期刊
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
卷 17, 期 2, 页码 292-305出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.iref.2006.09.001
关键词
economic growth; judicial flexibility; banks; stock market; financial development
This paper investigates how the structure of a financial system-whether it is bank or market-oriented-affects economic growth. In contrast to earlier research, which indicates that the financial system's structure is irrelevant for growth, I find that there is a nonlinear (contingent) relationship between growth and financial structure, Countries that have an inflexible judicial system grow faster when they have a more bank-oriented financial system. (C) 2006 Elsevier Inc. All rights reserved.
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