Financial Development, Financial Fragility and Growth金融发展金融脆弱性与增长.pptVIP

Financial Development, Financial Fragility and Growth Norman Loyza Romain Rancière The Worldbank CREI What do we know about Long and Short run effects of Financial Development? Empirics: The long run growth enhancing effect of financial intermediation.King and Levine (1993); Beck, Loayza and Levine (2000) Lending boom, banking crisis and growth slowdown. Demirguc-Degatriache (1997), Gourinchas and alli (2000) - integrated view: [ Kaminsky-Schmukler (2002)] Theory: Financial Development fosters growth by reducing liqu