Mobilizing Money : How the World's Richest Nations Financed Industrial Growth

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Cover; MOBILIZING MONEY; Japan-U.S. Center UFJ Bank (formerly Sanwa) Monographs on International Financial Markets; Title; Copyright; Dedication; Contents; Figures and Tables; Acknowledgments; 1 Introduction; INSTITUTIONAL DESIGN AND FINANCIAL SYSTEM STRUCTURE; Banks versus Markets; The Variety of Perspectives on Financial System Design; PLAN OF THE BOOK; PART I FIVE SUCCESS STORIES; 2 Creating Corporate Finance Systems; INDUSTRIALIZATION AND THE CREATION OF THE MODERN FINANCIAL SYSTEM; THE ROLE OF SECURITIES MARKETS; CONCLUSIONS; 3 Organizing Commercial Banking

INDUSTRIAL ORGANIZATION OF BANKINGDEVELOPMENT OF BANKING PRACTICES; BANK PERFORMANCE: CAPITAL MOBILIZATION, RISK, COMPETITIVENESS, AND RETURNS; CONCLUSIONS; 4 Governing Corporations; EQUITY STAKES AND PROXY-VOTING RIGHTS; INTERLOCKING DIRECTORATES; CONCLUSIONS; 5 Financing Industrial Investment; ACCESS TO FINANCE AND CAPITAL STRUCTURE IN GERMANY; CREDIT RATIONING AND LIQUIDITY CONSTRAINTS IN GERMANY; FIRM PERFORMANCE: GROWTH, SURVIVAL, AND PROFITABILITY; ACCESS TO FINANCE AND CAPITAL STRUCTURE IN ITALY; CREDIT RATIONING AND LIQUIDITY CONSTRAINTS IN ITALY

FIRM PERFORMANCE: GROWTH, SURVIVAL, AND PROFITABILITY IN ITALYACCESS TO FINANCE AND CAPITAL STRUCTURE IN JAPAN; FIRM PERFORMANCE IN JAPAN; ACCESS TO FINANCE, CAPITAL STRUCTURE, AND PERFORMANCE IN THE UNITED KINGDOM; ACCESS TO FINANCE AND CAPITAL STRUCTURE IN THE UNITED STATES; CORPORATE PERFORMANCE AND BANK INFLUENCE IN THE UNITED STATES; CONCLUSIONS; PART II THE BIGGER PICTURE; 6 Classifying Financial Systems; CHARACTERISTICS OF FINANCIAL SYSTEMS; Universal and Specialized Banking; Relationship versus Arms-Length Banking; Where Does Branching Fit?

Market-Based versus Bank-Based Financial SystemsRelationship with Securities Markets; BROAD PATTERNS OF DEVELOPMENT; Universality; Relationship Banking; Branching; Financial System Evolution over the Twentieth Century; CONCLUSION; Bank-Based or Market-Based: Does It Matter?; 7 What Shapes Financial Structure?; ECONOMIC, LEGAL, AND POLITICAL THEORIES OF FINANCIAL SYSTEM ORIGINS; Economic Factors; Legal and Regulatory Factors; Political Factors; TESTING THEORIES OF FINANCIAL SYSTEM ORIGINS; Empirical Models; Economic Factors Model; Political Factors Model; Legal and Regulatory Model

Variables and DataFinancial System Variables; Financial system development.; Market orientation.; Universality.; Endogenous Variables; Economic factors.; Legal factors.; Political factors.; Testable Hypotheses and Results; Economic Factors; Political Factors; Legal Tradition; Long-Term Impact; CONCLUSIONS; 8 Does Financial Structure Drive Industrial Growth?; THE DATA ON LONG-RUN GROWTH; WHAT EXPLAINS ECONOMIC GROWTH?; Theoretical Debate; Bank Based versus Market Based - or Something Else?; Disentangling the Causality: Empirical Evidence; Cross-Country Growth Models; Time-Series Evidence

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