FSA’s Turner: financial deepening has its limits

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The case for ever deeper financial markets must be questioned, Adair Turner, the chairman of the Financial Services Authority, has said.

"It is not clear that financial deepening beyond that already achieved in the developed world 30 years ago has significantly increased allocative efficiency and growth," Turner said on Wednesday at a conference hosted by the London School of Economics. "The growth relationship is not necessarily there.

Turner acknowledged that financial deepening was "a good th

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