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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)

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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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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
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Handle: RePEc:dgr:unutaf:eifc01-7

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

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. 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. [Downloadable!]
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  3. Molyneux, Philip, 2003. ""Does Size Matter?" Financial Restructuring Under Emu," EIFC - Technology and Finance Working Papers 30, United Nations University, Institute for New Technologies. [Downloadable!]
  4. Nicola Cetorelli, 2001. "Does bank concentration lead to concentration in industrial sectors?," Working Paper Series WP-01-01, Federal Reserve Bank of Chicago. [Downloadable!]
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  5. Wendy Carlin & Colin Mayer, 1999. "How Do Financial Systems Affect Economic Performance?," OFRC Working Papers Series 1999fe08, Oxford Financial Research Centre. [Downloadable!]
  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. Stoneman, Paul, 2001. "Technological Diffusion and the Financial Environment," EIFC - Technology and Finance Working Papers 3, United Nations University, Institute for New Technologies. [Downloadable!]
  8. 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.). [Downloadable!]
  9. Samuel Kortum & Josh Lerner, 1998. "Does Venture Capital Spur Innovation?," NBER Working Papers 6846, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!]
  2. Christian Schröder, 2009. "Financial System and Innovations-Determinants of Early Stage Venture Capital in Europe," Schumpeter Discussion Papers sdp09004, Universitätsbibliothek Wuppertal, University Library. [Downloadable!]
  3. 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. [Downloadable!]
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