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Why do financial systems differ? History matters

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Author Info
Cyril Monnet
Erwan Quintin

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Abstract

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emphasize financial market lending are more likely to continue doing so in the future, all else equal.

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File URL: http://dallasfed.org/research/claepapers/2004/lawp0403.pdf
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Paper provided by Federal Reserve Bank of Dallas in its series Center for Latin America Working Papers with number 0304.

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Date of creation: 2004
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Handle: RePEc:fip:feddcl:0304

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Keywords: Financial markets;

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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. Lucas, Robert E, Jr & Prescott, Edward C, 1971. "Investment Under Uncertainty," Econometrica, Econometric Society, vol. 39(5), pages 659-81, September. [Downloadable!] (restricted)
  2. Sandeep Baliga, 2004. "The Emergence and Persistence of the Anglo-Saxon and German Financial Systems," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 17(1), pages 129-163. [Downloadable!] (restricted)
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  3. Dewatripont, M & Maskin, E, 1995. "Credit and Efficiency in Centralized and Decentralized Economies," Review of Economic Studies, Blackwell Publishing, vol. 62(4), pages 541-55, October. [Downloadable!] (restricted)
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Cited by:
(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. Alexis Derviz, 2007. "Cross-Border Risk Transmission by a Multinational Bank," AUCO Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 1(1), pages 87-111, March. [Downloadable!]
    Other versions:
  2. Thorsten Koeppl & Cyril Monnet & Erwan Quintin, 2008. "Efficient institutions," Working Papers 08-33, Federal Reserve Bank of Philadelphia. [Downloadable!]
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This page was last updated on 2009-11-10.

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