Resumen

SAHAY, Ratna; ČIHAK, Martin; N'DIAYE, Papa  y  BARAJAS, Adolfo. Rethinking Financial Deepening: Stability and Growth in Emerging Markets. Rev.econ.inst. [online]. 2015, vol.17, n.33, pp.73-107. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v17n33.04.

This paper uses a new measure of financial development to show that many benefits in terms of growth and stability can still be reaped from further financial development in most emerging markets. First, it defines financial development as a combination of depth, access and efficiency. Second, it highlights that the economic growth weakens at higher levels of financial development. Third, it indicates that the pace of financial development matters. Forth, it provides a new angle related to the tradeoffs of financial regulation. Finally, it finds that there is no "one-size-fits-all" in the sequencing of developing financial institutions versus markets, though as economies evolve the relative benefits from institutions decline and those from markets increase.

Palabras clave : Financial development; financial deepening; financial inclusion; emerging markets; economic growth; financial stability.

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