NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Evolving Importance of Banks and Securities Markets

Asli Demirguc-Kunt, Erik Feyen, Ross Levine

NBER Working Paper No. 18004
Issued in April 2012

---- Acknowledgements -----

We received very helpful comments from Thorsten Beck, Norman Loayza, Yona Rubinstein, seminar participants at the World Bank's June 16, 2011 conference, "Financial Structure and Economic Development," and three anonymous referees. Mauricio Pinzon Latorre provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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