The Political Economy of Financial Systems

摘要: Why do countries with similar levels of development have such different financial systems? Some countries, as the US and UK, rely extensively upon capital markets for mobilizing new capital, while others, Germany, France, Japan, heavily on bank lending. I argue that structure a country's system depends political power farmers labor relative to large firms, where prefer banks, big firms markets. present cross- section time-series statistical analysis across 14 OECD from 1976-1990, well data spanning twentieth century France Japan. The results suggest labor-rural plays primary role, international mobility, which permits seek financing abroad, secondary role in determining system.