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
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Consumption, wealth and business cycles: why is Germany different?
TL;DR: In this paper, the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003, was studied and it was shown that departures of these three variables from their common trend signal future changes in asset prices.
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Has the Cross-Section of Average Returns Always Been the Same? Evidence from Germany, 1881-1913
TL;DR: In this article, asset pricing theory is studied in the context of working-week contracts. Reference SFI-PB-WORKING-2000-001 Record created on 2008-03-12, modified on 2017-05-12
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Mass Privatisation, Corporate Governance and Endogenous Ownership Structure
TL;DR: In this article, the authors compare the change in ownership concentration in firms privatized through two different programs of mass privatization: the Czech voucher scheme and the Polish program of National Investment Funds.
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Bank Deposits and the Stock Market
TL;DR: The authors showed that households' demand for retail deposits decreases during stock market booms, which induces a contraction in bank lending and a decrease in real activity at bank-dependent firms, and identified this channel using geographic heterogeneity in households' stock market participation.
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Financial structure, economic growth and development
TL;DR: In this article, the influence of financial structure on economic growth is dependent on the overall development of the real economy and institutions and the association is also different during crisis periods and non-crisis periods.
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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.