market-based and bank-based systems throughout the world across both developed and underdeveloped economies. The findings … 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 …

countries. The European Central Bank (ECB), jointly with the Banking Supervision Committee (BSC), has an interest in monitoring …