Financial systems and corporate governance: a review of the international evidence
Article Abstract:
Too little is known about the relationship between corporate governance, corporate performance and financial systems to seek to impose one system. There is, in fact, a case for fostering competition between financial systems. Empirical evidence does not support the notion that UK and German firms are financed in fundamentally different ways. There are differences in ownership and control, with a higher degree of concentration of ownership in Japan and mainland Europe than in the US and United Kingdom.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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Banks, markets, and the allocation of risks in an economy
Article Abstract:
Banks and markets may not be substitutes. Intermediaries make markets and intermediaries depend on markets as a way of managing risk taken on from firms and households. Markets and intermediaries complement one another. There are issues that need to be tackled such as moral hazard, and the extent to which systemic risk can arise from a correlation between macroshocks and counterparty risks. These correlations have to be examined as part of an assessment of the safety of financial systems.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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