{"id":118542,"date":"2024-01-22T22:03:58","date_gmt":"2024-01-22T21:03:58","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/118542\/"},"modified":"2024-11-07T04:57:01","modified_gmt":"2024-11-07T03:57:01","slug":"measuring-and-testing-complementarity-and-co-evolution-in-financial-systems","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/118542\/","title":{"rendered":"Measuring and Testing Complementarity and Co-evolution in Financial Systems"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-118542","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The distinction between bank- and market-based economies has a long tradition in applied macroeconomics. The two types of financial architecture differ not only with respect to the amount of funds channelled through private banking versus the capital market but with respect to several other characteristics, suggesting a competitive rather than a complementary relation between bank- and market-based institutions. Following the idea of Song and Thakor (2010) we test for the hypothesis that the efficiency of financial systems increases for more balanced financial systems, featuring both kinds of institutions in equal measure. We compute an index of complementarity and relate this index and other variables representing various feedback channels of co-evolution to measures for the efficiency of credit and capital markets in a panel of industrial countries.","onlinedate":"2013-11-25 12:00:00","lang":"English","publication_series":"","publication_date":"20131101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"28","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":350723,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"457","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2013-11-25 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[4417,3899],"persons_data":"[{\"personId\":4417,\"personName\":\"Adeline Saillard\",\"organisationNames\":[]},{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Saillard, A.<\\\/span><span>, &amp; Url, T.<\\\/span> (2013). <span>Measuring and Testing Complementarity and Co-evolution in Financial Systems<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (457). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47052\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47052<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Saillard A<\\\/span><span>, Url T<\\\/span>. <span class=\\\"title\\\"><span>Measuring and Testing Complementarity and Co-evolution in Financial Systems<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2013 Nov;(457).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{c81ac84e705a49aea52a3cc84106fc39,<\\\/div><div>  title    = \\\"Measuring and Testing Complementarity and Co-evolution in Financial Systems\\\",<\\\/div><div>  abstract = \\\"The distinction between bank- and market-based economies has a long tradition in applied macroeconomics. The two types of financial architecture differ not only with respect to the amount of funds channelled through private banking versus the capital market but with respect to several other characteristics, suggesting a competitive rather than a complementary relation between bank- and market-based institutions. Following the idea of Song and Thakor (2010) we test for the hypothesis that the efficiency of financial systems increases for more balanced financial systems, featuring both kinds of institutions in equal measure. 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The two types of financial architecture differ not only with respect to the amount of funds channelled through private banking versus the capital market but with respect to several other characteristics, suggesting a competitive rather than a complementary relation between bank- and market-based institutions. Following the idea of Song and Thakor (2010) we test for the hypothesis that the efficiency of financial systems increases for more balanced financial systems, featuring both kinds of institutions in equal measure. We compute an index of complementarity and relate this index and other variables representing various feedback channels of co-evolution to measures for the efficiency of credit and capital markets in a panel of industrial countries.<\\\/p><p>AB  - The distinction between bank- and market-based economies has a long tradition in applied macroeconomics. The two types of financial architecture differ not only with respect to the amount of funds channelled through private banking versus the capital market but with respect to several other characteristics, suggesting a competitive rather than a complementary relation between bank- and market-based institutions. Following the idea of Song and Thakor (2010) we test for the hypothesis that the efficiency of financial systems increases for more balanced financial systems, featuring both kinds of institutions in equal measure. We compute an index of complementarity and relate this index and other variables representing various feedback channels of co-evolution to measures for the efficiency of credit and capital markets in a panel of industrial countries.<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Measuring and Testing Complementarity and Co-evolution in Financial Systems - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/118542\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Measuring and Testing Complementarity and Co-evolution in Financial Systems\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/118542\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:57:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/118542\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/118542\\\/\",\"name\":\"Measuring and Testing Complementarity and Co-evolution in Financial Systems - 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