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The Evolving Importance of Banks and Securities Markets

Author: Asli Demirguc-Kunt; Erik Feyen; Ross Levine
Publisher: Cambridge, Mass. National Bureau of Economic Research 2012.
Series: Working paper series (National Bureau of Economic Research), no. w18004.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Asli Demirguc-Kunt; Erik Feyen; Ross Levine
OCLC Number: 1027325229
Notes: April 2012.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w18004.
Responsibility: Asli Demirguc-Kunt, Erik Feyen, Ross Levine.

Abstract:

This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an increase in economic output and an increase in securities market development becomes larger. The results are consistent with theories predicting that as economies develop, the services provided by securities markets become more important for economic activity, while those provided by banks become less important.

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