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100   $a20111102d2012      uy             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aToo much finance?$b[electronic resource] /$fprepared by Jean-Louis Arcand, Enrico Berkes and Ugo Panizza
210   $aWashington, D.C. $cInternational Monetary Fund$dc2012
215   $a1 online resource (51 p.)
225 0 $aIMF working paper ;$v12/161
300   $aDescription based upon print version of record.
311   $a1-4755-0466-7 
311   $a1-4755-5431-1 
320   $aIncludes bibliographical references.
327   $aCover; 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 Supervision
327   $a9. 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 Periods
330   $aThis paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be ""too much"" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the ""vanishing effect"" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regul
410  0$aIMF Working Papers
606   $aFinance
606   $aEconomic development
608   $aElectronic books.
615  0$aFinance.
615  0$aEconomic development.
700   $aArcand$b Jean-Louis$0945853
701   $aBerkes$b Enrico$0945854
701   $aPanizza$b Ugo$0873343
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910462221403321
996   $aToo much finance$92136152
997   $aUNINA