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dc.contributor.authorCuadro-Sáez, Lucíaen_US
dc.contributor.authorGarcía-Herrero, Aliciaen_US
dc.date.accessioned2007-08-03en_US
dc.date.accessioned2009-08-06T10:03:24Z-
dc.date.available2009-08-06T10:03:24Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/27022-
dc.description.abstractIn this paper we explore empirically a long-standing question in the literature on finance for growth, namely whether the financial structure -in terms of the size of the banking system relative to the capital market- matters for economic growth. We build upon the existing literature by constructing a new measure of the balancedness of the financial structure which is broader, as it includes the domestic bond market as well as external sources of financing. It is also bounded and more linear than existing ones. We find that a more balanced financial structure -in terms of the size of banks relative to the capital markets- is associated with higher economic growth. Such finding points to banks and capital markets being more of a complement than a substitute. This is in line with Greenspan's idea of one market serving as spare wheel of the other.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel advanced studies working papers 445en_US
dc.subject.jelO16en_US
dc.subject.jelG15en_US
dc.subject.jelG21en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial structureen_US
dc.subject.keywordbanking systemen_US
dc.subject.keywordcapital marketen_US
dc.subject.keywordeconomic growthen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwBankensystemen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwWelten_US
dc.titleFinance for growth: does a balanced financial structure matter?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn538713348en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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Kiel Advanced Studies Working Papers, IfW

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