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Financial Development


This research theme explores empirical evidence for policies that help develop the financial sector, while safeguarding financial sector stability in a globalized world.

The research from this program is designed to provide new micro-level evidence in four areas:

  1. the linkages between finance and growth, 
  2. the contribution of finance to risk and volatility both on the domestic and international front, which can have implications for economic growth and for the income and welfare of the poor, 
  3. the links between financial development and inclusion with income inequality, and 
  4. the nature of financial products better tailored to the needs of the poor which can impact shared prosperity.  


Credit Card

What explains the demand for status goods?

Capital Inflows

Do firms benefit from capital inflows


Information Disclosure—The power of standardization


In many countries, the use of Islamic financial products is an important and rapidly growing pillar of household finance. While the growth of Islamic finance is likely to enhance financial inclusion, it may also have effects on financial sector performance and stability more generally. .  


Islamic Finance

Islamic Finance and Bank Performance

A blog focusing on research in development economics.
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Robert Cull

World Development Report 2021 Co-Director, Development Economics, and Research Manager, Finance and Private Sector, Development Research Group

Sergio Schmukler

Research Manager, Macroeconomics and Growth, Development Research Group

Xavier Gine

Lead Economist


Martin Kanz

Senior Economist

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