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Banks, financial markets and growth

Deidda, Luca Gabriele and Fattouh, Bassam (2005) Banks, financial markets and growth. Cagliari, CRENoS-CUEC. p. 36 (Working Papers CRENoS, 2005, 11). Working Paper.

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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 is established characterized by a disclosure law 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 effcient.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,althoug both bank and stock market development have a positive effect on growth, the growth impact of bank development is reduced by the development of the stock market.

Item Type:Working Paper
ID Code:27
Status:Published
Uncontrolled Keywords:Bank-finance, market-finance, economic growth, monitoring, screening
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:CRENoS-CUEC
Publisher Policy:Depositato per gentile concessione del CRENoS e di CUEC
Additional Information:Poi pubblicato nel 2008 in: Journal of Financial Intermediation, Vol. 17 (1), pp. 6-36.
Deposited On:18 Aug 2009 10:01

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