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Cited by 622

The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.

Funding growth in bank-based and market-based financial systems: evidence from firm-level data

Demirgüç-Kunt, Aslı, Maksimovic, Vojislav·2002·Journal of Financial Economics
DOI 10.1016/s0304-405x(02)00145-9
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Abstract

The authors investigate whether firms' access to external financing, to fund growth differs between market-based, and bank-based financial systems. Using firm-level data for forty countries, they compute the proportion of firms in each country that relies on external finance, and examine how that proportion differs across financial systems. They find that the development of a country's legal system predicts access to external finance, and that stock markets, and the banking system have different effects on access to external markets. The development of securities markets is related more to the availability of long-term financing, whereas the development of the banking sector is related more to the availability of short-term financing. They find no evidence, however, that firms' access to external financing is predicted by an index of the development of stock markets, relative to the development of the banking system.

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Metadata

Authors
Demirgüç-Kunt, A., & Maksimovic, V.
Venue
Journal of Financial Economics
Publisher
Elsevier BV
Published
2002-09
Volume
65
Issue
3
Pages
337-363
ISSN
0304-405X (ISSN-L)
DOI
10.1016/s0304-405x(02)00145-9
OpenAlex
W1980432202
Cited by
622
References
40
FWCI
89.97
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Funding growth in bank-based and market-based financial systems: evidence from firm-level data. https://app.cochat.ai/papers/10.1016/s0304-405x(02)00145-9
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Demirgüç-Kunt, A., & Maksimovic, V. (2002). Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics. https://doi.org/10.1016/s0304-405x(02)00145-9

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.