Munich Personal RePEc Archive

Debt and net financial wealth: a comparative analysis for some European countries

Cinquegrana, Giuseppe (2010): Debt and net financial wealth: a comparative analysis for some European countries.

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Abstract

The impact of the different financial frameworks on the long-run growth is one of the most debated arguments in the economic theory. In this paper we present a theoretical and empirical analysis of the financial systems which characterize the financial interrelation in some European countries: the bank oriented model and the market oriented one. The first one was developed during the last part of the nineteenth century in the countries where the court system was based on the civil law principles, the other one became the financial model for the countries historically characterized by a regulatory framework with the common law approach. Considering the financial accounts of some European countries (source: EUROSTAT data, OECD data), we calculate the Goldsmith’s ratios and other indicators for the period 2000-2008. For each considered country as regard to the European Monetary Union, first of all we asses the financial interrelation and intermediation and then we analyze the debt and the net financial wealth of the private non financial sector and of the Households one.

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