The authors study the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (for example, Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2004/10/01
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Рабочий документ в рамках исследования вопросов политики
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WPS3431
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1
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1
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2010/07/01
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Financial development, financial fragility, and growth
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financial intermediation