The Growth of Modern Finance

@inproceedings{Greenwood2012TheGO,
  title={The Growth of Modern Finance},
  author={R. Greenwood and David S. Scharfstein},
  year={2012}
}
The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly equity. Another important factor was growth in fees associated with an expansion in household credit, particularly fees associated with residential mortgages. This expansion was itself fueled by the development of non-bank credit… Expand
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