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Does Economic Structure Determine Financial Structure?

Franklin Allen, Laura Bartiloro (), Xian Gu and Oskar Kowalewksi
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Franklin Allen: Imperial College London
Oskar Kowalewksi: IESEG School of Management (LEM-CNRS-UMR 9221)

Authors registered in the RePEc Author Service: Oskar Kowalewski ()

No 2016-ACF-02, Working Papers from IESEG School of Management

Abstract: In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country’s financial structure. Using data for 100 countries, we find a significant positive relationship between real economic structure and financial structure. We find that changes in the economic structure of a country influence the evolution of its financial system. This suggests that financial institutions and capital markets change in response to the structure of industries.

Keywords: financial system; economic structure (search for similar items in EconPapers)
JEL-codes: G20 O14 O16 (search for similar items in EconPapers)
Pages: 51 pages
Date: 2016-11
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Journal Article: Does economic structure determine financial structure? (2018) Downloads
Working Paper: Does economic structure determine financial structure? (2018)
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