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¿Vale la pena tener intermediarios financieros propios? Un examen a la literatura reciente
[Does it worth having local financial intermediaries? An examination onto recent literature]

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  • Ferro, Gustavo

Abstract

Does a small economy benefit from having local financial intermediaries? If "yes", then what can be done to ameliorate the performance of local financial intermediaries? This article it is made a review on theoretical and empirical literature related with both questions. Two strands of the literature are explored: that which relates finance and growth and that which is devoted to "home bias". Both approaches give support to the idea of local financial intermediaries even in small economies.

Suggested Citation

  • Ferro, Gustavo, 2000. "¿Vale la pena tener intermediarios financieros propios? Un examen a la literatura reciente [Does it worth having local financial intermediaries? An examination onto recent literature]," MPRA Paper 15359, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:15359
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    References listed on IDEAS

    as
    1. Dong He & Pardy, Robert, 1993. "Stock market development and financial deepening in developing countries : some correlation patterns," Policy Research Working Paper Series 1084, The World Bank.
    2. Bossone, Biagio, 1999. "Financial development and industrial capital accumulation," Policy Research Working Paper Series 2201, The World Bank.
    3. Caprio, Gerard, Jr & Demirguc-Kunt, Asli, 1998. "The Role of Long-Term Finance: Theory and Evidence," The World Bank Research Observer, World Bank, vol. 13(2), pages 171-189, August.
    4. Michael Gavin & Ricardo Hausmann, 1997. "Make or Buy? Approaches to Financial Market Integration," Research Department Publications 4052, Inter-American Development Bank, Research Department.
    5. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 717-737.
    6. Michael Gavin & Ricardo Hausmann, 1997. "Make or Buy? Approaches to Financial Market Integration," Research Department Publications 4052, Inter-American Development Bank, Research Department.
    7. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
    8. Claessens, Stijn & Djankov, Simeon & Nenova, Tatiana, 2000. "Corporate risk around the world," Policy Research Working Paper Series 2271, The World Bank.
    9. Demirguc-Kunt, Asli & Levine, Ross, 1999. "Bank-based and market-based financial systems - cross-country comparisons," Policy Research Working Paper Series 2143, The World Bank.
    10. Demirguc-Kunt, Asli & Levine, Ross, 1993. "Stock market development and financial intermediary growth : a research agenda," Policy Research Working Paper Series 1159, The World Bank.
    11. Lewis, K.K., 1998. "Explaining Home Bias in Equities and Consumption," Weiss Center Working Papers 98-05, Wharton School - Weiss Center for International Financial Research.
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    More about this item

    Keywords

    finance and growth; home bias;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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