In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we...

This paper provides a comprehensive overview of all aspects of the Polish financial system development since 1995. The study shows the recent financial system development in Poland and discuss the ongoing changes in the structure of the banking, insurance and pension sector as well in the...

In this paper, we examine the empirical link between the structural characteristics of the financial system and financial crisis. We find that there is a significant short-term reversal in development of the banking sector and stock market during both bank crises and market crashes, with the...

Financial intermediaries and markets can alleviate market frictions through producing information and risk sharing in different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries. The influence of financial structure on economic...

This article reviews the role of the state in the development of the transition economies in Central and Eastern Europe. Among those countries Poland is today perceived as the leader as it was the only EU economy that survived the crisis without recession. In this study we show that the role of...

We examine whether investor protection affects capital markets in terms of the development of corporate bond markets versus that of equity markets. Using a dataset of 42 countries, we show that in countries with stronger creditor rights, corporate bond markets are more developed than equity...

The study presents an overview of the Polish financial system development in the years 1990-2009. It discuss the recent changes in the structure of the banking, insurance and pension sector as well in the capital market. Finally, it compares recent development in Poland's financial system to the...

In this study, we examine the relationship between the structure of financial systems and financial crises. Using cross-country data on financial structures and crises, we find that there is a significant short-term reversal in development of the banking sector and the stock market during both...

In this paper, we examine whether legal systems affect the structure of capital markets in terms of the development of bond markets versus equity markets. Using a dataset of 42 developed and developing countries, we document that a country's legal system, especially investor protections,...

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical evidence of the causes of multinational banks' exits from other countries. Using panel data for 149 closed or divested foreign bank subsidiaries across 54 countries from 1997 to...