This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to...

Reforms to make infrastructure services more competitive and to provide strong and independent economic regulation of natural monopolies create an environment more conducive to private sector participation in infrastructure investments, efficiency savings that can be passed on to consumers, and...