| Yes. The Bank of International Settlements ("the central bank of central banks"): Why does financial sector growth crowd out real economic growth? (2015) [0] "In this paper we examine the negative relationship between the rate of growth of the financial sector and the rate of growth of total factor productivity." IMF: Rethinking Financial Deepening: Stability and Growth in Emerging Markets (2015) [1] "The analysis uncovers evidence of 'too much finance' in recent years—that is, beyond a certain level of financial
development the benefits to growth begin to decline and costs in terms of economic and financial volatility begin to rise." On the optimal size of the financial sector, a speech by Benoît Cœuré, Member of the Executive Board of the European Central Bank (2014) [2]: "While finance per se is necessary for growth, an oversized financial industry can be detrimental to real economic activity." [0]: https://www.bis.org/publ/work490.htm [1]: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf [2]: https://www.ecb.europa.eu/press/key/date/2014/html/sp140902.... |