The Financing of Industry, 1970-89: An International Comparison
AbstractThe main 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--89 for Germany, Japan, the United Kingdom and the United States and second, to challenge some conventional views of the international differences in financing patterns. The paper documents the substantial problems of international comparisons, and argues that net sources and using data based on National Income Accounts provide the most appropriate and consistent information. We conclude that there is no `market-based' Anglo-US pattern of financing of industry. Germany, the United Kingdom and the United States are internally financed with small or negative contributions from market sources. Japan has been more externally financed with both banks and markets contributing larger shares than in the former group. Over the 1980s, the period of financial liberalization, all countries, except Japan, have become more internally and less market financed.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 948.
Date of creation: May 1994
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Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
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