Political Institutions And Financial Development

摘要

This edited volume complements an emerging literature, overviewed in Robert E. Wright (2008), that suggests that long-run economic growthrnrequires four key institutions: a political system that supplies crucial public goods like protection of life, liberty, and property; a modern financial system characterized by a central monetary-authority, a stable unit of account, relatively efficient securities markets, and sundry private financial intermediaries (see Richard Sylla's chapter in this volume); open access or "good" entre-preneurship (Benjamin Powell 2008; William J. Baumol, Robert E. Litan, and Carl J. Schramm 2007); and a corporate governance system that incentivizes managers to run large scale enterprises efficiently. As the book's title implies, the contributors, an array of highly respected economists, economic historians, and political scientists, emphasize the complex interaction between political and financial systems.