Relationship-Based and Arms-Length Financial Systems : A European Perspective

Relationship-Based and Arms-Length Financial Systems : A European Perspective

This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region...

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Bibliographic Details
Main Author: Wolf, Holger
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
ACCESS TO EXTERNAL FINANCE
ACCOUNTING
ACCOUNTING STANDARDS
ALTERNATIVE FUNDING
BANK POLICY
BANK SECURITIES
BANKING MARKET
BANKING SYSTEM
BANKRUPTCY
BOND
BOND MARKETS
BORROWING
BUSINESS PRACTICES
CAPITAL MARKETS
CENTRAL BANKING
CO-OPERATIVE BANKS
COMMON LAW
CONSOLIDATION
CONTRACT DISPUTES
CONTRACT ENFORCEMENT
CORPORATE DEBT
CORPORATE DEBT MARKETS
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE STANDARDS
COUNTRY COMPARISONS
CREDIT GROWTH
DEPOSITS
DISCLOSURE REQUIREMENTS
DISCLOSURE STANDARDS
DISPUTE RESOLUTION
DOMESTIC BANKS
DOMESTIC CURRENCY
DOMESTIC FINANCIAL MARKETS
DURABLE
ECONOMIC CHARACTERISTICS
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC PERFORMANCE
ECONOMICS
ECONOMIES OF SCALE
EQUITY MARKETS
EQUITY STAKES
EXTERNAL FINANCE
EXTERNAL FINANCING
EXTERNAL FUNDING
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL DEVELOPMENT
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INTERMEDIATION
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL RELATIONSHIPS
FINANCIAL SECTOR
FINANCIAL SECTOR POLICIES
FINANCIAL SERVICES
FINANCIAL STRUCTURE
FINANCIAL STRUCTURES
FINANCIAL SYSTEM
FINANCIAL SYSTEM DEVELOPMENT
FINANCIAL SYSTEMS
FINANCIAL TRANSACTIONS
FIRM GROWTH
FOREIGN BANKS
FOREIGN CURRENCY
FOREIGN CURRENCY DEPOSITS
FOREIGN FINANCIAL INSTITUTIONS
FUNDING SOURCES
GOVERNANCE STANDARDS
HOME COUNTRIES
HOST COUNTRY
HOUSEHOLDS
INFORMATION ACQUISITION
INFORMATION ASYMMETRY
INFORMATION DISCLOSURE
INSTITUTIONAL INFRASTRUCTURE
INSURANCE
INTANGIBLE
INTANGIBLE ASSETS
INTERNATIONAL BANK
INTERNATIONAL FINANCIAL INTEGRATION
INVESTMENT PROJECTS
INVESTOR PROTECTION
LEGAL DISPUTE
LEGAL SYSTEM
LEGAL SYSTEMS
LENDERS
LIQUIDITY
LOCAL CURRENCY
LONG-TERM FUNDING
LONG-TERM INSTRUMENTS
LONG-TERM INVESTMENT
MARKET ECONOMIES
MARKET EFFICIENCY
PERMANENT SHOCKS
PRIVATE BOND
PRODUCTIVITY
PROTECTION OF MINORITY SHAREHOLDER
RETURNS
SAVINGS
SECURITIES
SECURITIES HOLDINGS
SMALL BUSINESS
SPECIALIZED BANKS
START-UPS
STOCK MARKET
STOCK MARKET DEVELOPMENT
STRUCTURAL ADJUSTMENT
SUBSIDIARIES
TAX
TAX LAWS
TRANSACTION
TRANSITION ECONOMIES
UNION
UNIVERSAL BANKS
VALUATION
VENTURE CAPITAL
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111005140442
http://hdl.handle.net/10986/3597
Description
Summary:This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.

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