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The Banking System, Financial Markets, and Capital Structure: Some New Evidence from France

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  • Bertero, Elisabetta

Abstract

This paper presents some new evidence on the hypothesis that financial liberalization will lead to a convergence in the structure of financial systems and firms' capital structure towards market-based systems. The paper focuses on the interesting case of France, where major reforms have liberalized financial markets and the banking system and significantly widened the choice of markets and contracts for firms' financing. The paper does show that the reforms have been paralleled by a shift of firms' funding towards the pattern of market-based systems, but it also argues that this is only a partial picture. Mirroring past and recent theories of capital structure which have concentrated only on financial markets as the provider of funds, this would disregard the role of intermediaries and overlook the fact that French banks are still the core of the French financial economy. Copyright 1994 by Oxford University Press.

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  • Bertero, Elisabetta, 1994. "The Banking System, Financial Markets, and Capital Structure: Some New Evidence from France," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(4), pages 68-78, Winter.
    • Handle: RePEc:oup:oxford:v:10:y:1994:i:4:p:68-78
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    Cited by:

    1. Asma Mghaieth & Imen Khanchel El Mehdi, 2014. "The determinants of cost/profit efficiency of Islamic banks before, during and after the crisis of 2007," Working Papers 2014-107, Department of Research, Ipag Business School.
    2. Sylvie Cieply, 2001. "Bridging Capital Gaps To Promote Innovation In France," Industry and Innovation, Taylor & Francis Journals, vol. 8(2), pages 159-178.
    3. Victor Murinde & Andy Mullineux & Juda Agung, 1998. "Convergence of European financial system: Single financial space?," ERSA conference papers ersa98p403, European Regional Science Association.
    4. Hackethal Andreas, 2001. "How Unique are US-Banks?. The Role of Banks in Five Major Financial Systems / Wie „einzigartig“ sind US-Banken?. Die Bedeutung von Banken in fünf Finanzsystemen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 592-619, October.
    5. Al-Jarhi, Mabid Ali, 2005. "The Case For Universal Banking As A Component Of Islamic Banking," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 13, pages 2-65.
    6. Iain Hardie & David Howarth, 2009. "Die Krise but not La Crise? The Financial Crisis and the Transformation of German and French Banking Systems," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1017-1039, November.
    7. Cieply Sylvie, 2001. "The Radical Change of French Firms’ Financial Characteristics. Macroeconomic Consequences and Lessons for Political Economics / Die französische Finanzrevolution. Die Folgen für die Finanzstruktur der," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 556-576, October.
    8. A. Goldstein, 1996. "Privatizations and corporate governance in France," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 49(199), pages 455-488.
    9. A. Goldstein, 1996. "Privatizations and corporate governance in France," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 49(199), pages 455-488.
    10. Rivaud-Danset Dorothée, 2001. "A Cross-country Study of Corporate Financial Structure and the Flexibility Issue / Eine Querschnittsanalyse der Finanzstruktur von Unternehmen und der Flexibilitätsaspekt," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 689-709, October.
    11. Gunturu Phani Sai Vamsi Krishna & Pankaj Kumar Baag, 2021. "Financial Intermediaries: Its different role," Working papers 464, Indian Institute of Management Kozhikode.
    12. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.
    13. Allen, Franklin & Santomero, Anthony M., 2001. "What do financial intermediaries do?," Journal of Banking & Finance, Elsevier, vol. 25(2), pages 271-294, February.
    14. Andy Mullineux & Victor Murinde & Rudra Sensarma, 2011. "Corporate financing and macroeconomic volatility in the European union," International Economics and Economic Policy, Springer, vol. 8(1), pages 79-92, April.
    15. Iain Hardie & David Howarth, 2009. ""Die Krise" but not "La Crise"? The Financial Crisis and the Transformation of German and French Banking Systems," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 1017-1039, November.

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