Open AccessJournal Article
Comparing financial systems.
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This article is published in Kyklos.The article was published on 2000-01-01 and is currently open access. It has received 603 citations till now.read more
Citations
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Interest rate deregulation and banks’ off-balance-sheet activities: a Hong Kong perspective
TL;DR: In this paper, the authors investigated the impact of banking deregulation on banks' risk-taking behavior and concluded that the interest rate deregulation unambiguously leads to riskier bank behaviour in terms of higher off-balance-sheet activities adoption.
Posted Content
Commentary on Monetary policy and financial market evolution
TL;DR: In this paper, Allen et al. developed a model based on the interaction of the transactions costs of intermediation and monetary policy to show that it is not just transactions costs that matter for the development of banking systems.
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Alternative Investments in Japanese M&As: A Market Review and Some Empirical Evidence
TL;DR: In this article, the authors discuss the current M&A environment in Japan, and present evidence on the market performance of Japanese bidders in the past decade, showing that the M&As market was relatively flat before 1999.
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The Development of Financial Intermediation and Real Effects of Capital Account Liberalization
TL;DR: In this paper, the impact of opening the capital account on both aggregate output level and the structure of lending arrangements was examined in an emerging economy, and the results suggest situations where limiting the capital insow or outsow may be necessary to avoid an aggregate risk shift and the collapse of the financial intermediation sector.
References
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Investor Protection and Corporate Governance
TL;DR: In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.
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The Theory of Bank Risk Taking and Competition Revisited
John H. Boyd,Gianni De Nicolo +1 more
TL;DR: The authors show that existing theoretical analyses of this topic are fragile, since there exist fundamental risk-incentive mechanisms that operate in exactly the opposite direction, causing banks to become more risky as their markets become more concentrated.
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Bank concentration, competition, and crises: First results
TL;DR: In this paper, the impact of national bank concentration, bank regulations, and national institutions on the likelihood of a country suffering a systemic banking crisis was studied using data on 69 countries from 1980 to 1997.
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Competition and Financial Stability
Franklin Allen,Douglas Gale +1 more
TL;DR: The authors used a variety of models to address the question of what are the efficient levels of competition and financial stability, and found that different models provide different answers, and that sometimes competition increases stability, while in a second best world, concentration may be socially preferable to perfect competition.
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The Corporate Governance of Banks
Jonathan R. Macey,Maureen O'Hara +1 more
TL;DR: In this paper, the authors argue that commercial banks pose unique corporate governance problems for managers and regulators, as well as for claimants on the banks' cash flows, such as investors and depositors.