Financial System Structure and Economic Development: Structure Matters

FRB of Cleveland Working Paper No. 03-05

35 Pages Posted: 1 Aug 2003

Date Written: July 14, 2003

Abstract

This paper investigates how the structure of a financial system - whether it is bank or market oriented - affects economic growth. In contrast to earlier research, which indicates that the financial system's structure is irrelevant for growth, I find that countries grow faster when they have a flexible judicial system and more market-oriented financial systems.

Keywords: economic growth, judicial flexibility, banks, stock market, financial development

JEL Classification: G0, K2, O4

Suggested Citation

Ergungor, Ozgur Emre, Financial System Structure and Economic Development: Structure Matters (July 14, 2003). FRB of Cleveland Working Paper No. 03-05. Available at SSRN: https://ssrn.com/abstract=424063 or http://dx.doi.org/10.2139/ssrn.424063

Ozgur Emre Ergungor (Contact Author)

affiliation not provided to SSRN

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