LEADER 03124oam  22004335  450 
001 9910219652003321
005 20041025071452.0
035   $a(CKB)1000000000796686
035   $a(The World Bank)13754386
035   $a(US-djbf)13754386
035   $a(EXLCZ)991000000000796686
100   $a20041019d2004      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt$2rdacontent
182   $cc$2rdamedia
183   $acr$2rdacarrier
200 10$aFinancial development, financial fragility, and growth /$fNorman Loayza and Romain Ranciere
210  1$a[Washington, D.C. :$cWorld Bank,$d2004]
225 1 $aPolicy research working paper ;$v3431
300   $aTitle from PDF file as viewed on 10/19/2004.
320   $aIncludes bibliographical references.
330 3 $a"Loayza and Rancire study the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (for example, Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns (for example, Kaminski and Reinhart 1999). The authors account for these contrasting effects based on the distinction between the short- and long-run impacts of financial intermediation. Working with a panel of cross-country and time-series observations, they estimate an encompassing model of short- and long-run effects using the Pooled Mean Group estimator developed by Pesaran, Shin, and Smith (1999). Their conclusion from this analysis is that a positive long-run relationship between financial intermediation and output growth coexists with a mostly negative short-run relationship. The authors further develop an explanation for these contrasting effects by relating them to recent theoretical models, by linking the estimated short-run effects to measures of financial fragility (namely, banking crises and financial volatility), and by jointly analyzing the effects of financial depth and fragility in classic panel growth regressions. This paper--a product of the Growth and Investment Team, Development Research Group--is part of a larger effort in the group to understand the sources of growth and volatility"--World Bank web site.
410  0$aPolicy research working papers ;$v3431.
410  0$aWorld Bank e-Library.
517   $aPolicy research working paper vol. 3431
606   $aFinancial services industry
606   $aIntermediation (Finance)
615  0$aFinancial services industry.
615  0$aIntermediation (Finance)
700   $aLoayza$b Norman$01140812
701   $aRanciere$b Romain$01168798
712 02$aWorld Bank.
801  0$bDLC
801  1$bDLC
906   $aJOURNAL
912   $a9910219652003321
996   $aFinancial development, financial fragility, and growth$93540455
997   $aUNINA