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Can financial infrastructures foster economicdevelopment?

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Author Info
Jean-Bernard Chatelain () (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales - Ecole Nationale des Ponts et Chaussées - Ecole Normale Supérieure de Paris, EconomiX - CNRS : UMR7166 - Université de Paris X - Nanterre)
Bruno Amable () (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales - Ecole Nationale des Ponts et Chaussées - Ecole Normale Supérieure de Paris)

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Abstract

In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power due to horizontal differentiation of the financial intermediaries,lower the cost of capital, increase the number of depositors and the amount of intermediatedsavings, factors which in turn increase the growth rate and may help countries to take offfrom a poverty trap. Taxation finances financial infrastructures and decreases the privateproductivity of capital. Growth and welfare maximising levels of financial infrastructuresare computed.

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Paper provided by HAL in its series Post-Print with number halshs-00112551_v1.

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Date of creation: 2001
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Publication status: Published, Journal of Development Economics, 2001, 64, 481-498
Handle: RePEc:hal:journl:halshs-00112551_v1

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Related research
Keywords: Endogenous growth; Imperfect competition; Financial infrastructures;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Demetriades, Panicos O & Luintel, Kul B, 1996. "Financial Development, Economic Growth and Banker Sector Controls: Evidence from India," Economic Journal, Royal Economic Society, vol. 106(435), pages 359-74, March. [Downloadable!] (restricted)
  2. Steven C. Salop, 1979. "Monopolistic Competition with Outside Goods," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 141-156, Spring. [Downloadable!] (restricted)
  3. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October. [Downloadable!] (restricted)
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  4. Binswanger, Hans P. & Khandker, Shahidur R. & Rosenzweig, Mark R., 1993. "How infrastructure and financial institutions affect agricultural output and investment in India," Journal of Development Economics, Elsevier, vol. 41(2), pages 337-366, August. [Downloadable!] (restricted)
  5. Mulligan, Casey B & Sala-i-Martin, Xavier, 1996. "Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy," CEPR Discussion Papers 1358, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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