Working Papers
Books
Journal Articles and Book Chapters
“Credit Market Conditions and Mental Health" (with Qing Hu, Chen Lin, & Mingzhu Tai). Management Science, forthcoming.
Debtors at Play: Gaming Behavior and Consumer Credit Risk” (with Shuaishuai Gong, Chen Lin, & Wensi Xie). Management Science, forthcoming.
“The Legal Origins of Financial Development: Evidence from the Shanghai Concessions” (with Chen Lin, Chicheng Ma, & Yuchen Xu). Journal of Finance, 2023, 78(6):3423-3464.
“Does Competition Affect Bank Risk?” (with Liangliang Jiang & Chen Lin) Journal of Money, Credit, and Banking, August 2023, 55(5):1043-1076).
"Competition laws, Ownership, and Corporate Social Responsibility" (with Wenzhi Ding, Chen Lin, and Wensi Xie) Journal of International Business Studies (2022): 1-27.
“Deposit Supply and Bank Transparency” (with Liangliang Jiang, Chen Lin, & Wensi Xie) Management Science, 68, no. 5 (2022): 3834-3855.
“How Did Depositors Respond to COVID-19? (with Chen Lin, Mingzhu Tai, and Wensi Xie) Review of Financial Studies, 2021, 34(11): 5438-5473.
“Corporate Immunity to the COVID-19 Pandemic” (with Wenzhi Ding, Chen Lin, and Wensi Xie) Journal of Financial Economics, 2021,141(2): 802-830.
“Capital Market Financing and Firm Growth” (with Tatiana Didier, Ruth Llovet Montanes, and Sergio Schmukler), Journal of International Money and Finance 118 (2021): 1024-59.
“Banking on Prosperity” in John W. Diamond and George R. Zodrow (eds). Prospects for Economic Growth in the United States. Cambridge University Press, 2021.
"Bank Deregulation and Corporate Risk" (with Tianjiao Jiang and Chen Lin) Journal of Corporate Finance, 2020, February.
“The African Slave Trade and Modern Household Finance” (with Chen Lin and Wensi Xie) Economic Journal, 2020, 130(630): 1817-1841.
"Cross-Border Acquisitions: Do Labor Regulations Affect Acquirer Returns?" (with Chen Lin and Beibei Shen) Journal of International Business Studies, 2020, 51(2): 194-217.
"Competition and Bank Liquidity Creation" (with Liangliang Jiang and Chen Lin) Journal of Financial and Quantitative Analysis, 2019, 54(2): 513-538.
"Communication within Banking Organizations and Small Business Lending" (with Chen Lin, Qilin Peng, and Wensi Xie) Review of Financial Studies (2019).
"Competition and Bank Liquidity Creation" (with Liangliang Jiang and Chen Lin) Journal of Financial and Quantitative Analysis, 2019, 54(2): 513-538.
"Geographic Diversification and Banks' Funding Costs" (with Chen Lin and Wensi Xie) Management Science (2019).
“Competition, Stability, and Efficiency in the Banking Industry” (with Dean Corbae) in 2018 Jackson Hole Symposium: Changing market Structure and Implications for Monetary Policy, Kansas City Federal Reserve (2018).
“Financial Development and Innovation-Led Growth” (with Philippe Aghion and Peter Howitt) in Handbook of Finance and Development, Edward Elgar Publishing, 2018.
"Introduction" (with Thorsten Beck) in Handbook of Finance and Development, Edward Elgar Publishing, 2018.
"Deposit Supply and Bank Transparency" (with Liangliang Jiang, Chen Lin, and Wensi Xie) Management Science (2018).
"Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit" (with Chen Lin and Wensi Xie) Journal of Financial and Quantitative Analysis, 2018, 53(4): 749-800.
“Finance, Growth, and Economic Prosperity” Macroeconomic Review. Monetary Authority of Singapore, 2018: 82-88.
"Bank Networks and Acquisitions" (with Chen Lin and Zigan Wang) Management Science (2018).
“Insider Trading and Innovation” (with Chen Lin and Lai Wei) Journal of Law and Economics, 2017, 60(4): 749-800.
"Smart and Illicit: Who Becomes an Entrepreneur and Do They Earn More?" (with Yona Rubinstein) Quarterly Journal of Economics, 2017, May, 132(2): 963-1018.
"Does the Geographic Expansion of Banks Reduce Risk?" (with Martin Goetz and Luc Laeven) Journal of Financial Economics, 2016, 120(2): 346-362.
"Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries" (with Chen Lin and Wensi Xie) Journal of Financial Economics, 2016, 120(1): 81-101.
"The European Origins of Economic Development." (with William Easterly) Journal of Economic Growth, 2016, 21(3): 225-257.
Read paper
"Competition and Bank Opacity" (with Liangliang Jiang and Chen Lin) Review of Financial Studies, 2016, 29(7): 1911-1942.
"An Empirical Examination of Patent Holdup" (with Alexander Galetovic and Stephen Haber) Journal of Competition, Law, and Economics, 2015, 11(3): 549-578.
Read paper
"Misdiagnoses and Incomplete Cures of Financial Regulatory Failures" (with James Barth and Gerard Caprio) in J. Barth and G. Kaufman (eds): The First Great Financial Crisis of the 21st Century: A Retrospective, 2015, World Scientific: Singapore and Boston.
"How Firms use Corporate Bond Markets under Financial Globalization." (with Juan Carlos Gozzi, Maria Soledad Martinez Peria, and Sergio Schmukler) Journal of Banking and Finance, 2015, 58: 532-551.
"Financial Innovation and Endogenous Growth." (with Luc Laeven and Stelios Michalopoulos) Journal of Financial Intermediation, 2015, January, 24(1):1–24.
"Aspects of IMF Financial Sector Surveillance During the Crisis." in the Independent Evaluation Office of the International Monetary Fund evaluation: IMF Response to the Financial and Economic Crisis (2014).
"Bank Deregulation and Racial Inequality in America" (with Alexey Levkov and Yona Rubinstein) Critical Finance Review, 3(1), pp. 1-48, 2014.
"Liberty for More: Finance and Educational Opportunities" (with Yona Rubinstein) in Cato Papers on Public Policy, 2014, Vol 3: 55 - 93.
See the summary in the Harvard Law School Forum and a longer discussion at the Milken Institute, where it was distributed as a working paper under the title "Measure it, Improve it: Bank regulation and supervision in 180 countries 1999-2011"
"In Defense of Wall Street: The Social Productivity of the Financial System." in The Role of Central Banks in Financial Stability: How Has It Changed? Eds: Douglas Evanoff, Cornelia Holthausen, George Kaufman, and Manfred Kremer, World Scientific Studies in International Economics, 2014, 257-281.
“Bank Regulatory Reforms and Racial Discrimination” (with Alexey Levkov and Yona Rubinstein) in The Social Value of the Financial Sector: Too Big to Fail or Just Too Big? Eds: Viral Acharya, Thorsten Beck, Douglas Evanoff, George Kaufman, and Richard Portes, World Scientific Studies in International Economics, 2014, 91-108.
"The Evolving Importance of Banks and Markets in Economic Development." (with Asli Demirguc-Kunt and Erik Feijen) World Bank Economic Review, 2013, 27(3): 476-490.
“Financial Development in 205 Countries, 1960 to 2010.” (with Martin Čihák, Aslı Demirgüç-Kunt, and Erik Feyen), Journal of Financial Perspectives, 2013, July, 1(2): 1-19.
"Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks." (with Martin Goetz and Luc Laeven) Review of Financial Studies, 2013, 26(7), 1787-1823.
"Measuring financial development," in Vox, April 25 2013.
"Bank Regulation and Supervision in 180 Countries from 1999 to 2011" (with James Barth and Gerard Caprio) Data. (For full use of data, use Excel 2011 or later.) Journal of Financial Economic Policy, 2013, April, 5(2), 111-220.
“Comment: ‘An Empirical Analysis of the Fed’s Term Auction Facility’” in Cato Papers on Public Policy, Ed: Jeffrey Miron, Washington, DC: Cato Institute, 2012, 97-98.
"Regulating Finance and Regulators to Promote Growth." in 2011 Jackson Hole Economic Policy Symposium: Achieving Maximum Long-Run Growth, Federal Reserve Bank of Kansas City, 271-311, 2012.
"Forward: The Governance of Banks and Bank Regulators." (with Gerard Caprio) in Research Handbook on International Banking and Governance, Eds: James R. Barth, Chen Lin, and Clas Wihlborg, Horthampton, MA: Edward Elgar Publishing, April 2012.
“The Governance of Financial Regulation: Reform Lessons from the Recent Crisis.” International Review of Finance, March 2012, 12(1), 39-56.
"Finance, Long-Run Growth, and Economic Opportunity." in The Future of Banking, Ed: Thorsten Beck, London, UK: Centre of Economic Policy Research, 85-91, 2011.
"The Sentinel: Improving the Governance of Financial Policies." in The International Financial Crisis: Have the Rules of Finance Changed? Eds: Asli Demirguc-Kunt, Douglas D. Evanoff and George G. Kaufman, World Scientific Publishing Co. Pte. Ltd, New Jersey, 2010.
"Big Bad Banks: The Winners and Losers from Bank Deregulation in the United States." (with Thorsten Beck and Alexey Levkov) Journal of Finance, October 2010, 1637-1667.
“An Autopsy of the U.S. Financial System: Accident, Suicide, or Negligent Homicide.” Journal of Financial Economic Policy, 2010 2(3), 196-213. (Outstanding Paper Award Winner, Literati Network Awards for Excellence 2011).
"Financial Innovation Boosts Economic Growth." The Economist, A Debate with Joseph Stiglitz, February - March 2010.
"Patterns of International Capital Raisings." (with Juan Carlos Gozzi and Sergio Schmukler) Journal of International Economics, January 2010, 80(1), 45-57.
“Finance, Growth, and Opportunity: Policy Challenges.” in Challenges and Strategies for Promoting Economic Growth, Banco de Mexico (2009).
"Bank Ownership Structure, Regulation, and Risk Taking." (with Luc Laeven) Journal of Financial Economics, 2009.
“Finance and Inequality: Theory and Evidence.” (with Asli Demirguc-Kunt) Annual Review of Financial Economics 1, Palo Alto, CA, December 2009, 287-318.
"Financial Institutions and Markets: Across Countries and Over Time." (with Thorsten Beck and Asli Demirguc-Kunt) World Bank Economic Review (2009).
"Bank Regulations are Changing: For Better or Worse?" (with James Barth and Gerard Caprio) Comparative Economic Studies, 2008, December, 50(4), 537-563.
“Finance, Firm Size, and Growth.” (with Thorsten Beck, Asli Demirguc-Kunt, and Luc Laeven) Journal of Money, Banking, and Finance, 2008, October, 40(7), 1371-1405.
“Finance and the Poor.” Manchester School, September, 2008, 76(S1), 1-13.
“Special Issue: Banking and Bank Regulation: Challenges for the Future.” (with Thorsten Beck, Luc Laeven, and George Pennacchi) Journal of Financial Intermediation, 2008.
“Review of ‘Volatility and Growth.'" by Philippe Aghion and Abhijit Banerjee, Journal of Economic Literature, 2008, 46(2), 443.
"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, 2008, 156-188.
“Complex Ownership Structures and Corporate Valuations.” (with Luc Laeven) Review of Financial Studies, 2008, April, 21(2), 579-604
"Internationalization and the Evolution of Corporate Valuations." (with Juan Carlos Gozzi and Sergio Schmukler) Journal of Financial Economics, 2008, 88(3), June, 607-632.
"Finance, Financial Sector Policies, and Long-Run Growth." (with Asli Demirguc-Kunt) Commission on Growth and Development, Working Paper No. 11, 2008, Washington DC: The World Bank.
“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. 225-250, Washington, DC : International Monetary Fund.
“Finance and Economic Opportunity.” (with Asli Demirguc-Kunt) Proceedings of the Annual World Bank Bank Conference on Development Economics, Washington, DC, 2008.
"The Design and Governance of Bank Supervision." (with James Barth and Gerard Caprio) In Role of Central Banks in Supervision and Regulation, Eds: A.K. Sohani and Ravi Kumar Jain B, The Icfai University Press, 2008, 38-62.
"Finance, Growth, and the Poor." The Financial Development Report 2008, 2008, World Economic Forum, 27-32.
"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.
“Is there a Diversification Discount in Financial Conglomerates?” (with Luc Laeven) Journal of Financial Economics, 2007, 85(2), August, 331-367.
“Finance, Inequality, and the Poor.” (Thorsten Beck and Asli Demirguc-Kunt) Journal of Economic Growth, 2007, March, 12(1), 27-49.
“Governance and Bank Valuation.” (with Gerard Caprio and Luc Laeven) Journal of Financial Intermediation, 2007, 16 584-617.
"Finance and Opportunity." (with Asli Demirguc-Kunt) in Beyond Transition: The Newletter about Reforming Economies, 2007, 18(2), 5-6.
"Should Governments and Aid Agencies Subsidize Small Firms?" in Transforming the Development Landscape , Brookings Institution, Ed.: Lael Brainard, 2006, 66-73.
"Internationalization and Stock Market Liquidity." (with Sergio Schmukler) Review of Finance, 2006, 10, 153-187.
"Bank Supervision and Corruption in Lending." (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Monetary Economics, 2006, November, 53(8), 2131-2163.
“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.
“Bank Concentration, Competition, and Crises: First Results.” (T. Beck and A. Demirguc-Kunt) Journal of Banking and Finance, 30(5), 2006, 1581-1603.
"Bank Regulation and Supervision." NBER Reporter, Fall 2005
NBER Digest: "Financial development helps the poor in poor Countries." July 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.
"Law and Firms' Access to Finance." (Thorsten Beck and Asli Demirguc-Kunt) American Law and Economics Review 7(1), Spring 2005, 211-52.
“SMEs, Growth, and Poverty: Cross-Country Evidence.” (Thorsten Beck, Asli Demirguc-Kunt) Journal of Economic Growth, 10(3), September, 2005, 199-229.
“Finance and Growth: Theory and Evidence.” in Handbook of Economic Growth, Eds:Philippe Aghion and Steven Durlauf, The Netherlands: Elsevier Science, 2005.
"Regulating Banks: What Really Works." (James Barth and Gerard Caprio) Milken Institute Review, 7, 56-79, 2005.
“Law, Endowments, and Property Rights.” Journal of Economic Perspectives, 19(3), Summer, 2005, 61-88.
“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.
“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.
“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.
“Aid, Policies, and Growth.” (W. Easterly and D. Roodman) American Economic Review, 94(3), June, 2004, 774-780.
“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.
“Stock Markets, Banks, and Growth: Panel Evidence.” (with Thorsten Beck) Journal of Banking and Finance, 28, 2004, 423-442.
“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.
“Bank Regulation and Supervision: What Works Best?” (with James Barth and Gerard Caprio) Journal of Financial Intermediation, 13, 2004, 205-248.
“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.
“Law, Endowments, and Finance.” (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Financial Economics, 70, 2003, 137-181
“Tropics, Germs, and Crops: How Endowments Influence Economic Development.” (with William Easterly) Journal of Monetary Economics, 2003, 50(1), 3-40.
NBER Digest: "Bank Concentration and Crises." February 2003.
"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.
“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, 2003.
“More on Finance and Growth: More Finance, More Growth?” Federal Reserve Bank of St. Louis Review, 85(4), 2003, 31-46.
“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.
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, 2002.
“It’s Not Factor Accumulation: Stylized Facts and Growth Models.” (with William Easterly) World Bank Economic Review, 15, 2001, pp. 177-219. Data. Also Reprinted in Economic Growth:Sources, Trends, and Cycles, eds. Norman Loayza and Raimumdo Soto, Banco Central de Chile, 2002.
“Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?” (with Thorsten Beck) Journal of Financial Economics, 2002.
Comment: “Monetary Policy with International Currencies and the Road to Dollarization.” by Alberto Trejos in The Future of Central Banking, Cleveland Federal Reserve Bank, 2002.
“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.
“International Financial Integration and Economic Growth.” (with Hali Edison, Luca Ricci, and Thorsten Slok) Journal of International Money and Finance, 2002, 21, 749-776.
“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.
“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) .
“International Financial Liberalization and Economic Growth.” Review of International Economics, 9(4), November 2001, pp. 684-698.
“Financial Intermediation and Growth: Causality and Causes.” (with Thorsten Beck and Norman Loayza) Journal of Monetary Economics, August, 46, 2000, pp. 31-77. Also reprinted in Banking, Financial Integration and International Crises, eds. Hernandez, Leonardo and Schmidt-Hebbel, Klaus. Central Bank of Chile, 2001.
“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.
"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.
"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.
"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.
“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.
Read paper
“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.
“Legal Theories of Financial Development.” (with Thorsten Beck and Asli Demirguc-Kunt) Oxford Review of Economic Policy, 17(4) Winter 2001, pp. 483-501.
“Growth and Dollarization.” (with Maria Carkovic) in Optimal Monetary Institutions for Mexico, Eds. Alejandro Hernandez Delgado, Elisabeth Huybens, Macro del Negro. Mexico: Fondo de Cultura Economica, 2001.
Read paper
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.
“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.
“Financial Structure and Economic Growth: Perspectives and Lessons.” (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.
“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.
“Finance and the Sources of Growth.” (with Thorsten Beck and Norman Loayza) Journal of Financial Economics, October, 58(1-2), 2000, 261-300.
“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.
“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.
Article: “Bank Concentration: Chile and International Comparisons.” Banco Central de Chile, Documentos de Trabajo N° 62, January, 2000.
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.
"Financial Development and Growth: Where Do We Stand?" Analisis Economico, December 1999, 26(2), pp. 113-136.
“Law, Finance, and Economic Growth.” Journal of Financial Intermediation, 1999. (Selected as Best Paper in 1999 by JFI).
"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.
Book Review of "Creating Resilient Financial Regimes in Asia." edited by Priya Basu. Oxford University Press, 1999, Journal of Economic Literature.
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.
"The Legal Environment, Banks, and Long-Run Economic Growth." August 1998, Journal of Money, Credit, and Banking.
"Capital Control Liberalization and Stock Market Development." (with Sara Zervos), July, 1998, World Development.
"Stock Markets, Banks, and Economic Growth." (with Sara Zervos), June 1998, American Economic Review.
"Troubles with the Neighbors: Africa’s Problems, Africa’s Opportunities." (with William Easterly) Journal of African Economics, January 1998,7(1), pp. 120-142.
"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.
"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.
Magazine: “Stock Markets, Economic Development, and Capital Control Liberalization.” in PERSPECTIVES, Investment Company Institute, December 1997.
"Africa's Growth Tragedy: Policies and Ethnic Divisions." (with William Easterly), Quarterly Journal of Economics, November 1997.
"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.
"Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature, June 1997.
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.
Magazine: "Stock Markets: A Spur to Economic Growth." in ASX Perspective, 1997.
"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.
"Stock Market Development and Long Run Growth." (with Sara Zervos), World Bank Economic Review, May 1996.
"Stock Markets, Corporate Finance, and Economic Growth: An Overview." (A. Demirguc-Kunt), World Bank Economic Review, May 1996.
"Stock Market Development and Financial Intermediaries: Stylized Facts." (A. Demirguc-Kunt), World Bank Economic Review, May, 1996.
Magazine: "Stock Markets: A Spur to Economic Growth." in Finance and Development, March 1996.
Magazine: "Stock Markets, Corporate Finance, and Economic Growth." in Development Economic Notes, 1996.
"Financial Sector Policies: Analytical Framework and Research Agenda." in Financial Development and Economic Growth: Theory and Experiences from Developing Countries, eds. Niels Hermes and Robert Lensink, London: Routledge, 1996.
"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.
"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.
Magazine: "Market Liquidity: A Financial Elixir for Growth." in Emerging Markets Investor, October 1995, p. 43-46
"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.
Book review of "Finance and Development: Issues and Experience," ed. Alberto Giovannini, in Journal of International Economics, 37(3/4) November 1994.
"Capital Fundamentalism, Economic Development, and Economic Growth." (with Robert G. King) Carnegie-Rochester Public Policy Conference Series, Vol. 40, June, 1994, 259-292.
"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.
"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.
Read paper
"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.
"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.
"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.
"Finance, Entrepreneurship, and Growth: Theory and Evidence." (with Robert G. King) Journal of Monetary Economics, December (1993), 32(3), 513-542.
"Financial Structures and Economic Development." Revista de Analisis Economico, June 1993, Vol 8.1, 113-129.
"What We Have Learned About Policy and Growth From Cross-Country Regressions." (with Sara Zervos) American Economic Review, May, 1993.
"Old Debts and New Beginnings: A Policy Choice in Transitional Socialist Economies." (with David Scott) World Development, March 1993, Vol 21.3.
"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
"Comment: 'Quality Ladders, Growth, and R&D: An Assessment from U.S. Industry.'" by Kirk Phillips in Carnegie-Rochester Conference Series, 38, 1993.
"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).
"Financial Intermediaries and Growth: Theory and Evidence." Journal of the Japanese and International Economies, December, 6, 1992.
"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.
"Stock Markets, Growth, and Tax Policy." Journal of Finance, 46, September 1991, p. 1445-65.
"An Empirical Inquiry into the Nature of the Forward Exchange Rate Bias." Journal of International Economics, 30, May 1991, p. 359-69.
"An International Arbitrage Pricing Model with PPP Deviations." Economic Inquiry, 27, October 1989, p. 587-99.
"The Pricing of Forward Exchange Rates." Journal of International Money and Finance, 8, June 1989, p. 163-79.
"The Capital Flight 'Problem.'" (with David B. Gordon), The World Economy, June 1989, p. 237-252.