期刊
JOURNAL OF FINANCIAL INTERMEDIATION
卷 17, 期 1, 页码 6-36出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jfi.2006.04.003
关键词
bank-finance; market-finance; economic growth; monitoring; screening; disclosure law
We analyze the interaction between bank and market finance in a model. where bankers gather information through monitoring and screening. We show that if a market characterized by a disclosure law is established such that entrepreneurs wishing to raise market finance can credibly disclose their sources of financing, this might undermine bankers' incentive to screen, even when screening is efficient. Correspondingly, other things being equal, the change from a bank-based system to one in which market-finance and bank-finance coexist might have an adverse affect on economic growth. Consistent with this result, our empirical findings suggest that both bank and stock market development have a positive effect on growth, but the growth impact of bank development is lower the higher is the level of stock market development. (C) 2006 Elsevier Inc. All rights reserved.
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