• Josef C. Brada
  • Paul Wachtel


The importance of finance for economic development is now well understood by both economic researchers and policy makers. Robust financial intermediaries that can efficiently allocate resources to the most productive uses are the foundation of a successful growth strategy. Interestingly, this has not always been the case. Mid-20th-century economic development discussions paid little attention to finance; its role only became clear in the last 25 years or so.


Foreign Currency Global Financial Crisis Foreign Bank Emerge Market Economy Credit Expansion 


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Copyright information

© Josef C. Brada and Paul Wachtel 2016

Authors and Affiliations

  • Josef C. Brada
    • 1
  • Paul Wachtel
    • 2
  1. 1.Arizona State UniversityUSA
  2. 2.Leonard N. Stern School of BusinessNew York UniversityUSA

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