Financial Structure and Industrial Structure

31 Pages Posted: 16 Mar 2011

See all articles by Angelos A. Antzoulatos

Angelos A. Antzoulatos

University of Piraeus - Department of Banking and Financial Management

Nicholas Apergis

University of Piraeus; University of Derby

Chris Tsoumas

Hellenic Open University

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This paper explores the relationship between financial structure and industrial structure in a panel cointegration framework, using annual data for 29 countries and 28 industrial sectors for the period 1990-2001. The results indicate that financial structure is to a significant extent related to industrial structure in the long run, yet their relationship is partly consistent with the industrial sectors' technological orientation postulated by the theoretical literature. It is in line, however, with the so-called financial services view that stresses the importance of a well developed financial system for growth, irrespective of its structure. In addition, the results indicate that financial structure does not seem to play a role in a sectors performance relative to GDP.

Keywords: financial structure, industrial structure, panel cointegration

JEL Classification: G10, G20, O14

Suggested Citation

Antzoulatos, Angelos A. and Apergis, Nicholas and Tsoumas, Chris, Financial Structure and Industrial Structure. Bulletin of Economic Research, Vol. 63, No. 2, pp. 109-139, 2011, Available at SSRN: or

Angelos A. Antzoulatos (Contact Author)

University of Piraeus - Department of Banking and Financial Management ( email )

80 Karaoli & Dimitriou Str.
18534 Piraeus, 185 34 -GR

Nicholas Apergis

University of Piraeus ( email )

Karaoli and Dimitriou 80
Piraeus, Attiki 18534

University of Derby ( email )

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

Chris Tsoumas

Hellenic Open University ( email )

Parodos Aristotelous 18
26335 Patra


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