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Too much finance?

Author: Jean-Louis Arcand; Enrico Berkes; Ugo Panizza; International Monetary Fund. Research Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2012.
Series: IMF working paper, WP/12/161.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
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  Read more...
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Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jean-Louis Arcand; Enrico Berkes; Ugo Panizza; International Monetary Fund. Research Department,
ISBN: 9781475554311 1475554311
OCLC Number: 796674277
Notes: Title from PDF title page (IMF Web site, viewed Jun. 25, 2012).
"Research Department."
"June 2012."
Description: 1 online resource (50 pages).
Series Title: IMF working paper, WP/12/161.
Responsibility: prepared by Jean-Louis Arcand, Enrico Berkes and Ugo Panizza.

Abstract:

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.

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