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Working Paper

Financial System Structure and Economic Development: Structure Matters

This paper investigates how the structure of a financial system—whether it is bank or market oriented—affects economic growth. In contrast to earlier research, which indicates that the financial system's structure is irrelevant for growth, I find that countries grow faster when they have flexible judicial system and more market-oriented financial systems.

Suggested Citation

Ergungor, O. Emre. 2003. “Financial System Structure and Economic Development: Structure Matters.” Federal Reserve Bank of Cleveland, Working Paper No. 03-05. https://doi.org/10.26509/frbc-wp-200305