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Financial Deepening

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Author Info
Nobuhiro Kiyotaki (London School of Economics,)
John Moore (Edinburgh University and London School of Economics,)

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Abstract

We develop a model of financial deepening, based on the distinction between limited bilateral commitment and limited multilateral commitment. We explore the effects of secular changes in financial depth on investment and output; on intermediation and interest rates; on the long-run velocities of circulation of different monetary instruments, and the use of outside money; on the patterns of saving and trade in paper. Three stages of financial development are identified. (JEL: E41, E43, E44, E51, O16, O42) Copyright (c) 2005 The European Economic Association.

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File URL: http://www.mitpressjournals.org/doi/pdfplus/10.1162/jeea.2005.3.2-3.701
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Publisher Info
Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 3 (2005)
Issue (Month): 2-3 (04/05)
Pages: 701-713
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Handle: RePEc:tpr:jeurec:v:3:y:2005:i:2-3:p:701-713

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  1. Ricardo Lagos, 2006. "Inside and outside money," Staff Report 374, Federal Reserve Bank of Minneapolis. [Downloadable!]
  2. Wendell Samuel & Laura Valderrama, 2006. "The Monetary Policy Regime and Banking Spreads in Barbados," IMF Working Papers 06/211, International Monetary Fund. [Downloadable!]
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This page was last updated on 2009-11-16.

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