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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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

id	okr-10986-3597
recordtype	oai_dc
spelling	okr-10986-35972021-04-23T14:02:11Z Relationship-Based and Arms-Length Financial Systems : A European Perspective Wolf, Holger 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 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. 2012-03-19T18:05:15Z 2012-03-19T18:05:15Z 2011-10-01 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 English Policy Research working paper ; no. WPS 5833 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper Europe and Central Asia Europe and Central Asia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	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
spellingShingle	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 Wolf, Holger Relationship-Based and Arms-Length Financial Systems : A European Perspective
geographic_facet	Europe and Central Asia Europe and Central Asia
relation	Policy Research working paper ; no. WPS 5833
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Wolf, Holger
author_facet	Wolf, Holger
author_sort	Wolf, Holger
title	Relationship-Based and Arms-Length Financial Systems : A European Perspective
title_short	Relationship-Based and Arms-Length Financial Systems : A European Perspective
title_full	Relationship-Based and Arms-Length Financial Systems : A European Perspective
title_fullStr	Relationship-Based and Arms-Length Financial Systems : A European Perspective
title_full_unstemmed	Relationship-Based and Arms-Length Financial Systems : A European Perspective
title_sort	relationship-based and arms-length financial systems : a european perspective
publishDate	2012
url	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
_version_	1764387373948338176

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

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