National culture and financial systems
AbstractCountries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the US and the UK financial systems are dominated by stock markets, whereas in continental Europe and Japan banks play a predominant role. Why do countries differ in the configuration of their financial systems? We argue that national culture plays a significant role. We find that countries characterized by higher uncertainty avoidance are more likely to have a bank-based system. Journal of International Business Studies (2006) 37, 227–247. doi:10.1057/palgrave.jibs.8400188
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Journal of International Business Studies.
Volume (Year): 37 (2006)
Issue (Month): 2 (March)
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Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Other versions of this item:
- G1 - Financial Economics - - General Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- Z1 - Other Special Topics - - Cultural Economics
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