This paper reviews recent research on corporate governance, with a special focus on
emerging markets. It finds that better corporate governance benefit firms through greater …

Upon what kind of moral order does capitalism rest? Conversely, does the market give rise
to a distinctive set of beliefs, habits, and social bonds? These questions are certainly as old …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

This paper reviews, appraises, and critiques theoretical and empirical research on the
connections between the operation of the financial system and economic growth. While …

The solution to inequality, environmental degradation, and other deficits of capitalism is
better capitalism. The Power of Creative Destruction draws on cutting-edge research to …

The state of development of the financial sector does not change monotonically over time. In
particular, by most measures, countries were more financially developed in 1913 than in …

Raghuram Rajan was one of the few economists who warned of the global financial crisis
before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on …

This paper assesses the potential impact of FinTech on the finance industry, focusing on
financial stability and access to services. I document first that financial services remain …

Developments in the financial sector have led to an expansion in its ability to spread risks.
The increase in the risk bearing capacity of economies, as well as in actual risk taking, has …

Abstract The rise of Western Europe after 1500 is due largely to growth in countries with
access to the Atlantic Ocean and with substantial trade with the New World, Africa, and Asia …