Too much finance?

被引：792

作者：

Arcand, Jean Louis ^{[1
,2
]}

Berkes, Enrico ^{[3
]}

Panizza, Ugo ^{[1
,4
]}

机构：

[1] Grad Inst Int & Dev Studies, Dept Int Econ, Maison Paix Chem Eugene Rigot 2, CH-1211 Geneva, Switzerland

[2] FERDI, Clermont Ferrand, France

[3] Northwestern Univ, Dept Econ, Evanston, IL 60208 USA

[4] CEPR, London, England

来源：

JOURNAL OF ECONOMIC GROWTH | 2015年 / 20卷 / 02期

关键词：

Finance; Growth; Financial crises; Non-linearities; ECONOMIC-GROWTH; INDUSTRY GROWTH; STOCK MARKETS; PANEL-DATA; INTERMEDIATION; CRISES; INSTITUTIONS; BANKS; TIME;

D O I：

10.1007/s10887-015-9115-2

中图分类号：

F [经济];

学科分类号：

020101 [政治经济学];

摘要：

This paper examines whether there is a threshold above which financial depth no longer has a positive effect on economic growth. We use different empirical approaches to show that financial depth starts having a negative effect on output growth when credit to the private sector reaches 100 % of GDP. Our results are consistent with the "vanishing effect" of financial depth and that they are not driven by endogeneity, output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.

引用

页码：105 / 148

页数：44

共 82 条

[31]

Does financial development cause economic growth? Time-series evidence from 16 countries [J].