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Bank supervision and corporate finance, Volume 1
Author:Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross; Country:World;
Date Stored:2003/05/30Document Date:2003/05/31
Document Type:Policy Research Working PaperSubTopics:Labor Policies; Decentralization; Financial Intermediation; National Governance; Financial Crisis Management & Restructuring; Pharmaceuticals & Pharmacoeconomics; Banks & Banking Reform; Payment Systems & Infrastructure
Language:EnglishRegion:The World Region
Report Number:WPS3042Sub Sectors:Banking
Collection Title:Policy, Research working paper ; no. WPS 3042Volume No:1
Related Dataset:Bank Supervision and Corruption in Lending;   

Summary: The authors examine the impact of bank supervision on the financing obstacles faced by almost 5,000 corporations across 49 countries. They find that firms in countries with strong official supervisory agencies that directly monitor banks tend to face greater financing obstacles. Moreover, powerful official supervision tends to increase firm reliance on special connections and corruption in raising external finance, which is consistent with political and regulatory capture theories. Creating a supervisory agency that is independent of the government and banks mitigates the adverse consequences of powerful supervision. Finally, the authors find that bank supervisory agencies that force accurate information disclosure by banks and enhance private monitoring tend to ease the financing obstacles faced by firms.

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