The evolving importance of banks and securities markets

Abstract

NBER WORKING PAPER SERIES THE EVOLVING IMPORTANCE OF BANKS AND SECURITIES MARKETS Asli Demirguc-Kunt Erik Feyen Ross Levine Working Paper 18004 http://www.nber.org/papers/w18004 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2012 We received very helpful comments from Thorsten Beck, Norman Loayza, Yona Rubinstein, seminar participants at the World Bank’s June 16, 2011 conference, “Financial Structure and Economic Development,” and three anonymous referees. Mauricio Pinzon Latorre provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Asli Demirguc-Kunt, Erik Feyen, and Ross Levine. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Evolving Importance of Banks and Securities Markets Asli Demirguc-Kunt, Erik Feyen, and Ross Levine NBER Working Paper No. 18004 April 2012 JEL No. F3,G1,G2,O16 ABSTRACT This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop …

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