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Too Much Finance?

Mr.Jean-Louis ArcandMr.Enrico BerkesUgo Panizza

出版	International Monetary Fund, 2012-06-01
主題	Business & Economics / Money & Monetary PolicyBusiness & Economics / Banks & BankingBusiness & Economics / Industries / Financial Services
ISBN	14755261059781475526103
URL	http://books.google.com.hk/books?id=JNw9dnsuUEAC&hl=&source=gbs_api
EBook	SAMPLE

註釋

This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.