National Culture and Financial Systems
AbstractCountries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the U.S. and the U.K., financial systems are dominated by stock markets whereas in Continental Europe and Japan, banks play a predominant role. Why do countries differ in the configuration of their financial systems? We argue that national culture plays a significant role. We find that countries characterized by higher uncertainty avoidance, as an attribute of their national culture, are more likely to have a bank-based system.
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Bibliographic InfoPaper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp884.
Date of creation: 01 Mar 2005
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Financial Systems; Bank-based; Market based; Culture; Uncertainty Avoidance;
Other versions of this item:
- G1 - Financial Economics - - General Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- Z1 - Other Special Topics - - Cultural Economics
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