IMF paper assesses impact of financial sector size

IMF headquarters in Washington DC

A working paper, published by the International Monetary Fund in June, studies the relationship between the size of a country's financial sector and its rate of growth.

The authors, Jean-Louis Arcand, Enrico Berkes and Ugo Panizza, use country-level data to demonstrate a causal relationship between financial sector size and the rate of growth. The paper finds a "positive and robust correlation" in countries with small- to medium-sized financial sectors, but that beyond a certain threshold

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