Preliminary Draft

نویسنده

  • Hideki Kanda
چکیده

In this paper, I compare three models, or systems, of debt finance: (i) the bank system, (ii) the capital market system, and (iii) the long-term credit bank system. This paper puts particular emphasis on the cost of regulation and the cost of enforcing regulation. This paper argues that these costs are important determinants when any given jurisdiction chooses a system for debt finance. Section 2 addresses general discussion on the costs of regulation and enforcement. Section 3 presents these three systems, problems, and regulatory differences. Section 4 is my preliminary conclusion.

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تاریخ انتشار 2001