Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Does Financial Structure Matter?
Author: Finance for Growth
Author: Alicia García-HerreroPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
In this paper we explore empirically a long-standing question in the literature on finance for growth, namely whether the financial structure - in terms of the size of the banking system relative to the capital markets - matters for economic growth. We build upon the existing literature by constructing a new measure of the “balancedness” of the financial structure which is broader, as it includes the domestic bond market as well as external sources of financing. It is also bounded and more linear than existing ones. We find that a more balanced financial structure - in terms of the size of banks relative to the capital markets - is associated with higher economic growth. Such finding points to banks and capital markets being more of a complement than a substitute. This is in line with Greenspan's idea of one market serving as “spare wheel” of the other.
Financial Structure and Economic Growth
Author: Aslı Demirgüç-KuntPublisher: MIT Press
ISBN: 9780262541794
Category : Business & Economics
Languages : en
Pages : 452
Book Description
CD-ROM contains: World Bank data.
Does Financial Structure Matter for Poverty? Evidence from Developing Countries
Author: Kangni KpodarPublisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
Although there has been research looking at the relationship between the structure of the financial system and economic growth, much less work has dealt with the importance of bank-based versus market-based financial systems for poverty and income distribution. Empirical evidence has indicated that the structure of the financial system has little relevance for economic growth, suggesting that the same could be true for poverty since growth is an important driver in reducing poverty. Some theories, however, claim that, by reducing information and transaction costs, the development of bank-based financial systems could exert a particularly large impact on the poor. This paper looks at a sample of 47 developing economies from 1984 through 2008. The results suggest that when institutions are weak, bank-based financial systems are better at reducing poverty and, as institutions develop, market-based financial systems can turn out to be beneficial for the poor.
Does Financial Structure Matter for the Information Content of Financial Indicators
Author: Bank of CanadaPublisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 36
Book Description
Financial Structure Does Matter for Industrial Growth
Author: Ki Beom BinhPublisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
In this paper we examine the empirical relationship between financial structure of various countries, whether they are market-based or bank-based, and the growth of industries having different characteristics. Using a sample of 26 OECD countries that have achieved some degree of financial development but with differing financial structures and systems, and classifying 26 manufacturing industries by technological rather than financing characteristics, we find that industries with high Ramp;D intensity, high operating risk, and high capital intensity tend to grow faster in countries that feature a market-based financial system over countries that feature a bank-based financial system. The results of this study imply that the financial structure and the industrial structure of a country need to be congruent for high economic growth.
Does Financial Structure Matter in Determining the Effectiveness of Monetary Policy? a Comparison Between Civil-law and Common-law Countries
Author: Zukarnain ZakariaPublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages :
Book Description
Firms, Contracts, and Financial Structure
Author: Oliver D. HartPublisher: Oxford University Press
ISBN: 0198288816
Category : Business & Economics
Languages : en
Pages : 239
Book Description
This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other handwhy firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understandfirms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with aninterest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Finance and Growth
Author: Ross LevinePublisher:
ISBN:
Category : Economic development
Languages : en
Pages : 130
Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: 吳建達