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Too Cold, Too Hot, or Just Right? Assessing Financial Sector Development Across the Globe
Mr.Adolfo Barajas
Thorsten Beck
Ms.Era Dabla-Norris
Mr.Reza Yousefi
出版
International Monetary Fund
, 2013-03-28
主題
Business & Economics / Finance / General
Business & Economics / Finance / Financial Risk Management
Business & Economics / Industries / Financial Services
ISBN
1484320824
9781484320822
URL
http://books.google.com.hk/books?id=Lns_o4D9PK8C&hl=&source=gbs_api
EBook
SAMPLE
註釋
This paper introduces the concept of the financial possibility frontier as a constrained optimum level of financial development to gauge the relative performance of financial systems across the globe. This frontier takes into account structural country characteristics, institutional, and macroeconomic factors that impact financial system deepening. We operationalize this framework using a benchmarking exercise, which relates the difference between the actual level of financial development and the level predicted by structural characteristics, to an array of policy variables. We also show that an overshooting of the financial system significantly beyond levels predicted by its structural fundamentals is associated with credit booms and busts.