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How Is Investment Financed? A Study of Germany, Japan, the United Kingdom and the United States

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  • Corbett, Jenny
  • Jenkinson, Tim

Abstract

The aims of this paper are, first, to construct a consistent comparative set of data on the sources of finance for investment over the period 1970-94 for the United Kingdom, United States, Germany, and Japan, and, second, to challenge conventional views of the international differences in financing patterns. The authors find that there is little evidence to support the view that Germany is a 'bank financed' system nor that the United Kingdom or United States are 'market financed.' While bank finance is more important in Japan, there has been a steady decline in the proportion of investment financed by banks over the last twenty-five years. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 65 (1997)
Issue (Month): 0 (Supplement)
Pages: 69-93

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Handle: RePEc:bla:manch2:v:65:y:1997:i:0:p:69-93

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Cited by:
  1. Mayer, Colin & Sussman, Oren, 2004. "A New Test of Capital Structure," CEPR Discussion Papers 4239, C.E.P.R. Discussion Papers.
  2. Kalyuzhnova, Yelena & Nygaard, Christian, 2009. "Resource nationalism and credit growth in FSU countries," Energy Policy, Elsevier, vol. 37(11), pages 4700-4710, November.
  3. David Chambers, 2007. "Financial Dependence and Firm Survival in Interwar Britain," Economics Series Working Papers 377, University of Oxford, Department of Economics.
  4. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  5. Kenichiro Suzuki & David Cobham, 2005. "Recent trends in the sources of finance for Japanese firms: has Japan become a 'high internal finance' country?," Discussion Paper Series, Department of Economics 200501, Department of Economics, University of St. Andrews.
  6. Ongena, S. & Smith, D.C., 2000. "Bank relationships: A review," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80678, Tilburg University.
  7. Lazonick, William, 2006. "Corporate Governance, Innovative Enterprise, and Economic Development," Working Paper Series RP2006/71, World Institute for Development Economic Research (UNU-WIDER).
  8. Christopher Polk & Paola Sapienza, 2004. "The Real Effects of Investor Sentiment," NBER Working Papers 10563, National Bureau of Economic Research, Inc.
  9. Jo, Tae-Hee, 2012. "Financing investment under fundamental uncertainty and instability: A heterodox microeconomic view," MPRA Paper 39450, University Library of Munich, Germany.
  10. Franz R. Hahn, 2002. "The Politics of Financial Development. The Case of Austria," WIFO Working Papers 187, WIFO.
  11. H Lzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(01), pages 67-90, April.
  12. Michael Koetter & Thorsten Nestmann & Stéphanie Stolz & Michael Wedow, 2004. "Structures and Trends in German Banking," Kiel Working Papers 1225, Kiel Institute for the World Economy.
  13. Till van Treeck, 2008. "The political economy debate on ‘financialisation’ – a macroeconomic perspective," IMK Working Paper 01-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  14. Bernardo, Antonio E & Luo, Jiang & Wang, James J.D., 2005. "A Theory of Socialistic Internal Capital Markets," University of California at Los Angeles, Anderson Graduate School of Management qt29x1966g, Anderson Graduate School of Management, UCLA.
  15. Cobham, Alex, 2004. "Investment Finance and Monetary Policy in Europe," EIFC - Technology and Finance Working Papers 39, United Nations University, Institute for New Technologies.
  16. Hellwig, Martin, 2000. "Corporate Governance and the Financing of Investment for Structural Change," Sonderforschungsbereich 504 Publications 00-32, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  17. John Armour & B.R. Cheffins & D.A. Skeel Jr., 2002. "Corporate Ownership Structure and the Evolution of Bankruptcy Law in the US and UK," ESRC Centre for Business Research - Working Papers wp226, ESRC Centre for Business Research.
  18. Olivier Meunier & Michel Mignolet, 2004. "Les aides à l'investissement : opportunes ? efficaces ?," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 39-54.
  19. Bernardo, Antonio E. & Luo, Jiang & Wang, James J.D., 2006. "A theory of socialistic internal capital markets," Journal of Financial Economics, Elsevier, vol. 80(3), pages 485-509, June.
  20. Costas Lapavitsas, 2002. "Banks And The Design Of The Financial System: Underpinnings In Steuart, Smith And Hilferding," Working Papers 128, Department of Economics, SOAS, University of London, UK.
  21. McSweeney, Brendan, 2009. "The roles of financial asset market failure denial and the economic crisis: Reflections on accounting and financial theories and practices," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 835-848, August.

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