Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data
The authors investigate whether
firms' access to external financing, to fund growth
differs between market-based, and bank-based financial
systems. Using firm-level data for forty countries, they
compute the proportion of firms in each country that relies
on external finance, and examine how that proportion differs
across financial systems. They find that the development of
a country's legal system predicts access to external
finance, and that stock markets, and the banking system have
different effects on access to external markets. The
development of securities markets is related more to the
availability of long-term financing, whereas the development
of the banking sector is related more to the availability of
short-term financing. They find no evidence, however, that
firms' access to external financing is predicted by an
index of the development of stock markets, relative to the
development of the banking system.
Saved in:
Bibliographic Details
| Main Authors: |
Maksimovic, Vojislav,
Demirguc-Kunt, Asli |
|---|
| Language: | English
en_US |
|---|
| Published: |
World Bank, Washington, DC
2000-08
|
|---|
| Subjects: | ABSTRACTS,
ASSETS,
BANKING SECTOR,
BANKING SYSTEM,
BANKS,
BORROWING,
CAPITALIZATION,
CITIZENS,
CIVIL LAW,
CIVIL LAW SYSTEMS,
CODES,
COMMON LAW,
COMPARATIVE ADVANTAGE,
COMPARATIVE ADVANTAGES,
CORPORATE FINANCE,
COUNTRY AVERAGES,
DEBT,
DEVELOPMENT ECONOMICS,
ECONOMIC DEVELOPMENT,
ECONOMIC GROWTH,
ECONOMIC PERFORMANCE,
FINANCIAL CONTRACTS,
FINANCIAL DATA,
FINANCIAL DEVELOPMENT,
FINANCIAL INTERMEDIARIES,
FINANCIAL MARKETS,
FINANCIAL PLANNING,
FINANCIAL SECTOR,
FINANCIAL SERVICES,
FINANCIAL STRUCTURE,
FINANCIAL SYSTEMS,
FINANCIAL TRANSACTIONS,
GDP DEFLATOR,
GDP PER CAPITA,
GROSS DOMESTIC PRODUCT,
GROWTH RATE,
GROWTH RATES,
INFLATION,
INFLATION RATE,
INSTITUTIONAL DEVELOPMENT,
LAWS,
LEGAL ORIGIN,
LEGAL SYSTEMS,
NET SALES,
OVERHEAD COSTS,
PER CAPITA INCOME,
PER CAPITA INCOMES,
POLITICAL INSTITUTIONS,
PROFIT RATE,
PROPERTY RIGHTS,
REAL GDP,
RETURN ON ASSETS,
SECURITIES,
SECURITIES MARKETS,
STOCK MARKETS,
WEALTH FUNDING CAPACITY; BANKING SYSTEMS; MARKET-BASED INSTRUMENTS; ENTERPRISES; DATA ANALYSIS; FINANCING OPTIONS; FINANCIAL SYSTEMS; LEGISLATIVE FRAMEWORK; EXTERNAL FINANCE; STOCK MARKETS; SECURITIES MARKETS; PERFORMANCE INDICATORS, |
|---|
| Online Access: | http://documents.worldbank.org/curated/en/2000/08/693218/funding-growth-bank-based-market-based-financial-systems-evidence-firm-level-data
https://hdl.handle.net/10986/19813
|
|---|
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
|---|
