This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous components of financial intermediary development is positively associated with economic growth. Also, the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together, these findings suggest that legal and accounting reforms that strengthen creditor rights, contract enforcement, and accounting practices can boost financial development and accelerate economic growth.

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We study an incentive model of ®nancial intermediation in which ®rms as well as intermediaries are capital constrained. We analyze how the distribution of wealth across ®rms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring. We show

A systematic approach is given for symbolically caching intermediate results useful for deriving incremental programs from non-incremental programs. We exploit a number of program analysis and transformation techniques, centered around e ective c a c hing based on its utilization in deriving

, and thus it works at a lower level than abstract-syntax trees. But CIL is also more high-level than typical intermediate languages (e.g., three-address code) designed for compilation. As a result, what we have is a representation that makes it easy to analyze and manipulate C programs, and emit them in a

caching scheme that caches intermediate result of basic graph pattern SPARQL queries. Benchmark test results are provided to illustrate the effectiveness of our caching scheme.