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Can financial infrastructures foster economic development?

Jean-Bernard Chatelain and Bruno Amable

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power (due to horizontal differentiation) of the financial intermediaries, lower the cost of capital, increase the number of depositors and the amount of intermediated savings, factors which in turn increase the growth rate and may help countries to take off from a poverty trap. Taxation finances financial infrastructures and decreases the private productivity of capital. Growth and welfare maximising levels of financial infrastructures are computed.

Keywords: Endogenous growth; Imperfect competition; Financial infrastructures (search for similar items in EconPapers)
Date: 2001
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00112551
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Published in Journal of Development Economics, 2001, 64 (2), pp.481-498. ⟨10.1016/S0304-3878(00)00147-4⟩

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Journal Article: Can financial infrastructures foster economic development? (2001) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00112551

DOI: 10.1016/S0304-3878(00)00147-4

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