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This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.
This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirica
Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at
Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services
The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has c
We revisit the causal implications of financial deepening for economic development and banking crises adopting a heterogeneous difference-in-difference framewor
