The Evolving Importance of Banks and Securities Markets

The roles of banks and securities markets evolve during the process of economic development. As countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase...

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Main Authors:	Demirgüç-Kunt, Asli, Feyen, Erik, Levine, Ross
Format:	Journal Article
Language:	en_US
Published:	Oxford University Press on behalf of the World Bank 2015
Subjects:	bank credit domestic bond market economic development financial development financial structure financial system gross domestic product intangible asset securities market stock market capitalization
Online Access:	http://hdl.handle.net/10986/21618

id	okr-10986-21618
recordtype	oai_dc
spelling	okr-10986-216182021-04-23T14:04:03Z The Evolving Importance of Banks and Securities Markets Demirgüç-Kunt, Asli Feyen, Erik Levine, Ross bank credit domestic bond market economic development financial development financial structure financial system gross domestic product intangible asset securities market stock market capitalization The roles of banks and securities markets evolve during the process of economic development. As countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an increase in economic output and an increase in securities market development becomes larger. These findings are consistent with theories predicting that as economies develop, the services provided by securities markets become more important for economic activity, whereas those provided by banks become less important. 2015-03-18T22:06:45Z 2015-03-18T22:06:45Z 2013-09 Journal Article World Bank Economic Review 1564-698X http://hdl.handle.net/10986/21618 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Oxford University Press on behalf of the World Bank Publications & Research Publications & Research :: Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	bank credit domestic bond market economic development financial development financial structure financial system gross domestic product intangible asset securities market stock market capitalization
spellingShingle	bank credit domestic bond market economic development financial development financial structure financial system gross domestic product intangible asset securities market stock market capitalization Demirgüç-Kunt, Asli Feyen, Erik Levine, Ross The Evolving Importance of Banks and Securities Markets
description	The roles of banks and securities markets evolve during the process of economic development. As countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an increase in economic output and an increase in securities market development becomes larger. These findings are consistent with theories predicting that as economies develop, the services provided by securities markets become more important for economic activity, whereas those provided by banks become less important.
format	Journal Article
author	Demirgüç-Kunt, Asli Feyen, Erik Levine, Ross
author_facet	Demirgüç-Kunt, Asli Feyen, Erik Levine, Ross
author_sort	Demirgüç-Kunt, Asli
title	The Evolving Importance of Banks and Securities Markets
title_short	The Evolving Importance of Banks and Securities Markets
title_full	The Evolving Importance of Banks and Securities Markets
title_fullStr	The Evolving Importance of Banks and Securities Markets
title_full_unstemmed	The Evolving Importance of Banks and Securities Markets
title_sort	evolving importance of banks and securities markets
publisher	Oxford University Press on behalf of the World Bank
publishDate	2015
url	http://hdl.handle.net/10986/21618
_version_	1764448785603231744

The Evolving Importance of Banks and Securities Markets

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