Bank-Based or Market-Based Financial Systems: Which is Better? / Ross Levine.

Format:

Book

Author/Creator:

Levine, Ross.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w9138.

NBER working paper series no. w9138

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Bank-Based or Market-Based Financial Systems

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2002.

Summary:

For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful way to distinguish financial systems. This paper represents the first broad, cross-country examination of which view of financial structure is more consistent with the data. The results indicate that although overall financial development is robustly linked with economic growth, there is no support for either the bank-based or market-based view.

Notes:

Print version record

September 2002.