Are performances of banks and firms linked ? 3 And if so , why ?
نویسندگان
چکیده
9 Employing data sets from 46 countries, this paper identifies a significant positive rela10 tionship between the performance of the financial sector and the non-financial ones in the 11 presence of a growth rate in the GDP and in inflation rates. To account for this relationship, 12 we initially put forth four hypotheses. Results show that “bank concentration” (the first hy13 pothesis) considerably strengthens the relationship but that the “protection of the creditor” 14 (the second hypothesis) weakens it slightly. Noteworthy is that “restrictions on banks en15 gaged in non-banking activities” (the third hypothesis) and the “bank-based system” (the 16 fourth hypothesis) do not have any influence on the relationship, whatsoever. 17 © 2003 Society for Policy Modeling. Published by Elsevier Science Inc. All rights reserved. 18 JEL classification: G21; G30 19
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