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The Evolution of Financial Services in the United States

Robin Greenwood et al.

Annual Review of Financial Economics2025https://doi.org/10.1146/annurev-financial-082123-105625article
AJG 3ABDC B
Weight
0.37

Abstract

This article surveys the literature on the historical growth and transformation of the US financial sector. The sector expanded rapidly between 1980 and 2006, during which its contribution to GDP rose from 4.8% to 7.6%. After the global financial crisis, the size of the sector stabilized at approximately 7% of GDP. After reviewing this literature, we examine recent developments, including the continued growth of high-fee alternative asset management and the shift away from banks to lending by nonbank financial intermediaries. We interpret both the growth and recent evolution of the sector as reflecting a continued transition to a more market-based financial system, with risk migrating away from banks and into markets.

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https://doi.org/https://doi.org/10.1146/annurev-financial-082123-105625

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@article{robin2025,
  title        = {{The Evolution of Financial Services in the United States}},
  author       = {Robin Greenwood et al.},
  journal      = {Annual Review of Financial Economics},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1146/annurev-financial-082123-105625},
}

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The Evolution of Financial Services in the United States

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.