References
- 1. Adrian, T., P. Colla and H.S. Shin (2013), “Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007 to 2009”, NBER Macroeconomics Annual, 2013, Vol 27 (1), pages 159-21410.1086/669176
- 2. Aizenman, J., Hutchinson, M.M. (2010), “Exchange market pressure and absorption by international reserves: emerging markets and fear of reserve loss during the 2008-09 crisis”, Working paper no. 16260, NBER10.3386/w16260
- 3. Allard, J., Blavy, R. (2011), “Market Phoenixes and banking ducks: are recoveries faster in market-based economies?”, Working Paper WP/11/213, IMF10.5089/9781463902292.001
- 4. Allen, F., Gale, D., (2000), “Comparing Financial Systems”, MIT Press, Cambridge, MA.
- 5. Bats, J., Houben, A. (2017), “Bank-based versus market-based financing: implications for systemic risk”, Working Paper No. 577, De Nederlandsche Bank10.2139/ssrn.3086504
- 6. Beck, T., Levine, R. (2004), “Stock markets, banks and growth: Panel evidence”, Journal of Banking and Finance 28: 423-44210.1016/S0378-4266(02)00408-9
- 7. Beck, T., Levine, Ross (2002), “Industry growth and capital allocation: does having a market or bank based system matter?”, Journal of Financial Economics 64, 147-18010.1016/S0304-405X(02)00074-0
- 8. Beck, Thorsten, Levine, Ross, Loayza, Norman, (2000), “Finance and the sources of growth”, Journal of Financial Economics 58, 261-30010.1016/S0304-405X(00)00072-6
- 9. Calderon, C., Kubota, M. (2009), “Does higher openness cause more real exchange rate volatility?”, Policy research working paper 4896, World Bank10.1596/1813-9450-4896
- 10. Craig, Ben and von Peter, Goetz (2014). Interbank tiering and money center banks, Journal of Financial Intermediation 23 (3), 322-34710.1016/j.jfi.2014.02.003
- 11. Demirguc-Kunt, A., Feyen, E., Levine (2011), “The evolving importance of Banks and Securities Markets”, Policy Research Working Paper 5805, World Bank10.1596/1813-9450-5805
- 12. Demirguc-Kunt, Asli, Levine, Ross, (1999), “Bank based and market based financial systems: cross-country comparisons”, Policy Working Paper 2143, World Bank
- 13. Demirguc-Kunt,A., Maksimovic, V. (2000), “Funding growth in bank based and market based financial systems”, Policy Research Working Paper 2432, World Bank10.1596/1813-9450-2432
- 14. Dienillah, A., Anggraeni, L., Sahara, S., (2018), “Impact of financial inclusion on financial stability based on income group countries”, Bulletin of Monetary Economics and Banking, 20, 429-442.10.21098/bemp.v20i4.859
- 15. Ergungor, O.E. (2004), “Market vs Bank based Financial Systems: Do rights and regulations really matter?”, Journal of Banking and Finance 28: 2869-288710.1016/j.jbankfin.2003.04.001
- 16. Frankel, Jeffrey A., Saravelos, George (2011) “Can Leading Indicators Assess Country Vulnerability? Evidence from the 2008-09”, Global Financial Crisis. HKS Faculty Research Working Paper Series RWP11-024,John F. Kennedy School of Government, Harvard University10.2139/ssrn.1971286
- 17. Frankfurt, Institute for Monetary and Financial Stability (IMFS), Frankfurt a. M.
- 18. Gambacorta, L., Yang, J., Tsatsaronis, K. (2014), “Financial Structure and Growth”, BIS Quarterly Review, Bank for International Settlements.
- 19. Guillen, J. (2016). Does Financial Openness Matter in the Relationship Between Financial Development and Income Distribution in Latin America?. Emerging Markets Finance and Trade, 52(5), 1145-1155.10.1080/1540496X.2015.1046337
- 20. Ho, S. Y., & Iyke, B. N. (2019). Trade Openness and Carbon Emissions: Evidence from Central and Eastern European Countries. Review of Economics, 70(1), 41-67.10.1515/roe-2018-0001
- 21. Hou, X., Li, S., & Wang, Q. (2018). Financial structure and income inequality: evidence from China. Emerging Markets Finance and Trade, 54(2), 359-376.10.1080/1540496X.2017.1347780
- 22. Igan, D., & Tan, Z. (2017). Capital inflows, credit growth, and financial systems. Emerging Markets Finance and Trade, 53(12), 2649-2671.10.1080/1540496X.2017.1339186
- 23. Ito, Hiro (2004), “Is financial openness a bad thing? An analysis on the correlation between financial liberalisation and the output performance of the crisis-hit economies”, Working Paper 04-23, Santa Cruz Centre for International Economics.10.2139/ssrn.621801
- 24. Iyke, B. N. (2017). Does Trade Openness Matter for Economic Growth in the CEE Countries?. Review of Economic Perspectives, 17(1), 3-24.10.1515/revecp-2017-0001
- 25. Juhro, S. M., Narayan, P. K., Iyke, B. N., & Trisnanto, B. (2020). Is there a role for Islamic finance and R&D in endogenous growth models in the case of Indonesia?. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2020.101297.10.1016/j.pacfin.2020.101297
- 26. Karim, N., Al-Habshi, S., Abduh, M., (2016) Macroeconomics indicators and bank stability: A case of banking in Indonesia, Bulletin of Monetary Economics and Banking, 18, 431-448.10.21098/bemp.v18i4.609
- 27. Kim, H., Park, K., & Song, S. (2016). Banking market size structure and financial stability: evidence from eight Asian countries. Emerging Markets Finance and Trade, 52(4), 975-990.10.1080/1540496X.2015.1025653
- 28. King, R.G., Levine, Ross, (1993), “Finance and Growth: Schumpeter Might be right”, The Quarterly Journal of Economics, 108(3), 717-73710.2307/2118406
- 29. Langfield, S., Pagano, M. (2015), “Bank-bias in Europe: effects on systemic risk and growth”, Working Paper 1797, European Central Bank10.2139/ssrn.2621554
- 30. Lee, Bong-Soo (2012), “Bank-based and market-based financial systems: Time-series evidence”, Pacific-Basin Finance Journal 20, 173-19710.1016/j.pacfin.2011.07.006
- 31. Levine, Ross (2002), “Bank based or market based financial systems: which is better?”, Journal of Financial Intermediation 11, 398-42810.1006/jfin.2002.0341
- 32. Levine, Ross (2005), “Finance and Growth: Theory and Evidence”, Ch. 12, Handbook of Economic Growth, Volume 1A10.1016/S1574-0684(05)01012-9
- 33. Li, Xiangming (2004), “Trade liberalization and real exchange rate movement”, IMF staff papers Vol 51(3), IMF10.2139/ssrn.879200
- 34. MacDonald, R., Ricci, L. (2003), “Estimation of the equilibrium real exchange rate for South Africa”, Working Paper WP/03/44, IMF10.5089/9781451846430.001
- 35. Mayandy, K., (2019) Monetary policy rules and macroeconomic stability: Evidence from Sri Lanka, Bulletin of Monetary Economics and Banking, 22, 485-506.10.21098/bemp.v22i4.1191
- 36. Mulyaningsih, T., Daly, A., Miranti, R., (2016) Nexus of competition and stability: Case of banking in Indonesia, Bulletin of Monetary Economics and Banking, 18, 333-350.10.21098/bemp.v18i3.555
- 37. Park, D., Shin, K., & Tian, S. (2019). Do Local Currency Bond Markets Enhance Financial Stability? Some Empirical Evidence. Emerging Markets Finance and Trade, 1-29.10.2139/ssrn.3339164
- 38. Patnaik, I., Felman, J., Shah, A. (2017), “An exchange market pressure measure for cross country analysis”, Journal of International Money and Finance 73, 62-7710.1016/j.jimonfin.2017.02.004
- 39. Phan, D. H. B., Iyke, B. N., Sharma, S. S., & Affandi, Y. (2020). Economic policy uncertainty and financial stability–Is there a relation?. Economic Modelling. https://doi.org/10.1016/j.econmod.2020.02.04210.1016/j.econmod.2020.02.042
- 40. Rajan, R.G., Zingales, L. (1998), “Financial dependence and growth”, American Economic Review 88(3), 559-586
- 41. Rousseau, P.L., Wachtel, P., (2002), “Inflation thresholds and the finance-growth nexus”, Journal of international Money and finance 21, 777-79310.1016/S0261-5606(02)00022-0
- 42. Schmidt, Reinhard H., Hryckiewicz, Aneta (2006), “Financial systems -importance, differences and convergence”, IMFS Working Paper Series, No. 4, Goethe University
- 43. Shen, C. H., Fan, X., Huang, D., Zhu, H., & Wu, M. W. (2018). Financial development and economic growth: Do outliers matter?. Emerging Markets Finance and Trade, 54(13), 2925-2947.10.1080/1540496X.2018.1440547
- 44. Sunarmo, (2018) Market structure and competition of Islamic banking in Indonesia, Bulletin of Monetary Economics and Banking, 20, 307-324.10.21098/bemp.v20i3.855
- 45. Thakor, A.V. (1996), “The design of financial systems: an overview”, Journal of Banking and Finance 20, 917-94810.1016/0378-4266(95)00033-X
- 46. Vitols, Sigurt (2001), “The origins of bank-based and market based financial systems: Germany, Japan, and the United States”, Wissenschaftszentrum Berlin für Sozialforschung, Discussion Paper FS| 01-302
- 47. Wachtel, Paul, (2001), “Growth and Finance: What do we know and how do we know it?”, International Finance, 335-36210.1111/1468-2362.00077
- 48. Wang, Q-J., Feng, G-F., and Chang, C-P., (2019) Financial structure foundation of the urban-rural income gap in China: An investigation from the perspective of the double dual structure, Bulletin of Monetary Economics and Banking, 22, 177-194.10.21098/bemp.v22i2.1079