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Cited by 433

The DOI matches its Crossref record; 57 of the 57 references it cites were found in a registry or an index.

The Growth of Finance

Open access
Greenwood, Robin, Scharfstein, David·2013·Journal of Economic Perspectives
DOI 10.1257/jep.27.2.3
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Abstract

The US financial services industry grew from 4.9 percent of GDP in 1980 to 7.9 percent of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly equity. Another important factor was growth in fees associated with an expansion in household credit, particularly fees associated with residential mortgages. This expansion was fueled by the development of nonbank credit intermediation (or “shadow banking”). We offer a preliminary assessment of whether the growth of active asset management, household credit, and shadow banking—the main areas of growth in the financial sector—has been socially beneficial.

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Metadata

Authors
Greenwood, R., & Scharfstein, D.
Venue
Journal of Economic Perspectives
Publisher
American Economic Association
Published
2013-02-01
Volume
27
Issue
2
Pages
3-28
ISSN
0895-3309 (ISSN-L)
DOI
10.1257/jep.27.2.3
OpenAlex
W1965808745
Cited by
433
References
57
FWCI
64.57
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: The Growth of Finance. https://app.cochat.ai/papers/10.1257/jep.27.2.3
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Greenwood, R., & Scharfstein, D. (2013). The Growth of Finance. Journal of Economic Perspectives. https://doi.org/10.1257/jep.27.2.3

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.