Funding Growth In Bank Based And Market Based Financial Systems
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Author | : Asl? Demirgüç-Kunt |
Publisher | : World Bank Publications |
Total Pages | : 40 |
Release | : 2000 |
Genre | : Bancos |
ISBN | : |
How the relative development of a country's stock market and banking system affects firms' growth is closely tied to how well developed the country's contracting environment is. How differences in the contracting environment affect the relative development of the stock market or banking system may have implications for which firms and which projects get financing.
Author | : Vojislav Maksimovic |
Publisher | : |
Total Pages | : 36 |
Release | : 2016 |
Genre | : |
ISBN | : |
How the relative development of a country's stock market and banking system affects firms' growth is closely tied to how well developed the country`s contracting environment is. How differences in the contracting environment affect the relative development of the stock market or banking system may have implications for which firms and which projects get financing.Demirguc-Kunt and Maksimovic investigate whether firms' access to external financing to fund growth differs between market-based and bank-based financial systems.Using firm-level data for 40 countries, they compute the proportion of firms in each country that relies on external finance and examine how that proportion differs across financial systems. They find that the development of a country's legal system predicts access to external finance and that stock markets and the banking system have different effects on access to external markets. The development of securities markets is related more to the availability of long-term financing, whereas the development of the banking sector is related more to the availability of short-term financing.They find no evidence, however, that firms' access to external financing is predicted by an index of the development of stock markets relative to the development of the banking system.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study financial structure and development. The study was funded by the Bank's Research Support Budget under the research project Financial Structure and Economic Development (RPO 682-41). The author may be contacted at [email protected].
Author | : Asl? Demirgüç-Kunt |
Publisher | : World Bank Publications |
Total Pages | : 73 |
Release | : 1999 |
Genre | : Bancos |
ISBN | : |
Author | : Asl? Demirgüç-Kunt |
Publisher | : World Bank Publications |
Total Pages | : 73 |
Release | : 1999 |
Genre | : Bancos |
ISBN | : |
Author | : Peter A. Hall |
Publisher | : Oxford University Press |
Total Pages | : 557 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 0199247749 |
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Author | : Asli DEMIRGÜÇ-KUNT |
Publisher | : |
Total Pages | : |
Release | : 2000 |
Genre | : |
ISBN | : |
Author | : Tridip Ray |
Publisher | : |
Total Pages | : 40 |
Release | : 2002 |
Genre | : Financial institutions |
ISBN | : |
Author | : Franklin Allen |
Publisher | : MIT Press |
Total Pages | : 524 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : 9780262011778 |
Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
Author | : Ross Levine |
Publisher | : |
Total Pages | : 45 |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : Aslı Demirgüç-Kunt |
Publisher | : MIT Press |
Total Pages | : 452 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9780262541794 |
CD-ROM contains: World Bank data.