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¿Vale la pena tener intermediarios financieros propios? Un examen a la literatura reciente
[Does it worth having local financial intermediaries? An examination onto recent literature]

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  • Ferro, Gustavo

Abstract

Does a small economy benefit from having local financial intermediaries? If "yes", then what can be done to ameliorate the performance of local financial intermediaries? This article it is made a review on theoretical and empirical literature related with both questions. Two strands of the literature are explored: that which relates finance and growth and that which is devoted to "home bias". Both approaches give support to the idea of local financial intermediaries even in small economies.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15359.

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Date of creation: Jul 2000
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Handle: RePEc:pra:mprapa:15359

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Keywords: finance and growth; home bias;

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  1. Lewis, K.K., 1998. "Explaining Home Bias in Equities and Consumption," Weiss Center Working Papers 98-05, Wharton School - Weiss Center for International Financial Research.
  2. Demirguc-Kunt, Asli & Levine, Ross, 1993. "Stock market development and financial intermediary growth : a research agenda," Policy Research Working Paper Series 1159, The World Bank.
  3. Demirguc-Kunt, Asli & Levine, Ross, 1999. "Bank-based and market-based financial systems - cross-country comparisons," Policy Research Working Paper Series 2143, The World Bank.
  4. Dong He & Pardy, Robert, 1993. "Stock market development and financial deepening in developing countries : some correlation patterns," Policy Research Working Paper Series 1084, The World Bank.
  5. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
  6. Caprio, Gerard, Jr & Demirguc-Kunt, Asli, 1998. "The Role of Long-Term Finance: Theory and Evidence," World Bank Research Observer, World Bank Group, vol. 13(2), pages 171-89, August.
  7. Bossone, Biagio, 1999. "Financial development and industrial capital accumulation," Policy Research Working Paper Series 2201, The World Bank.
  8. Claessens, Stijn & Djankov, Simeon & Nenova, Tatiana, 2000. "Corporate risk around the world," Policy Research Working Paper Series 2271, The World Bank.
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