Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/209966 
Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Working Paper No. 2010/21
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron's (1962) hypothesis: universality is interpreted as a strategy for banks to reach the critical size needed in order to perform successful securitization of corporate debt. A relevant natural experiment in universal banking and industrialization (Belgium in the 1830s) illustrates the argument. The conclusion is that creating a new financial market also implies establishing intermediaries to supply crucial functions such as underwriting, certification, and liquidity provision.
Schlagwörter: 
universal banking
stock markets
intermediation
financial development
JEL: 
G24
G32
N23
O16
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-7553-578-6
Creative-Commons-Lizenz: 
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Dokumentart: 
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