Financial Structure and Growth

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Bank Bias in Europe: Effects on Systemic Risk and Growth (2015, background): “However, recent evidence suggests that these conclusions might not hold when the data are extended to include the past two decades (Gambacorta et al., 2014; Pagano et al., 2014; Levine et al., 2015).”
Finance and economic growth in OECD and G20 countries (2015, result): “This view is in line with other recent empirical evidence showing that market-based financial systems are more conducive to growth and innovation than bank-based ones (European Systemic Risk Board, 2014; Gambacorta et al., 2014; Hsu et al., 2014; Langfield and Pagano, 2015).”
Effective Macroprudential Policy: Cross‐Sector Substitution from Price and Quantity Measures (2016, unknown): “For more analysis on market versus bank-based systems, see Gambacorta et al. (2014).”