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Replication data for: Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

Version
V0
Resource Type
Dataset
Creator
  • Philippon, Thomas
Publication Date
2015-04-01
Description
  • Abstract

    A quantitative investigation of financial intermediation in the United States over the past 130 years yields the following results: (i) the finance industry's share of gross domestic product (GDP) is high in the 1920s, low in the 1960s, and high again after 1980; (ii) most of these variations can be explained by corresponding changes in the quantity of intermediated assets (equity, household and corporate debt, liquidity); (iii) intermediation has constant returns to scale and an annual cost of 1.5-2 percent of intermediated assets; (iv) secular changes in the characteristics of firms and households are quantitatively important. (JEL D24, E44, G21, G32, N22)
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.20120578 (Text)
Publications
  • Philippon, Thomas. “Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation.” American Economic Review 105, no. 4 (April 2015): 1408–38. https://doi.org/10.1257/aer.20120578.
    • ID: 10.1257/aer.20120578 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-12

Philippon, Thomas (2015): Replication data for: Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E112878