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Author/Editor:
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Davis, E. P.
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Publication Date:
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August 01, 2001
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Electronic Access:
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Free Full text
(PDF file size is 1,358KB).
Use the free
Adobe Acrobat Reader
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Using data from the US, UK, Japan and Canada, this paper provides evidence on the benefits to an economy from "multiple avenues of intermediation". The overall conclusion is that the existence of active securities markets alongside banks is indeed beneficial to the stability of corporate financing, both during cyclical downturns and during banking and securities market crises. The benefit from multiple avenues are greater, the more comparable the size of securities market and intermediated financing, as well as the larger the proportion of companies able to access both loan and securities markets. The analysis raises a number of policy issues and research topics for further investigation.
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Series:
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Working Paper No. 01/115
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Subject(s):
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Capital markets | Bonds | Investment policy | Financial stability | United States | United Kingdom | Japan | Canada
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Author's Keyword(s):
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Financial markets and the macroeconomy | corporate finance |
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English
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Publication Date:
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August 01, 2001
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1152001
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Pages:
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51
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Price:
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US$15.00 )
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Price Delivery Note:
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Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA.
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Please address any questions about this title to
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