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Convergence of financial systems: towards an evolutionary perspective

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Author Info
H LZL, WERNER

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Abstract

This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. Based on a notion of financial systems as configuration of complementary elements, it is suggested that the convergence of financial systems is best conceptualized as a path-dependent process of institutional change and innovation. The implication of the evolutionary perspective on the dynamics of financial systems is that neither convergence theories using a simple evolutionary argument of survival of the fittest nor divergence theories related to strong complementarities can provide much guidance for analyzing institutional transformations of financial systems.

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File URL: http://journals.cambridge.org/abstract_S1744137405000214
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Publisher Info
Article provided by Cambridge University Press in its journal Journal of Institutional Economics.

Volume (Year): 2 (2006)
Issue (Month): 01 (April)
Pages: 67-90
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:jinsec:v:2:y:2006:i:01:p:67-90_00

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