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Market Phoenixes and Banking Ducks Are Recoveries Faster in Market-Based Financial Systems?, Julien Allard, Rodolphe Blavy

Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental Europe). Further, stronger recoveries also tend to be associated with broader economic flexibility. Our findings suggest that dealing with bank sector vulnerabilities is paramount to support the recovery. In the medium term, structural policies to deepen financial markets are useful, but need to be complemented with structural measures to address rigidities more broadly in the real economy
Table Of Contents
Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; II. Crises and Recoveries: A Brief Literature Review; III. Financial Structure and Recoveries; A. Recoveries; B. Market-based vs. bank-based financial systems; 1. Private Sector Financing; 1. Private Sector Financing, 2002-2007; C. Financial Structure and Recoveries: Some Stylized Facts; 2. Recoveries 1960-2007: Market-Based versus Bank-Based Economies; 3. Recoveries, 1960-2007: Strongly Market-Based vs. Intermediates vs. Strongly Bank-Based Economies; 2. Recoveries, 1960-2007: Market-Based vs. Bank Based
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (43 p.)
Specific Material Designation
Form Of Item

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