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...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2000/08/693218/funding-growth-bank-based-market-based-financial-systems-evidence-firm-level-data http://hdl.handle.net/10986/19813 |
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okr-10986-198132021-04-23T14:03:46Z Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data Demirguc-Kunt, Asli Maksimovic, Vojislav 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 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. 2014-08-28T17:16:16Z 2014-08-28T17:16:16Z 2000-08 http://documents.worldbank.org/curated/en/2000/08/693218/funding-growth-bank-based-market-based-financial-systems-evidence-firm-level-data http://hdl.handle.net/10986/19813 English en_US Policy Research Working Paper;No. 2432 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Demirguc-Kunt, Asli Maksimovic, Vojislav Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| relation |
Policy Research Working Paper;No. 2432 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Demirguc-Kunt, Asli Maksimovic, Vojislav |
| author_facet |
Demirguc-Kunt, Asli Maksimovic, Vojislav |
| author_sort |
Demirguc-Kunt, Asli |
| title |
Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| title_short |
Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| title_full |
Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| title_fullStr |
Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| title_full_unstemmed |
Funding Growth in Bank-Based and Market-Based Financial Systems : Evidence from Firm-Level Data |
| title_sort |
funding growth in bank-based and market-based financial systems : evidence from firm-level data |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2000/08/693218/funding-growth-bank-based-market-based-financial-systems-evidence-firm-level-data http://hdl.handle.net/10986/19813 |
| _version_ |
1764441456818257920 |