See IMF (2000b), p 102. See IMF (2000b), p 103 for a classification of importance of this channel in countries with different financial systems. See Hellwig, M (2000), paragraph 30, who corroborates the role of the NASDAQ for outside equity financing, but is somewhat sceptical about the financing role of the newly founded “Neuer Markt” in Germany.
See Remsperger, H (2000), p 7, for a more detailed discussion about the interdependence of asset prices and credit risk. 9  BIS Review 81/2000  hand in hand with exerting supervisory duties over the banking sector. Central bankers will therefore keep a watchful eye on indicators reflecting credit as well as asset price risks. These considerations lead me to the following conclusions.