Does economic structure determine financial structure?

被引：27

作者：

Allen, Franklin ^{[1
]}

Bartiloro, Laura ^{[2
]}

Gu, Xian ^{[3
]}

Kowalewski, Oskar ^{[4
]}

机构：

[1] Imperial Coll London, London, England

[2] Bank Italy, Rome, Italy

[3] Cent Univ Finance & Econ, Beijing, Peoples R China

[4] CNRS, IESEG Sch Management, LEM, UMR 9221, Paris, France

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2018年 / 114卷

关键词：

Financial system; Economic structure; POLITICAL-ECONOMY; STOCK MARKETS; PANEL-DATA; GROWTH; RIGHTS; LAW; ENFORCEMENT; TECHNOLOGY; EMPLOYMENT; CULTURE;

D O I：

10.1016/j.jinteco.2018.08.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we find a significant relationship between real economic structure and financial structure. Next, we exploit shocks to the economies in India, Finland and Sweden, and South Korea and show that changes in the economic structure of a country influence the evolution of its financial system. This suggests that financial institutions and capital markets change in response to the structure of industries. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：389 / 409

页数：21

共 86 条

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[Anonymous], 5038 WPS WORLD BANK

[12] SOME TESTS OF SPECIFICATION FOR PANEL DATA - MONTE-CARLO EVIDENCE AND AN APPLICATION TO EMPLOYMENT EQUATIONS [J].