The Role of Complementarity and the Financial Liberalization in the Financial Crisis

Adeline Saillard ()
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Adeline Saillard: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: This study provides evidence of the role played by the financial structure and the liberalization in the crisis for low, middle and high income countries classified by geographic region. The traditional view of the financial structure-bank vs market based economies is challenged by using the concept of complementarity. We find, as measured by the index proposed in Saillard and Url (2011) the complementary systems to be less vulnerable to financial crises and countries with a low level of liberalization in the financial markets and the banking sectors.

Keywords: financial structure; Bank-based; market-based; complementarity; crisis; financial structure.; Complémentarité; crises; structure financière. (search for similar items in EconPapers)
Date: 2012-06
New Economics Papers: this item is included in nep-ban
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Published in 2012

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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00716859

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