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dc.contributor.authorBuch, Claudia M.en
dc.date.accessioned2009-01-28T14:58:59Z-
dc.date.available2009-01-28T14:58:59Z-
dc.date.issued2000-
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
dc.language.isoengen
dc.publisher|aKiel Institute of World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1012en
dc.subject.jelF3en
dc.subject.ddc330en
dc.subject.keywordinternational bank lendingen
dc.subject.keywordinternational portfolio investmenten
dc.subject.stwInternationale Finanzierungen
dc.subject.stwPortfolio-Investitionen
dc.subject.stwKapitalstrukturen
dc.subject.stwKrediten
dc.subject.stwSecuritizationen
dc.subject.stwAnleiheen
dc.subject.stwEntwicklungsstufeen
dc.subject.stwSchätzungen
dc.subject.stwOECD-Staatenen
dc.subject.stwWelten
dc.titleAre Banks Different? Evidence from International Data-
dc.typeWorking Paperen
dc.identifier.ppn859637778en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1012en
dc.identifier.printppn322721385en

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