Multiple Avenues of Intermediation, Corporate Finance and Financial Stability

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Author/Editor:

Davis, E. P.

Authorized for Distribution:

August 1, 2001

Electronic Access:

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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.

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.

Series:

Working Paper No. 01/115

Subject(s):

Author's keyword(s):

Financial markets and the macroeconomy | corporate finance

English

Published:	August 1, 2001
ISBN/ISSN:	1934-7073	Format:	Paper
Stock No:	WPIEA1152001	Pages:	51
Price:	US$15.00


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