BWL (Fach) / Corporate Governance (Lektion)
Vorderseite
Define market-based and bank-based systems
Rückseite
Market-based:- rely on well-developed capital markets, issuance of public debt and equity- banks and insurance as financial intermediaries, rarely hold equity stakes- mostly US/UK etc. (here: banks cannot own equity)
Bank-based:- markets for public debt, equity relatively small- banks play essential role as financiers to firms and potential monitors
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