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Giavazzi, Francesco - 2010

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...

Persistent link: https://www.econbiz.de/10013139754

Facts and Challenges from the Great Recession for Forecasting and Macroeconomic Modeling

Ng, Serena - 2013

This paper provides a survey of business cycle facts, updated to take account of recent data. Emphasis is given to the Great Recession which was unlike most other post-war recessions in the US in being driven by deleveraging and financial market factors. We document how recessions with financial...

Persistent link: https://www.econbiz.de/10013075147

Bank-Based or Market-Based Financial Systems : Which is Better?

Levine, Ross - 2008

For over a century, economists and policy makers have debated the relative merits of bank-based versus market …-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful … robustly linked with economic growth, there is no support for either the bank-based or market-based view …

Persistent link: https://www.econbiz.de/10012774642

Finance and Growth : Theory and Evidence

Levine, Ross - 2004

This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...

Persistent link: https://www.econbiz.de/10012785451

Financial Development and Growth in the Short and Long Run

Fisman, Raymond J.; Love, Inessa - 2021

We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10013222934

Financial Systems, Economic Growth, and Globalization

Rousseau, Peter L.; Sylla, Richard - 2021

This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country histories and formal quantitative analysis. We begin with studies of...

Persistent link: https://www.econbiz.de/10013210573

The Evolving Importance of Banks and Securities Markets

Demirgüç-Kunt, Asli - 2012

the size of the economy, (2) the association between an increase in economic output and an increase in bank development …

Persistent link: https://www.econbiz.de/10013107516

Financial Innovation and the Management and Regulation of Financial Institutions

Merton, Robert C. - 2014

New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and...

Persistent link: https://www.econbiz.de/10012752889

Bank Relationships, Business Cycles, and Financial Crises

Hale, Galina - 2021

established through bank-to-bank lending and provide evidence to support this claim. To analyze dynamics of formation of such …

Persistent link: https://www.econbiz.de/10013225015

Financial Sector Regulation and Reforms in Emerging Markets : An Overview

Prasad, Eswar S. - 2010

This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial...

Persistent link: https://www.econbiz.de/10013137321

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