06660oam 22014174 450 991081971690332120240402045311.01-4755-5037-51-4755-2610-5(CKB)2670000000234713(EBL)1606809(SSID)ssj0000943869(PQKBManifestationID)11612499(PQKBTitleCode)TC0000943869(PQKBWorkID)10977699(PQKB)11416369(MiAaPQ)EBC1606809(Au-PeEL)EBL1606809(CaPaEBR)ebr10590645(OCoLC)796674277(IMF)WPIEE2012161(IMF)WPIEA2012161(EXLCZ)99267000000023471320020129d2012 uf 0engur|n|---|||||txtccrToo Much Finance? /Enrico Berkes, Ugo Panizza, Jean-Louis Arcand1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (51 p.)IMF Working PapersDescription 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 regulation and supervision.IMF Working Papers; Working Paper ;No. 2012/161FinanceEconomic developmentBanks and BankingimfFinance: GeneralimfMoney and Monetary PolicyimfIndustries: Financial ServicesimfGeneral Financial Markets: General (includes Measurement and Data)imfEconomic Development: Financial MarketsimfSaving and Capital InvestmentimfCorporate Finance and GovernanceimfFinancial Aspects of Economic IntegrationimfEconomic Growth and Aggregate Productivity: GeneralimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFinancial Institutions and Services: GeneralimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Markets and the MacroeconomyimfFinancial CrisesimfMonetary economicsimfFinancial services law & regulationimfFinanceimfEconomic & financial crises & disastersimfCreditimfFinancial sectorimfBank supervisionimfFinancial sector developmentimfBanking crisesimfMoneyimfEconomic sectorsimfFinancial regulation and supervisionimfFinancial marketsimfFinancial crisesimfFinancial services industryimfBanks and bankingimfState supervisionimfUnited StatesimfFinance.Economic development.Banks and BankingFinance: GeneralMoney and Monetary PolicyIndustries: Financial ServicesGeneral Financial Markets: General (includes Measurement and Data)Economic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and GovernanceFinancial Aspects of Economic IntegrationEconomic Growth and Aggregate Productivity: GeneralMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFinancial Institutions and Services: GeneralFinancial Institutions and Services: Government Policy and RegulationFinancial Markets and the MacroeconomyFinancial CrisesMonetary economicsFinancial services law & regulationFinanceEconomic & financial crises & disastersCreditFinancial sectorBank supervisionFinancial sector developmentBanking crisesMoneyEconomic sectorsFinancial regulation and supervisionFinancial marketsFinancial crisesFinancial services industryBanks and bankingState supervision332.10973Berkes Enrico1611912Panizza Ugo1611913Arcand Jean-Louis1611914International Monetary Fund.DcWaIMFBOOK9910819716903321Too Much Finance3940392UNINA