The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Abstract
A quantitative investigation of financial intermediation in the United States over the past 130 years yields the following results: (i) the finance industry's share of gross domestic product (GDP) is high in the 1920s, low in the 1960s, and high again after 1980; (ii) most of these variations can be explained by corresponding changes in the quantity of intermediated assets (equity, household and corporate debt, liquidity); (iii) intermediation has constant returns to scale and an annual cost of 1.5–2 percent of intermediated assets; (iv) secular changes in the characteristics of firms and households are quantitatively important. (JEL D24, E44, G21, G32, N22)
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Cites
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476 · cited 4×
“While stylized and focused on macroeconomic predictions, the model developed below is consistent with leading theories of financial intermediation, such as Diamond and Dybvig (1983), Diamond (1984), Gorton and Pennacchi (1990), Holmström and Tirole (1997), Diamond and Rajan (2001), and Kashyap, Rajan, and Stein (2002).”
InfluentialJovanovic, B., & Rousseau, P. L. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01018-x · Cited by 708
Cited by
FinTech and banking: What do we know?
Thakor, A. V. (2020) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2019.100833 · Cited by 1,378
Inequality, Leverage, and Crises
Kumhof, M., Rancière, R., & Winant, P. (2015) · American Economic Review · doi:10.1257/aer.20110683 · Cited by 664
Philippon, T. (2016) · National Bureau of Economic Research · doi:10.3386/w22476 · Cited by 521
Self-citationGreenwood, R., & Scharfstein, D. (2013) · Journal of Economic Perspectives · doi:10.1257/jep.27.2.3 · Cited by 433
Have financial markets become more informative?
Bai, J., Philippon, T., & Savov, A. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.08.005 · Cited by 394
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Metadata
- Authors
- Philippon, T.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2015-04-01
- Volume
- 105
- Issue
- 4
- Pages
- 1408-1438
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3122610594
- Cited by
- 524
- References
- 3
- FWCI
- 96.58
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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