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The Financing of Industry, 1970-89: An International Comparison

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  • Corbett, Jennifer
  • Jenkinson, Tim

Abstract

The 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 Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 948.

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Date of creation: May 1994
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Handle: RePEc:cpr:ceprdp:948

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Keywords: Corporate Finance; International Comparisons; Investment;

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Cited by:
  1. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
  2. Audretsch, David B. & Elston, Julie Ann, 2002. "Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany," International Journal of Industrial Organization, Elsevier, vol. 20(1), pages 1-17, January.
  3. Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
  4. Nunnenkamp, Peter, 1995. "The German model of corporate governance: basic features, critical issues, and applicability to transition economies," Kiel Working Papers 713, Kiel Institute for the World Economy.
  5. Hanazaki, Masaharu & Takeuchi, Akie, 2001. "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," CEI Working Paper Series 2001-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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