Bank-based versus market-based financing: Implications for systemic risk

被引：41

作者：

Bats, Joost, V ^{[1
,2
]}

Houben, Aerdt C. F. J. ^{[1
,2
]}

机构：

[1] De Nederlandsche Bank, Westeinde 1, NL-1017 ZN Amsterdam, Netherlands

[2] Univ Amsterdam, Roetersstr 11, NL-1018 WB Amsterdam, Netherlands

来源：

JOURNAL OF BANKING & FINANCE | 2020年 / 114卷

关键词：

Financial structure; Systemic risk; Bank financing; Market financing; CAPITAL SHORTFALL; STOCK MARKETS; GROWTH; DEBT; LEVERAGE; CRISIS;

D O I：

10.1016/j.jbankfin.2020.105776

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Against the background of the great financial crisis, this paper assesses the merits of bank-based versus market-based financing by exploring the relationship between financial structure and systemic risk. The findings indicate that bank-based financial structures are associated with higher systemic risk than market-based financial structures. In relatively bank-based financial structures, bank financing is found to increase systemic risk while market financing decreases systemic risk. By contrast, in relatively market-based financial structures, bank and market financing do not impact systemic risk. Together, the results signal that market-based financial structures are more resilient to systemic risk. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：13

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