In this regard, there is a very interesting study looking at the United States that I like to cite. According to this study, the US capital markets smooth out 39% of shocks to gross state product (equivalent to our GDP), the credit channel smooths out 23% of such shocks, and the federal budget smooths out 13%. 25% of the shock is not smoothed out.
Ignazio Visco: Challenges for the financial sector in adapting to cyber threats Speech by Mr Ignazio Visco, Governor of the Bank of Italy, at the G7 Conference on "Cybersecurity: coordinating efforts to protect the financial sector in the global economy", Bank of France, Paris, 10 May 2019.