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United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects …
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We compare the structure of the financial sectors of the EU27, Japan and the United States, looking at a set of 23 … classified as market-based (MBEU) and the third group is more bank-based (BBEU). We compare US, MBEU, BBEU, Eastern EU and Japan …, MBEU countries are closer to the (market-based) US, while BBEU countries more closely resemble Japan. Paradoxically …
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