Financial markets, especially stock markets, have grown considerably in developed and developing countries over the last two decades. Several factors have aided in their growth, importantly improved macroeconomic fundamentals, such as more monetary stability and higher economic growth. General economic and specific capital markets reforms, including privatization of state-owned enterprises, financial liberalization, and an improved institutional framework for investors, have further encouraged capital markets development.
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It is well-documented empirically and theoretically that the financial and real activities are interrelated. Earlier empirical evidence suggests that relaxation of credit rationing raises the deposit rate, encourages financial savings and promotes financial deepening [e.g., see Tsiang (1980) for the case of Taiwan and Diaz-Alejandro (1985) for the Latin American economies during the 1950s and 1960s]. However, recent cross-country econometric studies by Jappelli and Pagano (1994) and Liu and Woo (1994) indicate that there may exist a positive relationship between credit market imperfections and savings. This latter result may be combined with standard growth theory to conclude that credit rationing may spur an economy, in contrasting with the conventional view. One may therefore wonder whether credit constraints are beneficial or harmful for financial development and long-run macroeconomic performance.
