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dc.contributor.authorBuch, Claudia M.en_US
dc.date.accessioned2009-01-28T14:58:59Z-
dc.date.available2009-01-28T14:58:59Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/17711-
dc.description.abstractPecking order models of international finance suggest that countries should become less reliant on international bank lending as they develop. Reduced information costs are one of the factors behind this trend towards disintermediation. This paper presents a simple model on the choice between bank debt and bond finance which builds on Rajan (1992), and it uses two new datasets to test the implications, focusing on bilateral cross-border bank claims and bond holdings. We find support for the hypothesis that the state of development of an economy lowers the share of bank finance. However, evidence on the importance of variables which more directly measure information costs is less clear-cut.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1012en_US
dc.subject.jelF3en_US
dc.subject.ddc330en_US
dc.subject.keywordinternational bank lendingen_US
dc.subject.keywordinternational portfolio investmenten_US
dc.subject.stwInternationale Finanzierungen_US
dc.subject.stwPortfolio-Investitionen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwKrediten_US
dc.subject.stwSecuritizationen_US
dc.subject.stwAnleiheen_US
dc.subject.stwEntwicklungsstufeen_US
dc.subject.stwSchätzungen_US
dc.subject.stwOECD-Staatenen_US
dc.subject.stwWelten_US
dc.titleAre Banks Different? Evidence from International Dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn322721385en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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