Financial Systems and Economic Growth

Credit, Crises, and Regulation from the 19th Century to the Present

Peter L. Rousseau,Paul Wachtel

• Publisher: Cambridge University Press
• Year: 2017
• ISBN:
  9781108166799
• Topic: Economics
• Subtopic: Development Economics
• Index: Economics

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. By the end of the century, however, some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of the lexicon of modern economics. Recent experience has added another dimension in that countries with broader, deeper and more active financial systems might be prone to financial crises, particularly if regulatory structures are inadequate. In this book, Peter L. Rousseau and Paul Wachtel have gathered together some of today's most distinguished financial historians to examine this finance-growth nexus from both historical and modern perspectives. Some essays examine the nexus in a particular historical or cross-country context. Others, in the light of recent experience, explore the expanded nexus of finance, growth, crises, and regulation.

Table of contents

• Cover
• Half-title page
• Series page
• Title page
• Copyright page
• Dedication
• Contents
• List of Contributors
• Discussants at the Conference
• Introduction
• 1 Growing Up to Stability? Financial Globalization, Financial Development, and Financial Crises
• 2 Episodes of Financial Deepening: Credit Booms or Growth Generators?
• 3 Financing U.S. Economic Growth, 1790–1860: Corporations, Markets, and the Real Economy
• 4 Banks and Democracy
• 5 Financial Systems, Economic Growth, and Globalization in the Era of the Cold War
• 6 Reputation, Regulation, and the Collapse of International Capital Markets, 1920–1935
• 7 Protecting Financial Stability in the Aftermath of World War I: The Federal Reserve Bank of Atlanta’s Dissenting Policy
• 8 Rediscovering Macro-Prudential Regulation: The National Banking Era from the Perspective of 2015
• Index