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Financial Structure and Economic Growth : A Cross-Country Comparison of Banks, Markets, and Development - Asli Demirguc-Kunt

Financial Structure and Economic Growth

A Cross-Country Comparison of Banks, Markets, and Development

By: Asli Demirguc-Kunt (Editor), Ross Levine (Editor)

Paperback Published: 1st September 2004
ISBN: 9780262541794
Number Of Pages: 444
For Ages: 18+ years old

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This is the first broad cross-country assessment of the ties between financial structure--the mix of financial instruments, institutions, and markets in a given economy--and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with similar long-run growth rates. The absence of data on developing countries limits the usefulness of such studies for policy makers. The book contains recently acquired cross-country data from almost 150 countries. It includes information on the size, efficiency, and activity of banks, insurance companies, pension and mutual funds, finance companies, and stock and bond markets. It also incorporates information on each country's political, economic, and social environment. The chapters contain a mix of case studies, cross-country studies, macro- and micro-oriented approaches, and analytical and empirical work. The conclusions point not to markets versus banks, but to markets and banks. It is how well a financial system functions that is critical for long-run economic growth. The research suggests that strong legal rights for outside investors and the overall efficiency of contract enforcement are effective tools for developing the financial sector and the economy. The book includes a CD containing World Bank data.

Industry Reviews

"For the researcher or for anyone interested in a broad overview and statistical analysis of the international financial landscape, this book is undeniably a valuable contribution." - Sushanta K. Mallick, International Affairs

Acknowledgmentsp. vii
Introductionp. 1
Financial Structure and Economic Growth: Perspectives and Lessonsp. 3
Measurement and Determinants of Financial Structurep. 15
The Financial Structure Databasep. 17
Bank-Based and Market-Based Financial Systems: Cross-Country Comparisonsp. 81
Financial Structure and Economic Growth across Countriesp. 141
Does Financial Structure Matter for Economic Growth? A Corporate Finance Perspectivep. 143
Financial Structure and Economic Development: Firm, Industry, and Country Evidencep. 189
Financial Structure and Bank Profitabilityp. 243
International Evidence on Aggregate Corporate Financing Decisionsp. 263
Financial Structure and Economic Performance: Country Studiesp. 297
Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effectsp. 299
Firms' Financing Choices in Bank-Based and Market-Based Economiesp. 347
Corporate Groups, Financial Liberalization, and Growth: The Case of Indonesiap. 377
Indexp. 411
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780262541794
ISBN-10: 0262541793
Series: The MIT Press
Audience: Professional
For Ages: 18+ years old
Format: Paperback
Language: English
Number Of Pages: 444
Published: 1st September 2004
Publisher: MIT Press Ltd
Country of Publication: US
Dimensions (cm): 22.23 x 14.61  x 1.27
Weight (kg): 0.57