Financial Architecture and Economic Performance: International Evidence
dc.contributor.author | Tadesse, Solomon | en_US |
dc.date.accessioned | 2006-08-01T16:16:27Z | |
dc.date.available | 2006-08-01T16:16:27Z | |
dc.date.issued | 2001-08-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2001-449 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/39833 | en_US |
dc.description.abstract | The paper examines the relations between the architecture of an economy's financial system - its degree of market orientation - and economic performance in the real sector. We argue that the relative effectiveness of bank-based versus market-based financial systems depends on the strength of the contractual environment and the extent of agency problems in the economy. We find that while market-based systems outperform bank-based systems among countries with developed financial sectors, bank-based systems fare better among countries with underdeveloped financial sectors. Countries dominated by small firms grow faster in bank-based systems and those dominated by larger firms in market-based systems. The findings suggest that recent trends in financial development policies that indiscriminately prescribe market-oriented financial-system-architecture to emerging and transition economies might be misguided because suitable financial architecture, in and of itself, could be a source of value. | en_US |
dc.format.extent | 81159 bytes | |
dc.format.extent | 3151 bytes | |
dc.format.extent | 336657 bytes | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | 449 | en_US |
dc.subject | Banking and Finance, Corporate Governance | en_US |
dc.subject.other | G1, G21, O1, O4 | en_US |
dc.title | Financial Architecture and Economic Performance: International Evidence | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/39833/3/wp449.pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
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