; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Financial Development, Growth, and the Distribution of Income"; ; "batchuser@example.com"; "Greenwood, Jeremy, 1953-", "Jovanovic, Boyan, 1951-"; "Federal Reserve Bank of Minneapolis"; "Rate of return", "Income gap", "Kuznets curve", "Income distribution", "Financial intermediation", "Growth rate"; "G00 - Financial Economics: General", "O11 - Macroeconomic Analyses of Economic Development"; "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."^^; "1990-05"; "2018-03-13T20:11:57.789986207+00:00"^^; "https://doi.org/10.21034/wp.446"; ; "19901000jpe9805"; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-09-04T15:31:49.804490666+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "377", "296"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "446"; "Growth rate", "Financial intermediation", "Income gap", "Income distribution", "Kuznets curve", "Rate of return"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Political Economy_ (Vol. 98, No. 5, Pt. 1, October 1990, pp. 1076-1107), https://doi.org/10.1086/261720."^^; ; "Publication" . ; .