The authors investigate whether firms' access to external financing, to fund growth differs between market-based, and bank-based financial systems. Using firm-level data for forty countries, they compute the proportion of firms in each country that relies on external finance, and examine how that proportion differs across financial systems. They find that the development of a country's legal system predicts access to external finance, and that stock...
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INFORMATION
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2000/08/31
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Document de travail de recherche sur les politiques
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WPS2432
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1
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1
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2010/07/01
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Funding growth in bank-based and market-based financial systems : evidence from firm level data
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legal system
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