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Relationship-based and arms-length financial systems -- a European perspective

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  • Wolf, Holger

Abstract

This paper surveys the debate on arms-length and relationship-based financial systems with a special focus on the Eastern Europe and Central Asia region. The paper argues that while the initial dominance of relationship-based systems in the region is consistent with the implications of the theoretical literature, the subsequent improvements in supporting institutions coupled with structural changes suggests a greater scope for arms-length elements going forward.

Suggested Citation

  • Wolf, Holger, 2011. "Relationship-based and arms-length financial systems -- a European perspective," Policy Research Working Paper Series 5833, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5833
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    References listed on IDEAS

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    Cited by:

    1. Dutz, Mark A. & Sharma, Siddharth, 2012. "Green growth, technology and innovation," Policy Research Working Paper Series 5932, The World Bank.
    2. Lim Sijeong, 2015. "Financial structures, firms, and the welfare states in South Korea and Singapore," Business and Politics, De Gruyter, vol. 17(2), pages 327-354, August.

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    Keywords

    Debt Markets; Banks&Banking Reform; Access to Finance; Emerging Markets; Financial Intermediation;
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