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  • Both banking systems and stock markets enhance growth and overall economic development. Generally, at low levels of economic development commercial banks have a tendency to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. The aim of the paper is to identify common institutional characteristics in 27 EU member countries, the United States and Japan over the period 2003-2012 and to find out whether these characteristics can be connected with the type of the financial system of these countries. Because we want to confirm the general idea that well-developed countries with good institutional characteristics prefer the market-based system and vice versa, we divided EU member countries into two subgroups (EU17 and EU10). According to our results we conclude that the general idea that well-developed countries with good institutional characteristics experience the market-based system can be confirmed. Countries with the prevailing market-based financial system (the United States, the United Kingdom, Finland, and Sweden) generally show better institutional characteristics than countries with the bank-based market system (Japan and most of the EU member countries).
  • Both banking systems and stock markets enhance growth and overall economic development. Generally, at low levels of economic development commercial banks have a tendency to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. The aim of the paper is to identify common institutional characteristics in 27 EU member countries, the United States and Japan over the period 2003-2012 and to find out whether these characteristics can be connected with the type of the financial system of these countries. Because we want to confirm the general idea that well-developed countries with good institutional characteristics prefer the market-based system and vice versa, we divided EU member countries into two subgroups (EU17 and EU10). According to our results we conclude that the general idea that well-developed countries with good institutional characteristics experience the market-based system can be confirmed. Countries with the prevailing market-based financial system (the United States, the United Kingdom, Finland, and Sweden) generally show better institutional characteristics than countries with the bank-based market system (Japan and most of the EU member countries). (en)
Title
  • Institutional aspects of financial integration: bank-based vs. market-based financial systems
  • Institutional aspects of financial integration: bank-based vs. market-based financial systems (en)
skos:prefLabel
  • Institutional aspects of financial integration: bank-based vs. market-based financial systems
  • Institutional aspects of financial integration: bank-based vs. market-based financial systems (en)
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  • RIV/61989100:27510/13:86086847!RIV14-MSM-27510___
http://linked.open...avai/riv/aktivita
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  • V
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  • 80463
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  • RIV/61989100:27510/13:86086847
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  • bank-based system, contract enforcement, financial freedom, financial markets, market-based system, property rights (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...ontrolniKodProRIV
  • [1A101033C1CA]
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  • Ostrava
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  • Ostrava
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  • Proceedings of the 11th International Conference Economic Policy in the European Union Member Countries : [18.-20. September 2013, Ostrava]
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http://linked.open...UplatneniVysledku
http://linked.open...iv/tvurceVysledku
  • Kučerová, Zuzana
  • Tichá, Michaela
http://linked.open...vavai/riv/typAkce
http://linked.open.../riv/zahajeniAkce
number of pages
http://purl.org/ne...btex#hasPublisher
  • Vysoká škola báňská - Technická univerzita Ostrava
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  • 978-80-248-3095-7
http://localhost/t...ganizacniJednotka
  • 27510
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