在分析了来自大量国家数据后，他们发现“一国银行业相对股市和私人���券市场的规模的扩张伴随着随后五年更低的GDP增长。 ”
Analyzing data for a large number of countries, they find that “an increase in the size of a country’s banking sector relative to stock and private bond market capitalization is associated with lower GDP growth in the subsequent five-year period.”