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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Money flows like mercury: the geography of global finance
TL;DR: The authors argued that the economic landscape of twenty-first century capitalism should be understood through global financial institutions, its social formations and investment practices. And they used a metaphor of money flows like mercury to explain the spatial and temporal logic of global capital flows.
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Competition in Banking: A Review of the Literature
TL;DR: The authors examine le paradigme traditionnel voulant qu'il existe an arbitrage entre l'efficience economique et la stabilite du systeme bancaire.
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The role of accounting in the German financial system
Christian Leuz,Jens Wüstemann +1 more
TL;DR: In this article, the role of financial accounting in the German financial system is analyzed from the perspective of an arm's length or outside investor and when confined to the financial statements per se.
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The impact of bank consolidation on commercial borrower welfare
TL;DR: In this article, the impact of bank merger announcements on borrowers' stock prices for publicly traded Norwegian firms was analyzed and the propensity to terminate a relationship with a bank was linked to borrower abnormal returns.
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Market- vs. Bank-Based Financial Systems: Do Rights and Regulations Really Matter?
TL;DR: In this article, the authors show that in a civil-law environment, where potential conflicts between borrowers and individual lenders inhibit the development of markets because the courts are unable to penalize defrauding borrowers, banks can induce borrowers to honor their obligations by threatening to withhold services that only banks can provide.
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.