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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The Role of Risk in the Choice of Optimal State-Market Relations
TL;DR: In this paper, the role of risk in the determination of relative prices is considered and it is shown that market prices will deviate from a Pareto-optimal allocation.
Journal ArticleDOI
Financial instability, oligopolistic banking, and monetary growth
TL;DR: In this article, the authors analyzed the dynamics of a monetary economy which is characterized by increasing returns to scale in financial intermediation and showed that the predictive power of fundamentals does not contradict the random theory of crises.
Posted Content
Financial intermediation cost, rents, and productivity: An international comparison
TL;DR: In this paper, the authors compared the unit cost of financial intermediation for 20 countries from 1970 to 2015 and found that most countries' unit costs decline and converge in the long run.
Book ChapterDOI
Reflections on New Financial System in Japan: Participation Costs, Wealth Distribution,and Security Market-Based Intermediation
TL;DR: In this article, the authors argue that risk management would make more use of risk elimination by institutional investors and risk transfers through the financial markets, and stress the importance of participation by individual investors in the mechanism of risk transfer through security market-based intermediation.
Journal ArticleDOI
Disclosure Enforcement Consequences – Evidence from Germany
Christian Laschewski,Julia Nasev +1 more
TL;DR: In 2006, Germany passed a disclosure enforcement law (EHUG) that strengthened the enforcement of financial statement disclosure in particular for non-listed firms whose compliance before the law was just about 16% After introducing recurring fines of €2,500 to €25,000 disclosure rates surged to above 90% as discussed by the authors.
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.
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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.