Uzunkaya, Mehmet - In: Journal of applied finance & banking 2 (2012) 5, pp. 159-176
matter for the relative merits of bank-based and market-based financial systems. Market-based systems work better in low rule … of law countries, while bank-based systems are more efficient in high-rule of law countries. These results are consistent … with the premise that market-based systems’ superiority in solving the incomplete information problem dominates over bank …