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Comparing Financial Systems: A structural Analysis

  • Sylvain Champonnois

    ()

    (Economics Princeton University)

This paper investigates whether the financial markets are relatively more efficient than banks in the UK than in continental Europe. The UK channels a larger fraction of the financial flow to the firms through financial markets than continental Europe but this is explained by larger firms in the UK, not relatively more efficient markets. This conclusion is drawn from an industry-level structural estimation using data on the UK, France, Germany and Italy. The structural model is based on a novel theory of capital allocation and investment in which the decisions of heterogenous firms across financing instruments are aggregated in closed-form

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File URL: http://repec.org/sed2006/up.2360.1139975517.pdf
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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 520.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:520
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  17. John C. Easterwood & Palani-Rajan Kadapakkam, 1991. "The Role of Private and Public Debt in Corporate Capital Structures," Financial Management, Financial Management Association, vol. 20(3), Fall.
  18. Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-400, September.
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