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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Addressing the Psychology of Financial Markets
TL;DR: This paper argued that markets are not well organized to manage the power that financial assets have to generate emotion and their wider effect on human imagination and judgement, anchored in neurobiology, and suggested that the 2008 financial crisis was the culmination of an accelerating and inherently unstable process of financial market evolution.
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The difficult construction of a European Deposit Insurance Scheme: a step too far in Banking Union?
David Howarth,Lucia Quaglia +1 more
TL;DR: In this paper, the authors argue that the difficulties facing the construction of an EDIS owe to the weakness of the previously agreed harmonization of national institutional arrangements that the German Government sought to protect, and that German moral hazard concerns stemmed from the fear that well-funded German deposit guarantee schemes (DGS) could be tapped to compensate for underfunded (and largely ex post funded) DGS in other member states.
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Convergence of financial systems. Towards an evolutionary perspective.
TL;DR: In this article, an evolutionary perspective on financial systems based on complex systems theory is used to organize the discussion about the convergence and non-convergence of financial systems, which is best conceptualized as path dependent process of institutional change.
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In the Quest of Systemic Externalities: A Review of the Literature
Wolf Wagner,Wolf Wagner +1 more
TL;DR: In this article, the authors review the banking literature with the view of identifying systemic externalities arising from bank failures and conclude that externalities are higher at times when other banks are failing as well or are close to failure.
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Relationship Lending and Credit Quality
TL;DR: In this paper, the authors analyse whether relationship lending reduces borrowers' probability of default and, if so, whether this beneficial effect also applies to borrowers who are more exposed to the economic downturn, and find that the probability that a firm becomes distressed decreases if the creditor concentration is high and if the duration of bank-firm relationships is long.
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.
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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.
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.