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Banks, financial markets and growth

Deidda, Luca Gabriele and Fattouh, Bassam (2008) Banks, financial markets and growth. Journal of Financial Intermediation, Vol. 17 (1), p. 6-36. ISSN 1042-9573. Article.

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DOI: 10.1016/j.jfi.2006.04.003

Abstract

We analyze the interaction between bank and market finance in a model where bankers gather information through monitoring and screening. We show that if a market characterized by a disclosure law is established such that entrepreneurs wishing to raise market finance can credibly disclose their sources of financing, this might undermine bankers' incentive to screen, even when screening is efficient. Correspondingly, other things being equal, the change from a bank-based system to one in which market-finance and bank-finance coexist might have an adverse affect on economic growth. Consistent with this result, our empirical findings suggest that both bank and stock market development have a positive effect on growth, but the growth impact of bank development is lower the higher is the level of stock market development.

Item Type:Article
ID Code:2045
Status:Published
Refereed:Yes
Uncontrolled Keywords:Bank-finance, market-finance, economic growth, monitoring, screening, disclosure law
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:002 Altri enti e centri di ricerca del Nord Sardegna > CRENoS-Centro Ricerche Economiche Nord Sud, Università di Cagliari e Università di Sassari
001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Elsevier
ISSN:1042-9573
Copyright Holders:© 2006 Elsevier
Additional Information:Già pubblicato in: Working papers CRENoS, 2005, 11.
Deposited On:18 Aug 2009 10:06

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