930년대 겸업은행위기와 20세기 후반의 금융시스템: 선진 15개국의 경우

초록

Previous literature presents three factors as determinants of financial development: legal origin, openness, and political ideology. I propose additional factor that seems to have been important in dictating paths of financial development in advanced economies; namely investment bank crisis in the 1930s. I examine differences in capital markets development among fifteen advanced countries, consisting of US, Canada, Japan and twelve European countries. I classify them into two groups based on whether a country experienced an investment bank crisis around 1930. I find subsequent capital market development in the crisis-experienced economies had been significantly lagged. I argue that transition of financial system involves transition cost, and in the presence of the cost ‘big event’ such as investment bank crisis may play a pivotal role in triggering transition.

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