Measuring financial sector output and its contribution to UK GDP
In the decade before the financial crisis, the UK financial services sector grew more than twice as fast as the UK economy as a whole. But there are many conceptual difficulties associated with measuring output in finance. This article describes the contribution of the financial sector to GDP and assesses the uncertainty around recent estimates. There is some evidence that financial services output grew less quickly over the recent past than the official data suggest, although this probably had only a small impact on the rate of growth of overall GDP.
Volume (Year): 51 (2011)
Issue (Month): 3 ()
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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.:
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"A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output,"
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- J. Christina Wang & Susanto Basu & John G. Fernald, 2008. "A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output," NBER Working Papers 14616, National Bureau of Economic Research, Inc.
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11-1, Federal Reserve Bank of Boston.
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- Charles Steindel, 2009. "Implications of the financial crisis for potential growth: past, present, and future," Staff Reports 408, Federal Reserve Bank of New York.
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