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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Journal ArticleDOI
From cash‐in‐the‐market pricing to financial fragility
Franklin Allen,Douglas Gale +1 more
TL;DR: This article reviewed some recent research that explores the relationship between asset-price volatility and financial fragility when markets and contracts are incomplete, and showed that incomplete markets can lead to asset price volatility.
Journal ArticleDOI
The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel
TL;DR: In this article, the authors studied the impact of a loan supply shock from demand shocks on the real economy and found that banks with greater real-estate exposure have to reduce lending.
ReportDOI
Investor Protection: Origins, Consequences, and Reform
Rafael La Porta,Rafael La Porta,Florencio Lopez-de-Silanes,Florencio Lopez-de-Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: In this paper, 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.
Journal ArticleDOI
The Implications of Debt Heterogeneity for R&D Investment and Firm Performance
TL;DR: In this article, the authors argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance.
Journal ArticleDOI
A Review of Japan's Bank Crisis from the Governance Perspective
TL;DR: In this paper, the authors describe some aspects of the governance of Japan's bank management, which have been responsible for the banks' delayed disposition of nonperforming loans (NPLs).
References
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Journal ArticleDOI
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.
Journal ArticleDOI
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.
Journal ArticleDOI
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.
Posted Content
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.
Posted Content
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.