| 000 | 02395cam a22003734a 4500 | ||
|---|---|---|---|
| 001 | 5854 | ||
| 003 | The World Bank | ||
| 006 | m d | ||
| 007 | cr cn||||||||| | ||
| 008 | 020129s2011 dcu i001 0 eng | ||
| 024 | 8 | _a10.1596/1813-9450-5854 | |
| 035 | _a(The World Bank)5854 | ||
| 100 | 1 | _aDe la Torre, Augusto | |
| 245 | 1 | 0 |
_aFinancial Development _h[electronic resource] : _bStructure and Dynamics / _cDe la Torre, Augusto |
| 260 |
_aWashington, D.C., _bThe World Bank, _c2011 |
||
| 300 | _a1 online resource (35 p.) | ||
| 520 | 3 | _aThis paper analyzes the bright and dark sides of the financial development process through the lenses of the four fundamental frictions to which agents are exposed-information asymmetry, enforcement, collective action, and collective cognition. Financial development is shaped by the efforts of market participants to grind down or circumvent these frictions, a process further spurred by financial innovation and scale and network effects. The analysis leads to broad predictions regarding the sequencing and convexity of the dynamic paths for a battery of financial development indicators. The method used also yields a robust way to benchmark the financial development paths followed by individual countries or regions. The paper explores the reasons for path deviations and gaps relative to the benchmark. Demand-related effects (past output growth), financial crashes, and supply-related effects (the quality of the enabling environment) all play an important role. Informational frictions are easier to overcome than contractual frictions, not least because of the transferability of financial innovation across borders. | |
| 650 | 4 | _aAccess to Finance | |
| 650 | 4 | _aBanks & Banking Reform | |
| 650 | 4 | _aBenchmarking | |
| 650 | 4 | _aDebt Markets | |
| 650 | 4 | _aEconomic Theory & Research | |
| 650 | 4 | _aEmerging Markets | |
| 650 | 4 | _aFinance and Financial Sector Development | |
| 650 | 4 | _aFinance and growth | |
| 650 | 4 | _aFinancial development | |
| 650 | 4 | _aFinancial stability | |
| 700 | 1 | _aDe la Torre, Augusto | |
| 700 | 1 | _aFeyen, Erik | |
| 700 | 1 | _aIze, Alain | |
| 776 | 1 | 8 |
_aPrint version: _iDe la Torre, Augusto. _tFinancial Development. _dWashington, D.C., The World Bank, 2011 |
| 830 | 0 | _aPolicy research working papers. | |
| 830 | 0 | _aWorld Bank e-Library. | |
| 856 | 4 | 0 | _uhttp://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5854 |
| 999 |
_c24351 _d24351 |
||