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New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?

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dc.contributor.authorLevine, Ross
dc.contributor.authorBeck, Thorsten
dc.date.accessioned2014-08-28T18:49:36Z
dc.date.available2014-08-28T18:49:36Z
dc.date.issued2000-06
dc.description.abstractThe authors find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development, and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based on market-based offers little additional information.en
dc.identifierhttp://documents.worldbank.org/curated/en/2000/06/437118/new-firm-formation-industry-growth-having-market--or-bank-based-system-matter
dc.identifier.doi10.1596/1813-9450-2383
dc.identifier.urihttps://hdl.handle.net/10986/19840
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2383
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING STANDARDS
dc.subjectANNUAL GROWTH
dc.subjectANNUAL GROWTH RATE
dc.subjectBANK CREDIT
dc.subjectBANKING SECTOR
dc.subjectBANKS
dc.subjectBOARDS OF DIRECTORS
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITALIZATION
dc.subjectCASH FLOWS
dc.subjectCIVIL LAW
dc.subjectCOMMON LAW
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCORPORATE PROFITS
dc.subjectCOUNTRY DATA
dc.subjectCOUNTRY GROWTH REGRESSIONS
dc.subjectCOUNTRY VARIATION
dc.subjectDEBT
dc.subjectDEPENDENT VARIABLE
dc.subjectDESCRIPTIVE STATISTICS
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC PERFORMANCE
dc.subjectEMPIRICAL RESULTS
dc.subjectENTREPRENEURSHIP
dc.subjectEXTERNAL FINANCE
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectGDP
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectINCOME
dc.subjectINDEPENDENT VARIABLES
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectLARGE SHAREHOLDERS
dc.subjectLEGAL ORIGIN
dc.subjectLEGAL SYSTEMS
dc.subjectLIQUID MARKETS
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectMARKET CAPITALIZATION
dc.subjectNATIONAL OUTPUT
dc.subjectNEGATIVE SIGN
dc.subjectPOLICY RESEARCH
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE SECTOR
dc.subjectREORGANIZATION
dc.subjectRESOURCE ALLOCATION
dc.subjectREVERSE CAUSALITY
dc.subjectRULE OF LAW
dc.subjectSECTOR ACTIVITY
dc.subjectSHAREHOLDERS
dc.subjectSIGNIFICANT IMPACT
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectSTOCK PRICES
dc.subjectTAKEOVER
dc.subjectTRANSACTION COSTS
dc.subjectTRANSACTIONS COSTS
dc.subjectVALUE ADDED
dc.titleNew Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?en
dspace.entity.typePublication
okr.crossref.titleNew Firm Formation and Industry Growth: Does Having a Market- or Bank-Based System Matter?
okr.date.disclosure2000-06-30
okr.date.doiregistration2025-04-10T09:41:26.416940Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2000/06/437118/new-firm-formation-industry-growth-having-market--or-bank-based-system-matter
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticePoverty
okr.globalpracticeGovernance
okr.guid929331468766808201
okr.identifier.doi10.1596/1813-9450-2383
okr.identifier.externaldocumentum000094946_0007280537428
okr.identifier.internaldocumentum437118
okr.identifier.reportWPS2383
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2000/08/14/000094946_0007280537428/Rendered/PDF/multi_page.pdfen
okr.sectorFinancial Sector Development
okr.sectorFinance
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicPublic Sector Development::Decentralization
okr.topicMacroeconomics and Economic Growth::Financial Economics
okr.topicPayment Systems and Infrastructure
okr.topicFiscal and Monetary Policy
okr.topicGovernance::Governance Indicators
okr.unitFinancial Sector Strategy and Policy Department
okr.volume1
relation.isAuthorOfPublication4694cd5a-bd90-594b-abe2-f5b681139e6d
relation.isAuthorOfPublication.latestForDiscovery4694cd5a-bd90-594b-abe2-f5b681139e6d
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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