Bank-Industry versus Stock Market-Industry Relationships PDF Download
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Author: José L. García-Ruiz
Publisher: Taylor & Francis
ISBN: 1000849902
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
This book focuses on a variety of themes concerning the relationship between financial systems in a broader sense and firms’ growth in historical perspective in some European countries. Financial systems are nowadays largely acknowledged to be a crucial element in determining economic growth. In modern economies, they play a key role by mobilizing savings, pricing risks and allocating capital to firms. Following a consolidated taxonomy focusing on the historical perspective, countries have been conventionally divided into bank-oriented (Continental Europe countries and Japan) and market-oriented systems (Anglo-Saxon countries). The chapters in this book present case studies on Belgium, Great Britain, France and Italy and show that financial systems do not trigger growth processes and industrialization, but they are essential to sustain them over time. Each society has the financial system that fits with its historical trajectory, without any being better or worse than others. The important thing is to have a financial system that is sophisticated and stable, and that evolves according to the demand forces of the moment. History matters. Bank-Industry versus Stock Market-Industry Relationships will be a beneficial read for students interested in economics and business history. The chapters in this book were originally published as a special issue of Business History.
Author: José L. García-Ruiz
Publisher: Taylor & Francis
ISBN: 1000849902
Category : Business & Economics
Languages : en
Pages : 144
Get Book Here
Book Description
This book focuses on a variety of themes concerning the relationship between financial systems in a broader sense and firms’ growth in historical perspective in some European countries. Financial systems are nowadays largely acknowledged to be a crucial element in determining economic growth. In modern economies, they play a key role by mobilizing savings, pricing risks and allocating capital to firms. Following a consolidated taxonomy focusing on the historical perspective, countries have been conventionally divided into bank-oriented (Continental Europe countries and Japan) and market-oriented systems (Anglo-Saxon countries). The chapters in this book present case studies on Belgium, Great Britain, France and Italy and show that financial systems do not trigger growth processes and industrialization, but they are essential to sustain them over time. Each society has the financial system that fits with its historical trajectory, without any being better or worse than others. The important thing is to have a financial system that is sophisticated and stable, and that evolves according to the demand forces of the moment. History matters. Bank-Industry versus Stock Market-Industry Relationships will be a beneficial read for students interested in economics and business history. The chapters in this book were originally published as a special issue of Business History.
Author: Thorsten Beck
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
Analysis of a panel data set for 1976-98 shows that on balance stock markets and banks positively influence economic growth; findings that do not result from biases induced by simultaneity, omitted variables, or unobserved country-specific effects.
Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Bancos
Languages : en
Pages : 73
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Book Description
Author: Caroline Fohlin
Publisher: Cambridge University Press
ISBN: 1139461540
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
Based on a wide array of data collected by the author, this book uses clear theoretically motivated economic analysis to explain the structure, performance, and influence of universal banks and securities markets on firms during industrialisation. The German universal banks played a significant but not overwhelming role in the ownership and control of corporate firms. Banks gained access to boards via a confluence of their underwriting and brokerage activities, the legal phenomena of bearer shares and deposited voting rights, and the flourishing securities markets of the turn of the twentieth century. In general, bank relationships had little impact on firm performance; stock market listings, or ownership structure, were more important. The findings show that securities markets can thrive within a civil-law, universal-bank system and suggest that financial system complexity can favour rapid industrial expansion.
Author: Aslı Demirgüç-Kunt
Publisher: MIT Press
ISBN: 9780262541794
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
CD-ROM contains: World Bank data.
Author: Mr.Arnoud W.A. Boot
Publisher: International Monetary Fund
ISBN: 1475511213
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its ‘spare’ capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking.
Author: Mary Ann Gadziala
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 260
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Book Description
Author: Samuel L. Hayes
Publisher: Harvard University Press
ISBN: 9780674154155
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services. After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them. With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.
Author: Patrick J. Davey
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Author: Asli Demirguc-Kunt
Publisher: World Bank Publications
ISBN:
Category : Access to Finance
Languages : en
Pages : 82
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Book Description
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
