Too Much Finance?.
Title:
Too Much Finance?.
Author:
Berkes, Enrico.
ISBN:
9781475526103
Personal Author:
Physical Description:
1 online resource (51 pages)
Series:
IMF Working Papers
Contents:
Cover -- Contents -- I. Introduction -- II. Country-Level Data -- A. Cross-Sectional Regressions -- 1. Semi-parametric estimations -- B. Panel Regressions -- 1. Semi-parametric estimations -- III. Volatility, Crises, and Heterogeneity -- IV. Industry-Level Data -- V. Conclusions -- References -- Tables -- 1. Cross-Country OLS Regressions -- 2. Cross-Country OLS Regressions -- 3. Tests for an inverse U-shape -- 4. Panel Estimations -- 5. Panel Estimations -- 6. Panel Estimations: 10-year Growth Episodes -- 7. Volatility and Banking Crises -- 8. Institutional Quality and Bank Regulation and Supervision -- 9. Rajan and Zingales Estimations -- 10. Data Description and Sources -- 11. Summary Statistics -- Figures -- 1. Marginal Effect Using Cross-Country Data -- 2. Semi-Parametric Regressions -- 3. Credit to the Private Sector -- 4. Marginal Effect Using Panel Data -- 5. Countries with Large Financial Sectors (2006) -- 6. Semi-Parametric Regressions using Panel Data -- 7. The Marginal Effect of Credit to the Private Sector with High and Low Output Volatility -- 8. The Marginal Effect of Credit to the Private Sector during Tranquil and Crisis Periods.
Abstract:
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.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
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