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FINANCIAL DEVELOPMENT, HUMAN CAPITAL AND POLITICAL strongSTABILITYstrong.pdf

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FINANCIAL DEVELOPMENT, HUMAN CAPITAL AND POLITICAL STABILITY J. François Outreville No. 142 October 1999 The author would like to thank an anonymous referee for his useful comments. UNCTAD/OSG/DP/142 - ii - The opinions expressed in this paper are those of the author and do not necessarily reflect the views of UNCTAD. The designations and terminology employed are also those of the author. UNCTAD Discussion Papers are read anonymously by at least one referee, whose comments are taken into account before publication. Comments on this paper are invited and should be addressed to the author, c/o Editorial Assistant*, Macroeconomic and Development Policies, GDS, United Nations Conference on Trade and Development (UNCTAD), Palais des Nations, CH-1211 Geneva 10, Switzerland. Copies of Discussion Papers and Reprint Series may also be obtained from this address. Extracts of new Discussion Papers are available on the web site at: /en/pub/pubframe.htm * Tel. 022–907.5733; Fax 907.0274; E.mail: nicole.winch@ JEL classification: J240 and O160 - iii - CONTENTS Chapter Page INTRODUCTION 1 I. FINANCIAL AND ECONOMIC DEVELOPMENT 2 II. MEASURES OF FINANCIAL DEVELOPMENT 3 III. FINANCIAL DEVELOPMENT AND MEASURES OF SOCIO