Deposit insurance and external finance

被引:7
作者
Cecchetti, SG
Krause, S
机构
[1] Brandeis Univ, Int Business Sch, Waltham, MA 02454 USA
[2] Natl Bur Econ Res, Cambridge, MA 02138 USA
[3] Emory Univ, Dept Econ, Atlanta, GA 30322 USA
关键词
D O I
10.1093/ei/cbi036
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this article we examine one potential explanation for the cross-country differences in the importance of banks and capital market financing of investment. We provide both an equilibrium model predicting and empirical evidence showing that countries with explicit deposit insurance and a high degree of state-owned bank assets have smaller equity markets, a lower number of publicly traded firms, and a smaller amount of bank credit to the private sector. Finally, our results suggest that the effects of deposit guarantees are more important than the origins of national legal systems.
引用
收藏
页码:531 / 541
页数:11
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