"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website

This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I; leading to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries and are highly path-dependent. Therefore, to understand current financial institutions, we must take stock of the forces at play in the near and distant past. Second, financial institutions and markets do not create economic growth without significant first steps in industrial development and supporting institutions. Third, and most important from the modern policy standpoint, there is no 'one-size-fits-all' solution to financial system design and industrial development. Having specific types of financial institutions is far less important than developing a strong, stable and legally protected financial system with a rich diversity of institutions and vibrant markets that can adapt to changing needs.

Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.

This is the very first book to explicitly both detail the core general principles of institutional and evolutionary political economy and also apply the principles to current world problems such as the coronavirus crisis, climate change, corruption, AI-Robotics, policy-governance, money and financial instability, terrorism, AIDS-HIV and the nurturance gap. No other book has ever detailed explicitly such core principles and concepts nor ever applied them explicitly to numerous current major problems. The core general principles and concepts in this book, which are outlined and detailed include historical specificity & evolution; hegemony & uneven development; circular & cumulative causation; heterogeneous groups & agents; contradiction & creative destruction; uncertainty; innovation; and policy & governance. This book details the nature of how these principles and concepts can be used to explain current critical issues and problems throughout the world. This book includes updated chapters that have won two journal research Article of the Year Awards on climate change (one from the European Association for Evolutionary Political Economy, EAEPE); as well as a Presidential address to the Association for Evolutionary Economics (AFEE) on corruption. The structure of the book starts with two chapters on the principles of institutional and evolutionary political economy: firstly their history, and secondly a chapter on the contemporary nature of the principles and concepts. This is followed by nine chapters applying some of the core principles to current world problems such as the coronacrisis, climate change, corruption, AI-robotics, policy, money & financial instability, terrorism, HIV-AIDS and the nurturance gap. The book finishes with a conclusion, a glossary of major terms and an index. The author’s principles are well established in the literature and this book provides a detailed exposition of them and their application.

This book provides two important contributions to existing theories in the financial innovation literature. First, it extends the existing literature of innovation orientation to a completely new field and construct that is based on a religious imperative as a framework within which financial innovation is constrained. It explains how an innovation orientation in IFIs can be directed within religious rules, which indicates that innovation orientation in IFIs is a learning philosophy. Second, the book introduces and examines the plasticity of Shariah as a shared boundary object and its dynamic role in managing tension and conflicting values in the financial innovation process. Furthermore, building on the empirical results, the study illustrates the insights that each theoretical lens affords into practices of collaboration and develops a novel analytical framework for understanding religious orientation towards financial innovation. This practical contribution, of the developed framework, could form the basis for a standardised framework for the Islamic finance industry. The book concludes by noting the policy and managerial implications of its findings and provides directions for further research.

The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.