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| Title: | National Culture and Financial Systems |
| Authors: | Tadesse, Solomon
Kwok, Chuck |
| Keywords: | Financial Systems, Bank-based, Market based, Culture, Uncertainty Avoidance |
| Issue Date: | 1-Mar-2005 |
| Series/Report no.: | 884 |
| Abstract: | Countries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the U.S. and the U.K., financial systems are dominated by stock markets whereas in Continental Europe and Japan, banks play a predominant role. Why do countries differ in the configuration of their financial systems? We argue that national culture plays a significant role. We find that countries characterized by higher uncertainty avoidance, as an attribute of their national culture, are more likely to have a bank-based system. |
| URI: | http://hdl.handle.net/2027.42/57264
http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp
884.pdf |
| Other Identifiers: | RePEc:wdi:papers:2007-884 |
| Appears in Collections: | William Davidson Institute (WDI) - Working Papers
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| wp884 .pdf | | 293Kb | Adobe PDF | View/Open |
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