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Nevertheless, maintaining macroeconomic and financial stability during the growth process will remain a challenging task. A smooth process of catch up growth depends critically on higher growth and income being realised in a sustainable way, i.e. that the debt and credits can be serviced without major demand adjustment. The lower interest rate is likely to be beneficial for investment, but at the same time may challenge the capacity of the financial system to choose and monitor the most efficient investment projects. Financial supervision is all the more important given that foreign owned banks dominate the financial markets of the. | Instituto Superior de Economia e Gestão UNIVERSIDADE TÉCNICA DE LISBOA I DESDE 1911 I Master Financial and Monetary Economics Master Final Work dissertation On T he Welfare Effects of Financial development Diogo Martinho da Silva January-2013 1 Instituto Superior de Economia e Gestão UNIVERSIDADE TÉCNICA DE LISBOA I DESDE 1911 I Master Monetary and Financial Economics Master Final Work dissertation On the Welfare Effects of Financial development Diogo Martinho da Silva Supervisor Bernardino Pereira Adão Bank of Portgual Página 2 de 45 January-2013 Institute Superior de Economia e Gestão UNIVERSIDADE TÉCNICA DE LISBOA I DESDE 1911 I ACKNOWLEDGMENTS First of all I want to leave my grateful to my mother Maria Lucília Oleiro Martinho da Silva my father Carlos Manuel Pereira da Silva and to my sister Mónica Catarina Martinho da Silva. One strong motivation for make this Dissertation is linked with the fact that Bernardino Adão have accepted to be my supervisor. I am extremely grateful with his invaluable advice and guidance. All errors are mine.
