资源描述：
《Bank-Based and Market-Based Financial Systems》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、BANK-BASEDANDMARKET-BASEDFINANCIALSYSTEMS:CROSS-COUNTRYCOMPARISONSAsliDemirguc-KuntandRossLevine*1*DevelopmentResearchGroup,TheWorldBank,andFinanceDepartment,UniversityofMinnesota,respectively.WewouldliketothankThorstenBeckfordoingmostoftheworkandJerryCa
2、prioforveryhelpfulcomments.2I.INTRODUCTIONEconomistshavelongdebatedtheadvantagesanddisadvantagesofbank-basedfinancial1systemsvis-à-vismarket-basedsystems.Thisdebatehasprimarilyfocusedonfourcountries.Inbank-basedfinancialsystemssuchasGermanyandJapan,banks
3、playaleadingroleinmobilizingsavings,allocatingcapital,overseeingtheinvestmentdecisionsofcorporatemanagers,andinprovidingriskmanagementvehicles.Inmarket-basedfinancialsystemssuchasEnglandandtheUnitedStates,securitiesmarketssharecenterstagewithbanksinterms
4、ofgettingsociety’ssavingstofirms,exertingcorporatecontrol,andeasingriskmanagement.Someanalystssuggestthatmarketsaremoreeffectiveatprovidingfinancialservices.Otherstouttheadvantagesofintermediaries.Thedebateisunresolvedandhamperstheformationofsoundpolicya
5、dvice.Thereisamajorshortcomingwithexistingcomparisonsofmarket-basedversusbank-basedfinancialsystems;theyfocusonaverynarrowsetofcountrieswithsimilarlevelsofGDPpercapita,sothatthecountrieshaveverysimilarlong-rungrowthrates.Thus,ifoneacceptsthatGermanyandJa
6、panare“bank-based”andthatEnglandandtheUnitedStatesare“market-based”andifonerecognizesthatthesecountriesallhaveverysimilarlong-rungrowthrates,thenthisimpliesthatfinancialstructuredid2notmattermuch.Toprovidegreaterinformationonboththeeconomicimportanceandd
7、eterminantsoffinancialstructure,economistsneedtobroadenthedebatetoincludeawiderarrayofnationalexperiences.1SeecitationsanddiscussioninAllenandGale(1997)andLevine(1999).2Whileotherdifferences(e.g.,fiscal,monetary,andregulatorypolicies)couldhaveperfectlyba
8、lancedthegrowtheffectsofdifferencesinfinancialstructure,thisseemsunlikely.Also,paststudiesoffinancialstructuredonotcontrolfordifferencesinnon-financialsectorpolicies.3Toexpandthedebatetoabroadercross-sectionofcountries,wen
