Industry growth and capital allocation: does having a market- or bank-based system matter?

被引：441

作者：

Beck, T

Levine, R

机构：

[1] World Bank, Washington, DC 20433 USA

[2] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2002年 / 64卷 / 02期

关键词：

financial development; financial structure; law; economic growth;

D O I：

10.1016/S0304-405X(02)00074-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments, and improving the efficiency of capital allocation across industries? We find evidence for neither the market-based nor the bank-based hypothesis. While legal system efficiency and overall financial development boost industry growth, new establishment formation, and efficient capital allocation, having a bank-based or market-based system per se does not seem to matter much. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：147 / 180

页数：34

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