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1、JournalofFinancialEconomics65(2002)337–363Fundinggrowthinbank-basedandmarket-based$financialsystems:evidencefromfirm-leveldataab,AslıDemirgu.c-Kunt-,VojislavMaksimovic*aTheWorldBank,1818HSt.N.W.,Washington,DC20433,USAbRobert.H.SmithSchoolofBusiness,UniversityofMaryland,VanMunchingHall,CollegePar
2、k,MD20742,USAReceived24July2000;accepted22June2001AbstractWeinvestigatewhetherfirms’accesstoexternalfinancingtofundgrowthdiffersinmarket-basedandbank-basedfinancialsystems.Usingfirm-leveldatafor40countries,wecomputetheproportionoffirmsineachcountryrelyingonexternalfinanceandexaminehowthatproportiond
3、iffersacrossfinancialsystems.Wefindthatthedevelopmentofacountry’slegalsystempredictsaccesstoexternalfinance,andstockmarketsandthebankingsystemaffectaccesstoexternalfinancedifferently.However,wefindnoevidencethatfirms’accesstoexternalfinancingispredictedbyseveralproxiesforrelativedevelopmentofstockmar
4、ketstothedevelopmentofthebankingsystem.r2002ElsevierScienceB.V.Allrightsreserved.JELclassificaion:G21;G30;K20Keywords:Financialsystem;Firmgrowth;Law;Financialinstitutions1.IntroductionAkeyquestionindevelopmenteconomicsistherelationbetweenacountry’sfinancialsystemanditseconomicdevelopment.Histori
5、anssuchasGerschenkron(1962)havesoughttoexplainaperceivedrelationbetweenthedifferencesinthe$WewouldliketothankRossLevineandThorstenBeckforusefuldiscussions.Theviewsexpressedherearetheauthors’ownandnotnecessarilythoseoftheWorldBankoritsmembercountries.*Correspondingauthor.Tel.:+1-301-405-2125;fa
6、x:+1-301-314-9157.E-mailaddresses:ademirguckunt@worldbank.org(A.Demirgu.c-Kunt),vmax@rhsmith.umd.edu-(V.Maksimovic).0304-405X/02/$-seefrontmatterr2002ElsevierScienceB.V.Allrightsreserved.PII:S0304-405X(02)00145-9338A.Demirgu.c-Kunt,V.Maksimovic/JournalofFinancialEconomics65(2002)337–363-patter
7、nofeconomicdevelopmentbetweenBritainandtheContinentalEuropeaneconomiesandthedifferencesbetweenbank-basedandmarket-basedfinancialsystems.Morerecently,thedifferencesintherelativeperformanceoftheJapaneseandtheUSeconomieshaveledobserverstoco
