Add to ORKGOver the past 60 years, the value added of the U.S. financial sector has grown from 2.3% to 7.7% of GDP. I present a model of the equilibrium size of this industry and I study the factors that might explain its evolution. According to the model, a shift in the joint distribution of cash flows and investment opportunities across U.S. firms has increased the demand for financial services. Improvements in the relative efficiency of the finance industry also play a role. Without these improvements, a much larger fraction of firms would be financially constrained today
Financial systems all over the world have grown dramatically over recent decades. But is more financ...
The last 30 years has seen a massive rise in the importance of financial instruments in the American...
Financial sector companies are different from those in the real sector. In the real sector the price...
I use the neoclassical growth model to study financial intermediation in the U.S. over the past 140 ...
Financial intermediation facilitates economic development by providing entrepreneurs with external f...
: This paper derives the optimal size of the financial sector using a general equilibrium framework ...
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields ...
Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the grow...
Examines the financial sector's rise in relative economic importance and its impact on science and e...
Financial intermediation facilitates economic development by providing entrepreneurs with external f...
We study the rise of finance across a set of now-industrial economies. The long run pattern of the g...
Abstract: Financial systems all over the world have grown dramatically over recent decades. But is m...
The widespread expectation, forcefully posed by Reinhart and Rogoff (2009), that growth in the U.S. ...
Financial systems all over the world have grown dramatically over recent decades. But is more financ...
The last 30 years has seen a massive rise in the importance of financial instruments in the American...
Financial sector companies are different from those in the real sector. In the real sector the price...
I use the neoclassical growth model to study financial intermediation in the U.S. over the past 140 ...
Financial intermediation facilitates economic development by providing entrepreneurs with external f...
: This paper derives the optimal size of the financial sector using a general equilibrium framework ...
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields ...
Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the grow...
Examines the financial sector's rise in relative economic importance and its impact on science and e...
Financial intermediation facilitates economic development by providing entrepreneurs with external f...
We study the rise of finance across a set of now-industrial economies. The long run pattern of the g...
Abstract: Financial systems all over the world have grown dramatically over recent decades. But is m...
The widespread expectation, forcefully posed by Reinhart and Rogoff (2009), that growth in the U.S. ...
Financial systems all over the world have grown dramatically over recent decades. But is more financ...
The last 30 years has seen a massive rise in the importance of financial instruments in the American...
Financial sector companies are different from those in the real sector. In the real sector the price...