The Evolution of Financial Services in the United States
本文综述了美国金融部门从1980年到2006年快速增长（GDP占比从4.8%升至7.6%）及金融危机后稳定在7%左右的历史，并分析了高收费另类资产管理和非银行放贷等最新趋势，认为这反映了向市场型金融体系的持续转型。
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.