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Edited by Giovanni Ferri and Vincenzo D’Apice

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Edited by Giovanni Ferri and Vincenzo D’Apice

Offering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. The book discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large.
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Edited by Giovanni Ferri and Vincenzo D’Apice

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Alvaro Reyes, Robert Lensink and Niels Hermes

We have analyzed whether formal and informal finance are substitutes or complements, using hand-collected survey data on the use of formal and informal finance of 177 Chilean farmers producing fruits and vegetables for the years 2005-2006 and 2007-2008. Our data reveal that formal bank loans are the most important source of external finance. Yet, a substantial part of the farmers (48 per cent) also uses trade financing. We find evidence suggesting that access to bank loans and the use of trade finance are negatively associated. This relationship is strongest for trade credit. For advanced payments we are unable to find statistically significant evidence for a such a relationship. Our findings may hold lessons for policies focusing on developing domestic financial markets. Increasing access to bank loans may not reduce, let alone abolish the use of informal sources of finance. Formal and informal finance remain being important and needed to improve the performance of entrepreneurship. Although we did not explicitly investigate this, formal and informal finance may partly finance different activities. Yet, if access to formal finance is not sufficient, borrowers may revert to informal finance to fill the gap.

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Edited by Ahmad H. Ahmad, David T. Llewellyn and Victor Murinde

Inclusive Financial Development provides theoretical and empirical analyses of the nature of financial inclusion. The contributing authors explore the impediments to inclusion that exist around the world, the macro and stability implications, and the regulation dimension.
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Ahmad Hassan Ahmad, David T. Llewellyn and Victor Murinde

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Esteban Pérez Caldentey and Matías Vernengo

The year 2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall’s classic paper titled ‘The balance-of-payments constraint as an explanation of international growth rate differences’ (Thirlwall 1979). This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.

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Edited by Thomas Palley, Esteban Pérez Caldentey and Matías Vernengo

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall’s classic paper that laid out what became known as Thirlwall’s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.
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John A. Sandwick, M. K. Hassan and Pablo Collazzo

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John A. Sandwick, M. K. Hassan and Pablo Collazzo