Financial Intermediary Development And Growth Volatility
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Financial Intermediary Development And Growth Volatility
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2001
Financial Intermediary Development And Growth Volatility written by Thorsten Beck 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 2001 with Banks and banking categories.
Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth.
Financial Intermediary Development And Growth Volatility
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2016
Financial Intermediary Development And Growth Volatility written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
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.
Stock Market Development And Financial Intermediary Growth
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Author : Aslı Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 1993
Stock Market Development And Financial Intermediary Growth written by Aslı 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 1993 with Capital market categories.
The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.
Stock Market Development And Financial Intermediaries
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Author : Asl? Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 1995
Stock Market Development And Financial Intermediaries 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 1995 with Financial institutions categories.
Stock Market Development And Financial Intermediaries Stylized Facts
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Author : Ross Levine
language : en
Publisher:
Release Date : 1999
Stock Market Development And Financial Intermediaries Stylized Facts written by Ross Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
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).
Financial Development Financial Fragility And Growth
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Author : Norman Loayza
language : en
Publisher: International Monetary Fund
Release Date : 2005-08
Financial Development Financial Fragility And Growth written by Norman Loayza 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 2005-08 with Business & Economics categories.
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.
Liquidity Needs And Vulnerability To Financial Undervelopment
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Author : Claudio E. Raddatz
language : en
Publisher: World Bank Publications
Release Date :
Liquidity Needs And Vulnerability To Financial Undervelopment written by Claudio E. Raddatz 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 with categories.
Financial Deepening Terms Of Trade Shocks And Growth Volatility In Low Income Countries
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Author : Mr.Kangni R Kpodar
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-25
Financial Deepening Terms Of Trade Shocks And Growth Volatility In Low Income Countries written by Mr.Kangni R Kpodar 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 2019-03-25 with Business & Economics categories.
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.
Finance Growth And Inequality
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Author : Mr. Ross Levine
language : en
Publisher: International Monetary Fund
Release Date : 2021-06-11
Finance Growth And Inequality written by Mr. Ross Levine 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 2021-06-11 with Business & Economics categories.
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.
Finance For Growth
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2001
Finance For Growth written by 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 2001 with Business & Economics categories.
CD-ROM contains: Research and background information for the report.