New Firm Formation and Industry Growth: Does Having a Market- or Bank-Based System Matter?
June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-bas...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
1999
|
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 FHI01 HTW01 IOS01 Volltext |
| Zusammenfassung: | June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeck@worldbank.org or rlevine@csom.umn.edu |
| Beschreibung: | 1 Online-Ressource (50 Seiten)) |
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| 520 | 3 | |a June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeck@worldbank.org or rlevine@csom.umn.edu | |
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Datensatz im Suchindex
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| spelling | Levine, Ross 1960- Verfasser (DE-588)124786944 aut New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? Levine, Ross Washington, D.C The World Bank 1999 1 Online-Ressource (50 Seiten)) txt rdacontent c rdamedia cr rdacarrier June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeck@worldbank.org or rlevine@csom.umn.edu Online-Ausg Banks and Banking Reform Debt Markets Economic Development Emerging Markets External Finance Finance and Financial Sector Development Financial Development Financial Literacy Financial Structure Financial System Financial Systems Individual Investors Legal Protection Liquid Market Market Market Development Market Liquidity Markets Outside Investors Private Sector Development Public Markets Shareholders Shares Stock Transaction Transaction Costs Beck, Thorsten 1967- Sonstige (DE-588)128773197 oth Levine, Ross New Firm Formation and Industry Growth http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2383 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Levine, Ross 1960- New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? Banks and Banking Reform Debt Markets Economic Development Emerging Markets External Finance Finance and Financial Sector Development Financial Development Financial Literacy Financial Structure Financial System Financial Systems Individual Investors Legal Protection Liquid Market Market Market Development Market Liquidity Markets Outside Investors Private Sector Development Public Markets Shareholders Shares Stock Transaction Transaction Costs |
| title | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? |
| title_auth | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? |
| title_exact_search | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? |
| title_exact_search_txtP | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? |
| title_full | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? Levine, Ross |
| title_fullStr | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? Levine, Ross |
| title_full_unstemmed | New Firm Formation and Industry Growth Does Having a Market- or Bank-Based System Matter? Levine, Ross |
| title_short | New Firm Formation and Industry Growth |
| title_sort | new firm formation and industry growth does having a market or bank based system matter |
| title_sub | Does Having a Market- or Bank-Based System Matter? |
| topic | Banks and Banking Reform Debt Markets Economic Development Emerging Markets External Finance Finance and Financial Sector Development Financial Development Financial Literacy Financial Structure Financial System Financial Systems Individual Investors Legal Protection Liquid Market Market Market Development Market Liquidity Markets Outside Investors Private Sector Development Public Markets Shareholders Shares Stock Transaction Transaction Costs |
| topic_facet | Banks and Banking Reform Debt Markets Economic Development Emerging Markets External Finance Finance and Financial Sector Development Financial Development Financial Literacy Financial Structure Financial System Financial Systems Individual Investors Legal Protection Liquid Market Market Market Development Market Liquidity Markets Outside Investors Private Sector Development Public Markets Shareholders Shares Stock Transaction Transaction Costs |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2383 |
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