| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2811 |
| DP2811 Lending Booms: Latin America and the World | |
| Pierre-Olivier Gourinchas; Oscar Landerretche; Rodrigo Valdés | |
| 发表日期 | 2001-05-29 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with most recent theories of why cross-country differences in financial development do not track differences in economic development, since these theories are based upon time-invariant factors, such as a country?s legal origin. We propose instead an ?interest group? theory of financial development. Incumbents oppose financial development because it breeds competition. The theory predicts that incumbents? opposition will be weaker when an economy allows both cross-border trade and capital flows. This theory can go some way towards accounting for the cross-country differences and the time series variation of financial development. |
| 主题 | Financial Economics |
| 关键词 | Financial development History of equity market Political economy |
| URL | https://cepr.org/publications/dp2811 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531867 |
| 推荐引用方式 GB/T 7714 | Pierre-Olivier Gourinchas,Oscar Landerretche,Rodrigo Valdés. DP2811 Lending Booms: Latin America and the World. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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