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Changkyu Choi 《新兴市场金融与贸易》2018,54(2):328-335
The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system. 相似文献
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In this paper, we have examined the impact of both bank- and market-based financial development on economic growth in Kenya during the period 1980 to 2012, using the autoregressive distributed lag bounds testing approach. To capture as far as possible the breadth and depth of the Kenyan bank- and market-based financial systems, the study employs the method of means-removed average to construct both bank- and market-based financial development indices from an array of banking sector and stock market variables. The empirical results of this study show that market-based financial development has a positive impact on economic growth in Kenya. However, the results have also shown that bank-based financial development has no impact on economic growth in the study country. These results apply irrespective of whether the regression analysis is conducted in the long run or in the short run. The findings of this study, therefore, lend more support to pro-market-based financial development policies in Kenya. 相似文献
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融资制度模式选择有其内在逻辑,既不全是自发的随意的,又不全是受制于政府意图;既有历史继承性(受现存的融资制度的影响),又深受经济结构、经济发展水平等内在因素对融资制度需求的影响。中国转型经济中之所以依然将融资制度模式选定为银行主导型融资制度,有两个原因:历史继承和实体经济发展对融资制度的要求。 相似文献
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金融系统的演进模式划分为银行主导型和市场主导型两种。根据我国经济发展及金融运行的实际情况,我国金融系统的演进应该是朝着银行与市场互补发展的模式演进。这对当前货币政策的制定、执行及货币政策效应带来很大的影响。 相似文献
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