Financial deepening

Nobuhiro Kiyotaki; John Moore

doi:10.1162/jeea.2005.3.2-3.701

Financial deepening

Nobuhiro Kiyotaki, John Moore

Research output: Contribution to journal › Article › peer-review

24 Scopus citations

Abstract

We develop a model of financial deepening, based on the distinction between limited bilateral commitment and limited multilateral commitment. We explore the effects of secular changes in financial depth on investment and output; on intermediation and interest 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.

Original language	English (US)
Pages (from-to)	701-713
Number of pages	13
Journal	Journal of the European Economic Association
Volume	3
Issue number	2-3
DOIs	https://doi.org/10.1162/jeea.2005.3.2-3.701
State	Published - 2005
Externally published	Yes

All Science Journal Classification (ASJC) codes

General Economics, Econometrics and Finance

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10.1162/jeea.2005.3.2-3.701

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Financial deepening

Abstract

All Science Journal Classification (ASJC) codes

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