Industry growth and capital allocation: does having a market- or bank-based system matter?

• 成果类型: Article
• 署名作者: Beck, T; Levine, R
• 署名单位: The World Bank; University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(02)00074-0
• 发表日期: 2002
• 页码: 147-180
• 关键词: financial development; Financial structure; LAW; Economic growth

摘要

Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments, and improving the efficiency of capital allocation across industries? We find evidence for neither the market-based nor the bank-based hypothesis. While legal system efficiency and overall financial development boost industry growth, new establishment formation, and efficient capital allocation, having a bank-based or market-based system per se does not seem to matter much. (C) 2002 Elsevier Science B.V. All rights reserved.