Since the 1990s there has been a significant decline in the share of total bank credit flowing
to nonfinancial firms relative to real estate and financial assets. This has raised concerns …

The paper develops a typological framework of the roles of state investment banks (SIBs) in
the economy. The typology identifies four different roles: countercyclical; developmental; …

This paper uses a new dataset to reassess the relationship between bank ownership and
bank performance, providing separate estimations for developing and industrial countries. It …

In many countries, firms face institutional “voids” that raise the costs of doing business and
thwart entrepreneurial activity. We examine a particular mechanism that may address those …

Defendants of state-owned development banks emphasize their role in reducing capital
constraints and fostering productive investment; detractors point out that they may benefit …

We study how foreign bank penetration affects financial sector development in poor
countries. A theoretical model shows that when domestic banks are better than foreign …

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The decline in the share of bank credit to non-financial firms since the 1990s, relative to
credit for real estate and financial asset markets, has raised concerns over economic growth …

This paper argues that the housing affordability and wealth inequality crises facing
advanced economies are driven by the emergence of a feedback cycle between finance and …

In this paper we document the extent and reach of state capitalism around the world and
explore its economic implications. We focus on governmental provision of capital to …