Does Too Much Finance Harm Economic Growth
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Does Too Much Finance Harm Economic Growth
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Author : Siong Hook Law
language : en
Publisher:
Release Date : 2017
Does Too Much Finance Harm Economic Growth written by Siong Hook Law and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This study provides new evidence on the relationship between finance and economic growth using an innovative dynamic panel threshold technique. The sample consists of 87 developed and developing countries. The empirical results indicate that there is a threshold effect in the finance-growth relationship. In particular, we find that the level of financial development is beneficial to growth only up to a certain threshold; beyond the threshold level further development of finance tends to adversely affect growth. These findings reveal that more finance is not necessarily good for economic growth and highlight that an “optimal” level of financial development is more crucial in facilitating growth.
Does Too Much Finance Harm Economic Growth
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Author : Siong Hook Law
language : en
Publisher:
Release Date : 2013
Does Too Much Finance Harm Economic Growth written by Siong Hook Law and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Too Much Finance
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Author : Mr.Jean-Louis Arcand
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01
Too Much Finance written by Mr.Jean-Louis Arcand and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-01 with Business & Economics categories.
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.
Too Much Finance For Whom
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Author : Rachel Cho
language : en
Publisher:
Release Date : 2022
Too Much Finance For Whom written by Rachel Cho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Economic development categories.
We revisit the causal implications of financial deepening for economic development and banking crises adopting a heterogeneous difference-in-difference framework. Using a large panel dataset over the past six decades we demonstrate that very high levels of financial development, proxied by credit/GDP, are neither associated with lower economic growth in the long-run nor with a higher short-run propensity of triggering financial crises due to 'credit booms gone bust' cycles or unfettered capital inflows. We then investigate the 'too much finance' narrative at intermediate levels of financial development and, again, fail to detect any evidence for detrimental long-run growth effects. We further demonstrate that for this group of (emerging) economies elevated levels of financial development do not hamper a shift from capital accumulation to an innovation-based ('modern') growth paradigm, or their structural transformation away from the primary sector. There are however indications that 'too much finance' for this group can increase the propensity for banking crises through capital inflows and commodity price movements. Hence, our analysis can confirm elements of a 'too much finance' effect albeit (i) not for advanced economies at the top of the credit/GDP distribution but those at more intermediate levels, and (ii) even for these countries seemingly without any negative implications for their long-term growth trajectories.
Financial Development And Economic Growth
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Author : Mr.Pablo Emilio Guidotti
language : en
Publisher: International Monetary Fund
Release Date : 1992-12-01
Financial Development And Economic Growth written by Mr.Pablo Emilio Guidotti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-12-01 with Business & Economics categories.
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.
Man Out
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Author : Andrew L. Yarrow
language : en
Publisher: Brookings Institution Press
Release Date : 2018-09-11
Man Out written by Andrew L. Yarrow and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-11 with Political Science categories.
The story of men who are hurting—and hurting America by their absence Man Out describes the millions of men on the sidelines of life in the United States. Many of them have been pushed out of the mainstream because of an economy and society where the odds are stacked against them; others have chosen to be on the outskirts of twenty-first-century America. These men are disconnected from work, personal relationships, family and children, and civic and community life. They may be angry at government, employers, women, and "the system" in general—and millions of them have done time in prison and have cast aside many social norms. Sadly, too many of these men are unsure what it means to be a man in contemporary society. Wives or partners reject them; children are estranged from them; and family, friends, and neighbors are embarrassed by them. Many have disappeared into a netherworld of drugs, alcohol, poor health, loneliness, misogyny, economic insecurity, online gaming, pornography, other off-the-grid corners of the internet, and a fantasy world of starting their own business or even writing the Great American novel. Most of the men described in this book are poorly educated, with low incomes and often with very few prospects for rewarding employment. They are also disproportionately found among millennials, those over 50, and African American men. Increasingly, however, these lost men are discovered even in tony suburbs and throughout the nation. It is a myth that men on the outer corners of society are only lower-middle-class white men dislocated by technology and globalization. Unlike those who primarily blame an unjust economy, government policies, or a culture sanctioning "laziness," Man Out explores the complex interplay between economics and culture. It rejects the politically charged dichotomy of seeing such men as either victims or culprits. These men are hurting, and in turn they are hurting families and hurting America. It is essential to address their problems. Man Out draws on a wide range of data and existing research as well as interviews with several hundred men, women, and a wide variety of economists and other social scientists, social service providers and physicians, and with employers, through a national online survey and in-depth fieldwork in several communities.
The Growth Delusion
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Author : David Pilling
language : en
Publisher: Bloomsbury Publishing
Release Date : 2018-01-25
The Growth Delusion written by David Pilling and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-25 with Business & Economics categories.
SHORTLISTED FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2019 'A near miracle' Ha-Joon Chang, author of 23 Things They Don't Tell You About Capitalism According to the economy, we have never been wealthier or happier. So why doesn't it feel that way? The Growth Delusion explores how we prioritise growth maximisation without stopping to think about the costs. So much of what is important to our well-being, from safe streets to sound minds, lies outside the purview of statistics. In a book that is both thought-provoking and entertaining, David Pilling argues that our steadfast loyalty to growth is informing misguided policies, and proposes different criteria for measuring our success.
Inflation And Growth
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Author : Stephanie Kremer
language : en
Publisher:
Release Date : 2010
Inflation And Growth written by Stephanie Kremer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
The Costs And Benefits Of Price Stability
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
The Costs And Benefits Of Price Stability written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Finance And Economic Development
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Author : Asl? Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 2006
Finance And Economic Development written by Asl? Demirgüç-Kunt and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Desarrollo economico categories.
" The empirical literature on finance and development suggests that countries with better developed financial systems experience faster economic growth. Financial development-as captured by size, depth, efficiency, and reach of financial systems-varies sharply around the world, with large differences among countries at similar levels of income. This paper argues that governments play an important role in building effective financial systems and discusses different policy options to make finance work for development."--World Bank web site.