금융구조와 경제성장(Financial structure and growth)

Gambacorta, Yang, Tsatsaronis(2014). Financial structure and growth

 

 

summary

 

금융부문의 규모가 증대된다고 해서 경제성장에 반드시 유리한 것은 아닐 수도 있다는 것을 보여줌.

 

Up to a point, banks and markets both foster economic growth. Beyond that limit, expanded

bank lending or market-based financing no longer adds to real growth. But when it comes to

moderating business cycle fluctuations, banks and markets differ considerably in their effects. In

normal downturns, healthy banks help to cushion the shock but, when recessions have

coincided with financial crises, we find that the impact on GDP has been three times as severe

for bank-oriented economies as it has for market-oriented ones.

 

 

 

Gambacorta, Yang, Tsatsaronis(2014). Financial structure and growth.pdf

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