Growth: Theory and Experiences from Developing Countries, eds. Niels Hermes and Robert Lensink, London: Routledge, 1996. |
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"The Financial System and Public Enterprise Reform: Concepts and Cases." (with A. Demirguc-Kunt) in Financial Development and Economic Growth: Theory and Experiences from Developing Countries, eds. N. Hermes and R. Lensink, London: Routledge, 1996. |
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"Foreign Banks, Financial Development, and Economic Growth." in International Financial Markets: Harmonization versus Competition, ed., Claude E. Barfield, Washington, D.C.: The AEI Press, 1996. |
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Magazine: "Stock Markets: A Spur to Economic Growth." in Finance and Development, March 1996. |
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Magazine: "Stock Market Development, Corporate Finance, and Economic Growth." in Development Economic Notes, 1996. |
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"Es Importante el Sistema Financiero?" in Crecimiento Economico: Teoria, Instituciones Y Experiencia Internacional, Eds. Monica Aparicio and William Easterly, Banco de la Republica, Colombia with cooperation from the World Bank, 1995. |
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Magazine: "Market Liquidity: A Financial Elixir for Growth" in Emerging Markets Investor, October 1995, p. 43-46 |
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1994
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"Reforming Finance in Transitional Socialist Economies: Avoiding the Path From Shell Money to Shell Games." (with Gerard. Caprio) World Bank Research Observer, January 1994, 9(1), 1-26. |
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"Capital Fundamentalism, Economic Development, and Economic Growth." (with Robert G. King) Carnegie-Rochester Public Policy Conference Series, Vol. 40, June, 1994, 259-292. |
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"Government Insurance and Financial Intermediaries: Issues of Regulation, Evaluation, and Monitoring." in Financial Sector Reforms, Economic Growth, and Stability: Experiences in Selected Asian and Latin American Countries, ed., Shakil Faruqi, Economic Development Institute, 1994. |
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"Looking at the Facts: What We Know about Policy and Growth from Cross Sectional Analysis." (with Sara Zervos) in Economic Growth and the Structure of Long-Term Development, (p. 22-44) eds. Robert Solow and Luigi Pasinetti, U.K.: MacMillan Press, 1994. |
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"Policy, Technology Adoption and Growth." (with W. Easterly, R. G. King, and S. Rebelo) in Economic Growth and the Structure of Long-Term Development, eds. Robert Solow and Luigi Pasinetti, U.K.: MacMillan Press, 1994. |
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Book review of "Finance and Development: Issues and Experience," ed. Alberto Giovannini, in Journal of International Economics, 37(3/4) November 1994. |
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1993
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"What We Have Learned About Policy and Growth From Cross-Country Regressions." (with Sara Zervos) American Economic Review, May, 1993. |
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"Finance and Growth: Schumpeter Might Be Right." (with Robert G. King), Quarterly Journal of Economics, Vol. 153, August 1993, 717-738. Reprinted in International Library of Critical Writings in Economics: Economic Growth: Theory and Practice, Gene Grossman, ed., London: Edward Elgar Publishing. |
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"Finance, Entrepreneurship, and Growth: Theory and Evidence." (with Robert G. King) Journal of Monetary Economics, December (1993), 32(3), 513-542. |
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"Old Debts and New Beginnings: A Policy Choice in Transitional Socialist Economies." (with David Scott) World Development, March 1993, Vol 21.3. |
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"Financial Structures and Economic Development." Revista de Analisis Economico, June 1993, Vol 8.1, 113-129. |
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"Financial Intermediation and Economic Development." (with Robert G. King) in Capital Markets and Financial Intermediation, eds. Colin Mayer and Xavier Vives, Cambridge, U.K.: Cambridge University Press, 1993 |
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"Comment: 'Quality Ladders, Growth, and R&D: An Assessment from U.S. Industry' " by Kirk Phillips in Carnegie-Rochester Conference Series, 38, 1993. |
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"Comment: 'Asset Pricing and Portfolio Diversification: Evidence from Emerging Markets'" by Giorgio De Santis in Portfolio Investment in Developing Countries, pg. 153-154, eds. Stijn Claessens and Sudarshan Gooptu, 1993, (World Bank Discussion Paper, No. 228). |
| 1992 | |
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"A Sensitivity Analysis of Cross Country Growth Regressions." (with David Renelt) American Economic Review, September 1992, 942-963. Reprinted in International Library of Critical Writings in Economics: Economic Growth: Theory and Practice, Gene Grossman, ed., London: Edward Elgar Publishing. |
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"Financial Intermediaries and Growth: Theory and Evidence." Journal of the Japanese and International Economies, December, 6, 1992. |
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1991
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"Stock Markets, Growth, and Tax Policy." Journal of Finance, 46, September 1991, p. 1445-65. |
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"An Empirical Inquiry into the Nature of the Forward Exchange Rate Bias." Journal of International Economics, 30, May 1991, p. 359-69. |
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1989
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"An International Arbitrage Pricing Model with PPP Deviations." Economic Inquiry, 27, October 1989, p. 587-99. |
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"The Pricing of Forward Exchange Rates." Journal of International Money and Finance, 8, June 1989, p. 163-79. |
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"The Capital Flight 'Problem." (with David B. Gordon), The World Economy, June 1989, p. 237-252. |