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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10011604488
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Balkan Countries: Catching Up and their Integration in the European Financial System
Bonetto, Fabienne; Redžepagić, Srđan; Tykhonenko, Anna - In: Panoeconomicus 56 (2009) 4, pp. 475-489
This paper aims to illustrate the impact of financial variables on the process of convergence between selected European … the market capitalization in the catching-up process by a significant increase in the speed of convergence. …
Persistent link: https://www.econbiz.de/10008524031
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Banking competition and financial fragility: Evidence from panel-data
Ruiz-Porras, Antonio - Volkswirtschaftliche Fakultät, … - 2007
We study how banking competition may affect the stability of banking systems. We develop our study by expanding the failure-determinant methodology to include panel-data techniques and by controlling the effects of financial structure and development. We use indicators for 47 countries between...
Persistent link: https://www.econbiz.de/10005787149
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Banking Competition and Financial Fragility: Evidence from Panel-Data
Ruiz-Porras, Antonio - In: Estudios Económicos 23 (2008) 1, pp. 49-87
We study how competition may affect the stability of banking systems. We modify the failure-determinant methodology to include panel-data techniques. We use indicators for 47 countries between 1990 and 1997. The main findings show that banking concentration and foreign ownership are associated...
Persistent link: https://www.econbiz.de/10004991444
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Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature
Tsuru, Kotaro - Economics Department, Organisation de Coopération et … - 2000
This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically....
Persistent link: https://www.econbiz.de/10005046080
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Models of financial stability and their application in stress tests
Aymanns, Christoph; Farmer, J. Doyne; Kleinnijenhuis, … - 2017
We review heterogeneous agent-based models of financial stability and their application in stress tests. In contrast to the mainstream approach, which relies heavily on the rational expectations assumption and focuses on situations where it is possible to compute an equilibrium, this approach...
Persistent link: https://www.econbiz.de/10011906282
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ReâDesigning Financial Systems: A Review of the Role of Stock Markets in Developing Economies
Sharma, Parmendra; Roca, Eduardo - Department of Accounting, Finance and Economics, … - 2011
Persistent link: https://www.econbiz.de/10009371378
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How national and international financial development affect industrial R&D
Maskus, Keith E.; Neumann, Rebecca; Seidel, Tobias - In: European Economic Review 56 (2012) 1, pp. 72-83
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990–2003. We take account of such industry characteristics as the need for external financing and the amount of tangible...
Persistent link: https://www.econbiz.de/10010688147
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Do financial systems converge? New evidence from financial assets in OECD countries
Bruno, Giuseppe; De Bonis, Riccardo; Silvestrini, Andrea - In: Journal of Comparative Economics 40 (2012) 1, pp. 141-155
The objective of this paper is to study the issue of convergence of financial systems through the lens of asset … allocation. It examines β- and σ-convergence of the most important financial instruments: deposits, debt securities, shares and … existence of β-convergence of shares and insurance products, confirming an increasing importance of capital markets all over the …
Persistent link: https://www.econbiz.de/10011052830
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How National and International Financial Development Affect Industrial R&D
Maskus, Keith E.; Neumann, Rebecca; Seidel, Tobias - CESifo - 2011
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990-2003. We take account of such industry characteristics as the need for external financing and the amount of tangible...
Persistent link: https://www.econbiz.de/10009150632