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  • Thorsten Beck, Asli Demirgüç-Kunt, Ross Levine, Vojislav Maksimovic, Beck And Demirgüç-Kunt, World Bank +9 others
  • 2000
This paper explores the relationship between financial structure – the degree to which a financial system is market-or bank-based – and economic development. Crosscountry regressions, industry panel estimations, and firm-level analyses provide remarkably consistent conclusions. Financial structure is not an analytically useful way to distinguish among(More)
One-month prevalence results were determined from 18,571 persons interviewed in the first-wave community samples of all five sites that constituted the National Institute of Mental Health Epidemiologic Catchment Area Program. US population estimates, based on combined site data, were that 15.4% of the population 18 years of age and over fulfilled criteria(More)
two anonymous referees, and the editor of the journal. We particularly benefited from discussions with Gordon Alexander and Sergio Rebelo. We are grateful to Bhaskaran Swaminathan for providing us with monthly data on the intrinsic value to market value ratios for the Dow 30 Index. Qianqiu Liu provided valuable research assistance. Any views expressed in(More)
A growing theoretical literature describes mechanisms whereby even predictable increases in the rate of inflation interfere with the ability of the financial sector to allocate resources effectively. This paper empirically assesses these predictions. The evidence indicates that there is a significant, and economically important, negative relationship(More)
Should lenders diversify, as suggested by the financial intermediation literature, or specialize, as suggested by the corporate finance literature? I model a financial institution's (" bank's ") choice between these two strategies in a setting where bank failure is costly and loan monitoring adds value. All else equal, diversification across loan sectors(More)
We show that firms with lower labor hiring and investment rates have on average higher future stock returns in the cross-section of US publicly traded firms. The predictability holds even after controlling for other known stock return predictors, varies across firms' technologies and exhibits a clear trend over time. We propose a production-based asset(More)
  • Thorsten Beck, Asli Demirgüç-Kunt, Ross Levine, David Arseneau, Pam Gill, Tolga +10 others
  • 2002
This paper assesses two theories regarding the historical determinants of international differences in financial development. The law and finance theory holds that legal traditions differ in terms of the priority they attach to protecting the rights of private investors visa -vis the State and this has important implications for financial development. The(More)
Micro data over the life cycle shows two different patterns of consumption of housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. These patterns hold true at each consumption quartile. This paper develops a quantitative,(More)
Six-month prevalence rates for selected DSM-III psychiatric disorders are reported based on community surveys in New Haven, Conn, Baltimore, and St Louis. As part of the Epidemiologic Catchment Area program, data were gathered on more than 9,000 adults, employing the Diagnostic Interview Schedule to collect information to make a diagnosis. The most common(More)