The programme investigates the links between the financial sector and the development of the real economy. One area of research focuses on the effect of banking sector reform and the introduction of innovations in the bank financing of corporations and start-up firms, including through fintech solutions. A second area is the development of equity markets, from angel financing to private equity and stock market financing. A third area is the allocative efficiency role that financing plays to identify economic value. A fourth area is public procurement and the role that financial markets play in developing large public projects.

Person-in-charge: Simeon Djankov