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A Comparison of Balance Sheet Structures in Major EU Countries

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  • Byrne, Joseph P.
  • Davis, E. Philip

Abstract

The UK is commonly viewed as having a ‘market oriented’ financial system, in contrast to other European countries which are seen as ‘bank dominated’. In the light of this supposition, we investigate sectoral balance sheet data for evidence of differences in financial structure between the UK and other major EU countries. It is found that the UK has much in common with Continental countries, in particular France, and they are themselves markedly heterogeneous. There is also some evidence of convergence towards a more market-oriented financial system, even in the most bank-dominated economy, Germany.

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  • Byrne, Joseph P. & Davis, E. Philip, 2002. "A Comparison of Balance Sheet Structures in Major EU Countries," National Institute Economic Review, National Institute of Economic and Social Research, vol. 180, pages 83-95, April.
    • Handle: RePEc:cup:nierev:v:180:y:2002:i::p:83-95_10
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    Cited by:

    1. Bruno, Giuseppe & De Bonis, Riccardo & Silvestrini, Andrea, 2012. "Do financial systems converge? New evidence from financial assets in OECD countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 141-155.
    2. Massimiliano Affinito, 2011. "Convergence clubs, the euro-area rank and the relationship between banking and real convergence," Temi di discussione (Economic working papers) 809, Bank of Italy, Economic Research and International Relations Area.
    3. Giuseppe Bruno & Riccardo De Bonis, 2009. "Do financial systems converge? New evidence from household financial assets in selected OECD countries," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring financial innovation and its impact", Basel, 26-27 August 2008, volume 31, pages 383-401, Bank for International Settlements.
    4. Massimiliano Affinito & Fabio Farabullini, 2009. "Does the Law of One Price Hold in Euro-Area Retail Banking? An Empirical Analysis of Interest Rate Differentials across the Monetary Union," International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 5-37, March.
    5. Halil Ibrahim Aydin & Cafer Kaplan & Mehtap Kesriyeli & Erdal Ozmen & Cihan Yalcin & Serkan Yigit, 2006. "Corporate Sector Financial Structure in Turkey : A Descriptive Analysis," Working Papers 0607, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    6. Lechowski, Grzegorz, 2019. "Beyond "dependent development" in a high-tech industry? The interplay between domestic institutions and transnational sectoral governance in the trajectories of emerging Polish IT firms [," Discussion Papers, Research Group Globalization, Work, and Production SP III 2018-302r, WZB Berlin Social Science Center, revised 2019.
    7. Denise Côté & Christopher Graham, 2007. "Corporate Balance Sheets in Developed Economies: Implications for Investment," Staff Working Papers 07-24, Bank of Canada.
    8. Alan Hughes, 2014. "Short-Termism, Impatient Capital and Finance for Manufacturing Innovation in the UK," Working Papers wp457, Centre for Business Research, University of Cambridge.
    9. Lechowski, Grzegorz, 2018. "Beyond "dependent development" in a high-tech industry? The interplay between domestic institutions and transnational sectoral governance in the trajectories of emerging Polish IT firms," Discussion Papers, Research Group Globalization, Work, and Production SP III 2018-302, WZB Berlin Social Science Center.

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