A comparison of balance sheet structures in major EU countries

Joseph Paul Byrne, E. Philip Davis

Research output: Contribution to journalArticlepeer-review

17 Citations (Scopus)


The UK is commonly viewed as having a ‘market oriented’ financial system, in contrast to other European countries which are seen as ‘bank dominated’. In the light of this supposition, we investigate sectoral balance sheet data for evidence of differences in financial structure between the UK and other major EU countries. It is found that the UK has much in common with Continental countries, in particular France, and they are themselves markedly heterogeneous. There is also some evidence of convergence towards a more market-oriented financial system, even in the most bank-dominated economy, Germany.
Original languageEnglish
Pages (from-to)83-95
Number of pages13
JournalNational Institute Economic Review
Issue number1
Publication statusPublished - Apr 2002


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