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Financial Intermediation and the Great Depression : A Multiple Equilibrium Interpretation
Cooper, Russell - 2010
This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process...
Persistent link: https://www.econbiz.de/10012763745
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Productivity Effects of Tve Privatization : The Case Study of Garment and Metal Casting Enterprises in the Greater Yangtze River Region
Sonobe, Tetsushi; Otsuka, Keijiro - 2021
While it is by now well known that the privatization of township- and village-run enterprises (TVREs) has been rapidly … and widely taking place in China, it is much less known whether and to what extent privatization has improved resource … allocation and productivity. As a first step toward the fuller understanding of the effect of privatization, this study …
Persistent link: https://www.econbiz.de/10013233007
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Economic Growth and Real Exchange Rate : An Overview of the Balassa-Samuelson Hypothesis in Asia
Ito, Takatoshi; Isard, Peter; Symansky, Steven - 2021
The paper tests the Balassa-Samuelson hypothesis (rapid economic growth is accompanied by real exchange rate appreciation because of differential productivity growth between tradable and nontradable sectors) using data of the APEC economies. Japan, Korea, Taiwan and, to a lesser extent, Hong...
Persistent link: https://www.econbiz.de/10013229824
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Financial Intermediation and Aggregate Fluctuations : A Quantative Analysis
Cooper, Russell - 2010
This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real...
Persistent link: https://www.econbiz.de/10013138142
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Finance : Function Matters, Not Size
Cochrane, John H. - 2013
I address the controversy over whether the financial services industry is "too big." We should be asking whether the finance industry is functioning properly instead. The facts suggest that demand for financial services increased, perhaps temporarily, rather than suggesting a changing distortion...
Persistent link: https://www.econbiz.de/10013083800
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Has the U.S. Finance Industry Become Less Efficient? on the Theory and Measurement of Financial Intermediation
Philippon, Thomas - 2014
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...
Persistent link: https://www.econbiz.de/10013066115
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Financial Intermediation in the United States
Friedman, Benjamin M. - 2007
The principal rationales that give rise to financial intermediation are benefits of size and specialization, the diversification of specific asset risks, and the pooling of even broader classes of risk. Each is a significant factor in accounting for the U.S. economy's reliance on intermediation....
Persistent link: https://www.econbiz.de/10012777417
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Financing Development : The Role of Information Costs
Greenwood, Jeremy - 2010
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10012760093
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The Fintech Opportunity
Philippon, Thomas - 2016
This paper assesses the potential impact of FinTech on the finance industry, focusing on financial stability and access to services. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory...
Persistent link: https://www.econbiz.de/10012985592
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Two Centuries of Finance and Growth in the United States, 1790-1980
Bodenhorn, Howard - 2016
Do efficient financial markets and institutions promote economic growth? Have they done so in the past? In this essay, to be included in the Handbook of Finance and Development (edited by Thorsten Beck and Ross Levine), I survey a large and diverse historical literature that explores the...
Persistent link: https://www.econbiz.de/10012982933