03495nam 2200625Ia 450 991046222140332120200520144314.01-4755-5037-51-4755-2610-5(CKB)2670000000234713(EBL)1606809(SSID)ssj0000943869(PQKBManifestationID)11612499(PQKBTitleCode)TC0000943869(PQKBWorkID)10977699(PQKB)11416369(MiAaPQ)EBC1606809(Au-PeEL)EBL1606809(CaPaEBR)ebr10590645(OCoLC)796674277(EXLCZ)99267000000023471320111102d2012 uy 0engur|n|---|||||txtccrToo much finance?[electronic resource] /prepared by Jean-Louis Arcand, Enrico Berkes and Ugo PanizzaWashington, D.C. International Monetary Fundc20121 online resource (51 p.)IMF working paper ;12/161Description based upon print version of record.1-4755-0466-7 1-4755-5431-1 Includes bibliographical references.Cover; Contents; I. Introduction; II. Country-Level Data; A. Cross-Sectional Regressions; 1. Semi-parametric estimations; B. Panel Regressions; 1. Semi-parametric estimations; III. Volatility, Crises, and Heterogeneity; IV. Industry-Level Data; V. Conclusions; References; Tables; 1. Cross-Country OLS Regressions; 2. Cross-Country OLS Regressions; 3. Tests for an inverse U-shape; 4. Panel Estimations; 5. Panel Estimations; 6. Panel Estimations: 10-year Growth Episodes; 7. Volatility and Banking Crises; 8. Institutional Quality and Bank Regulation and Supervision9. Rajan and Zingales Estimations10. Data Description and Sources; 11. Summary Statistics; Figures; 1. Marginal Effect Using Cross-Country Data; 2. Semi-Parametric Regressions; 3. Credit to the Private Sector; 4. Marginal Effect Using Panel Data; 5. Countries with Large Financial Sectors (2006); 6. Semi-Parametric Regressions using Panel Data; 7. The Marginal Effect of Credit to the Private Sector with High and Low Output Volatility; 8. The Marginal Effect of Credit to the Private Sector during Tranquil and Crisis PeriodsThis paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be ""too much"" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the ""vanishing effect"" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulIMF Working PapersFinanceEconomic developmentElectronic books.Finance.Economic development.Arcand Jean-Louis945853Berkes Enrico945854Panizza Ugo873343International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910462221403321Too much finance2136152UNINA