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National Culture and Financial Systems

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  • Solomon Tadesse

    ()

  • Chuck Kwok

    ()

Abstract

Countries 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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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp884.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp884.

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Length: pages
Date of creation: 01 Mar 2005
Date of revision:
Handle: RePEc:wdi:papers:2007-884

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Keywords: Financial Systems; Bank-based; Market based; Culture; Uncertainty Avoidance;

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