Financial intermediation and growth: causality and causes

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dc.contributor.authorLevine, Ross
dc.contributor.authorLoayza O., Norman
dc.contributor.authorBeck, Thorsten
dc.date.accessioned2019-11-01T00:01:36Z
dc.date.available2019-11-01T00:01:36Z
dc.date.issued2002
dc.descriptionDo better functioning financial intermediaries -financial intermediaries that are better at ameliorating information asymmetrics and facilitating transactions- exert a causal influence on economic growth? Providing evidence on causality has implications for policymakers and economists. For instance, Alexander Hamilton (1781) argued tha 'banks were the happiest engines that ever were invented' for spurring economic growth. Others, however, question whether finance boots growth. President John Adams (1819) asserted that banks harm the 'morality, tranquility, and even wealth' of nations. Economic theories mirror these divisions. Some models show that economic agents create debt contracts and financial intermediaries to ameliorate the economoc consequences of informational asymmetries, with beneficial implications for resource allocation and economic activity.
dc.file.nameBCCh-sbc-v03-p031-084
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 31-83
dc.identifier.isbn956-7421-072
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3637
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSerieson Central Banking, Analysis, and Economic Policies, no. 3
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectDESARROLLO ECONÓMICOes_ES
dc.subjectBANCOSes_ES
dc.titleFinancial intermediation and growth: causality and causes
dc.type.docArtículo

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