Financial intermediaries can either lessen or worsen economic shocks. A study looked at how well-developed financial intermediaries impact growth volatility. They found that these intermediaries do not have a clear effect on growth volatility overall. In some cases, they reduce the impact of real sector shocks but increase the impact of monetary shocks. The study analyzed data from 63 countries between 1960-97 and found that financial intermediaries do not consistently affect growth volatility, but they do seem to dampen the effect of real sector shocks and amplify the impact of monetary shocks in low- and middle-income countries.