The Great Divide and Beyond: Financial Architecture in Transition
研究了成功国家金融架构趋同与经济发展差距扩大并存的现象，探讨金融发展能否脱离实体经济而独立推动增长，以及转型经济能否跳过银行主导阶段。
The Great Divide in economic and financial development and the convergence in financial architecture among the successful countries raise fundamental questions about how financial development interacts with economic growth. Is it possible to engineer a development takeoff by creating a modern financial architecture from scratch? Or are financial institutions and markets a reflection of underlying conditions in the real sector? Or are both financial development and economic growth driven by some other underlying variables? Is it possible to leapfrog certain stages of financial development or must all countries go through a phase of bank-oriented financial architecture? The experience of the transition economies represents a unique opportunity to shed new light on these issues.