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How is Investment Financed? A Study of Germany, Japan, UK and US

Author

Listed:
  • Jenkinson, T
  • Corbett, J

Abstract

The main aims of this paper are, first, to construct a consistent comparative set of data on the sources of finance for investment over the period 1970-94 for the UK, US, Germany and Japan, and second, to challenge some conventional views of the international differences in financing patterns. We find that there is little evidence to support the view that Germany is a "bank financed" system nor that the UK or US are "market financed".

Suggested Citation

  • Jenkinson, T & Corbett, J, 1997. "How is Investment Financed? A Study of Germany, Japan, UK and US," Papers 16, American Institute for Contemporary German Studies-.
  • Handle: RePEc:fth:amiger:16
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    Cited by:

    1. Bond, Stephen & Xing, Jing, 2015. "Corporate taxation and capital accumulation: Evidence from sectoral panel data for 14 OECD countries," Journal of Public Economics, Elsevier, vol. 130(C), pages 15-31.
    2. Tuomas A. Peltonen & Ricardo M. Sousa & Isabel S. Vansteenkiste, 2009. "Asset prices, Credit and Investment in Emerging Markets," NIPE Working Papers 18/2009, NIPE - Universidade do Minho.
    3. Chowdhury, Ibrahim & Hoffmann, Mathias & Schabert, Andreas, 2006. "Inflation dynamics and the cost channel of monetary transmission," European Economic Review, Elsevier, vol. 50(4), pages 995-1016, May.
    4. Geoff Willis, 2011. "Why Money Trickles Up - Wealth & Income Distributions," Papers 1105.2122, arXiv.org, revised May 2011.
    5. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    6. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
    7. Detzer, Daniel & Hein, Eckhard, 2014. "Financialisation and the financial and economic crises: The case of Germany," IPE Working Papers 44/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    8. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June.
    9. Ferrando, Annalisa & Preuss, Carsten, 2018. "What finance for what investment? Survey-based evidence for European companies," EIB Working Papers 2018/01, European Investment Bank (EIB).
    10. Ongena, S. & Smith, D.C., 2000. "Bank relationships : A review," Other publications TiSEM 993b88a5-9a0f-42de-9cec-6, Tilburg University, School of Economics and Management.
    11. Julia Koralun-Bereźnicka, 2014. "On the Relative Importance of Corporate Working Capital Determinants: Findings from the EU Countries," Contemporary Economics, University of Finance and Management in Warsaw, vol. 8(4), December.
    12. repec:boe:qbullt:0212 is not listed on IDEAS
    13. William Lazonick, 2010. "The Chandlerian corporation and the theory of innovative enterprise," Industrial and Corporate Change, Oxford University Press, vol. 19(2), pages 317-349, April.
    14. Govori, Fadil, 2014. "The development of capital market and its impact on providing alternative sources of business financing: Empirical analysis," MPRA Paper 58189, University Library of Munich, Germany.
    15. Egert Juuse & Rainer Kattel, 2014. "Financialisation and the Financial and Economic Crises: The Case of Estonia," FESSUD studies fstudy20, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

    More about this item

    Keywords

    INVESTMENTS ; GERMANY ; JAPAN ; UNITED KINGDOM ; UNITED STATES;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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