Are bank-based or market-based financial systems better?

Ross Levine ()

Journal Economía Chilena (The Chilean Economy), 2000, vol. 3, issue 1, 25-55

Abstract: For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recently, however, proponents of the legal-based view of financial development have argued that the century long debate concerning bank-based versus market-based financial systems is analytically vacuous. According to this view, the critical issue is establishing a legal environment in which both banks and markets can operate effectively. This paper represents the first broad, cross-country examination of which view of financial structure and economic growth is most consistent with the data.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchec:v:3:y:2000:i:1:p:25-55

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