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Author: Ki Beom Binh Publisher: 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.
Author: Ki Beom Binh Publisher: 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.
Author: Thorsten Beck Publisher: ISBN: Category : Banks and banking Languages : en Pages : 64
Book Description
Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments, and improving the efficiency of capital allocation across industries? We find evidence for neither the market-based nor the bank-based hypothesis. While legal system efficiency and overall financial development boost industry growth, new establishment formation, and efficient capital allocation, having a bank-based or market-based system per se does not seem to matter much.
Author: Raghuram G. Rajan Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribution of firms? What is the relative importance of financial institutions and financial markets, and does it depend on the stage of economic growth? How do financial systems differ in their vulnerability to crisis? This paper attempts to provide an answer to these questions based on the current state of empirical research.
Author: James R. Barth Publisher: World Bank Publications ISBN: Category : Bank Languages : en Pages : 66
Book Description
Empirical results highlight the downside of imposing certain regulatory restrictions on commercial bank activities. Regulations that restrict banks' ability to engage in securities activities and to own nonfinancial firms are closely associated with more instability in the banking sector, and keeping commercial banks from engaging in investment banking, insurance, and real estate activities does not appear to produce positive benefits.
Author: Thorsten Beck Publisher: ISBN: Category : Crecimiento economico Languages : en Pages : 50
Book Description
Do industries that depend heavily on external finance grow faster in market-based or bank-based fiancial systems? Are new firms more likely to form in a bank-based or a market-based financial system?
Author: Publisher: World Bank Publications ISBN: Category : Desarrollo economico Languages : en Pages : 66
Book Description
A country's level of financial development and the legal environment in which financial intermediaries and markets operate critically influence economic development. In countries whose financial sectors are more fully developed and whose legal systems protect the rights of outside investors, economies grow faster, industries dependent on external finance expand more quickly, new firms are created more easily, firms have more access to external financing, and firms grow faster.
Author: Ross Levine Publisher: 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: Franklin Allen Publisher: MIT Press ISBN: 9780262011778 Category : Business & Economics Languages : en Pages : 524
Book Description
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: Ki Beom Binh
Author: Ki Beom Binh
Author: Aslı Demirgüç-Kunt
Author: Thorsten Beck
Author: Raghuram G. Rajan
Author: James R. Barth
Author: Thorsten Beck
Author: 
Author: Ross Levine
Author: Murray D. Bryce
Author: Franklin Allen