The Evolving Importance of Banks and Securities Markets

This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by b...

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Main Authors:	Demirguc-Kunt, Asli, Feyen, Erik, Levine, Ross
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING BANK CREDIT BANK REGULATION BANKING SYSTEM BENCHMARK BENCHMARKS BOND MARKET BOND MARKET CAPITALIZATION CAPITAL ACCUMULATION CAPITAL MARKETS CAPITALIZATION CENTRAL BANKS COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ANALYSES CREDIT DEPOSIT CREDIT INCREASES CREDITS DEBT DECENTRALIZED MARKETS DEPOSIT DEPOSIT MONEY BANK DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC BOND DOMESTIC BOND MARKETS DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC STRUCTURE ECONOMIC THEORY EMERGING MARKETS ENDOWMENTS EQUITY MARKETS EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEMS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT HOUSEHOLDS INCOME INFLATION INFLATION RATE INTANGIBLE INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT MARKET LIQUIDITY MARKET TRANSACTIONS MARKET VALUE MERCHANDISE MERCHANDISE EXPORTS NATIONAL ECONOMIES NATURAL RESOURCES POLITICAL ECONOMY PRIVATE BOND PRIVATE CREDIT PUBLIC ENTERPRISES REAL GDP RETURN RETURNS SAVINGS SECURITIES SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SECURITIES MARKETS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DEVELOPMENT STOCK MARKETS SYNCHRONOUS STOCK PRICE MOVEMENTS TRADING
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111013154944 http://hdl.handle.net/10986/3611

id	okr-10986-3611
recordtype	oai_dc
spelling	okr-10986-36112021-04-23T14:02:11Z The Evolving Importance of Banks and Securities Markets Demirguc-Kunt, Asli Feyen, Erik Levine, Ross ACCOUNTING BANK CREDIT BANK REGULATION BANKING SYSTEM BENCHMARK BENCHMARKS BOND MARKET BOND MARKET CAPITALIZATION CAPITAL ACCUMULATION CAPITAL MARKETS CAPITALIZATION CENTRAL BANKS COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ANALYSES CREDIT DEPOSIT CREDIT INCREASES CREDITS DEBT DECENTRALIZED MARKETS DEPOSIT DEPOSIT MONEY BANK DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC BOND DOMESTIC BOND MARKETS DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC STRUCTURE ECONOMIC THEORY EMERGING MARKETS ENDOWMENTS EQUITY MARKETS EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEMS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT HOUSEHOLDS INCOME INFLATION INFLATION RATE INTANGIBLE INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT MARKET LIQUIDITY MARKET TRANSACTIONS MARKET VALUE MERCHANDISE MERCHANDISE EXPORTS NATIONAL ECONOMIES NATURAL RESOURCES POLITICAL ECONOMY PRIVATE BOND PRIVATE CREDIT PUBLIC ENTERPRISES REAL GDP RETURN RETURNS SAVINGS SECURITIES SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SECURITIES MARKETS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DEVELOPMENT STOCK MARKETS SYNCHRONOUS STOCK PRICE MOVEMENTS TRADING This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country s actual financial structure -- the mixture of banks and markets operating in an economy -- from the estimated optimal structure are associated with lower levels of economic activity. 2012-03-19T18:05:31Z 2012-03-19T18:05:31Z 2011-09-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111013154944 http://hdl.handle.net/10986/3611 English Policy Research working paper ; no. WPS 5805 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING BANK CREDIT BANK REGULATION BANKING SYSTEM BENCHMARK BENCHMARKS BOND MARKET BOND MARKET CAPITALIZATION CAPITAL ACCUMULATION CAPITAL MARKETS CAPITALIZATION CENTRAL BANKS COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ANALYSES CREDIT DEPOSIT CREDIT INCREASES CREDITS DEBT DECENTRALIZED MARKETS DEPOSIT DEPOSIT MONEY BANK DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC BOND DOMESTIC BOND MARKETS DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC STRUCTURE ECONOMIC THEORY EMERGING MARKETS ENDOWMENTS EQUITY MARKETS EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEMS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT HOUSEHOLDS INCOME INFLATION INFLATION RATE INTANGIBLE INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT MARKET LIQUIDITY MARKET TRANSACTIONS MARKET VALUE MERCHANDISE MERCHANDISE EXPORTS NATIONAL ECONOMIES NATURAL RESOURCES POLITICAL ECONOMY PRIVATE BOND PRIVATE CREDIT PUBLIC ENTERPRISES REAL GDP RETURN RETURNS SAVINGS SECURITIES SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SECURITIES MARKETS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DEVELOPMENT STOCK MARKETS SYNCHRONOUS STOCK PRICE MOVEMENTS TRADING
spellingShingle	ACCOUNTING BANK CREDIT BANK REGULATION BANKING SYSTEM BENCHMARK BENCHMARKS BOND MARKET BOND MARKET CAPITALIZATION CAPITAL ACCUMULATION CAPITAL MARKETS CAPITALIZATION CENTRAL BANKS COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ANALYSES CREDIT DEPOSIT CREDIT INCREASES CREDITS DEBT DECENTRALIZED MARKETS DEPOSIT DEPOSIT MONEY BANK DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC BOND DOMESTIC BOND MARKETS DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC STRUCTURE ECONOMIC THEORY EMERGING MARKETS ENDOWMENTS EQUITY MARKETS EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEMS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT HOUSEHOLDS INCOME INFLATION INFLATION RATE INTANGIBLE INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT MARKET LIQUIDITY MARKET TRANSACTIONS MARKET VALUE MERCHANDISE MERCHANDISE EXPORTS NATIONAL ECONOMIES NATURAL RESOURCES POLITICAL ECONOMY PRIVATE BOND PRIVATE CREDIT PUBLIC ENTERPRISES REAL GDP RETURN RETURNS SAVINGS SECURITIES SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SECURITIES MARKETS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DEVELOPMENT STOCK MARKETS SYNCHRONOUS STOCK PRICE MOVEMENTS TRADING Demirguc-Kunt, Asli Feyen, Erik Levine, Ross The Evolving Importance of Banks and Securities Markets
geographic_facet	The World Region The World Region
relation	Policy Research working paper ; no. WPS 5805
description	This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country s actual financial structure -- the mixture of banks and markets operating in an economy -- from the estimated optimal structure are associated with lower levels of economic activity.
format	Publications & Research :: Policy Research Working Paper
author	Demirguc-Kunt, Asli Feyen, Erik Levine, Ross
author_facet	Demirguc-Kunt, Asli Feyen, Erik Levine, Ross
author_sort	Demirguc-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
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111013154944 http://hdl.handle.net/10986/3611
_version_	1764387435501846528

The Evolving Importance of Banks and Securities Markets

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