Financial Development , Financial Fragility , and Growth

  title={Financial Development , Financial Fragility , and Growth},
  author={Jeff Cummings and Francisco Gallego and P. O. Gourinchas and O. Jeanne and Paul Martin and K. Schmidt-Hebbel and Arjun Rose and A. Tornell and Norman V. Loayza},
This paper contributes with some elements to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (e.g., Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as… CONTINUE READING
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