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Bank-Based or Market-Based Financial Systems: Which is Better?
Ross Levine Brown University - Department of Economics; National Bureau of Economic Research (NBER) February 2002 William Davidson Institute Working Paper No. 442 Abstract: 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.
Keywords: Banks, Stock Markets, Law, Economic Growth JEL Classifications: G0, K2, O4 Working Paper SeriesDate posted: April 27, 2002 ; Last revised: September 15, 2008Suggested CitationContact Information
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