Relationship-Based and Arms-Length Financial Systems -- a European Perspective

14 Pages Posted: 20 Apr 2016

See all articles by Holger C. Wolf

Holger C. Wolf

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS)

Date Written: October 1, 2011

Abstract

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.

Keywords: Debt Markets, Banks & Banking Reform, Access to Finance, Emerging Markets, Financial Intermediation

Suggested Citation

Wolf, Holger C., Relationship-Based and Arms-Length Financial Systems -- a European Perspective (October 1, 2011). World Bank Policy Research Working Paper No. 5833. Available at SSRN: https://ssrn.com/abstract=1939724

Holger C. Wolf (Contact Author)

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS) ( email )

Washington, DC 20057
United States
202-687-8079 (Phone)
202-687-8359 (Fax)

HOME PAGE: http://georgetown.edu/faculty/wolfhc/

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