Banks as catalysts for industrialization

被引:131
作者
Da Rin, M [1 ]
Hellmann, T
机构
[1] Univ Turin, Dept Econ & Finance, I-10134 Turin, Italy
[2] IGIER, I-20136 Milan, Italy
[3] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA
关键词
banks; universal banking; financial history; industrialization;
D O I
10.1006/jfin.2002.0346
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We provide a new theory of the role of banks as catalysis for industrialization, In their influential analysis of continental European industrialization, Gerschenkron and Schumpeter argued that banks promoted the creation or new industries. We formalize this role of banks by introducing financial intermediaries into a "big push" model. We show that hanks may act as catalysts for industrialization provided they are sufficiently large to mobilize a critical mass of firms and that they posses sufficient market pokier to make profits from coordination, The theory provides simple conditions that help explain why banks seem to play a creative role in some but not in other emerging markets. The model also shows that universal banking helps to reduce the cost of acting as catalyst. (C) 2002 Elsevier Science (USA).
引用
收藏
页码:366 / 397
页数:32
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