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Rajan and Zingales_Fiancial Systems

FINANCIAL SYSTEMS, INDUSTRIAL STRUCTURE, AND GROWTH

OXFORD REVIEW OF ECONOMIC POLICY, VOL. 17, NO. 4

RAGHURAM G. RAJAN

LUIGI ZINGALES

University of Chicago, Graduate School of Business1

How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribution of firms? What is the relative importance of financial institutions and financial markets, and does it depend on the stage of economic growth? How do financial systems differ in their vulnerability to crisis? This paper attempts to provide an answer to these questions based on the current state of empirical research.

I. INTRODUCTION

How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribu-tion of firms? What is the relative importance of financial institutions and financial markets, and does it depend on the stage of economic growth? How do financial systems differ in their vulnerability to crisis? This paper attempts to provide an answer to these questions based on the current state of empiri-cal research. This is not, however, meant to be a comprehensive survey. Instead, we hope to present our own point of view, bolstered by the available empirical evidence.

The first section of this paper focuses on the theoretical rationale and empirical evidence for why financial development aids industrial growth. In the second section, we compare and contrast two types of financial system: the institution-heavy relation-ship-based system, and the market-intensive arm’s-length system. We will ask which type of system is more suitable for industrial growth. In particular, we focus on what seems to be a recent hybrid—venture capital financing. In the last section, we ask how

1An earlier version of this paper was prepared for the Symposium on the International Competitiveness of the Swedish Financial Industry, organized by the Bank of Sweden Tercentenary Foundation. We acknowledge support from the George J. Stigler Center for the Study of the Economy and the State, and the Center for Research in Security Prices, both at the University of Chicago. Rajan also thanks the National Science Foundation for support.

"$%© 2001 OXFORD UNIVERSITY PRESS AND THE OXFORD REVIEW OF ECONOMIC POLICY LIMITED

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