Financial intermediation, variability and the development process
نویسندگان
چکیده
منابع مشابه
Financial Intermediation
The savings/investment process in capitalist economies is organized around financial intermediation, making them a central institution of economic growth. Financial intermediaries are firms that borrow from consumer/savers and lend to companies that need resources for investment. In contrast, in capital markets investors contract directly with firms, creating marketable securities. The prices o...
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We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external sources. We argue that while traditional financing channels, including financial markets and banks, provide significant sources of funds for firms in developed countries, alt...
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Using Chinese provincial data from 1985 to 1998 and applying recent GMM techniques developed for dynamic panels, this paper examines how the development of financial intermediation influences China’s economic growth during the post-1978 reform period. Our econometric results show that China’s financial intermediation development contributes to its rapid economic growth through two channels: the...
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I ssues relating to fi nancial stability have always been part of the macroeconomics curriculum, but they have often been presented as mainly of historical interest, or primarily of relevance to emerging markets. However, the recent fi nancial crisis has made it plain that even in economies like the United States, signifi cant disruptions of fi nancial intermediation remain a possibility. Under...
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We present a model in which the importance of financial intermediation for economic development can be measured. We generate financial differences by varying the degree to which contracts can be enforced. Economies where enforcement is poor direct less capital to the production sector, and employ less efficient technologies. Calibrated simulations reveal that the resulting effect on output is i...
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ژورنال
عنوان ژورنال: Journal of Development Economics
سال: 2004
ISSN: 0304-3878
DOI: 10.1016/j.jdeveco.2003.03.001