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
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
Law, Finance, and Economic Growth in China
TL;DR: Li et al. as discussed by the authors examined three sectors of the economy: the State Sector (state-owned firms), the Listed Sector (publicly listed firms), and the Private Sector (all other firms with various types of private and local government ownership).
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.
Journal ArticleDOI
How Law and Institutions Shape Financial Contracts: The Case of Bank Loans
TL;DR: In this article, a multi-dimensional empirical model was proposed to study how financial contracts respond to the legal and institutional environment, showing that loans with strong creditor protection have concentrated ownership, long maturity and low interest rates.
References
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OtherDOI
Financial liberalization, alliance capitalism and the changing structure of financial markets
Nigel Pain,Desiree van Welsum +1 more
TL;DR: This paper found that differences in the level of cross-border transactions, as measured by national foreign direct investment stocks, are more closely correlated with the cross-country variation of growth rates in the OECD economies than stock market capitalization, bond market capitalisation or bank lending to the private sector.
Book ChapterDOI
Bank vs. Bond Finance : A Cultural View of Corporate Debt Financing
TL;DR: This article analyzed the relationship between cultural value types and the corporate debt choice of either bank or bond financing and found that firms in Autonomy cultures tend toward bank finance, whereas firms in Embeddedness cultures show a preference for financing by issuing bonds.
Journal ArticleDOI
The character of the state in financial development and economic growth
TL;DR: In this article, the influence of the character of a state may inadvertently define the trajectory of financial development of the state and its resultant effect on economic growth, and the authors proposed a framework for conceptualizing the finance-growth theory in developing economies.
Posted Content
Local Market Structure and Bank Competition: evidence from the Brazilian auto loan market
TL;DR: In this paper, the authors exploit the large geographic dispersion in the market structure of the Brazilian banking sector to investigate the relationship between market concentration and bank competition, and find that there is a negative correlation between the two.
Posted Content
Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis
TL;DR: In this article, real and monetary policy convergence within the proposed WAM and EAM zones is analyzed. But the authors find that there is an overwhelming lack of convergence; an indication that candidate countries still have to work towards harmonizing cross-country differences in fundamental, structural and institutional characteristics that hamper the convergence process.