Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In ... more Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In Gavin, Bruce Smith, two anonymous referees, and semifact, higher returns and better risk sharing may nar participants at Arizona State University, Cornell Uniinduce saving rates to fall enough such that versity, Dartmouth College, Harvard Institute for International Development, the University of Virginia, growth with liquid and inand the University of Washington for helpful comments. ternationally integrated financial markets. We received excellent research assistance from Michelle Moreover, theoretical debate exists about Barnes and Ti Caudron. Much of the work on this paper whethe:r greater stock liquidity actually was done while the authors were employed by the World Bank. Opinions expressed are those of the authors and do a shift to higher-return projects not necessarily reflect those of the World Bank, its staff, that stiK~ulate growth. Since more ~roductivit~ or member countries. liquidity makes it easier to sell shares, some 537
Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In ... more Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In Gavin, Bruce Smith, two anonymous referees, and semifact, higher returns and better risk sharing may nar participants at Arizona State University, Cornell Uniinduce saving rates to fall enough such that versity, Dartmouth College, Harvard Institute for International Development, the University of Virginia, growth with liquid and inand the University of Washington for helpful comments. ternationally integrated financial markets. We received excellent research assistance from Michelle Moreover, theoretical debate exists about Barnes and Ti Caudron. Much of the work on this paper whethe:r greater stock liquidity actually was done while the authors were employed by the World Bank. Opinions expressed are those of the authors and do a shift to higher-return projects not necessarily reflect those of the World Bank, its staff, that stiK~ulate growth. Since more ~roductivit~ or member countries. liquidity makes it easier to sell shares, some 537
Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In ... more Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In Gavin, Bruce Smith, two anonymous referees, and semifact, higher returns and better risk sharing may nar participants at Arizona State University, Cornell Uniinduce saving rates to fall enough such that versity, Dartmouth College, Harvard Institute for International Development, the University of Virginia, growth with liquid and inand the University of Washington for helpful comments. ternationally integrated financial markets. We received excellent research assistance from Michelle Moreover, theoretical debate exists about Barnes and Ti Caudron. Much of the work on this paper whethe:r greater stock liquidity actually was done while the authors were employed by the World Bank. Opinions expressed are those of the authors and do a shift to higher-return projects not necessarily reflect those of the World Bank, its staff, that stiK~ulate growth. Since more ~roductivit~ or member countries. liquidity makes it easier to sell shares, some 537
Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In ... more Demirgiiq-Kunt, Doug Diamond, Bill Easterly, Michael gration ambiguously affect saving rates. In Gavin, Bruce Smith, two anonymous referees, and semifact, higher returns and better risk sharing may nar participants at Arizona State University, Cornell Uniinduce saving rates to fall enough such that versity, Dartmouth College, Harvard Institute for International Development, the University of Virginia, growth with liquid and inand the University of Washington for helpful comments. ternationally integrated financial markets. We received excellent research assistance from Michelle Moreover, theoretical debate exists about Barnes and Ti Caudron. Much of the work on this paper whethe:r greater stock liquidity actually was done while the authors were employed by the World Bank. Opinions expressed are those of the authors and do a shift to higher-return projects not necessarily reflect those of the World Bank, its staff, that stiK~ulate growth. Since more ~roductivit~ or member countries. liquidity makes it easier to sell shares, some 537
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