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National culture and financial systems

Author

Listed:
  • Chuck C Y Kwok

    (Moore School of Business, University of South Carolina, Columbia, South Carolina, USA)

  • Solomon Tadesse

    (Moore School of Business, University of South Carolina, Columbia, South Carolina, USA)

Abstract

Countries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the US and the UK 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 are more likely to have a bank-based system. Journal of International Business Studies (2006) 37, 227–247. doi:10.1057/palgrave.jibs.8400188

Suggested Citation

  • Chuck C Y Kwok & Solomon Tadesse, 2006. "National culture and financial systems," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(2), pages 227-247, March.
  • Handle: RePEc:pal:jintbs:v:37:y:2006:i:2:p:227-247
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    JEL classification:

    • 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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