06799oam 22014774 450 991095837120332120250426110052.09781475550375147555037597814755261031475526105(CKB)2670000000234713(EBL)1606809(SSID)ssj0000943869(PQKBManifestationID)11612499(PQKBTitleCode)TC0000943869(PQKBWorkID)10977699(PQKB)11416369(Au-PeEL)EBL1606809(CaPaEBR)ebr10590645(OCoLC)796674277(IMF)WPIEE2012161(IMF)WPIEA2012161(MiAaPQ)EBC1606809WPIEA2012161(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.9781475504668 1475504667 9781475554311 1475554311 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 developmentBank supervisionimfBanking crisesimfBanks and BankingimfBanks and bankingimfCorporate Finance and GovernanceimfCreditimfEconomic & financial crises & disastersimfEconomic Development: Financial MarketsimfEconomic Growth and Aggregate Productivity: GeneralimfEconomic sectorsimfFinanceimfFinance: GeneralimfFinancial Aspects of Economic IntegrationimfFinancial CrisesimfFinancial crisesimfFinancial Institutions and Services: GeneralimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Markets and the MacroeconomyimfFinancial marketsimfFinancial regulation and supervisionimfFinancial sector developmentimfFinancial sectorimfFinancial services industryimfFinancial services law & regulationimfGeneral Financial Markets: General (includes Measurement and Data)imfIndustries: Financial ServicesimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoneyimfSaving and Capital InvestmentimfState supervisionimfUnited StatesimfFinance.Economic development.Bank supervisionBanking crisesBanks and BankingBanks and bankingCorporate Finance and GovernanceCreditEconomic & financial crises & disastersEconomic Development: Financial MarketsEconomic Growth and Aggregate Productivity: GeneralEconomic sectorsFinanceFinance: GeneralFinancial Aspects of Economic IntegrationFinancial CrisesFinancial crisesFinancial Institutions and Services: GeneralFinancial Institutions and Services: Government Policy and RegulationFinancial Markets and the MacroeconomyFinancial marketsFinancial regulation and supervisionFinancial sector developmentFinancial sectorFinancial services industryFinancial services law & regulationGeneral Financial Markets: General (includes Measurement and Data)Industries: Financial ServicesMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoneySaving and Capital InvestmentState supervision332.10973Berkes Enrico1815814Arcand Jean-Louis1791443Panizza Ugo1815815International Monetary Fund.DcWaIMFBOOK9910958371203321Too Much Finance4371341UNINA