Ross Levine

Updated January 2020

WORKING PAPERS:

“Selection into Entrepreneurship and Self-Employment” (with Yona Rubinstein)

"Debtors at Play: Gaming Behavior and Consumer Credit Risk" (with Shuaishuai Gong, Chen Lin, and Wensi Xie)

"Mentally Spent: Credit Market Conditions and Mental Health" (with Qing Hu, Chen Lin, and Mingzhu Tai)

"Finance and Chilren's Academic Performance" (with Qing Hu, Chen Lin, and Mingzhu Tai)

"Competition, Stability, and Efficiency in the Banking Industry" (with Dean Corbae)

"Deposit Supply and Bank Transparency" (with Liangliang Jiang, Chen Lin, and Wensi Xie)

"Does Competition Affect Bank Risk?" (with Liangliang Jiang and Chen Lin)

“Finance and Pollution: Do Credit Conditions Affect Toxic Emissions?" (with Chen Lin, Zigan Wang, and Wensi Xie)

“Pollution and Human Capital Migration: Evidence from Corporate Executives” (with Chen Lin and Zigan Wang)

“Law and Finance in China: The Role of Xinfang” (with Jiafu An, Jo Danbolt, and Wenxuan Hou)

"On the Quantity and Quality of Bank Capital" (with Martin Goetz and Luc Laeven)

BOOKS:

Handbook of Finance and Development (with Thorsten Beck), Eds., Edward Elgar Publishing, 2018.

Finance and Growth, Volumes I and II (with Asli Demirguc-Kunt), Eds., Edward Elgar Publishing, 2018.

Regulation and Governance of Financial Institutions, Volumes I and II (with James Barth), Eds., Edward Elgar Publishing, 2016.

Guardians of Finance: Making Regulators Work for Us, (with James Barth and Gerard Caprio), MIT Press, 2012.

Rethinking Bank Supervision and Regulation: Until Angels Govern, (with James Barth and Gerard Caprio), Cambridge University Press, 2006.

Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, (with Asli Demirguc-Kunt), MIT Press, 2001.

ARTICLES IN JOURNALS, BOOK CHAPTERS, ETC.:

"Communication within Banking Organizations and Small Business Lending" (with Chen Lin, Qilin Peng, and Wensi Xie) Review of Financial Studies, forthcoming.

"Bank Networks and Acquisitions" (with Chen Lin and Zigan Wang) Management Science, forthcoming.

“The African Slave Trade and Modern Household Finance” (with Chen Lin and Wensi Xie) Economic Journal, forthcoming.

"Bank Deregulation and Corporate Risk" (with Tianjiao Jiang and Chen Lin) Journal of Corporate Finance, forthcoming.

"Cross-Border Acquisitions: Do Labor Regulations Affect Acquirer Returns?" (with Chen Lin and Beibei Shen) Journal of International Business Studies, forthcoming.

"Competition and Bank Liquidity Creation" (with Liangliang Jiang and Chen Lin) Journal of Financial and Quantitative Analysis, forthcoming.

"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.

“Competition, Stability, and Efficiency in Financial Markets” (with Dean Corbae) in 2018 Jackson Hole Symposium: Changing market Structure and Implications for Monetary Policy, Kansas City Federal Reserve, forthcoming.

“Banking on Prosperity” in John W. Diamond and Geoge R. Zodrow (eds). Prospects for Economic Growth in the United States. Cambrdige University Press, forthcoming.

“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.

“Finance, Growth, and Economic Prosperity” Macroeconomic Review. Monetary Authority of Singapore, 2018: 82-88.

“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. Data Appendix, Appendix Tables, Data, and Programs.

"Competition and Bank Opacity" (with Liangliang Jiang and Chen Lin) Review of Financial Studies, 2016, 29(7): 1911-1942.

"The European Origins of Economic Development." (with William Easterly) Journal of Economic Growth, 2016, 21(3): 225-257. Data in excel, Data in stata, Stata do file

"Does the Geographic Expansion of Banks Reduce Risk?" (with Martin Goetz and Luc Laeven) Journal of Financial Economics, 2016, 120(2): 346-362. Data. Program.

"Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries" (with Chen Lin and Wensi Xie) Journal of Financial Economics, 2016, 120(1): 81-101. Data and programs.

"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.

"An Empirical Examination of Patent Holdup" (with Alexander Galetovic and Stephen Haber) Journal of Competition, Law, and Economics, 2015, 11(3): 549-578.

"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.

"Financial Innovation and Endogenous Growth." (with Luc Laeven and Stelios Michalopoulos) Journal of Financial Intermediation, 2015, January, 24(1):1–24 (lead article).

"Liberty for More: Finance and Educational Opportunities" (with Yona Rubinstein) in Cato Papers on Public Policy, 2014, Vol 3: 55 - 93.

“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.

"Bank Deregulation and Racial Inequality in America" (with Alexey Levkov and Yona Rubinstein) Critical Finance Review, 3(1), pp. 1-48, 2014. Lead Article. Also, see The Economist article on this paper. Economic Focus.

"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.

"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. BP/14/08.

"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.

"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.

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"

“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. Data

"Measuring financial development," in Vox, April 25 2013.

"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.

“The Governance of Financial Regulation: Reform Lessons from the Recent Crisis.” International Review of Finance, March 2012, 12(1), 39-56.

"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

"Finance, Regulation, and Inclusive Growth." in Promoting Inclusive Growth: Challenges and Policies, Eds: Luiz de Mello and Mark Dutz, Paris, France: OECD Publishing, 55-74, 2011.

“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.

"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.

"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.

"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. Lead Article. Data Appendix. Data.

“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)

"Patterns of International Capital Raisings." (with Juan Carlos Gozzi and Sergio Schmukler) Journal of International Economics, January 2010, 80(1), 45-57. (longer working paper version)

"Financial Innovation Boosts Economic Growth." The Economist, A Debate with Joseph Stiglitz, February - March 2010.

"Bank Ownership Structure, Regulation, and Risk Taking." (with Luc Laeven) Journal of Financial Economics, 2009. (Discussed in the IMF Research Bulletin and Vox: Governance of Banks) Data. Program.

"Financial Institutions and Markets: Across Countries and Over Time." (with Thorsten Beck and Asli Demirguc-Kunt) World Bank Economic Review, forthcoming. New Data.

"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.

“Finance, Growth, and Opportunity: Policy Challenges.” in Challenges and Strategies for Promoting Economic Growth, Banco de Mexico, forthcoming.

“Finance and Inequality: Theory and Evidence.” (with Asli Demirguc-Kunt) Annual Review of Financial Economics 1, Palo Alto, CA, December 2009, 287-318.

“Complex Ownership Structures and Corporate Valuations.” (Appendix Tables) (with Luc Laeven) Review of Financial Studies, 2008, April, 21(2), 579-604. Data. Program.

"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, 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. Data.Read. Do files.

"Bank Regulations are Changing: For Better or Worse?" (Raw DATA) (programs / indexes) (longer version)(with James Barth and Gerard Caprio) Comparative Economic Studies, 2008, December, 50(4), 537-563.

“Review of ‘Volatility and Growth.'" by Philippe Aghion and Abhijit Banerjee, Journal of Economic Literature, 2008, 46(2), 443.

“Finance and Economic Opportunity.” (with Asli Demirguc-Kunt) Proceedings of the Annual World Bank Bank Conference on Development Economics, Washington, DC, 2008.

“Finance and the Poor.” Manchester School, September, 2008, 76(S1), 1-13.

"Finance, Growth, and the Poor." The Financial Development Report 2008, 2008, World Economic Forum, 27-32.

"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.

"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.

“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.

"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.

“Special Issue: Banking and Bank Regulation: Challenges for the Future.” (with Thorsten Beck, Luc Laeven, and George Pennacchi) Journal of Financial Intermediation, 2008.

“Is there a Diversification Discount in Financial Conglomerates?” (with Luc Laeven) Journal of Financial Economics, 2007, 85(2), August, 331-367. Data. Program. Summary Info.

“Governance and Bank Valuation.” (with Gerard Caprio and Luc Laeven) Journal of Financial Intermediation, 2007, 16 584-617. Data. STATA program.

“Finance, Inequality, and the Poor.” (Thorsten Beck and Asli Demirguc-Kunt) Journal of Economic Growth, 2007, March, 12(1), 27-49. Variable Definitions. Data.
 
NBER Digest: "Financial development helps the poor."

"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.
 
"Finance and Opportunity." (with Asli Demirguc-Kunt) in Beyond Transition: The Newletter about Reforming Economies, 2007, 18(2), 5-6.

"Bank Supervision and Corruption in Lending." (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Monetary Economics, 2006, November, 53(8), 2131-2163. Data.

"Internationalization and Stock Market Liquidity." (with Sergio Schmukler) Review of Finance, 2006, 10, 153-187.

“Bank Concentration, Competition, and Crises: First Results.” (T. Beck and A. Demirguc-Kunt) Journal of Banking and Finance, 30(5), 2006, 1581-1603. Data.

NBER Digest: "Bank Concentration and Crises."

"Should Governments and Aid Agencies Subsidize Small Firms?" in Transforming the Development Landscape , Brookings Institution, Ed.: Lael Brainard, 2006, 66-73.

“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. Data.

“Law, Endowments, and Property Rights.” Journal of Economic Perspectives, 19(3), Summer, 2005, 61-88.

“SMEs, Growth, and Poverty: Cross-Country Evidence.” (Thorsten Beck, Asli Demirguc-Kunt) Journal of Economic Growth, 10(3), September, 2005, 199-229. Data.

“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.

"Law and Firms' Access to Finance." (Thorsten Beck and Asli Demirguc-Kunt) American Law and Economics Review 7(1), Spring 2005, 211-52.

“Finance and Growth: Theory and Evidence.” in Handbook of Economic Growth, Eds:Philippe Aghion and Steven Durlauf, The Netherlands: Elsevier Science, 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.

"Bank Regulation and Supervision." NBER Reporter, Fall 2005

"Regulating Banks: What Really Works." (James Barth and Gerard Caprio) Milken Institute Review, 7, 56-79, 2005.

“Aid, Policies, and Growth.” (W. Easterly and D. Roodman) American Economic Review, 94(3), June, 2004, 774-780. Data.

“Bank Regulation and Supervision: What Works Best?” (with James Barth and Gerard Caprio) Journal of Financial Intermediation, 13, 2004, 205-248. Data.

“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.

“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. (STATA -data) (STATA-program)

“Stock Markets, Banks, and Growth: Panel Evidence.” (with Thorsten Beck) Journal of Banking and Finance, 28, 2004, 423-442. Data.

“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.

“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.

“Tropics, Germs, and Crops: How Endowments Influence Economic Development.” (with William Easterly) Journal of Monetary Economics, 2003, 50(1), 3-40. Data.

“Law, Endowments, and Finance.” (with Thorsten Beck and Asli Demirguc-Kunt) Journal of Financial Economics, 70, 2003, 137-181. Data.

“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. Data.

“More on Finance and Growth: More Finance, More Growth?” Federal Reserve Bank of St. Louis Review, 85(4), 2003, 31-46.

“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.

"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.

“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.

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.
 
“Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?” (with Thorsten Beck) Journal of Financial Economics, 2002. Data.

“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) Data.

“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.

“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.

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.

"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. (Bank data) (Stock Market data)
 
“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.

“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.

“International Financial Liberalization and Economic Growth.” Review of International Economics, 9(4), November 2001, pp. 684-698.

“Legal Theories of Financial Development.” (with Thorsten Beck and Asli Demirguc-Kunt) Oxford Review of Economic Policy, 17(4) Winter 2001, pp. 483-501.

“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.

“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 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.

"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.

“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.

"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. Data.

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.
              
“Financial Intermediation and Growth: Causality and Causes.” (with Thorsten Beck and Norman Loayza) Journal of Monetary Economics, August, 46, 2000, pp. 31-77. Data. Also reprinted in Banking, Financial Integration and International Crises, eds. Hernandez, Leonardo and Schmidt-Hebbel, Klaus. Central Bank of Chile, 2001.

“Finance and the Sources of Growth.” (with Thorsten Beck and Norman Loayza) Journal of Financial Economics, October, 58(1-2), 2000, 261-300. Data.

“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. Link to Data

“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.

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.

Article: “Bank Concentration: Chile and International Comparisons.” Banco Central de Chile, Documentos de Trabajo N° 62, January, 2000.
 
“Law, Finance, and Economic Growth.” Journal of Financial Intermediation, 1999. (Selected as Best Paper in 1999 by JFI).

"Financial Development and Growth: Where Do We Stand?" Analisis Economico, December 1999, 26(2), pp. 113-136.
 
"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.
 
"Stock Markets, Banks, and Economic Growth." (with Sara Zervos), June 1998, American Economic Review. Data.

"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. (Annex of Liberalization Events)

"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.

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.

"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.
                
"Africa's Growth Tragedy: Policies and Ethnic Divisions." (with William Easterly), Quarterly Journal of Economics, November 1997. Data.

 "Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature, June 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 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.

Magazine: “Stock Markets, Economic Development, and Capital Control Liberalization.” in PERSPECTIVES, Investment Company Institute, December 1997.
 
Magazine: "Stock Markets: A Spur to Economic Growth." in ASX Perspective, 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.
              
"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.

"Stock Market Development and Long Run Growth." (with Sara Zervos), World Bank Economic Review, May 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: "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.
 
"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.

Magazine: "Market Liquidity: A Financial Elixir for Growth." in Emerging Markets Investor, October 1995, p. 43-46
 
"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.

"Capital Fundamentalism, Economic Development, and Economic Growth." (with Robert G. King) Carnegie-Rochester Public Policy Conference Series, Vol. 40, June, 1994, 259-292.

"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.

"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.

Book review of "Finance and Development: Issues and Experience," ed. Alberto Giovannini, in Journal of International Economics, 37(3/4) November 1994.
 
"What We Have Learned About Policy and Growth From Cross-Country Regressions." (with Sara Zervos) American Economic Review, May, 1993.

"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.

"Old Debts and New Beginnings: A Policy Choice in Transitional Socialist Economies." (with David Scott) World Development, March 1993, Vol 21.3.

"Financial Structures and Economic Development." Revista de Analisis Economico, June 1993, Vol 8.1, 113-129.

"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).
              
"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.

"Financial Intermediaries and Growth: Theory and Evidence." Journal of the Japanese and International Economies, December, 6, 1992.

"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.