Relationship-based and arms-length financial systems -- a European perspective

Holger Wolf

No 5833, Policy Research Working Paper Series from The World Bank

Abstract: This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.

Keywords: Debt Markets; Banks&Banking Reform; Access to Finance; Emerging Markets; Financial Intermediation (search for similar items in EconPapers)
Date: 2011-10-01
New Economics Papers: this item is included in nep-ban
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:5833

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