Bank-based versus market-based financial systems: A growth-theoretic analysis

被引：65

作者：

Chakraborty, S ^{[1
]}

Ray, T

机构：

[1] Univ Oregon, Dept Econ, Eugene, OR 97403 USA

[2] HKUST, Dept Econ, Kowloon, Hong Kong, Peoples R China

[3] Indian Stat Inst, New Delhi 110016, India

来源：

JOURNAL OF MONETARY ECONOMICS | 2006年 / 53卷 / 02期

关键词：

financial system; income distribution; banks; market finance;

D O I：

10.1016/j.jmoneco.2005.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study bank-based and market-based financial systems in an endogenous growth model. Lending to firms is fraught with moral hazard as owner-managers may reduce investment profitability to enjoy private benefits. Bank monitoring partially resolves the agency problem, while market-finance is more 'hands-off'. A bank-based or market-based system emerges from firm-financing choices. Neither system is unequivocally better for growth, which crucially depends on the efficiency of financial and legal institutions. But a bank-based system outperforms a market-based one along other dimensions. Investment and per capita income are higher, and income inequality lower, under a bank-based system. Bank-based systems are also more conducive for broad-based industrialization. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：329 / 350

页数：22

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