| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9792 |
| DP9792 Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation | |
| Thomas Philippon | |
| 发表日期 | 2014-01-26 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields the following results : (i) the finance industry?s share of GDP is high in the 1920s, low in the 1950s and 1960s, and high again in the 1990s and 2000s; (ii) most of these variations can be explained by corresponding changes in the quantity of intermediated assets (equity, household and corporate debt, assets yielding liquidity services); (iii) intermediation is produced under constant returns to scale with an annual average cost comprised between 1.5% and 2% of outstanding assets; (iv) quality adjustments that take into account changes in the characteristics of firms and households are quantitatively important; and (v) the unit cost of intermediation has not decreased over the past 30 years. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Economic growth Informativeness investment Price efficiency |
| URL | https://cepr.org/publications/dp9792 |
| 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/538628 |
| 推荐引用方式 GB/T 7714 | Thomas Philippon. DP9792 Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation. 2014. |
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