| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10642 |
| DP10642 Why does financial sector growth crowd out real economic growth? | |
| Stephen Cecchetti; Enisse Kharroubi | |
| 发表日期 | 2015-06-07 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We examine the negative relationship between the rate of growth of the financial sector and the rate of growth of total factor productivity. Using a panel of 20 countries over 30 years, we establish that there is a robust correlation: the faster the financial sector expands, the slower the real economy grows. We then proceed to build a model in which this relationship arises from the fact that investment projects that are easier to pledge as loan collateral have lower productivity. As the financiers improve their ability to recover collateral in default, entrepreneurs expect credit to grow more quickly. As a consequence, they choose to invest in more pledgeable/less productive projects, reducing total factor productivity growth. We take this theoretical prediction to the data and find that financial growth disproportionately harms industries the less tangible their assets or the more R&D intensive they are. |
| 主题 | International Macroeconomics |
| 关键词 | Growth Financial development Credit booms R&d intensity Asset tangibility |
| URL | https://cepr.org/publications/dp10642 |
| 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/539474 |
| 推荐引用方式 GB/T 7714 | Stephen Cecchetti,Enisse Kharroubi. DP10642 Why does financial sector growth crowd out real economic growth?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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