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| Tekijä: | Tadesse, S. |
| Otsikko: | Financial Architecture and Economic Performance: International Evidence |
| Lehti: | Journal of Financial Intermediation
2002 : OCT, VOL. 11:4, p. 429-454 |
| Asiasana: | FINANCIAL SERVICES BANKING ECONOMIC GROWTH |
| Kieli: | eng |
| Tiivistelmä: | The paper examines the relation between the architecture of an economy's financial system-its degree of market orientation-and economic performance in the real sector. The author finds 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. |
SCIMA