Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/bla/jecsur/v36y2022i1p3-40.html
   My bibliography  Save this article

Hero or villain? The financial system in the 21st century

Author

Listed:
  • Jan Libich
  • Liam Lenten
Abstract
The paper reviews the literature and data on the role of finance in socioeconomic development. The evidence suggests that a well‐developed financial system can certainly enhance people's prosperity, but an excessively large and poorly regulated financial system can do more harm than good. We start by making the important distinction between traditional finance (retail banking, insurance, etc.) and modern finance (financial “innovation” and asset trading). We then document that the financialization trend of the past four decades has largely transformed modern finance from “hero” into “villain.” We discuss the driving forces behind this, as well as some policy reform proposals that could in principle make modern finance a hero once again.

Suggested Citation

  • Jan Libich & Liam Lenten, 2022. "Hero or villain? The financial system in the 21st century," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 3-40, February.
    • Handle: RePEc:bla:jecsur:v:36:y:2022:i:1:p:3-40
    DOI: 10.1111/joes.12437
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joes.12437
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joes.12437?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ahmed, S. M. & Ansari, M. I., 1998. "Financial sector development and economic growth: The South-Asian experience," Journal of Asian Economics, Elsevier, vol. 9(3), pages 503-517.
    2. Kenneth R. French, 2008. "Presidential Address: The Cost of Active Investing," Journal of Finance, American Finance Association, vol. 63(4), pages 1537-1573, August.
    3. Cecchetti, Stephen & Kharroubi, Enisse, 2015. "Why does financial sector growth crowd out real economic growth?," CEPR Discussion Papers 10642, C.E.P.R. Discussion Papers.
    4. John B. Taylor, 2012. "Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1017-1032, September.
    5. Ben S. Bernanke & Mark Gertler, 2001. "Should Central Banks Respond to Movements in Asset Prices?," American Economic Review, American Economic Association, vol. 91(2), pages 253-257, May.
    6. Jith Jayaratne & Philip E. Strahan, 1996. "The Finance-Growth Nexus: Evidence from Bank Branch Deregulation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(3), pages 639-670.
    7. Sophie van Huellen, 2020. "Approaches To Price Formation In Financialized Commodity Markets," Journal of Economic Surveys, Wiley Blackwell, vol. 34(1), pages 219-237, February.
    8. de Haan, Jakob & Sturm, Jan-Egbert, 2017. "Finance and income inequality: A review and new evidence," European Journal of Political Economy, Elsevier, vol. 50(C), pages 171-195.
    9. Hagendorff, Jens & Keasey, Kevin & Vallascas, Francesco, 2018. "When Banks Grow Too Big for Their National Economies: Tail Risks, Risk Channels, and Government Guarantees," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(5), pages 2041-2066, October.
    10. Dollar, David & Kraay, Aart, 2002. "Growth Is Good for the Poor," Journal of Economic Growth, Springer, vol. 7(3), pages 195-225, September.
    11. Martin Cihak & Ratna Sahay, 2020. "Finance and Inequality," IMF Staff Discussion Notes 20/01, International Monetary Fund.
    12. John B. Taylor, 2007. "Housing and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 463-476.
    13. Kaiji Chen & Jue Ren & Tao Zha, 2018. "The Nexus of Monetary Policy and Shadow Banking in China," American Economic Review, American Economic Association, vol. 108(12), pages 3891-3936, December.
    14. Bai, Jennie & Philippon, Thomas & Savov, Alexi, 2016. "Have financial markets become more informative?," Journal of Financial Economics, Elsevier, vol. 122(3), pages 625-654.
    15. Thomas Philippon & Ariell Reshef, 2012. "Wages and Human Capital in the U.S. Finance Industry: 1909--2006," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(4), pages 1551-1609.
    16. Steven N. Kaplan & Joshua Rauh, 2010. "Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?," NBER Chapters, in: Corporate Governance, National Bureau of Economic Research, Inc.
    17. Ani Guerdjikova & John Quiggin, 2019. "Market Selection With Differential Financial Constraints," Econometrica, Econometric Society, vol. 87(5), pages 1693-1762, September.
    18. Klaus Adam & Albert Marcet & Johannes Beutel, 2017. "Stock Price Booms and Expected Capital Gains," American Economic Review, American Economic Association, vol. 107(8), pages 2352-2408, August.
    19. Shushu Li & Jinglan Zhang & Yong Ma, 2015. "Financial Development, Environmental Quality and Economic Growth," Sustainability, MDPI, vol. 7(7), pages 1-22, July.
    20. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    21. Maryam Farboodi & Adrien Matray & Laura Veldkamp & Venky Venkateswaran, 2020. "Where Has All the Data Gone?," NBER Working Papers 26927, National Bureau of Economic Research, Inc.
    22. Kate Bayliss & Ben Fine & Mary Robertson, 2017. "Introduction to special issue on the material cultures of financialisation," New Political Economy, Taylor & Francis Journals, vol. 22(4), pages 355-370, July.
    23. Steffen Murau, 2017. "Shadow money and the public money supply: the impact of the 2007–2009 financial crisis on the monetary system," Review of International Political Economy, Taylor & Francis Journals, vol. 24(5), pages 802-838, September.
    24. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
    25. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128, Elsevier.
    26. Jan Libich, 2020. "Can Money Turn Bad News into Good News?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 21(2), pages 165-182, April.
    27. Asli Demeirgüç-Kunt & Ross Levine (ed.), 0. "Finance and Growth," Books, Edward Elgar Publishing, number 17119.
    28. Amel, Dean & Barnes, Colleen & Panetta, Fabio & Salleo, Carmelo, 2004. "Consolidation and efficiency in the financial sector: A review of the international evidence," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2493-2519, October.
    29. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    30. Jean Arcand & Enrico Berkes & Ugo Panizza, 2015. "Too much finance?," Journal of Economic Growth, Springer, vol. 20(2), pages 105-148, June.
    31. Brei, Michael & Ferri, Giovanni & Gambacorta, Leonardo, 2023. "Financial structure and income inequality," Journal of International Money and Finance, Elsevier, vol. 131(C).
    32. Mr. Michael Kumhof & Mr. Jaromir Benes, 2012. "The Chicago Plan Revisited," IMF Working Papers 2012/202, International Monetary Fund.
    33. Andrew Filardo & Marco Jacopo Lombardi & Marek Raczko, 2018. "Measuring financial cycle time," BIS Working Papers 755, Bank for International Settlements.
    34. Francesco Vallascas & Jens Hagendorff, 2013. "The Risk Sensitivity of Capital Requirements: Evidence from an International Sample of Large Banks," Review of Finance, European Finance Association, vol. 17(6), pages 1947-1988.
    35. Christian Hott & Dr. Terhi Jokipii, 2012. "Housing Bubbles and Interest Rates," Working Papers 2012-07, Swiss National Bank.
    36. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    37. Sophie A. Shive & Margaret M. Forster, 2017. "The Revolving Door for Financial Regulators," Review of Finance, European Finance Association, vol. 21(4), pages 1445-1484.
    38. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
    39. Westerhoff, Frank H. & Dieci, Roberto, 2006. "The effectiveness of Keynes-Tobin transaction taxes when heterogeneous agents can trade in different markets: A behavioral finance approach," Journal of Economic Dynamics and Control, Elsevier, vol. 30(2), pages 293-322, February.
    40. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Chapter 1," MPRA Paper 17452, University Library of Munich, Germany.
    41. Stijn Claessens & Luc Laeven, 2005. "Financial Dependence, Banking Sector Competition, and Economic Growth," Journal of the European Economic Association, MIT Press, vol. 3(1), pages 179-207, March.
    42. Hansen, Per H., 2014. "From Finance Capitalism to Financialization: A Cultural and Narrative Perspective on 150 Years of Financial History," Enterprise & Society, Cambridge University Press, vol. 15(04), pages 605-642, December.
    43. Moosa, Imad, 2016. "International Evidence on the Financial Kuznets Curve," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(4), pages 365-378.
    44. Petra Valickova & Tomas Havranek & Roman Horvath, 2015. "Financial Development And Economic Growth: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(3), pages 506-526, July.
    45. Taylor, Alan M. & Schularick, Moritz & Jordà , Òscar, 2011. "When Credit Bites Back: Leverage, Business Cycles, and Crises," CEPR Discussion Papers 8678, C.E.P.R. Discussion Papers.
    46. Thomas Philippon, 2010. "Financiers versus Engineers: Should the Financial Sector Be Taxed or Subsidized?," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 158-182, July.
    47. Adams, Zeno & Glück, Thorsten, 2015. "Financialization in commodity markets: A passing trend or the new normal?," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 93-111.
    48. Michael Breen & Iain McMenamin & Michael Courtney & Gemma McNulty, 2021. "Daily Judgement: Political News and Financial Markets," New Political Economy, Taylor & Francis Journals, vol. 26(4), pages 616-630, July.
    49. Josh Bivens & Lawrence Mishel, 2013. "The Pay of Corporate Executives and Financial Professionals as Evidence of Rents in Top 1 Percent Incomes," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 57-78, Summer.
    50. Claudio Borio & Mathias Drehmann & Dora Xia, 2018. "The financial cycle and recession risk," BIS Quarterly Review, Bank for International Settlements, December.
    51. Claudio Borio & Piti Disyatat, 2015. "Capital flows and the current account: Taking financing (more) seriously," BIS Working Papers 525, Bank for International Settlements.
    52. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    53. Mr. Martin Cihak & Ms. Ratna Sahay, 2020. "Finance and Inequality," IMF Staff Discussion Notes 2020/001, International Monetary Fund.
    54. Atif Mian & Amir Sufi & Francesco Trebbi, 2014. "Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crises," American Economic Journal: Macroeconomics, American Economic Association, vol. 6(2), pages 1-28, April.
    55. Stephen Bell & Andrew Hindmoor, 2018. "Are the major global banks now safer? Structural continuities and change in banking and finance since the 2008 crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 25(1), pages 1-27, January.
    56. Antonio Colangelo & Robert Inklaar, 2012. "Bank Output Measurement In The Euro Area: A Modified Approach," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(1), pages 142-165, March.
    57. Gehrig, Thomas & Iannino, Maria Chiara, 2021. "Did the Basel Process of capital regulation enhance the resiliency of European banks?," Journal of Financial Stability, Elsevier, vol. 55(C).
    58. Nauro F. Campos & Jan Hanousek & Randall K. Filer, 1999. "Do Stock Markets Promote Economic Growth?," CERGE-EI Working Papers wp151, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    59. Li, Hongyi & Squire, Lyn & Zou, Heng-fu, 1998. "Explaining International and Intertemporal Variations in Income Inequality," Economic Journal, Royal Economic Society, vol. 108(446), pages 26-43, January.
    60. Imad A. Moosa, 2017. "The hubris of excessive remuneration in the financial sector: The case for regulation," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(4), pages 287-301, November.
    61. Janků, Jan & Libich, Jan, 2019. "Ignorance isn't bliss: Uninformed voters drive budget cycles," Journal of Public Economics, Elsevier, vol. 173(C), pages 21-43.
    62. Guillaume Bazot, 2018. "Financial intermediation cost, rents, and productivity: An international comparison," Working Papers 0141, European Historical Economics Society (EHES).
    63. Francisco J. Buera & Joseph P. Kaboski & Yongseok Shin, 2011. "Finance and Development: A Tale of Two Sectors," American Economic Review, American Economic Association, vol. 101(5), pages 1964-2002, August.
    64. Hulya Dagdeviren & Jiayi Balasuriya & Sheila Luz & Ali Malik & Haider Shah, 2020. "Financialisation, Welfare Retrenchment and Subsistence Debt in Britain," New Political Economy, Taylor & Francis Journals, vol. 25(2), pages 159-173, February.
    65. repec:oup:rfinst:v:21:y:2017:i:4:p:1445-1484. is not listed on IDEAS
    66. Aaron Major, 2012. "Neoliberalism and the new international financial architecture," Review of International Political Economy, Taylor & Francis Journals, vol. 19(4), pages 536-561.
    67. Jordi Gal?, 2014. "Monetary Policy and Rational Asset Price Bubbles," American Economic Review, American Economic Association, vol. 104(3), pages 721-752, March.
    68. Ani Guerdjikova & John Quiggin, 2019. "Supplement to "Market Selection with Differential Financial Constraints"," Working Papers hal-02099920, HAL.
    69. Imad A Moosa, 2017. "The regulation of credit rating agencies: A realistic view," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(2), pages 180-200, April.
    70. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    71. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-1284, December.
    72. Jennie Bai, 2012. "Have Financial Markets Become More Informative?," 2012 Meeting Papers 1193, Society for Economic Dynamics.
    73. Chang, Shu-Sen & Gunnell, David & Sterne, Jonathan A.C. & Lu, Tsung-Hsueh & Cheng, Andrew T.A., 2009. "Was the economic crisis 1997-1998 responsible for rising suicide rates in East/Southeast Asia? A time-trend analysis for Japan, Hong Kong, South Korea, Taiwan, Singapore and Thailand," Social Science & Medicine, Elsevier, vol. 68(7), pages 1322-1331, April.
    74. World Bank, 2005. "World Development Indicators 2005," World Bank Publications - Books, The World Bank Group, number 12426.
    75. Imad A. Moosa, 2018. "The economic rationale for the proposed banking reform in Iceland," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(4), pages 317-326, November.
    76. Steffen Huck & Andrew J. Seltzer & Brian Wallace, 2011. "Deferred Compensation in Multiperiod Labor Contracts: An Experimental Test of Lazear's Model," American Economic Review, American Economic Association, vol. 101(2), pages 819-843, April.
    77. Jan Libich & Liam Lenten, 2021. "Bitcoin, Tesla and GameStop Bubbles as a Flight to Focal Points," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 22(1), pages 83-108, January.
    78. Joel Hasbrouck, 2009. "Trading Costs and Returns for U.S. Equities: Estimating Effective Costs from Daily Data," Journal of Finance, American Finance Association, vol. 64(3), pages 1445-1477, June.
    79. Nickerson, Jordan & Griffin, John M., 2017. "Debt correlations in the wake of the financial crisis: What are appropriate default correlations for structured products?," Journal of Financial Economics, Elsevier, vol. 125(3), pages 454-474.
    80. Shawn Donnelly, 2014. "Power Politics and the Undersupply of Financial Stability in Europe," Review of International Political Economy, Taylor & Francis Journals, vol. 21(4), pages 980-1005, August.
    81. Rhee, Keeyoung & Hwang, Sunjoo, 2019. "Effects of Revolving Doors in the Financial Sector: Evidence from Korea," KDI Focus 94, Korea Development Institute (KDI).
    82. Lawrence J. White, 2010. "Markets: The Credit Rating Agencies," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 211-226, Spring.
    83. repec:wbk:wbpubs:12425 is not listed on IDEAS
    84. Stolper, Anno, 2009. "Regulation of credit rating agencies," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1266-1273, July.
    85. Baiardi, Donatella & Morana, Claudio, 2016. "The financial Kuznets curve: Evidence for the euro area," Journal of Empirical Finance, Elsevier, vol. 39(PB), pages 265-269.
    86. Roberto Veneziani & Luca Zamparelli & Leila E. Davis, 2017. "Financialization And Investment: A Survey Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1332-1358, December.
    87. Mohammed Ziaur Rehman & Nasir Ali & Najeeb Muhammad Nasir, 2015. "Financial Development, Savings and Economic Growth: Evidence from Bahrain Using VAR," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(2), pages 112-123, April.
    88. Adams, Zeno & Glueck, Thorsten, 2014. "Financialization in Commodity Markets: A Passing Trend or the New Normal?," Working Papers on Finance 1413, University of St. Gallen, School of Finance, revised Aug 2015.
    89. Viral V. Acharya & Matthew Richardson & Stijn Van Nieuwerburgh & Lawrence J. White, 2011. "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance," Economics Books, Princeton University Press, edition 1, number 9400.
    90. Imad A. Moosa, 2010. "The Myth of Too Big to Fail," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-0-230-29505-6.
    91. Wu, Qin & Bayer, Ralph-C & Lenten, Liam J.A., 2020. "Conditional Pension Funds to Combat Cheating in Sporting Contests: Theory and Experimental Evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 89(C).
    92. Daniel Mertens, 2017. "Putting ‘merchants of debt’ in their place: the political economy of retail banking and credit-based financialisation in Germany," New Political Economy, Taylor & Francis Journals, vol. 22(1), pages 12-30, January.
    93. Xia, Han, 2014. "Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 450-468.
    94. Federico Cingano, 2014. "Trends in Income Inequality and its Impact on Economic Growth," OECD Social, Employment and Migration Working Papers 163, OECD Publishing.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hodula, Martin & Škrabić Perić, Blanka & Sorić, Petar, 2023. "Economic uncertainty and non-bank financial intermediation: Evidence from a European panel," Finance Research Letters, Elsevier, vol. 53(C).
    2. Hodula, Martin & Libich, Jan, 2023. "Has monetary policy fueled the rise in shadow banking?," Economic Modelling, Elsevier, vol. 123(C).
    3. Croicu Andreea-Elena & Călin Adrian Cantemir, 2024. "Reconceptualizing Stability: Dynamics of Shadow Banking in Financial Markets," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 1385-1397.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Martin Hodula & Ngoc Anh Ngo, 2022. "Finance, growth and (macro)prudential policy: European evidence," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(2), pages 537-571, May.
    2. Thomas Philippon, 2015. "Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation," American Economic Review, American Economic Association, vol. 105(4), pages 1408-1438, April.
    3. Levine, Oliver & Warusawitharana, Missaka, 2021. "Finance and productivity growth: Firm-level evidence," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 91-107.
    4. Iftekhar Hasan & Roman Horvath & Jan Mares, 2018. "What Type of Finance Matters for Growth? Bayesian Model Averaging Evidence," The World Bank Economic Review, World Bank, vol. 32(2), pages 383-409.
    5. Boris Cournède & Oliver Denk & Peter Hoeller, 2015. "Finance and Inclusive Growth," OECD Economic Policy Papers 14, OECD Publishing.
    6. Angeloni, Ignazio & Kasinger, Johannes & Chantawit Tantasith, 2021. "The geography of banks in the United States (1990-2020)," SAFE Working Paper Series 321, Leibniz Institute for Financial Research SAFE.
    7. James B. Ang & Jakob B. Madsen, 2012. "Risk capital, private credit, and innovative production," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 45(4), pages 1608-1639, November.
    8. Michiel Bijlsma & Andrei Dubovik, 2014. "Banks, Financial Markets and Growth in Developed Countries: a Survey of the empirical literature," CPB Discussion Paper 266, CPB Netherlands Bureau for Economic Policy Analysis.
    9. Hardy, Bryan & Sever, Can, 2021. "Financial crises and innovation," European Economic Review, Elsevier, vol. 138(C).
    10. Luintel, Kul B & Li, GuangJie & Khan, Mosahid, 2023. "Finance And Growth: The Unpleasant Burden Of Evidence," Cardiff Economics Working Papers E2023/8, Cardiff University, Cardiff Business School, Economics Section.
    11. Samatas, Andreas & Makrominas, Michalis & Moro, Andrea, 2019. "Financial intermediation, capital composition and income stagnation: The case of Europe," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 273-289.
    12. Loayza,Norman V. & Ouazad,Amine & Ranciere,Romain, 2017. "Financial development, growth, and crisis: is there a trade-off ?," Policy Research Working Paper Series 8237, The World Bank.
    13. Herradi, Mehdi El & Leroy, Aurélien, 2022. "The rich, poor, and middle class: Banking crises and income distribution," Journal of International Money and Finance, Elsevier, vol. 127(C).
    14. Marc Steffen Rapp & Iuliia A. Udoieva, 2018. "What matters in the finance–growth nexus of advanced economies? Evidence from OECD countries," Applied Economics, Taylor & Francis Journals, vol. 50(6), pages 676-690, February.
    15. Emmanuel Carré & Guillaume L’œillet, 2018. "The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 161-180, March.
    16. Emanuele Ciola, 2020. "Financial sector bargaining power, aggregate growth and systemic risk," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 15(1), pages 89-109, January.
    17. Bijlsma, Michiel & Dubovik, Andrei & Straathof, Bas, 2015. "How does financial market structure affect the impact of a banking crisis?," Economics Letters, Elsevier, vol. 135(C), pages 144-147.
    18. Marco Pagano & ESRB Advisory Scientific Committee, 2014. "Is Europe Overbanked?," mBank - CASE Seminar Proceedings 132, CASE-Center for Social and Economic Research.
    19. Davis, J. Scott & Mack, Adrienne & Phoa, Wesley & Vandenabeele, Anne, 2016. "Credit booms, banking crises, and the current account," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 360-377.
    20. Beck, T.H.L., 2011. "The Role of Finance in Economic Development : Benefits, Risks, and Politics," Discussion Paper 2011-141, Tilburg University, Center for Economic Research.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jecsur:v:36:y:2022:i:1:p:3-40. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.