TY - BOOK ID - 134071418 TI - The Evolving Importance of Banks and Securities Markets AU - Demirguc-Kunt, Asli AU - Feyen, Erik. AU - Levine, Ross. AU - National Bureau of Economic Research. PY - 2011 PB - Washington, D.C., The World Bank, DB - UniCat KW - International Finance KW - General Financial Markets KW - Financial Institutions and Services KW - Financial Markets • Saving and Capital Investment • Corporate Finance and Governance UR - https://www.unicat.be/uniCat?func=search&query=sysid:134071418 AB - This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country's actual financial structure-the mixture of banks and markets operating in an economy-from the estimated optimal structure are associated with lower levels of economic activity. ER -