In order to settle the debate, Ross Levine gathers information  BIS Review 72/2007  1  from 48 countries over the 1980-1995 period and carries out several regressions in order to explain the average per capita growth rate in terms of different measurements of the relative importance of markets compared to banks, and controlling for the usual variables in this kind of tests.
To make a large number of bonds attractive to a potentially large domestic investor base in the form of insurance and pension funds, credit enhancement mechanisms which will allow bonds to meet minimum rating requirements for a price are being explored. The more efficiently and reliably this service is delivered, the larger will be the potential pool of investment for these huge institutions.