scholarly paper
Academic publishing is the subfield of publishing which distributes academic research and scholarship. Most academic work is published in academic journal articles, books or theses. The part of academic written output that is not formally publi ...
Ugo Panizza
Ugo Panizza is an Italian and Swiss economist. He is a professor of International Economics, department head, and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva. He is a vice-p ...
. The paper was originally described in a 2011 VoxEU column, in 2012 it was issued as
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
working paper, and in 2015 was published by the
Journal of Economic Growth
The ''Journal of Economic Growth'' is a peer-reviewed academic journal covering research in economic growth and dynamic macroeconomics. It was established in 1996 and is published by Springer Science+Business Media.
Time Magazine
''Time'' (stylized in all caps as ''TIME'') is an American news magazine based in New York City. It was published weekly for nearly a century. Starting in March 2020, it transitioned to every other week. It was first published in New York Cit ...
featured the article 'Bankers: Who Needs Them?', based on the working paper. The article features the same quote by
James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard University, Harvard and Yale Uni ...
as the working paper:
It further cites one of the authors,
Ugo Panizza
Ugo Panizza is an Italian and Swiss economist. He is a professor of International Economics, department head, and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva. He is a vice-p ...
who summarizes the working paper as:
On 26 September 2012 the BBC World Service programme Business Daily interviewed one of the authors -
Ugo Panizza
Ugo Panizza is an Italian and Swiss economist. He is a professor of International Economics, department head, and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva. He is a vice-p ...
- on the issue of too much finance for a broadcast on the rise of digital currencies.
On May 26, 2015, the
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...
published a widely read column by
Martin Wolf
Martin Harry Wolf (born 16 August 1946 in London) is a British journalist who focuses on economics. He is the chief economics commentator at the ''Financial Times''. He also writes a weekly column for the French newspaper ''Le Monde''.
Earl ...
that discusses the original findings of the "Too much finance?" paper, as well as more recent research by the
Bank of International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central bank ...
and
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
which supports these findings. The
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...
article labels the authors of "Too Much Finance?" as
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
researchers. However, only Berkes was at the IMF when the paper was originally written, Arcand and Panizza are professors of Economics at the Graduate Institute in
Geneva
Geneva ( , ; ) ; ; . is the List of cities in Switzerland, second-most populous city in Switzerland and the most populous in French-speaking Romandy. Situated in the southwest of the country, where the Rhône exits Lake Geneva, it is the ca ...