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Financial Intermediary Development And Growth Volatility
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Book Synopsis Financial Intermediary Development and Growth Volatility by : Thorsten Beck
Download or read book Financial Intermediary Development and Growth Volatility written by Thorsten Beck and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth.
Book Synopsis Financial Intermediary Development and Growth Volatility by : Thorsten Beck
Download or read book Financial Intermediary Development and Growth Volatility written by Thorsten Beck and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth. Beck, Lundberg, and Majnoni extend the recent literature on the link between financial development and economic volatility by focusing on the channels through which the development of financial intermediaries affects economic volatility. Their theoretical model predicts that well-developed financial intermediaries dampen the effect of real sector shocks on the volatility of growth while magnifying the effect of monetary shocks - suggesting that, overall, financial intermediaries have no unambiguous effect on growth volatility.The authors test these predictions in a panel data set covering 63 countries over the period 1960-97, using the volatility of terms of trade to proxy for real volatility, and the volatility of inflation to proxy for monetary volatility. They find no robust relationship between the development of financial intermediaries and growth volatility, weak evidence that financial intermediaries dampen the effect of terms of trade volatility, and evidence that financial intermediaries magnify the impact of inflation volatility in low- and middle-income countries.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the links between the financial system and economic growth.
Book Synopsis Stock Market Development and Financial Intermediary Growth by : Aslı Demirgüç-Kunt
Download or read book Stock Market Development and Financial Intermediary Growth written by Aslı Demirgüç-Kunt and published by World Bank Publications. This book was released on 1993 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.
Book Synopsis Stock Market Development and Financial Intermediaries by : Asl? Demirgüç-Kunt
Download or read book Stock Market Development and Financial Intermediaries written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Finance, Growth, and Inequality by : Mr. Ross Levine
Download or read book Finance, Growth, and Inequality written by Mr. Ross Levine and published by International Monetary Fund. This book was released on 2021-06-11 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.
Book Synopsis Stock Market Development and Financial Intermediaries: Stylized Facts by : Ross Levine
Download or read book Stock Market Development and Financial Intermediaries: Stylized Facts written by Ross Levine and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: May 1995 The three most developed stock markets are in Japan, the United Kingdom, and the United States, and the most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Markets tend to be more developed in richer countries, but some markets commonly labeled emerging (for example, in Malaysia, the Republic of Korea, and Thailand) are systematically more developed than some markets commonly labeled developed (for example, in Australia, Canada, and many European countries). World stock markets are booming. Between 1982 and 1993, stock market capitalization grew from $2 trillion to $10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock market capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. Demirgüç-Kunt and Levine collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize information about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: * In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to GDP, for example, is greater than 1 in five countries and less than 0.10 in five others. * There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. * The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock markets, whereas Argentina, Greece, Pakistan, and Turkey have underdeveloped markets. Markets tend to be more developed in richer countries, but many markets commonly labeled emerging (for example, in Korea, Malaysia, and Thailand) are systematically more developed than markets commonly labeled developed (for example, in Australia, Canada, and many European countries). * Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. * The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study stock market development. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 678-37).
Book Synopsis Finance and Growth by : Asli Demirgüç-Kunt
Download or read book Finance and Growth written by Asli Demirgüç-Kunt and published by . This book was released on 2018-07-27 with total page 1616 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries by : Mr.Kangni R Kpodar
Download or read book Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries written by Mr.Kangni R Kpodar and published by International Monetary Fund. This book was released on 2019-03-25 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature by looking at the possible relevance of the structure of the financial system—whether financial intermediation is performed through banks or markets—for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.
Book Synopsis Financial Development, Financial Fragility, and Growth by : Norman Loayza
Download or read book Financial Development, Financial Fragility, and Growth written by Norman Loayza and published by International Monetary Fund. This book was released on 2005-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the apparent contradictions 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. On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns. This paper accounts for these contrasting effects based on the distinction between the short- and long-run effects of financial intermediation.
Book Synopsis Finance and Growth by : Aslı Demirgüç-Kunt
Download or read book Finance and Growth written by Aslı Demirgüç-Kunt and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Structure and Economic Growth by : Aslı Demirgüç-Kunt
Download or read book Financial Structure and Economic Growth written by Aslı Demirgüç-Kunt and published by MIT Press. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: World Bank data.
Book Synopsis Financial Development and Economic Growth by : Mr.Pablo Emilio Guidotti
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Intermediation and Growth by : Ross Levine
Download or read book Financial Intermediation and Growth written by Ross Levine and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Finance, Financial Sector Policies, and Long-run Growth by : Asli Demirguc-Kunt
Download or read book Finance, Financial Sector Policies, and Long-run Growth written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2008 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Liquidity Needs and Vulnerability to Financial Underdevelopment by : Claudio E. Raddatz
Download or read book Liquidity Needs and Vulnerability to Financial Underdevelopment written by Claudio E. Raddatz and published by World Bank Publications. This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Finance for Growth written by and published by World Bank Publications. This book was released on 2001 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: Research and background information for the report.
Book Synopsis Determinants of Financial Development by : Y. Huang
Download or read book Determinants of Financial Development written by Y. Huang and published by Springer. This book was released on 2010-11-24 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: A PDF version of this book is available for free in open access via the OAPEN Library platform, www.oapen.org. This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development.
