Advanced Search
MyIDEAS: Login to save this paper or follow this series

Relationship-based and arms-length financial systems -- a European perspective

Contents:

Author Info

  • Wolf, Holger
Registered author(s):

    Abstract

    This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2011/10/05/000158349_20111005140442/Rendered/PDF/WPS5833.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5833.

    as in new window
    Length:
    Date of creation: 01 Oct 2011
    Date of revision:
    Handle: RePEc:wbk:wbrwps:5833

    Contact details of provider:
    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
    Email:
    Web page: http://www.worldbank.org/
    More information through EDIRC

    Related research

    Keywords: Debt Markets; Banks&Banking Reform; Access to Finance; Emerging Markets; Financial Intermediation;

    This paper has been announced in the following NEP Reports:

    References

    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.:
    as in new window
    1. Asli Demirgüç-Kunt & Vojislav Maksimovic, 1998. "Law, Finance, and Firm Growth," Journal of Finance, American Finance Association, American Finance Association, vol. 53(6), pages 2107-2137, December.
    2. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2002. "Law and Finance: why Does Legal Origin Matter?," NBER Working Papers 9379, National Bureau of Economic Research, Inc.
    3. Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 325, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    4. Fiorella Del Fiore & Harald Uhlig, 2011. "Bank Finance Versus Bond Finance," Working Papers, Becker Friedman Institute for Research In Economics 2011-004, Becker Friedman Institute for Research In Economics.
    5. Ernest Gnan & Andras Simor & Manfred Schepers & Markus Eller & Michael Froemmel & Nora Srzentic & Debora Revoltella & Fabio Mucci & Malgorzata Iwanicz-Drozdowska & Petra Kalfmann, 2011. "The Future of Banking in CESEE after the Financial Crisis," SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum, number 2011/1 edited by Attila Csajbók & Ernest Gnan, July.
    6. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    7. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," NBER Working Papers 9138, National Bureau of Economic Research, Inc.
    8. Katharina Pistor & Martin Raiser & Stanislav Gelfer, 2000. "Law and finance in transition economies," Working Papers, European Bank for Reconstruction and Development, Office of the Chief Economist 48, European Bank for Reconstruction and Development, Office of the Chief Economist.
    9. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
    10. Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
    11. Berglöf, Erik & Bolton, Patrick, 2003. "The Great Divide and Beyond - Financial Architecture in Transition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3476, C.E.P.R. Discussion Papers.
    12. Demirguc-Kunt, Ash & Maksimovic, Vojislav, 1996. "Stock Market Development and Financing Choices of Firms," World Bank Economic Review, World Bank Group, World Bank Group, vol. 10(2), pages 341-69, May.
    13. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, Elsevier, vol. 69(1), pages 5-50, July.
    14. Philip R Lane & Gian Maria Milesi-Ferretti, 2011. "The Cross-Country Incidence of the Global Crisis," IMF Economic Review, Palgrave Macmillan, Palgrave Macmillan, vol. 59(1), pages 77-110, April.
    15. Fohlin, Caroline., 2000. "Economic, Political, and Legal Factors in Financial System Development: International Patterns in Historical Perspective"," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1089, California Institute of Technology, Division of the Humanities and Social Sciences.
    16. Fohlin, Caroline M., 1997. "Bank Securities Holdings and Industrial Finance Before World War I: Britain and Germany Compared," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1007, California Institute of Technology, Division of the Humanities and Social Sciences.
    17. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers, Center for International Development at Harvard University 49, Center for International Development at Harvard University.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:5833. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.