Liquidity creation, investment, and growth

Acemoglu, D., Naidu, S., Restrepo, P., & Robinson, J. A. (2019). Democracy does cause growth. Journal of Political Economy, 127(1), 47–100. Aghion, L., Howitt, P., & Levine, R. (2018). Financial development and innovation-led growth. Handbook of Finance and Development. Edward Elgar Publishing. Aghion, P., Bond, S., Klemm, A., & Marinescu, I. (2004). Technology and financial structure: Are innovative firms different? Journal of the European Economic Association, 2(2–3), 277–288. Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. Quarterly Journal of Economics, 120(1), 173–222. Allen, F., & Gale, D. (1999). Diversity of opinion and financing of new technologies. Journal of Financial Intermediation, 8(1–2), 68–89. Allen, F., & Gale, D. (2000). Comparing financial systems. MIT Press. Allen, F., Gu, X., & Kowalewski O. (2018). Financial structure, economic growth and development. Handbook of Finance and Development, (pp. 31–62). Alvarez, J., & Arellano, M. (2003). The time series and cross-section asymptotics of dynamic panel data estimators. Econometrica, 71(4), 1121–1159. Arcand, J. L., Berkes, E., & Panizza, U. (2015). Too much finance? Journal of Economic Growth, 20(2), 105–148. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. Bai, J., Krishnamurthy, A., & Weymuller, C.-H. (2018). Measuring liquidity mismatch in the banking sector. Journal of Finance, 73(1), 51–93. Barro, R. (1997). Determinants of economic growth: A cross-country empirical study. MIT Press. Barro, R. J., & Sala i Martin, X. (2003). Economic growth (2nd ed.). MIT Press. Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? Journal of Finance, 60(1), 137–177. Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics, 89(3), 467–487. Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300. Begenau, J., & Palazzo, B. (2021). Firm selection and corporate cash holdings. Journal of Financial Economics, 139(3), 697–718. Bekaert, G., Harvey, C. R., & Lundblad, C. (2005). Does financial liberalization spur growth? Journal of Financial Economics, 77(1), 3–55. Bencivenga, V. R., & Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies, 58(2), 195–209. Berger, A. N., & Bouwman, C. H. (2009). Bank liquidity creation. Review of Financial Studies, 22(9), 3779–3837. Berger, A. N., & Bouwman, C. H. (2015). Bank liquidity creation and financial crises. Academic Press. Berger, A. N., & Bouwman, C. H. (2017). Bank liquidity creation, monetary policy, and financial crises. Journal of Financial Stability, 30, 139–155. Berger, A. N., & Sedunov, J. (2017). Bank liquidity creation and real economic output. Journal of Banking and Finance, 81, 1–19. Bertrand, M., Schoar, A., & Thesmar, D. (2007). Banking deregulation and industry structure: Evidence from the french banking reforms of 1985. Journal of Finance, 62(2), 597–628. Bowsher, C. G. (2002). On testing overidentifying restrictions in dynamic panel data models. Economics Letters, 77(2), 211–220. Braun, M., & Larrain, B. (2005). Finance and the business cycle: International, inter-industry evidence. Journal of Finance, 60(3), 1097–1128. Brown, J. R., Martinsson, G., & Petersen, B. C. (2012). Do financing constraints matter for R &D? European Economic Review, 56(8), 1512–1529. Brown, J. R., Martinsson, G., & Petersen, B. C. (2013). Law, stock markets, and innovation. Journal of Finance, 68(4), 1517–1549. Bryant, J. (1980). A model of reserves, bank runs, and deposit insurance. Journal of Banking and Finance, 4(4), 335–344. Bucă, A., & Vermeulen, P. (2017). Corporate investment and bank-dependent borrowers during the recent financial crisis. Journal of Banking and Finance, 78, 164–180. Cameron, R. E. (1972). Banking and economic development. Oxford University Press. Carlin, W., & Mayer, C. (2003). Finance, investment, and growth. Journal of Financial Economics, 69(1), 191–226. Cerutti, E., Claessens, S., & Laeven, L. (2017). The use and effectiveness of macroprudential policies: New evidence. Journal of Financial Stability, 28, 203–224. Cetorelli, N., & Gambera, M. (2001). Banking market structure, financial dependence and growth: International evidence from industry data. Journal of Finance, 56(2), 617–648. Chatterjee, U. K. (2015). Bank liquidity creation and asset market liquidity. Journal of Financial Stability, 18, 139–153. Chava, S., & Purnanandam, A. (2011). The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economics, 99(1), 116–135. Chen, Q., Goldstein, I., Huang, Z., & Vashishtha, R. (2020). Liquidity transformation and fragility in the US banking sector. Working Paper. Čihák, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R. (2012). Benchmarking financial systems around the world. World bank policy research working paper (6175). Claessens, S., & Laeven, L. (2003). Financial development, property rights, and growth. Journal of Finance, 58(6), 2401–2436. Claessens, S., & Laeven, L. (2005). Financial dependence, banking sector competition, and economic growth. Journal of the European Economic Association, 3(1), 179–207. Corrado, C. A., & Hulten, C. R. (2010). How do you measure a “technological revolution’’? American Economic Review, 100(2), 99–104. Dang, T. V., Gorton, G., Holmström, B., & Ordonez, G. (2017). Banks as secret keepers. American Economic Review, 107(4), 1005–29. Dell’Ariccia, G., Kadyrzhanova, D., Ratnovski, L., & Minoiu, C. (2021). Bank lending in the knowledge economy. Review of Financial Studies, 34(10), 5036–5076. Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393–414. Diamond, D. W., & Dybvig, P. H. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401–419. Djankov, S., McLiesh, C., & Shleifer, A. (2007). Private credit in 129 countries. Journal of Financial Economics, 84(2), 299–329. Donaldson, J. R., Piacentino, G., & Thakor, A. (2018). Warehouse banking. Journal of Financial Economics, 129(2), 250–267. Döttling, R., Gutierrez Gallardo, G., & Philippon, T. (2017). Is there an investment gap in advanced economies? If so, why? Paper prepared for the 2017 ECB Forum on Central Banking (Sintra). Döttling, R. & Ratnovski, L. (2021). Monetary policy and intangible investment. Working Paper. Duprey, T., & Lé, M. (2016). Bankscope dataset: getting started. Working Paper. Eisfeldt, A. L., Falato, A., & Xiaolan, M. Z. (2021). Human capitalists. NBER Working Paper. Falato, A., Kadyrzhanova, D., Sim, J., & Steri, R. (2020). Rising intangible capital, shrinking debt capacity, and the US corporate savings glut. Working Paper. Fidrmuc, J., Fungáčová, Z., & Weill, L. (2015). Does bank liquidity creation contribute to economic growth? Evidence from Russia. Open Economies Review, 26(3), 479–496. Fisman, R., & Love, I. (2007). Financial dependence and growth revisited. Journal of the European Economic Association, 5(2–3), 470–479. Gerschenkron, A. (1962). Economic backwardness in historical perspective - A book of essays. Harvard University Press. Goldstein, I., & Pauzner, A. (2005). Demand-deposit contracts and the probability of bank runs. Journal of Finance, 60(3), 1293–1327. Gorton, G., & Pennacchi, G. (1990). Financial intermediaries and liquidity creation. Journal of Finance, 45(1), 49–71. Guiso, L., Sapienza, P., & Zingales, L. (2004). Does local financial development matter? Quarterly Journal of Economics, 119(3), 929–969. Gutiérrez, G., & Philippon, T. (2017). Declining competition and investment in the US. Working Paper. Gygli, S., Haelg, F., Potrafke, N., & Sturm, J.-E. (2019). The KOF globalisation index - Revisited. Review of International Organizations, 14(3), 543–574. Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. Handbook of the Economics of Innovation. Elsevier. Hanson, S. G., Shleifer, A., Stein, J. C., & Vishny, R. W. (2015). Banks as patient fixed-income investors. Journal of Financial Economics, 117(3), 449–469. Haskel, J., & Westlake, S. (2017). The rise of the intangible economy: Capitalism without capital. Princeton University Press. Hellwig, M. (1991). Banking, financial intermediation and corporate finance. European Financial Integration, 35, 63. Holmstrom, B., & Tirole, J. (1997). Financial intermediation, loanable funds, and the real sector. Quarterly Journal of Economics, 112(3), 663–691. Holmström, B., & Tirole, J. (1998). Private and public supply of liquidity. Journal of Political Economy, 106(1), 1–40. Hsu, P.-H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116–135. Inklaar, R., Koetter, M., & Noth, F. (2015). Bank market power, factor reallocation, and aggregate growth. Journal of Financial Stability, 19, 31–44. Jacklin, C. J. (1987). Demand deposits, trading restrictions, and risk sharing. Contractual Arrangements for Intertemporal Trade, 1, 26–47. Jayaratne, J., & Strahan, P. E. (1996). The finance-growth nexus: Evidence from bank branch deregulation. Quarterly Journal of Economics, 111(3), 639–670. Jiang, L., Levine, R., & Lin, C. (2019). Competition and bank liquidity creation. Journal of Financial and Quantitative Analysis, 54(2), 513–538. Johnson, S., La Porta, R., Lopez-de Silanes, F., & Shleifer, A. (2000). Tunneling. American Economic Review, 90(2), 22–27. Kindleberger, C. (1984). A financial history of western Europe. Oxford University Press. King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108(3), 717–737. Kroszner, R. S., Laeven, L., & Klingebiel, D. (2007). Banking crises, financial dependence, and growth. Journal of Financial Economics, 84(1), 187–228. La Porta, R., Lopez-de Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. La Porta, R., Lopez-de Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. Langfield, S., & Pagano, M. (2016). Bank bias in Europe: Effects on systemic risk and growth. Economic Policy, 31(85), 51–106. Larrain, M., & Stumpner, S. (2017). Capital account liberalization and aggregate productivity: The role of firm capital allocation. Journal of Finance, 72(4), 1825–1858. Levine, R. (1991). Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445–1465. Levine, R. (1999). Law, finance, and economic growth. Journal of Financial Intermediation, 8(1–2), 8–35. Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth, 1, 865–934. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77. Levine, R. & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 537–558. Love, I. (2003). Financial development and financing constraints: International evidence from the structural investment model. Review of Financial Studies, 16(3), 765–791. Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and statistics, 61(S1), 631–652. Morck, R., & Nakamura, M. (1999). Banks and corporate control in Japan. Journal of Finance, 54(1), 319–339. Nickell, S. (1981). Biases in dynamic models with fixed effects. Econometrica, 49(6), 1417–1426. Papaioannou, E., & Siourounis, G. (2008). Democratisation and growth. Economic Journal, 118(532), 1520–1551. Popov, A. (2018). Evidence on finance and economic growth. Handbook of Finance and Development. Edward Elgar Publishing. Raddatz, C. (2006). Liquidity needs and vulnerability to financial underdevelopment. Journal of Financial Economics, 80(3), 677–722. Rajan, R. G. (1992). Insiders and outsiders: The choice between informed and arm’s-length debt. Journal of Finance, 47(4), 1367–1400. Rajan, R. G., & Zingales, L. (1998). Financial dependence and growth. American Economic Review, 88(3), 559–586. Rampini, A. A., & Viswanathan, S. (2010). Collateral, risk management, and the distribution of debt capacity. Journal of Finance, 65(6), 2293–2322. Rousseau, P. L. & Wachtel, P. (1998). Financial intermediation and economic performance: Historical evidence from five industrialized countries. Journal of Money, Credit and Banking, 30(4), 657–678. Silva, A. F. (2019). Strategic liquidity mismatch and financial sector stability. Review of Financial Studies, 32(12), 4696–4733. Smolyansky, M. (2019). Policy externalities and banking integration. Journal of Financial Economics, 132(3), 118–139. Stein, J. C. (2012). Monetary policy as financial stability regulation. Quarterly Journal of Economics, 127(1), 57–95. Wallace, N. (1996). Narrow banking meets the Diamond-Dybvig model. Federal Reserve Bank of Minneapolis Quarterly Review, 20(1), 3–13. Weinstein, D. E., & Yafeh, Y. (1998). On the costs of a bank-centered financial system: Evidence from the changing main bank relations in Japan. Journal of Finance, 53(2), 635–672.