Financial Structure: Theories and Stylized Facts for Six Eu Countries |
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Authors: | Gabe J De Bondt |
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Institution: | (1) Econometric Research and Special Studies Department, De Nederlandsche Bank NV, PO Box 98, 1000 AB Amsterdam, the Netherlands. |
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Abstract: | The article provides a survey of one of the most important elements of financial structure, namely credit to firms and households, by means of five distinguished theoretical issues. It is complemented by a survey of relevant stylized facts for six European countries. A cross-country comparison across Europe shows that indirect credit markets with banks as the main players are far more important than direct credit markets, and that the most striking difference in financial structure among the countries considered relates to debt maturity. |
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Keywords: | financial structure financial intermediation regulation capital structure agency relationships debt maturity structure |
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