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The Development of the Financial Sector in Southeast Europe
Recent research has established a positive and causal link between financial development and economic growth in the long run. For this reason, financial sector reform has been regarded as conducive to faster growth in transition countries. In Southeast Europe, however, reform efforts in the first half of the 1990s failed to prevent inflationary finance in many countries, ultimately contributing to crises and large output losses. Only since the late 1990s, have tightened regulations anddoi:10.1007/978-3-540-24820-0_2 fatcat:ufyitsikrjctlegnee7xcusl4m