Financial system structure and economic development: structure matters

Ozgur Ergungor ()

No 305, Working Paper from Federal Reserve Bank of Cleveland

Abstract: This paper investigates how the structure of a financial system-whether it is bank- or market-oriented-affects economic growth. In contrast to earlier research, which indicated that the financial system's structure is irrelevant for growth, the author finds that countries grow faster when they have a flexible judicial system and more market-oriented financial systems.

Keywords: Economic development; Financial institutions (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-fin, nep-law and nep-mfd
Date: 2003
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