LEADER 06660oam 22014174 450 001 9910819716903321 005 20240402045311.0 010 $a1-4755-5037-5 010 $a1-4755-2610-5 035 $a(CKB)2670000000234713 035 $a(EBL)1606809 035 $a(SSID)ssj0000943869 035 $a(PQKBManifestationID)11612499 035 $a(PQKBTitleCode)TC0000943869 035 $a(PQKBWorkID)10977699 035 $a(PQKB)11416369 035 $a(MiAaPQ)EBC1606809 035 $a(Au-PeEL)EBL1606809 035 $a(CaPaEBR)ebr10590645 035 $a(OCoLC)796674277 035 $a(IMF)WPIEE2012161 035 $a(IMF)WPIEA2012161 035 $a(EXLCZ)992670000000234713 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aToo Much Finance? /$fEnrico Berkes, Ugo Panizza, Jean-Louis Arcand 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (51 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/161 606 $aFinance 606 $aEconomic development 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aEconomic Growth and Aggregate Productivity: General$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial Crises$2imf 606 $aMonetary economics$2imf 606 $aFinancial services law & regulation$2imf 606 $aFinance$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aCredit$2imf 606 $aFinancial sector$2imf 606 $aBank supervision$2imf 606 $aFinancial sector development$2imf 606 $aBanking crises$2imf 606 $aMoney$2imf 606 $aEconomic sectors$2imf 606 $aFinancial regulation and supervision$2imf 606 $aFinancial markets$2imf 606 $aFinancial crises$2imf 606 $aFinancial services industry$2imf 606 $aBanks and banking$2imf 606 $aState supervision$2imf 607 $aUnited States$2imf 615 0$aFinance. 615 0$aEconomic development. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aFinancial Aspects of Economic Integration 615 7$aEconomic Growth and Aggregate Productivity: General 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Institutions and Services: General 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial Crises 615 7$aMonetary economics 615 7$aFinancial services law & regulation 615 7$aFinance 615 7$aEconomic & financial crises & disasters 615 7$aCredit 615 7$aFinancial sector 615 7$aBank supervision 615 7$aFinancial sector development 615 7$aBanking crises 615 7$aMoney 615 7$aEconomic sectors 615 7$aFinancial regulation and supervision 615 7$aFinancial markets 615 7$aFinancial crises 615 7$aFinancial services industry 615 7$aBanks and banking 615 7$aState supervision 676 $a332.10973 700 $aBerkes$b Enrico$01611912 701 $aPanizza$b Ugo$01611913 701 $aArcand$b Jean-Louis$01611914 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910819716903321 996 $aToo Much Finance$93940392 997 $aUNINA