This paper examines the evolving importance of banks and securities markets during the process of economic development … provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory … evidence further suggests that deviations of a country's actual financial structure-the mixture of banks and markets operating …

The roles of banks and securities markets evolve during the process of economic development. As countries develop … economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association … between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an …

This paper examines the evolving importance of banks and securities markets during the process of economic development …. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to … the size of the economy, (2) the association between an increase in economic output and an increase in bank development …