IVE ANALYTICAL REASONS WHY MARKET-BASED FINANCIAL SYSTEMS MAY BE SUPERIOR TO BANK-BASED FINANCE IN FACILITATING ECONOMIC DEVELOPMENT?

JOURNALS

1. BENCIVENGA, VR AND BD SMITH (1991),  FINANCIAL INTERMEDIATION AND ENDOGENOUS GROWTH,
REVIEW OF ECONOMIC STUDIES, 58, APRIL, 159-209.

2. GREENWOOD, J and B JOVANOVIC (1990),  FINANCIAL DEVELOPMENT, GROWTH AND THE DISTRIBUTION OF INCOME,
JOURNAL OF POLITICAL ECONOMY, 98 (5), 1076-107.

3. Stock Markets, Banks, and Economic Growth
Ross Levine; Sara Zervos
The American Economic Review > Vol. 88, No. 3 (Jun., 1998), pp. 537-558

4. Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting
Mark Carey; Mitch Post; Steven A. Sharpe
The Journal of Finance > Vol. 53, No. 3 (Jun., 1998), pp. 845-878

5. MAYER, C (1988),  NEW ISSUES IN CORPORATE FINANCE ,
EUROPEAN ECONOMIC REVIEW, 32 (5), 1167-83.

6. LEVINE, R (1997),  FINANCIAL DEVELOPMENT AND ECONOMIC
GROWTH ,
JOURNAL OF ECONOMIC LITERATURE, VOL XXXV, NO 2, 688-726.

7. PAGANO, M (1993),  FINANCIAL MARKETS AND GROWTH: AN
OVERVIEW,
EUROPEAN ECONOMIC REVIEW 37, 613-622.

8. KING, R AND R LEVINE (1993),  FINANCE AND GROWTH:
SCHUMPTER MIGHT BE RIGHT ,
QUARTELY JOURNAL OF ECONOMICS, 108 (3), 717-738.

9. DIAMOND, D AND P DYBVIG (1983),  BANK RUNS, DEPOSIT
INSURANCE AND LIQUIDITY ,
JOURNAL OF POLITICAL ECONOMY, 91, 401-419.

10. GALE, D AND M HELLWIG (1985),  INCENTIVE-COMPATIBLE DEBT
CONTRACTS: THE ONE-PERIOD PROBLEM,
REVIEW OF ECONOMIC STUDIES, 52, 647-663.

11. DIAMOND, D (1984),  FINANCIAL INTERMEDIATION AND
DELEGATED MONITORING ,
REVIEW OF ECONOMIC STUDIES, 51, 393-414.

12. ANY ARTICLES IN THE ECONOMIST WHICH WERE/ARE RELEVANT

13. ANY ARTICLES IN THE FINANCIAL TIMES WHICH WERE/ARE RELEVANT

BOOKS
1. ALLEN, F AND G DALE (2000),  COMPARING FINANCIAL SYSTEMS,
MIT PRESS: CAMBRIDGE, MA, CHAPTERS 1+2.

2. FREIXAS, X and JC ROCHET (1998),  MICROECONOMICS OF BANKING,
MIT PRESS: CAMBRIDGE, MA, CHAPTERS 1+2.

3. ITOH, M AND C LAPAVITSAS (1999),  POLITICAL ECONOMY OF
MONEY AND FINANCE,
LONDON: MACMILLIAN

4. LAPAVITSAS, C (2003),  SOCIAL FOUNDATIONS OF MARKETS, MONEY AND CREDIT,
ROUTLEDGE

If you could structure the piece as best as possible with a strong introduction, main body and conclusion as well as a good bibliography. The essay should give analytical reasons why market based financial systems may be superior to bank based finance in facilitating economic development. The essay should be detailed and flow smoothly.
THESE ARE A LIST OF RESOURCES ON THE TOPIC OF MARKET AND BANK BASED FINANCIAL SYSTEMS, PLEASE USE THEM AS MUCH AS POSSIBLE (BUT ONLY WHERE IS RELEVANT).

IF OTHER SOURCES ARE CHOSEN (IN ADDITION TO THESE SOURCES) BY THE LECTURER e.g. journals or books, PLEASE MAKE SURE THAT THEY CAN BE ACCESSED FROM ATHENS SPECIFIED SITES OR FROM UK UNIVERSITIES e.g. LSE, UCL etc

I would like the writer to use the Harvard referencing system when writing this essay.

THE HARVARD REFERENCING SYSTEM harvard.php

p.s. please ensure the researcher has no contact to School of Oriental and African Studies University of London