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The Role of Complementarity and the Financial Liberalization in the Financial Crisis

Adeline Saillard 1, 2

(06/2012)

This study provides evidence of the role played by the financial structure and the liberalization in the crisis for low, middle and high income countries classified by geographic region. The traditional view of the financial structure-bank vs market based economies is challenged by using the concept of complementarity. We find, as measured by the index proposed in Saillard and Url (2011) the complementary systems to be less vulnerable to financial crises and countries with a low level of liberalization in the financial markets and the banking sectors.

1 :	Centre d'économie de la Sorbonne (CES)
	CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne
2 :	Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE)
	Ecole d'Économie de Paris

Équipe de recherche : Axe Institutions

Discipline

:

Sciences de l'Homme et Société/Economie et finances

Mots-Clés : Bank-based – market-based – complementarity – crisis – financial structure.

halshs-00716859, version 1

http://halshs.archives-ouvertes.fr/halshs-00716859

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Contributeur : Lucie Label <>

Soumis le : Mercredi 11 Juillet 2012, 14:59:31

Dernière modification le : Mercredi 11 Juillet 2012, 15:37:53