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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Financial intermediation and economic performance in Zimbabwe
TL;DR: In this article, a Vector Autoregressive (VAR) framework is applied to model and estimate the temporal and dynamic relationships between financial aggregates and economic activity, and the general impulse response function (GIRF) and variance decomposition (VDC) analytical techniques are applied to throw light on the speed and direction of the causal links.
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Dynamic Hedging Incentives, Debt, and Warrants
TL;DR: In this article, the authors show that when the firm chooses volatility dynamically, no warrant contract can eliminate asset substitution, as equity is always risk-loving when a firm is near default and the hedging incentive produced by a warrant is weakest when the option is out of the money.
Lending Conditions, Macroeconomic Fluctuations, and the Impact of Bank Ownership
TL;DR: The authors found that savings banks adjust their lending volume and conditions less cyclically than cooperatives, whereas this link between macroeconomic uctuations and bank behavior is most pronounced for private commercial banks.
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Entangled geographies of "Irish" finance
TL;DR: In this paper, the authors dissected the financial crisis through an analysis of financial development in Ireland, revealing the convergence of European finance along Anglo-American lines and highlighting the problems underlying Europe’s debt crisis.
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Finance, Investment and Growth: Evidence for Italy
TL;DR: In this article, a review of the theoretical and empirical literature provides evidence that the aggregate indicators of financial depth, constructed by Beck et al., played no significant role in spurring economic growth, after controlling for the main determinants of growth and corrected for endogeneity biases.
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.