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Working Paper No. 399Does Financial Structure Matter?
We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view. Recent empirical studies examine their relevance by utilizing panel and cross-section approaches. This paper, for the first time ever, utilizes time series data and methods, […] -
Working Paper No. 398
Inequality of the Distribution of Personal Wealth in Germany, 1973–1998
This paper reports on trends in inequality of the distribution of household disposable wealth in West Germany from 1973 to 1998, and compares the changes in the size distribution of household disposable wealth in West and East Germany between 1993 and 1998. The empirical findings are based on several cross sections of the Income and […] -
Summary No. 1Summary Winter 2004
The Winter Summary highlights the recent Levy Institute conference "International Perspectives on Household Wealth," which focused on the dynamics of the distribution of wealth across population subgroups, income levels, and regions. A common finding was the rapid growth in wealth, but increasing inequality, during the 1990s as a result of the euphoria in the financial […] -
Press ReleaseNew Institutions Needed to Boost Foreign Investment in Developing Nations, New Levy Institute Report Says
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Press Release
Weak Dollar Poses Hazards to US Economy, but Could Help Boost Growth in Developing Countries
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Press Release
Levy Institute Conference Gathers Leading Economists, Social Scientists, and Other Analysts to Explore the Distributional Effects of Government Spending and Taxation
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Research Project ReportLevy Institute Measure of Economic Well-Being
The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone cannot dramatically reduce economic inequality. Because we are concerned with the improvement of well being, we have initiated a research project, the Levy Institute Measure […] -
Press Release
US Economy May Still Face Long-Term Deflationary Risks, According to New Levy Economics Institute Study
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Public Policy Brief Highlight No. 75Is Financial Globalization Truly Global?
In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed […] -
Working Paper No. 397
Financial Globalization and Regulation
This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed as a by-product of financial liberalization, is only a necessary condition for financial globalization, however. The sufficient condition is the creation of world-wide single currency, […] -
Public Policy Brief No. 75Is Financial Globalization Truly Global?
In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed […] -
Policy Notes No. 7The Future of the Dollar
The big question is whether the dollar—the world’s reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States broker another Plaza Accord, as it did in 1985 when the dollar lost half of its value against the yen and the mark within two […]