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The evolving importance of banks and securities markets
 
Author:Demirguc-Kunt, Asli; Feyen, Erik; Levine, Ross; Collection Title:Policy Research working paper ; no. WPS 5805
Country:World; Date Stored:2011/10/13
Document Date:2011/09/01Document Type:Policy Research Working Paper
SubTopics:Access to Finance; Economic Theory & Research; Markets and Market Access; Debt Markets; Banks & Banking ReformLanguage:English
Major Sector:FinanceRel. Proj ID:1W-The Crisis And Beyond: Fy11-Fy13 -- -- P122136;
Region:The World RegionReport Number:WPS5805
Sub Sectors:General finance sectorVolume No:1 of 1

Summary: This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country’s actual financial structure -- the mixture of banks and markets operating in an economy -- from the estimated optimal structure are associated with lower levels of economic activity.

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