发布求助
文献互助 智能选刊 最新文献

Manchester School最新文献

筛选
英文 中文
Too Much Financial Integration: The Perils of Open Capital Accounts in Low and Middle Income Countries 过度的金融一体化：中低收入国家开放资本账户的风险
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-10-03 DOI: 10.1111/manc.70071
Jayati Ghosh
{"title":"Too Much Financial Integration: The Perils of Open Capital Accounts in Low and Middle Income Countries","authors":"Jayati Ghosh","doi":"10.1111/manc.70071","DOIUrl":"https://doi.org/10.1111/manc.70071","url":null,"abstract":"<div>\u0000 \u0000 <p>Over the past 3 decades, financial integration of lower income countries with global capital markets has in most cases been detrimental to development. Currency hierarchies determine investor perceptions and render capital flows to such countries more volatile and more demanding of higher returns. They also lead to significant spillover effects of macroeconomic policies in advanced economies. As a result, financial integration has not led to sustained increases in investment rates or economic growth, has generated greater financial instability and vulnerability, and been associated with high ‘seignorage costs’ because of differences in rates of return of capital inflows and outflows. Developing countries now suffer from ‘too much financial integration’, and cross-border capital flows should be more regulated.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"602-613"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149145698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Finance and Growth: What Shifts the Relationship? 金融与增长：是什么改变了两者的关系？
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-08-05 DOI: 10.1111/manc.70064
Stephen G. Cecchetti, Enisse Kharroubi
{"title":"Finance and Growth: What Shifts the Relationship?","authors":"Stephen G. Cecchetti,&nbsp;Enisse Kharroubi","doi":"10.1111/manc.70064","DOIUrl":"https://doi.org/10.1111/manc.70064","url":null,"abstract":"<div>\u0000 \u0000 <p>We revisit the inverted-U relationship between finance and growth using data for 40 countries from 1969 to 2019. Our estimates of the tipping point—the level of credit-to-GDP above which additional credit becomes a drag on growth—are substantially lower than those we reported in the aftermath of the global financial crisis. Why is this? Our analysis points to global factors as the most important determinant of the turning point. That is, we show that common movements in GDP and credit across countries significantly lower the estimated turning point. We go on to investigate the impact of banking-system concentration, which raises the turning point but steepens the costs of exceeding it; bank credit-to-deposit ratios, which tend to lower it; and, most strikingly, the stock market capitalisation, where a high level can cause the inverted-U to disappear entirely, so that additional bank credit is associated with lower growth at all levels.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"629-641"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149145967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Much Finance: Evidence of Pure Negative Effects on Growth 过度融资：对经济增长纯粹负面影响的证据
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-07-09 DOI: 10.1111/manc.70058
Alex Cobham, David Cobham, Miroslav Palanský
{"title":"Too Much Finance: Evidence of Pure Negative Effects on Growth","authors":"Alex Cobham,&nbsp;David Cobham,&nbsp;Miroslav Palanský","doi":"10.1111/manc.70058","DOIUrl":"https://doi.org/10.1111/manc.70058","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper takes the ‘Too much finance’ (TMF) literature further by focussing on data for value added in financial services. This broad measure has been much less used in the literature than total private or bank credit, on the one hand, or stock market capitalisation or activity, on the other. We investigate whether those data are consistent with the standard TMF result, and we consider various alternative measures of financial activity including domestic production, domestic consumption and exports and imports. We also use two stratifications of the data, OECD versus non-OECD and the World Bank's income categories, to see if the relevant relationships differ clearly between different groups, and examine whether results are affected by curtailing the sample to exclude the global financial crisis that began in 2008. We confirm the core TMF result for private credit, including for many stratified groups and regardless of the inclusion of the crisis and later years. However, the findings for value added of the financial sector are less consistent, with more support for a purely negative, linear association with growth. This finding is also echoed for some measures of the international trade in financial services. While the provision of private credit appears to strengthen the economy until a tipping point is reached, the expansion of much other financial sector activity may simply be detrimental. We suggest the need for further research to develop understanding of the impact of growth in different elements of the financial sector, in order to support granular policy prioritisation.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"688-703"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can There Be Too Much Finance? A Complex Answer to a Simple Question 金融会不会太多？一个简单问题的复杂答案
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-07-21 DOI: 10.1111/manc.70061
Thorsten Beck
{"title":"Can There Be Too Much Finance? A Complex Answer to a Simple Question","authors":"Thorsten Beck","doi":"10.1111/manc.70061","DOIUrl":"https://doi.org/10.1111/manc.70061","url":null,"abstract":"<p>This paper provides a critical review of the Too Much Finance literature, both in its academic contribution and as response to the earlier finance and growth literature. We describe the academic origins and development of the finance and growth literature and discuss pitfalls with the commonly used indicators of financial development. We explore how the finance and growth research findings can be translated into policy recommendations including with respect to the trade-off between growth and stability. Finally, we argue that the question of “can there be too much finance” contains actually three questions: can there be too much credit, can there be too large a financial sector, and can there be too much financial development.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"592-601"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70061","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Much Finance Redux 太多的财务重组
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-06-30 DOI: 10.1111/manc.70057
Jean-Louis Arcand, Enrico Berkes, Ugo Panizza
{"title":"Too Much Finance Redux","authors":"Jean-Louis Arcand,&nbsp;Enrico Berkes,&nbsp;Ugo Panizza","doi":"10.1111/manc.70057","DOIUrl":"https://doi.org/10.1111/manc.70057","url":null,"abstract":"<p>This paper revisits the “too much finance” hypothesis by reassessing the relationship between financial depth and economic growth using an expanded dataset (1960–2019) and a systematic estimation strategy that avoids reliance on any single, potentially arbitrary sample window. We estimate both cross-sectional and panel models for all feasible starting periods and focus on transparent specifications. We find a robust inverted-U relationship between private credit and growth: financial depth is growth-enhancing at low and moderate levels but exhibits diminishing returns and eventually becomes negative at high levels. The turning point generally lies between 70 and 120 percent of GDP, almost always below the 90th percentile of the global distribution of credit to the private sector.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"614-628"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70057","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Much Finance! 太多的金融！
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-10-03 DOI: 10.1111/manc.70072
David Cobham, Alex Cobham
{"title":"Too Much Finance!","authors":"David Cobham,&nbsp;Alex Cobham","doi":"10.1111/manc.70072","DOIUrl":"https://doi.org/10.1111/manc.70072","url":null,"abstract":"","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"589-591"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149145699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Much Finance: Mechanisms That Harm Growth and Policy Implications 过度融资：损害增长的机制和政策影响
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-07-19 DOI: 10.1111/manc.70060
Arup Daripa, Sandeep Kapur, Marco Pelliccia
{"title":"Too Much Finance: Mechanisms That Harm Growth and Policy Implications","authors":"Arup Daripa,&nbsp;Sandeep Kapur,&nbsp;Marco Pelliccia","doi":"10.1111/manc.70060","DOIUrl":"https://doi.org/10.1111/manc.70060","url":null,"abstract":"<p>The mechanisms for the financial sector to harm growth arise through short-termism of financial markets. This leads to the misallocation of resources in the private sector, leading to financial crises and damage to growth. However, harm to growth comes not only from financial crises, but also from the failure of short-termist financial markets to facilitate public investment in long-term, growth-enhancing projects. While the literature has discussed the first channel extensively, it is largely silent on the second one. Our contribution is to develop a formal model to clarify how investment reticence of governments can arise from the fear of financial crises. A central conclusion is that in the presence of a large financial sector, the fear of market turmoil can damage growth even in the absence of an actual crisis episode. We discuss policy responses to both mechanisms.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"642-661"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70060","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Sector Size, Interconnectedness, and Economic Growth 金融部门规模、互联性与经济增长
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-06-25 DOI: 10.1111/manc.70050
Daniel Carvalho
{"title":"Financial Sector Size, Interconnectedness, and Economic Growth","authors":"Daniel Carvalho","doi":"10.1111/manc.70050","DOIUrl":"https://doi.org/10.1111/manc.70050","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper contributes to the literature on the relationship between financial development and GDP per capita growth, by considering both the total financial assets and the interconnectedness across the different financial sectors, as well as employing a more detailed sectoral classification. It focuses on a set of European advanced economies in the 1995–2023 period and finds that higher levels of total financial assets of banks and non-banks are negatively associated with GDP per capita growth. The same is also true of measures of interconnectedness within the aggregate financial sector, which display a negative association in baseline specifications but are more sensitive to identification choices. These results reinforce the view that financial deepening beyond a certain point may hinder growth in advanced economies.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"662-674"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Much Crypto – An Input-Output Analysis 太多的加密-一个投入产出分析
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-10-09 Epub Date: 2026-07-22 DOI: 10.1111/manc.70062
Izaura Solipa, Gerald Epstein
{"title":"Too Much Crypto – An Input-Output Analysis","authors":"Izaura Solipa,&nbsp;Gerald Epstein","doi":"10.1111/manc.70062","DOIUrl":"https://doi.org/10.1111/manc.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>The “too much finance” literature has shown that financial sector expansion can detract from economic growth and productivity when resources are misallocated toward privately profitable but socially unproductive activities. This paper applies this framework to cryptocurrencies, a rapidly growing segment of finance whose production structure consumes large quantities of energy. We present the first systematic application of Input-Output methodology to the U.S. cryptocurrency sector, constructing estimates of gross output and intermediate consumption for mining and centralized exchange operations over 2022–2024, and benchmarking these against 173 industries in the Bureau of Economic Analysis (BEA) Input-Output Use Table. We find that the cryptocurrency sector generates gross output comparable in scale to niche sectors of the U.S. economy, while consuming energy at a rate that is strikingly disproportionate to its economic contribution – the largest deviation among all U.S. industries. Its input structure is dominated by a single commodity – energy – leaving little room for inputs that generate productivity gains, and its outputs serve as productive inputs in virtually no other sector of the economy. Together these findings are consistent with a “too much crypto” hypothesis: the sector draws heavily on scarce resources while generating minimal economic output and productive spillovers.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 6","pages":"675-687"},"PeriodicalIF":0.9,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital Composition and the Declining Labor Share 资本构成与劳动份额下降
IF 0.9 4区 经济学
Manchester School Pub Date : 2026-08-03 Epub Date: 2026-05-15 DOI: 10.1111/manc.70040
Maya Eden, Paul Gaggl
{"title":"Capital Composition and the Declining Labor Share","authors":"Maya Eden,&nbsp;Paul Gaggl","doi":"10.1111/manc.70040","DOIUrl":"https://doi.org/10.1111/manc.70040","url":null,"abstract":"<p>There are two problems with the view that cheaper capital caused a decline in the labor share: first, aggregate capital and labor are gross complements; second, the price of capital is roughly constant, worldwide. Taking seriously the composition of capital resolves both challenges. Though information and communications (ICT) capital is a small fraction of capital, it is highly substitutable with labor, and its user cost declined sharply. Distinguishing ICT and non-ICT capital is empirically plausible and suggests that automation accounts for more than 1/4 of the global decline in the labor share, even if aggregate capital and labor are complements.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 5","pages":"547-564"},"PeriodicalIF":0.9,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70040","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书