Domestic Resource Mobilization and Financial Development

ERNEST ARYEETEY Professor of Economics and Director of the Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, LegonMINA BALIAMOUNE-LUTZ Associate Professor of Economics, University of North Florida, USASALVATORE CAPASSO Associate Professor of Economics, University of Naples, 'Parthenope', ItalyPANICOS DEMETRIADES Professor of Financial Economics, Department of Economics, University of Leicester, UKBASSAM FATTOUH Reader in Finance and Management, School of Oriental and African Studies, University of London, UK; Senior Research Fellow at the Oxford Institute for Energy Studies, UKALEMAYEHU GEDA Associate Professor, Department of Economics, Addis Ababa University; Researcher, African Economic Research Consortium, Economic Commission for Africa and University of London, SOAS, UKIFTEKHAR HASAN Cary L. Wellington Professor of Finance, Rensselaer Polytechnic Institute, USA; Scientific Advisor, Central Bank of Finland; Visiting Scholar, Federal Reserve Bank of Atlanta, USA; Research Fellow, Berkley Center of Entrepreneurial Studies at the Stern School of Business, New York University, USAROBERT LENSINK Professor in Finance and Financial Markets, University of Groningen, NetherlandsSAMUEL MUNZELE MAIMBO Senior Financial Sector Specialist, Africa Finance and Private Sector Unit, World BankMACHIKO NISSANKE Professor of Economics, School of Oriental and African Studies (SOAS), University of London, UKSANG-IK SON Deputy Director, Statistical Research Institute, Korea National Statistical Office, South KoreaPHAM THI THU TRÀ Lecturer, Cantho University, VietnamMINGMING ZHOU Assistant Professor of Finance, University of Alaska Fairbanks, USA

'The UNU-WIDER Studies in Development Economics and Policy series have over recent years developed into a must read for anyone interested in sound policy advice for fighting global poverty. A central cornerstone of robust development is to mobilise sufficient domestic resources and to make them accessible to all. Domestic Resource Mobilization and Financial Development guides the reader toward valuable theory and field lessons on how to mobilise, intermediate and allocate savings through inclusive financial sectors.' - Helmut Reisen, Head of Research, OECD Development Centre 'Financial markets are changing in the developing world. This book offers an insightful resource for critical understanding of the state and evolution of these markets.' - Stefan Dercon, University of Oxford 'The African Economic Research Consortium (AERC) is pleased to add its voice in support of this volume. AERC has long recognized the important role of these two complementary issues in economic growth that helps the poor. Over our 20-year history, resource mobilization and financial sector issues have in one form or other always been among the selection of themes that guide our thematic research modality, while financial sector reform was the specific theme of one of our earliest Senior Policy Seminars, annual gatherings of top policy makers in the continent. On the other hand, domestic resource mobilization has been the topic of two more recent Senior Policy Seminars. Because both research and seminar themes are specifically chosen to reflect policy makers' own demands and concerns, we know that these issues are high on the policy agenda and we are confident that this book will be extremely useful to the policy community.' - William M. Lyakurwa, Executive Director, African Economic Research Consortium

• Domestic Resource Mobilization and Financial Development: Introduction; G.Mavrotas Stock Market Development and Economic Growth; S.Capasso Financial Development and Growth: Evidence from Panel Data Models; G.Mavrotas & S-I.Son Excess Credit and the South Korean Crisis; P.Demetriades &  B.Fattouh Financial Sector Development and Growth: The Chinese Experience; I.Hasan & M.Zhou Institutional Analysis of Financial Market Fragmentation in Sub-Saharan Africa: A Risk-Cost Configuration Approach; M.Nissanke & E.Aryeetey Financial Reform and the Mobilization of Domestic Savings: The Experience of Morocco; M.Baliamoune-Lutz The Structure and Performance of Ethiopia's Financial Sector in the Pre- and Post Reform Periods; A.Geda Financial Sector Development in Zambia: Implications for Domestic Resource Mobilization; S.Maimbo & G.Mavrotas The Determinants of Loan Contracts to Business Firms: Empirical Evidence from a Private Bank in Vietnam; P.T.T.Trà & R.Lensink