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How Do Financial Systems Affect Economic Performance?

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  • Colin Mayer
  • Wendy Carlin

Abstract

This paper examines the relation between financial, corporate and legal systems, and economic performance in different countries. It reviews international comparisons that undertake detailed analyses of individual, developed countries and studies that use large, cross-country data banks, including developing countries. While the former do not provide evidence of a clear relation between different types of systems and economic performance, the latter report a strong association of financial development with economic growth. A recent theoretical literature offers a way of reconciling these two sets of studies. It points to a relation between financial/ corporate systems and types of activity with some systems favouring high risk, short-term investments and others promoting long-term, relatively low risk investments. These theories also suggest that systems may be related to stages of economic development. The paper summarizes a first empirical study that reports an association between financial/corporate systems, types of activity and stages of economic development. The paper concludes that these relationships have important implications for the design of regulation and legal systems in different countries.

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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 1999-FE-08.

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Date of creation: 01 Jul 1999
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Handle: RePEc:oxf:wpaper:1999-fe-08

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Keywords: financial systems; corporate control; growth; investment;

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Cited by:
  1. Doris Neuberger, 2005. "What’s Common to Relationship Banking and Relationship Investing? Reflections within the Contractual Theory of the Firm," Finance, EconWPA 0503001, EconWPA.
  2. Dhillon, Amrita & Rossetto, Silvia, 2009. "Corporate Control and Multiple Large Shareholders," The Warwick Economics Research Paper Series (TWERPS) 891, University of Warwick, Department of Economics.
  3. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers, The Research Institute of the Finnish Economy 774, The Research Institute of the Finnish Economy.
  4. Görg, Holger & Spaliara, Marina-Eliza, 2009. "Financial health, exports, and firm survival: A comparison of British and French firms," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7532, C.E.P.R. Discussion Papers.
  5. Holger Gőrg & Marina-Eliza Spaliara, 2012. "Financial health, exports, and firm survival: Evidence from UK and French firms," Working Papers, Business School - Economics, University of Glasgow 2012_09, Business School - Economics, University of Glasgow.
  6. Rivaud-Danset, Dorothée & Oheix, Valérie, 2005. "Do corporate financial patterns in European countries converge and testitfy for disintermediation?," MPRA Paper 40, University Library of Munich, Germany.
  7. António Afonso & Raquel Ferreira & Edmund Freitas & Celso Nóbrega & José Pinheiro, 2003. "Intermediaries, Financial Markets and Growth: Some more International Evidence," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2003/02, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  8. Pamela Góngora Salazar, 2010. "Determinantes de la volatilidad en el producto: evidencia empírica," VNIVERSITAS ECONÓMICA 008297, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  9. Jean-Paul Pollin & Anne-Gaël Vaubourg, 2006. "Environnement juridique et systèmes de gouvernance. Quelles conséquences pour l'intégration financière européenne ?," Revue économique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 57(4), pages 919-940.
  10. Christian Schröder, 2009. "Financial System and Innovations-Determinants of Early Stage Venture Capital in Europe," Schumpeter Discussion Papers, Universitätsbibliothek Wuppertal, University Library sdp09004, Universitätsbibliothek Wuppertal, University Library.
  11. Tylecote, Andrew & Ramirez, Paulina, 2006. "Corporate governance and innovation: The UK compared with the US and 'insider' economies," Research Policy, Elsevier, Elsevier, vol. 35(1), pages 160-180, February.
  12. Franz R. Hahn, 2002. "The Finance-Growth Nexus Revisited. New Evidence from OECD Countries," WIFO Working Papers, WIFO 176, WIFO.
  13. Roland Füss & Denis Schweizer, 2012. "Short and long-term interactions between venture capital returns and the macroeconomy: evidence for the United States," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 38(3), pages 391-410, April.

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