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Too much finance?
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نویسنده
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Jean Louis Arcand ,Enrico Berkes ,Ugo Panizza
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منبع
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journal of economic growth - 2015 - دوره : 20 - شماره : 2 - صفحه:105 -148
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چکیده
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this paper examines whether there is a threshold above which financial depth no longer has a positive effect on economic growth. we use different empirical approaches to show that financial depth starts having a negative effect on output growth when credit to the private sector reaches 100 % of gdp. our results are consistent with the “vanishing effect” of financial depth and that they are not driven by endogeneity, output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.
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کلیدواژه
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Finance ,Growth ,Financial crises ,Non-linearities
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آدرس
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Graduate Institute of International and Development Studies, Department of International Economics, Switzerland. Foundation for Studies and Research on International Development (FERDI), France, Northwestern University, Department of Economics, (usa), Graduate Institute of International and Development Studies, Department of International Economics, Switzerland. Centre for Economic Policy Research (CEPR), UK
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Authors
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