Cristian Badarinza, Vimal Balasubramaniam, Tarun Ramadorai, 26 February 2019

Over the past few decades there has been great interest in taking formal finance to households around the world, especially in emerging economies. Using micro-level data from six emerging economies – China, India, Bangladesh, the Philippines, Thailand, and South Africa – this column creates harmonised measures of household assets and liabilities. The findings suggest that there is still much work to be done to truly financialise household balance sheets. There are many differences between the management of wealth between emerging economy and advanced economy households that we do not yet understand. 

Meghana Ayyagari, Thorsten Beck, Maria Soledad Martinez Peria, 11 December 2018

Macroprudential tools have been implemented widely following the Global Crisis. Using data from 900,000 firms in 49 countries, this column finds that such policies are associated with lower credit growth during the period 2003-2011. The effects are especially significant for micro, small and medium-sized enterprises and young firms that are more financially constrained and bank dependent. The results imply a trade-off between financial stability and inclusion.

David Miles, 17 May 2017

The financial sector is a major contributor to UK’s GDP, but only a fraction comes from exports to the EU. In this video, David Miles discusses to what extent the financial sector depends on the access to the European Single Market. This video was recorded at the LSE Growth Commission in December 2016.

Charles Bean, 03 May 2017

Financial services account for 10% of the UK’s GDP. In this video, Charles Bean discusses possible options to keep the access to the EU after Brexit. This video was recorded at the LSE Growth Commission in December 2016.

Robert Merton, Richard Thakor, 01 August 2015

Effective delivery of ‘credit-sensitive’ financial services depends on the credit-worthiness of whoever provides the service. This column presents a new framework for understanding the relationships between customers, intermediaries and investors. From the perspective of the framework, designing efficient contracts that insulate customers from the credit risk of the intermediary and impose idiosyncratic risk on investors makes economic sense.

Thorsten Beck, 16 September 2011

Financial systems can be a powerful tool for economic development across Africa. This column, which summarises a new report on finance in Africa, argues that in order to become such a tool, more competition, an increased focus on the necessary financial services, and more attention to demand-side constraints are needed.

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The conference aims at bringing together scholars to present and discuss the latest research on innovation and intellectual property in financial markets and financial service sector, including payment media, securities markets infrastructure, and corporate finance. Both theoretical and empirical papers are welcome.

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