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http://worldcat.org/entity/work/id/1019941694

The Evolving Importance of Banks and Securities Markets

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  • "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."
  • "This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an increase in economic output and an increase in securities market development becomes larger. The results are consistent with theories predicting that as economies develop, the services provided by securities markets become more important for economic activity, while those provided by banks become less important."

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  • "The Evolving Importance of Banks and Securities Markets"
  • "The Evolving Importance of Banks and Securities Markets"@en
  • "Evolving Importance of Banks and Securities Markets"
  • "The evolving importance of banks and securities markets"@en
  • "The evolving importance of banks and securities markets"

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