Financial Structure: An Investigation of Sectoral Balance Sheets in the G-7
Joseph Patrick Byrne, Joseph P. Byrne, E. Philip Davis, Senior Economist Bank of England Research Associate Financial Markets Group E Philip Davis
Cambridge University Press, Aug 28, 2003 - Business & Economics - 226 pages
Differences in overall financial structure underlie important contrasts in financing and economic behaviour. In this context, this book aims to confront theory and extant empirical work with aggregate financial data across the G7, between 1970 and 2000. It explores the contrasting patterns and development of financial structures in the light of the main theoretical and empirical results in the economic literature. It uses as raw material sectoral balance sheet data published by national statistical authorities acoross the corporate, household, general government, foreign, financial, banking and institutional-investor sectors. Such a cross-country confrontation of theory and evidence across the full range of sectors fills an important gap in the literature on financial development and comparative financial systems. By using data from 1970 to 2000, the analysis traces portfolios over a turbulent period characterised by considerable economic and financial instability, marked financial liberalisation, far-reaching technical change and volatile asset prices.
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The key differences between the balance sheets
The household sector
The general government sector
The foreign sector
The financial sector
The banking sector
Insurance companies pension funds and mutual funds
Confronting theoretical paradigms with the data
accounts adverse selection assets and liabilities assets per cent asymmetric information balance sheets bank-based banking sector behaviour bond finance bonds borrowing Canada France Italy cent of GDP cent of total companies constraints convergence corporate governance corporate sector debt differences domestic economic equity holdings external finance financial institutions financial sector financial structure financial systems flow foreign sector France Italy Deposits Germany Japan Canada growth household sector income increase inflation information asymmetry inst institutional investors insurance and pension International investment position Italy Deposits 1970 Japan Canada France liabilities per cent liberalisation liquidity liquidity constraints loans market-based monetary money market money market instruments moral hazard mutual funds non-financial Note OECD overall pension funds percent of GDP portfolio shares ratio relationship banking risk aversion saving sector financial assets sector liabilities securities securitisation shareholders sizeable small firms suggest Table UK US Germany unquoted shares wealth
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