12 research outputs found
Financial System Classification: From Conventional Dichotomy to a More Modern View
This paper is to provide literature review on traditional financial system classification and offer and alternative classification of financial systems. Conventional wisdom holds that there are basically 2 types of financial systems – bank-based and market-based. But modern research points to the fact that such opinion may be quite biased. We consider several functions of financial system (not only financing, but corporate governance and information dissemination) and construct a database of financial metrics and institutional variables is order to conduct cluster-analysis. Our findings include: dichotomy does not hold; institutional environment is a key driver of financial system development; commodity exporters have inadequately low institutional development level
Financial Contagion and Systemic Risk: From Theory to Applicable Macroeconomic Model
This draft working paper is to summarize theoretical contributions in the field of measuring systemic risk and contagion of financial systems. Broad theoretical framework is analyzed and empiric approach to a macroeconomic model of global banking system systemic risk and contagion is offered. The model is to use BIS locational statistics as well as national consolidated balance sheets of banking systems to provide some insight into the vulnerability of modern banking system. As to theoretical contributions, three branches of literature are analyzed: correlation-based measures, network-based measures and various systemic risk measures
Financial System Classification: From Conventional Dichotomy to a More Modern View
This paper is to provide literature review on traditional financial system classification and offer and alternative classification of financial systems. Conventional wisdom holds that there are basically 2 types of financial systems – bank-based and market-based. But modern research points to the fact that such opinion may be quite biased. We consider several functions of financial system (not only financing, but corporate governance and information dissemination) and construct a database of financial metrics and institutional variables is order to conduct cluster-analysis. Our findings include: dichotomy does not hold; institutional environment is a key driver of financial system development; commodity exporters have inadequately low institutional development level
Financial Contagion and Systemic Risk: From Theory to Applicable Macroeconomic Model
This draft working paper is to summarize theoretical contributions in the field of measuring systemic risk and contagion of financial systems. Broad theoretical framework is analyzed and empiric approach to a macroeconomic model of global banking system systemic risk and contagion is offered. The model is to use BIS locational statistics as well as national consolidated balance sheets of banking systems to provide some insight into the vulnerability of modern banking system. As to theoretical contributions, three branches of literature are analyzed: correlation-based measures, network-based measures and various systemic risk measures
The impact of financial sector on innovation activity: theoretical background and new evidence from russian banking sector
This paper is to summarize the literature on finance-innovation link and produce evidence that
the development of banking sector in Russia is to foster innovation process. Financeinnovation
link is a new and scarcely covered issue. Nevertheless it is conventional wisdom
that stock market institutions are preferable for financing innovation. But researchers claim
that in the developing countries banking institution together with thorough government policy
can foster innovations. Also they claim that stock market institutions are more suitable for
financing breakthrough innovations, while banks are more suitable for incremental
innovations. The main contribution of this paper is that is was empirically shown using panel
data models that banks can facilitate innovation in Russia
The impact of financial sector on innovation activity: theoretical background and new evidence from russian banking sector
This paper is to summarize the literature on finance-innovation link and produce evidence that
the development of banking sector in Russia is to foster innovation process. Financeinnovation
link is a new and scarcely covered issue. Nevertheless it is conventional wisdom
that stock market institutions are preferable for financing innovation. But researchers claim
that in the developing countries banking institution together with thorough government policy
can foster innovations. Also they claim that stock market institutions are more suitable for
financing breakthrough innovations, while banks are more suitable for incremental
innovations. The main contribution of this paper is that is was empirically shown using panel
data models that banks can facilitate innovation in Russia
Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries
This paper is to investigate the existence of β- convergence and σ- convergence for financial
institutional characteristics for the dataset of 102 countries from 1980 to 2009. The research is
based on panel data econometric models and 10 financial depth indicators. The partial effects of
corruption and financial openness are also to be estimated. The main conclusion is that the world
exhibits steady financial development as well as β-convergence of financial depth indicators, the
middle income countries converging relatively faster. Nevertheless the speed of convergence is
not sufficient for the developing world to catch up quickly
Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries
This paper is to investigate the existence of β- convergence and σ- convergence for financial
institutional characteristics for the dataset of 102 countries from 1980 to 2009. The research is
based on panel data econometric models and 10 financial depth indicators. The partial effects of
corruption and financial openness are also to be estimated. The main conclusion is that the world
exhibits steady financial development as well as β-convergence of financial depth indicators, the
middle income countries converging relatively faster. Nevertheless the speed of convergence is
not sufficient for the developing world to catch up quickly
Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries
This paper is to investigate the existence of β- convergence and σ- convergence for financial institutional characteristics for the dataset of 102 countries from 1980 to 2009. The research is based on panel data econometric models and 10 financial depth indicators. The partial effects of corruption and financial openness are also to be estimated. The main conclusion is that the world exhibits steady financial development as well as β-convergence of financial depth indicators, the middle income countries converging relatively faster. Nevertheless the speed of convergence is not sufficient for the developing world to catch up quickly.Financial convergence; empirical research; corruption; financial openness; financial depth