Abstract This paper attempts to investigate empirically whether financial and macroeconomic stability of economies are significantly affected by the structure of their financial systems, viz., bank-based and market-based structures. Using panel data estimations based on data from 82 countries for the period of 1996-2012, we find that in general, bank-based financial system contributes significantly to instability of the financial sectors and currency market. We also find some evidence that within the bank-based structure, higher presence of foreign banks is positively associated with currency market pressure. Additionally, the results show that the choice of bank-based versus market-based financial structure is important for low income countries. Banks in low income countries contribute to exchange market pressures whereas stock markets leads to reduction in such pressure. In high income countries, stock markets do not significantly affect banking and currency market instability.

中文翻译：

---

财务结构和稳定性：实证探索

摘要本文试图通过经验研究经济体的金融和宏观经济稳定性是否会受到其金融体系结构的显着影响，即银行体系和市场体系。使用基于82个国家/地区1996-2012年期间数据的面板数据估算，我们发现，总体而言，基于银行的金融系统在很大程度上导致金融部门和货币市场的不稳定。我们还发现一些证据表明，在以银行为基础的结构中，外资银行业务的增加与货币市场压力呈正相关。此外，结果表明，对于低收入国家而言，选择银行基础金融结构还是市场基础金融结构非常重要。低收入国家的银行加剧了外汇市场的压力，而股市导致这种压力的减轻。在高收入国家，股票市场不会显着影响银行业和货币市场的不稳定。