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Can financial infrastructures foster economic
development?

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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 intermediated
savings, factors which in turn increase the growth rate and may help countries to take off
from a poverty trap. Taxation finances financial infrastructures and decreases the private
productivity of capital. Growth and welfare maximising levels of financial infrastructures
are computed.

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Paper provided by HAL in its series Pre- and Post-Print documents 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:papers:halshs-00112551_v1

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Related research
Keywords: Endogenous growth Imperfect competition Financial infrastructures

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  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)
    Other versions:
  4. Casey B. Mulligan & Xavier Sala-i-Martin, 1996. "Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy," NBER Working Papers 5504, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. 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)
  6. Bensaid, B. & de Palma, A., 1995. "Politique monetaire et concurrence bancaire," Papers 31, Banque de France - Direction Generale des Etudes.
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