Cream Skimming in Financial Markets

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Presidential Address: Does Finance Benefit Society? (2015, background): “The level of complication 11 For recent examples in this literature see Bolton, Santos, and Scheinkman (2014) and Biais, Foucault, and Moinas (2015).”
Financial development, real sector, and economic growth (2015, background): “The average difference between the growth of the financial and real sectors is around 2% when financial development is measured by total private credit or by private credit by banks to GDP (rows (12) and (13) of Table 1, respectively).”
The FinTech Opportunity (2016, unknown): “On the other hand, simple leverage is more counter-cyclical, as shown by Brei and Gambacorta (2016). The regulatory tightening, although not as ambitious as after the Great Depression, has achieved several important goals.”
Is More Finance Better? Disentangling Intermediation and Size Effects of Financial Systems (2014, unknown): “1 Several authors have recently used value added of the financial sector, including Philippon (2008), Philippon and Reshef (2012), and Cecchetti and Kharroubi (2012). Measuring the value-added (and therefore the size) of the financial sector, however, is challenging.”
Financial Expertise as an Arms Race (2012, unknown): “Closer to our paper, Bolton, Santos, and Scheinkman (2011) model a labor market for workers who can choose to become entrepreneurs or financiers.”