Does Structural Matching between Finance and Law Promote Economic Development?

IF 4.6 Q2 MATERIALS SCIENCE, BIOMATERIALS
Baifang Wang
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引用次数: 0

Abstract

Financial systems generally operate under two different models: one where capital markets play a primary role in financial transactions and resource allocation (market-oriented model), and another where banks are the central institutions for these activities (bank-oriented model). The degree of investor protection afforded by the legal system varies across these systems. What is the most efficient alignment between financial structure and investor protection? This paper attempts to quantify the structural matching relationship between the financial structure and investor protection in various countries, and examines empirically the impact of this relationship on economic development. Using a sample of cross-country panel data, it finds that the degree of structural matching was positively related to economic development. Both the combination of a securities market and strong investor protection and the combination of a banking system and weak investor protection can contribute to promoting economic development. It extends the law and finance theory framework, enhances the analysis of scenarios with weak alignment between financial structure and investor protection, explains the growth path of developing countries, and highlights the diversity and the dynamic nature of the optimal financial structure.

金融与法律之间的结构性匹配能否促进经济发展?
金融体系通常在两种不同的模式下运行:一种是资本市场在金融交易和资源配置中发挥主要作用(市场导向模式),另一种是银行是这些活动的核心机构(银行导向模式)。在这些体系中,法律制度对投资者的保护程度各不相同。金融结构与投资者保护之间最有效的结合点是什么?本文试图量化各国金融结构与投资者保护之间的结构匹配关系,并通过实证研究这种关系对经济发展的影响。利用跨国面板数据样本,本文发现结构匹配程度与经济发展呈正相关。证券市场与强有力的投资者保护相结合,以及银行体系与薄弱的投资者保护相结合,都有助于促进经济发展。该研究扩展了法律与金融理论框架,加强了对金融结构与投资者保护弱匹配情景的分析,解释了发展中国家的增长路径,突出了最优金融结构的多样性和动态性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
ACS Applied Bio Materials
ACS Applied Bio Materials Chemistry-Chemistry (all)
CiteScore
9.40
自引率
2.10%
发文量
464
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