We provide a framework to interpret the recent literature on financial development and
inequality. In many developing countries, access to funding and financial services by firms …

This paper surveys the theoretical and empirical literature on the effects of the real exchange
rate (RER) on international trade, economic development and growth. We summarize the …

Adair Turner became chairman of Britain's Financial Services Authority just as the global
financial crisis struck in 2008, and he played a leading role in redesigning global financial …

Financialization is one of the most innovative concepts to emerge in the field of political
economy during the last three decades, although there is no agreement on what exactly it is …

abstract It is often asserted with confidence that foreign direct investment (FDI) is beneficial
for economic growth in the host economy. Empirical evidence has been mixed, and there …

This paper analyzes the role of real exchange rate (RER) policies in promoting economic
development. Markets provide a suboptimal amount of investment in sectors characterized …

The “middle-income trap” is the phenomenon of hitherto rapidly growing economies
stagnating at middle-income levels and failing to graduate into the ranks of high-income …

I show that undervaluation of the currency (a high real exchange rate) stimulates economic
growth. This is true particularly for developing countries. This finding is robust to using …

Despite the tremendous human suffering caused by natural disasters, their effects on
economic growth remain unclear, with some studies reporting negative, and others …

We identify structural breaks in economic growth in 140 countries and use these to define
“growth spells:” periods of high growth preceded by an upbreak and ending either with a …