National culture and financial systems
Countries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the US and the UK financial systems are dominated by stock markets, whereas in continental Europe and Japan banks play a predominant role. Why do countries differ in the configuration of their financial systems? We argue that national culture plays a significant role. We find that countries characterized by higher uncertainty avoidance are more likely to have a bank-based system. Journal of International Business Studies (2006) 37, 227–247. doi:10.1057/palgrave.jibs.8400188
Year of publication: |
2006
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Authors: | Kwok, Chuck C Y ; Tadesse, Solomon |
Published in: |
Journal of International Business Studies. - Palgrave Macmillan, ISSN 0047-2506. - Vol. 37.2006, 2, p. 227-247
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Publisher: |
Palgrave Macmillan |
Saved in:
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