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Creator: Greenwood, Jeremy, 1953- and Jovanovic, Boyan, 1951- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 446 Abstract:
A paradigm is presented where both the extent of financial intermediation and the rate of economic growth are endogenously determined. Financial intermediation promotes growth because it allows a higher rate of return to be earned on capital, and growth in turn provides the means to implement costly financial structures. Thus, financial intermediation and economic growth are inextricably linked in accord with the Goldsmith-McKinnon-Shaw view on economic development. The model also generates a development cycle reminiscent of the Kuznets hypothesis. In particular, in the transition from a primitive slow-growing economy to a developed fast-growing one, a nation passes through a stage where the distribution of wealth across the rich and poor widens.
Palavra-chave: Growth rate, Financial intermediation, Income gap, Rate of return, Income distribution, and Kuznets curve Sujeito: O11 - Economic development - Macroeconomic analyses of economic development and G00 - Financial Economics - General - General
Creator: Boyd, John H. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 250 Descrição:
"Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
Palavra-chave: Thrift institutions, Core equilibrium, Financial intermediation, Consumer finance companies, Commercial banks, Loan companies, Private information, and Asset transformers Sujeito: D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General
Creator: Boyd, John H. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 272 Descrição: Palavra-chave: Thrift institutions, Asset transformers, Financial intermediation, Commercial banks, Consumer finance companies, Private information, Core equilibrium, and Loan companies Sujeito: