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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Report SeriesDOI
Do financial systems converge ? new evidence from household financial assets in selected oecd countries
Giuseppe Bruno,Riccardo De Bonis +1 more
TL;DR: In this paper, the authors studied the convergence of financial systems through the lens of household asset allocation, and found convergence of household total financial assets, insurance technical reserves and shares and other equity.
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.