Bank-based versus market-based financing: Implications for systemic risk

被引：39
|
作者：
Bats, Joost, V [1 ,2 ]
Houben, Aerdt C. F. J. [1 ,2 ]
机构：
[1] De Nederlandsche Bank, Westeinde 1, NL-1017 ZN Amsterdam, Netherlands
[2] Univ Amsterdam, Roetersstr 11, NL-1018 WB Amsterdam, Netherlands
来源：
JOURNAL OF BANKING & FINANCE | 2020年 / 114卷
关键词：
Financial structure; Systemic risk; Bank financing; Market financing; CAPITAL SHORTFALL; STOCK MARKETS; GROWTH; DEBT; LEVERAGE; CRISIS;
D O I：
10.1016/j.jbankfin.2020.105776
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Against the background of the great financial crisis, this paper assesses the merits of bank-based versus market-based financing by exploring the relationship between financial structure and systemic risk. The findings indicate that bank-based financial structures are associated with higher systemic risk than market-based financial structures. In relatively bank-based financial structures, bank financing is found to increase systemic risk while market financing decreases systemic risk. By contrast, in relatively market-based financial structures, bank and market financing do not impact systemic risk. Together, the results signal that market-based financial structures are more resilient to systemic risk. (C) 2020 Elsevier B.V. All rights reserved.
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页数：13
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