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Heterogeneity and Change in European Financial Environments

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Author Info

  • Stoneman, Paul

    ()
    (University of Warwick, Warwick Business School)

Abstract

The main aim of this paper is to provide a background for other research relating to the impact of the financial environment on the diffusion of new technology in Europe. The issues addressed are: relative sizes and importance of banks and capital markets in the "financial sector" per se; the roles of banks and capital markets in how savers hold their wealth and how corporations fund their investments; corporate governance structures, comparing insider and outsider controlled governance systems; the business systems of firms; the financing of SMEs; and financial innovations per se. It is shown that in all these dimensions European financial environments are heterogeneous. It also clear that the European financial environment is in a process of change, reacting especially to the advent of EMU. The heterogeneity may well imply that firms behave differently in different countries. The changes over time may well imply that firm behaviour will be changing over time

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File URL: http://www.intech.unu.edu/publications/eifc-tf-papers/eifc01-7.pdf
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Bibliographic Info

Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 7.

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Date of creation: 2001
Date of revision:
Handle: RePEc:dgr:unutaf:eifc01-7

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Web page: http://www.intech.unu.edu

Related research

Keywords: Diffusion of Innovations; Financial Market; Banks; Structural Change; Europe;

This paper has been announced in the following NEP Reports:

References

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  1. Samuel Kortum & Josh Lerner, 1998. "Does Venture Capital Spur Innovation?," NBER Working Papers 6846, National Bureau of Economic Research, Inc.
  2. Shin, Hyun-Han & Park, Young S., 1999. "Financing constraints and internal capital markets: Evidence from Korean 'chaebols'," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 169-191, June.
  3. Nicola Cetorelli, 2002. "Does bank concentration lead to concentration in industrial sectors?," Proceedings 818, Federal Reserve Bank of Chicago.
  4. Jean-Pierre DANTHINE & Francesco GIAVAZZI & Ernst-Ludwig VON THADDEN, 2000. "European Financial Markets After EMU: A First Assessment," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 00.03, Université de Lausanne, Faculté des HEC, DEEP, revised May 2000.
  5. Calvin Schnure, 1997. "Internal capital markets and investment: do the cash flow constraints really bind?," Finance and Economics Discussion Series 1997-39, Board of Governors of the Federal Reserve System (U.S.).
  6. Colin Mayer, 1998. "Financial Systems and Corporate Governance: A Review of the International Evidence," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 144-, March.
  7. Molyneux, Philip, 2003. ""Does Size Matter?" Financial Restructuring Under Emu," EIFC - Technology and Finance Working Papers 30, United Nations University, Institute for New Technologies.
  8. Stoneman, Paul, 2001. "Technological Diffusion and the Financial Environment," EIFC - Technology and Finance Working Papers 3, United Nations University, Institute for New Technologies.
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Citations

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Cited by:
  1. Christian Schröder, 2009. "Financial System and Innovations-Determinants of Early Stage Venture Capital in Europe," Schumpeter Discussion Papers sdp09004, Universitätsbibliothek Wuppertal, University Library.
  2. Stoneman, Paul & Canepa, Alessandra & Kaivanto, Kim, 2004. "The Public Provision of Sales Contingent Contracts as a Policy Response to Financial Constraints to Innovation in European SMEs," EIFC - Technology and Finance Working Papers 38, United Nations University, Institute for New Technologies.
  3. Stoneman, Paul & Canepa, Alessandra, 2002. "Financial Constraints on Innovation: A European Cross Country Study," EIFC - Technology and Finance Working Papers 11, United Nations University, Institute for New Technologies.

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