/These five case studies illustrate from a company perspective to what extent financial market developments and innovations in the 1990s played a role in driving change. One key characteristic of these changes is the rapid growth in the availability of equity financing. Also key was the emergence of
This report seeks to address the question whether the structure of business finance in continental Europe is likely to converge towards the model observed in the UK and US economies where financial intermediaries, especially banks, play a much smaller role in the allocation of savings to productive