The evolving importance of banks and securities markets, Vol. 1 of 1

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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:	2011/09/01	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	Finance
Rel. Proj ID:	1W-The Crisis And Beyond: Fy11-Fy13 -- -- P122136;	Region:	The World Region
Report Number:	WPS5805	Sub Sectors:	General finance sector
SubTopics:	Access to Finance; Economic Theory & Research; Markets and Market Access; Debt Markets; Banks & Banking Reform	Volume 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ﾒ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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