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Author: Colin Mayer Publisher: Cambridge University Press ISBN: 9780521558532 Category : Business & Economics Languages : en Pages : 384
Book Description
Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.
Author: Colin Mayer Publisher: Cambridge University Press ISBN: 9780521558532 Category : Business & Economics Languages : en Pages : 384
Book Description
Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.
Author: Ross Levine Publisher: ISBN: Category : Economic development Languages : en Pages : 130
Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: Tobias Adrian Publisher: DIANE Publishing ISBN: 1437930905 Category : Business & Economics Languages : en Pages : 35
Book Description
This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.
Author: Asli Demirguc-Kunt Publisher: World Bank Publications ISBN: Category : Access to Finance Languages : en Pages : 82
Book Description
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Author: Jeremy Greenwood Publisher: DIANE Publishing ISBN: 1437933971 Category : Business & Economics Languages : en Pages : 46
Book Description
How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then used to study the international data, using cross-country interest-rate spreads and per-capita GDP. The analysis suggests that a country like Uganda could increase its output by 140 to 180 percent if it could adopt the world's best practice in the financial sector. Still, this amounts to only 34 to 40 percent of the gap between Uganda's potential and actual output. Charts and tables.
Author: Mr.Pablo Emilio Guidotti Publisher: International Monetary Fund ISBN: 1451852452 Category : Business & Economics Languages : en Pages : 38
Book Description
This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Author: Asli Demirgüç-Kunt Publisher: ISBN: 9781785367427 Category : Economic development Languages : en Pages : 1616
Book Description
This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.
Author: Raymond Fisman Publisher: World Bank Publications ISBN: Category : Credit Languages : en Pages : 34
Book Description
Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.
Author: Mr.Luc Laeven Publisher: International Monetary Fund ISBN: 1498372201 Category : Business & Economics Languages : en Pages : 25
Book Description
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Author: Colin Mayer
Author: Colin Mayer
Author: Ross Levine
Author: Tobias Adrian
Author: Asli Demirguc-Kunt
Author: Aslı Demirgüç-Kunt
Author: Jeremy Greenwood
Author: Mr.Pablo Emilio Guidotti
Author: Asli Demirgüç-Kunt
Author: Raymond Fisman
Author: Mr.Luc Laeven