Series: IMF Working Papers
Author(s): Norman Loayza , and Romain Ranciere
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 August 2005
Keywords: Growth empirics, pooled mean group estimation, financial volatility, financial intermediation, financial liberalization, banking crises, financial fragility, Macroeconomic Analyses of Economic Development,
This paper studies the apparent contradictions between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positiv...