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Ms. Era Dabla-Norris, Yan Ji, Robert M. Townsend, and Ms. Filiz D Unsal

Cost–Emerging Market Countries 5. Comparative Statics: Collateral Constraint–Low-Income Countries 6. Comparative Statics: Collateral Constraint–Emerging Market Countries 7. Comparative Statics: Intermediation Cost–Low-Income Countries 8. Comparative Statics: Intermediation Cost–Emerging Market Countries 9. The Increase in Relative GDP per Capita When the Borrowing Constraint is Relaxed by 20% for Different Financial Participation Costs and Intermediation Costs 10. The Impact of Financial Deepening on Welfare Redistribution REFERENCES

Ms. Petya Koeva Brooks

Liberalization Reforms (1990/91–2000/1) II. Variable Definitions, Model Specification, and Estimation Tables 1. Market Share by Bank Category in 2000/01 2a. Panel Regressions with Time Dummies Only 2b. Panel Regressions with Time and Category Dummies 2c. Panel Regressions with Time and Category Dummies and Their Interactions 3a. Determinants of Bank Intermediation Cost and Profitability: Specification 1 3b. Determinants of Bank Intermediation Cost and Profitability: Specification 2 3c. Determinants of Bank Intermediation Cost and Profitability: Specification

Ms. Era Dabla-Norris, Yan Ji, Robert M. Townsend, and Ms. Filiz D Unsal

productive and poorer agents are more likely to be highly leveraged, the ensuing higher intermediation cost is another source of inefficiency and financial exclusion. As only highly leveraged firm are monitored, firms face differential costs of capital and may chose not to borrow even when credit is available. In our model, greater financial inclusion impacts GDP and inequality primarily through two channels. First, it allows for a more efficient allocation of funds among entrepreneurs, thereby increasing aggregate output. This occurs as funds are channeled to talented