학회 소식
공지사항
[2005년 제 2차] Financial Structure and Industrial Growth:A Direct
작성자 : 관리자
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2005-06-03
In this paper we examine the empirical relationship between financial structure, i.e., marketbased vs. bank-based, and growth of industries with different characteristics. Using a sample of 26 OECD countries that are already financially developed but differ in the structure of financial system and classifying 26 manufacturing industries by technological rather than financing characteristics, we find that industries with high R&D intensity, high operating risk, and high capital intensity, respectively, grow faster in countries with more market-based financial system than in countries with more bank-based financial system.