The fundamentalist view of growth in East Asia seems to have won the debate although the argument regarding the efficacy of interventionist industrial policies remains unsettled. To explore the role of financial institutions, the empirical literature needed an available measure of the extent of financial development. Quickly, and perhaps mistakenly, the role of financial institutions came to be defined by the size of the sector's activity. That is...
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2011/02/01
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Document de travail
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70546
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1
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1
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2012/06/26
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Disclosed
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The evolution of the finance growth nexus
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financial depth
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