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Permalink Reply by yujiao on August 27, 2010 at 2:03am

During the late-1980s and early-1990s, when Japan and Germany appeared to be outperforming major capital market-oriented countries such as Britain and the US, the academic literature often favored bank-based systems. Examples of& nbsp[url=http://www.shopthomassaboschmuck.com/thomas-sabo-earrings.html]thomas sabo ohrringe[/url];this literature include Prowse (1992), Kester (1992), and Porter (1992), while the supporting arguments are summarized in Maher and Andersson (1999) and Tsuru (2000). More recently, however, the weight of opinion has swung strongly in favor of the idea that capital markets have decisive comparative advantages over banks and other financial intermediaries as optimal monitors and financiers of a nation's corporate life. This reassessment has been driven in [url= http://www.shopthomassaboschmuck.com ]thomas sabo onlineshop[/url]part by the observation, discussed at length above, that capital markets have been prospering relative to banks for many ;years now. The repetitive nature--and massive costs--of banking crises in [url=http://www.shopthomassaboschmuck.com/thomas-sabo-charms.html]thomas sabo verkauf[/url]developing and developed countries alike has also convinced many observers that banks are inherently fragile institutions, whose role in corporate finance should be minimized as much and as quickly as possible (Economist (1997, 1999)).

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Permalink Reply by wuzhihao on Wednesday

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