Description

The book 'Does Finance Matter for Growth? Case of Developing Countries', published by Lap-Lambert is my second with them.This book furnishes milieu of financial sector in developing countries. Empirical analysis of data from developing countries allows to infer the type of famous finance-growth nexus based on literature in 1960s and 1970s by Goldsmith, Cameron, Gerschenkron, McKinnon and Shaw. It sums the debate by agreeing with Lucas (1988) that the importance of financial markets is badly overstressed. Success of finance-growth relationship, in turn, hinges upon other factors such as institutional quality, degree of regulation and supervision, and other structural features of an economy. Hence, it is asserted that the importance of financial markets is still under-assessed. It shall be a pertinent scientific read for people in field of Development Economics.