A 2014 study showed that finance has
become more “expensive” since the 1970s, just when
deregulation was intended to make it more productive. The
growth in intermediation costs between 1970 and 1990 can
nevertheless be explained by macroeconomic and monetary
conditions. By contrast, the increase in unit cost after 1990
coincides with the development of modern finance that gives a
greater role to market activity.

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