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
Stock markets, banks and the sources of economic growth in low and high income countries
Felix Rioja,Neven T. Valev +1 more
TL;DR: In this paper, the effects of stock markets and banks on the sources of economic growth, productivity and capital accumulation, using a large cross country panel that includes high- and low-income countries, were studied.
BookDOI
Institutional Change in Financial Systems
TL;DR: The authors summarizes and evaluates changes in the financial systems of the advanced capitalist economies since the early 1980s and provides a brief empirical summary of key changes in financial systems, broadly captured by the concept of financialisation.
Journal ArticleDOI
From Institutions to Financial Development and Growth: What are the Links?
Andres Fernandez,Cesar Tamayo +1 more
TL;DR: In this paper, the authors present an integrated overview of the literature linking institutions, financial development and economic growth and present the stock of empirical evidence quantifying the impact of institutions on growth through financial development.
Journal ArticleDOI
Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency
TL;DR: In this article, the authors show that the liberalization of capital inflows may undermine bank stability in emerging markets by enabling insolvent banks to accumulate bad loans, and they show that, because of wasteful investment, the liberalisation of capital inflow may decrease aggregate welfare.
Posted Content
Convergence and Risk-Return Linkages Across Financial Service Firms
TL;DR: The authors examined the risk and return linkages across US commercial banks, securities firms, and life insurance companies during the 1991-2001 period and found that return and risk interdependencies across these financial firms are significant and size-varying; larger institutions display stronger volatility transmission linkages, while smaller ones exhibit more prominent return-related linkages.
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.