Too much finance?

Arcand, Jean‐Louis; Berkes, Enrico; Panizza, Ugo

doi:10.1007/s10887-015-9115-2

Cited by 978 publications

(886 citation statements)

References 61 publications

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“…Pokazalo se (Levine, 2005) da finansijsko posredovanje blagotvorno utiče na privredni rast i to na nekoliko načina: (1) mobilizacijom štednje, kako domaće tako i strane; (2) obezbeđivanjem informacija i alokacijom kapitala; (3) nadgledanjem realnog sektora i unapređenjem korporativnog upravljanja; (4) umanjenjem i preraspodelom rizika poslovnih poduhvata i (5) pospešivanjem razmene i unapređenjem društvene podele rada. Pored toga, empirijski se pokazalo (Beck et al, 2007) da finansijsko posredovanje umanjuje apsolutno (broj ljudi čija je dnevna potrošnja ispod 1 USD) i relativno siromaštvo (relativni dohodak ljudi koji spadaju najniži kvantil dohotka).…”

Section: Odnos Finansijskog Posredovanja I Privrednog Rasta: Da Li Pounclassified

“…Nešto su slabiji rezultati napredovanja tog posredovanja u slučaju zemalja na visokom nivou razvijenosti finansijskog sektora, što može da znači da ipak postoje opadajući, a posle određenog nivoa čak i negativni granični prinosi finansijskog posredovanja na privredni rast. Na primer, rezultati jednog od najnovijih empirijskih istraživanja (Arcand et al, 2015) pokazuju da se negativni prinosi podizanja nivoa finansijskog posredovanja na privredni rast javljaju ukoliko odnos ukupne vrednosti kredita odobrenih privatnom sektoru i BDP-a pređe 100% -dalje povećanje nivoa razvijenosti finansijskog sektora, uvećanje "finansijske dubine", dovodi do obaranja stope rasta.…”

Section: Begović Bunclassified

“…Somewhat weaker results of such an advance of the financial intermediation have been recorded in the case of countries with high level of financial sector development, meaning that there might be diminishing and after a certain threshold even negative contributions of the financial intermediation to economic growth. For example, the results of a recent empirical research (Arcand et al, 2015) demonstrate that the negative contributions of financial intermediation to economic growth begin if the ratio of total loans to the private sector and GDP exceeds 100% -further development of the financial sector, i.e. a further increase of the "financial depth" generates a decrease of the economic growth rate.…”

Section: Nesavršena Informisanost U Finansijskom Posredovanju: Univermentioning

confidence: 99%

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Financial intermediation and economic growth: Is there a great alternative?

Begović¹

2017

Bankarstvo

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RezimeCilj ovog rada je da odgovori na pitanje da li postoji velika, fundamentalna alternativa postojećem načinu finansijskog posredovanja koja može da ubrza privredni rast. Pokazalo se da ne postoji velika kontroverza u pogledu uzročno-posledične veze kojom finansijsko posredovanje pospešuje privredni rast. Pokazalo se da regulacija treba da bude ex ante, sa unapred definisanim pravilima, da bude selektivna, usredsređena na finansijske institucije koje stvaraju najveći rizik, ali i da bude jednostavna, kako bi se lako ustanovili da li ispunjeni regulatorni zahtevi. Nove ideje u tom pogledu usmerene su ka umanjivanju leveridža, što vodi umanjenju kreditnog potencijala, ali i povećanju stabilnosti sistema. Male i srednje razvijene zemlje ne treba da budu inovativne na planu regulacije finansijskog sektora, već da pažljivo prate razvoj regulatornih instrumenata u svetu. Velika, fundamentalna alternativa postojećem načinu finansijskog posredovanja koja može da ubrza privredni rast ne postoji Ključne reči: finansijsko posredovanje, finansijski sistem, privredni rast, regulacija, bankarski sistem JEL: G20, G21, G28, O42 Primljen: 25.01.2017. Prihvaćen: 06.02.2017 SummaryThe aim of the paper is to explore whether there is a fundamental alternative to the incumbent pattern of financial intermediation that could accelerate the economic growth. It was demonstrated that there was no substantial controversy regarding the causality in terms of financial intermediation facilitating the economic growth. The regulation should be ex ante, with rules specified in advance, it should be selective, focused on those financial institutions that generate the biggest risk, but also simple, so that it is easy to establish whether the regulatory requirements have been breached or not. New ideas in regulation are focused on reducing the leverage, with the reduced lending capacity as the consequence, but also the improved stability of the system. Small countries at the middle level of development should not be innovative in the financial regulation, but carefully monitor the development of new regulatory instruments in the world. There is no fundamental alternative to the incumbent pattern of financial intermediation that could accelerate the economic growth.Keywords: financial intermediation, financial system, economic growth, regulation, banking system JEL: G20, G21, G28, O42 UvodCilj ovog rada je da razmotri odnos finansijskog posredovanja i privrednog rasta iz specifičnog ugla, tako da odgovori na pitanje da li postoji velika, fundamentalna alternativa postojećem načinu finansijskog posredovanja. Ovakav cilj rada uslovio je i njegovu strukturu. Prvo će se razmotriti odnos finansijskog posredovanja i privrednog rasta, uz usredsređivanje na najznačajnije moguće kontroverze na tom planu. Potom će se pažnja posvetiti nesavršenoj informisanosti kao najznačajnijem vidu nesavršenosti finansijskih tržišta, ukazujući na specifične pojavne oblike te nesavršenosti, poput neizvesnosti, rizika i asimetrije informacija, da bi se, nakon toga, ukaza...

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Section: Odnos Finansijskog Posredovanja I Privrednog Rasta: Da Li Pounclassified

Section: Begović Bunclassified

Section: Nesavršena Informisanost U Finansijskom Posredovanju: Univermentioning

confidence: 99%

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Financial intermediation and economic growth: Is there a great alternative?

Begović¹

2017

Bankarstvo

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“…This is also the conclusion of a recent IMF study (IMF, 2015), which measures this increase in terms of intraregional financial flows, but nevertheless also concludes that "Home There is a large empirical literature on the impacts of financial development, with the recent focus, post-global-crisis, being on the possibility that "too much finance" is inimical to economic 6 growth. A common approach in this literature is to use a quadratic term for the measure of financial development: Arcand, Berkes and Panizza (2015a) provide the most recent example of this specification. On the other hand, Law and Singh (2014) used an endogenous threshold model to allow for negative effects of financial development on growth.…”

Section: Financial Integration and Financial Developmentmentioning

confidence: 99%

Heterogeneous Patterns of Financial Development: Implications for Asian Financial Integration

Bun

Singh

2016

International Economic Journal

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This paper analyzes detailed differences in patterns of financial development across the major Asian economies, including three of the region's largest economies (China, Japan and South Korea), to understand how these differences might affect possibilities for greater regional financial integration. In particular, the paper argues that heterogeneous patterns of financial development, and not just differences in levels of financial development, may present an economic challenge to regional financial integration efforts, aside from possible political challenges. The paper provides background on the case for financial openness, Asian experiences with financial integration, and regional economic responses to external shocks. It also discusses policy options, including regulatory reform and coordination, and possible risk management policies and institutions, in the context of heterogeneous patterns of financial development.

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“…9 Arcand et al (2015a) also test a piecewise linear model with exogenous thresholds of financial depth. 10 Law and Singh (2014) survey other possible explanations for the negative impact of financial depth on growth.…”

Section: Financial Integration and Financial Developmentmentioning

confidence: 99%