... Center FINANCIAL CONSTRAINTS,USES OF FUNDSAND FIRM GROWTH :AN INTERNATIONALCOMPARISON AslhDemirgiiu-Kunt VojislavMaksimovic* The authors are at the WorldBank and the Universityof Marylandat College ... the micro-levelof the hypothesis,advancedby King and Levine (1993) and Levine and Zervos (1995),that the developmentof financialmarketsand intermediariesis an importantdeterminantof economicgrowth ... respectively We thank Jerry Caprio, Murray Frank, Ross Levine, Mary Shirley, Fabio Schiantarelli,Sheridan Titman, Ian Tonks and the participantsof the June 1966 World Bank Conference "Term Finance: Does...