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dc.contributor.authorCuadro-Sáez, Lucíaen
dc.contributor.authorGarcía-Herrero, Aliciaen
dc.date.accessioned2007-08-03-
dc.date.accessioned2009-08-06T10:03:24Z-
dc.date.available2009-08-06T10:03:24Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Advanced Studies Working Papers |x445en
dc.subject.jelO16en
dc.subject.jelG15en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordfinancial structureen
dc.subject.keywordbanking systemen
dc.subject.keywordcapital marketen
dc.subject.keywordeconomic growthen
dc.subject.stwKapitalstrukturen
dc.subject.stwBankensystemen
dc.subject.stwFinanzmarkten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwWelten
dc.titleFinance for growth: does a balanced financial structure matter?-
dc.typeWorking Paperen
dc.identifier.ppn538713348en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwasw:445en

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