著者

LUINTEL Kul B KHAN Mosahid LEON-GONZALEZ Roberto LI Guangjie

出版者

GRIPS Policy Research Center

雑誌

GRIPS Discussion Papers

巻号頁・発行日

vol.15-27, 2016-03

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The existing weight of evidence suggests that financial structure (the classification of a financial system as bank-based versus market-based) is irrelevant for economic growth. This contradicts the common belief that the institutional structure of a financial system matters. We re-examine this issue using a novel dataset covering 69 countries over 1989-2011 in a Bayesian framework. Our results are conformable to the belief - a market-based system is relevant - with sizable economic effects for the high-income but not for the middle-and-low-income countries. Our findings provide a counterexample to the weight of evidence. We also identify a regime shift in 2008.