Purpose This paper aims to provide a comprehensive review of the literature on the
determinants of stock market development. Design/methodology/approach The paper …

A growing theoretical literature describes mechanisms whereby even predictable increases
in the rate of inflation interfere with the ability of the financial sector to allocate resources …

The majority of theoretical studies on the relationship between income inequality and
financial development argue that financial deepening might be a feasible instrument for …

In this paper we investigate the role of financial development, or more widespread access to
finance, in generating economic growth in four Latin American countries between 1980 and …

We investigate the relationship between inflation and real output in a large sample of
postwar economies. Our methodology is to use a structural vector autoregression to estimate …

The view that “structural reforms” designed to deregulate the labour market would be able to
increase employment and income is questioned by controversial empirical results, while the …

There is now a substantial theoretical literature arguing that inflation impedes financial
deepening. Furthermore, it has been hypothesized that the relationship is a nonlinear one …

Lucas (Models of Business Cycles, Basil Blackwell, New York, 1987) argues that the gain
from eliminating aggregate fluctuations is trivial. However, a number of researchers have …

This paper examines empirically the determinants of financial market development in Africa
with an emphasis on banking systems and stock markets. The results show that income …

We examine the impact of inflation on financial development in Brazil, and the data available
permit us to cover the period between 1985 and 2004. The results—based initially on time …