Financial intermediation and growth: causality and causes

Do 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,...

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Autores principales:	Levine, Ross, Loayza O., Norman, Beck, Thorsten
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	DESARROLLO ECONÓMICO BANCOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3637
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spelling	oai-20.500.12580-36372021-04-24T10:56:31Z Financial intermediation and growth: causality and causes Levine, Ross Loayza O., Norman Beck, Thorsten DESARROLLO ECONÓMICO BANCOS Do 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. 2019-11-01T00:01:36Z 2019-11-01T00:01:36Z 2002 Artículo 956-7421-072 https://hdl.handle.net/20.500.12580/3637 eng Serieson Central Banking, Analysis, and Economic Policies, no. 3 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 31-83 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	DESARROLLO ECONÓMICO BANCOS
spellingShingle	DESARROLLO ECONÓMICO BANCOS Levine, Ross Loayza O., Norman Beck, Thorsten Financial intermediation and growth: causality and causes
description	Do 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.
format	Artículo
author	Levine, Ross Loayza O., Norman Beck, Thorsten
author_facet	Levine, Ross Loayza O., Norman Beck, Thorsten
author_sort	Levine, Ross
title	Financial intermediation and growth: causality and causes
title_short	Financial intermediation and growth: causality and causes
title_full	Financial intermediation and growth: causality and causes
title_fullStr	Financial intermediation and growth: causality and causes
title_full_unstemmed	Financial intermediation and growth: causality and causes
title_sort	financial intermediation and growth: causality and causes
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3637
work_keys_str_mv	AT levineross financialintermediationandgrowthcausalityandcauses AT loayzaonorman financialintermediationandgrowthcausalityandcauses AT beckthorsten financialintermediationandgrowthcausalityandcauses
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Financial intermediation and growth: causality and causes

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