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The role of complementarity and the financial liberalization in the financial crisis

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Abstract

This study provides evidence of the role played by the financial structure and the liberalization in the crisis for low, middle and high income countries classified by geographic region. The traditional view of the financial structure-bank vs market based economies is challenged by using the concept of complementarity. We find, as measured by the index proposed in Saillard and Url (2011) the complementary systems to be less vulnerable to financial crises and countries with a low level of liberalization in the financial markets and the banking sectors

Suggested Citation

  • Adeline Saillard, 2012. "The role of complementarity and the financial liberalization in the financial crisis," Documents de travail du Centre d'Economie de la Sorbonne 12038, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:12038
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    File URL: http://mse.univ-paris1.fr/pub/mse/CES2012/12038.pdf
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    Cited by:

    1. Thibault Darcillon, 2012. "Do Interactions between Finance and Labor Market Institutions Affect Wage Distribution?," Documents de travail du Centre d'Economie de la Sorbonne 12089, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. Thibault Darcillon, 2013. "What Causes Labor-Market Volatility? The Role of Finance and Welfare State Institutions," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00881198, HAL.

    More about this item

    Keywords

    Bank-based; market-based; complementarity; crisis; financial structure;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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