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| Author: | Kiyotaki, N. Moore, J. |
| Title: | Financial deepening |
| Journal: | Journal of the European Economic Association
2005 : APR-MAY, VOL. 3:2-3, p. 701-713 |
| Index terms: | change commitment financial structure money |
| Language: | eng |
| Abstract: | This paper develops a model of financial deepening, based on the distinction between limited bilateral commitment and limited multilateral commitment. The authors investigate the effects of secular changes in financial depth on investment and output; on intermediation and interst rates; on the long-run velocities of circulation of different monetary instruments, and the use of outside money; on the patterns of saving and trade in paper. Three stages of financial development are identified. |
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