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Comparing Financial Systems

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Author Info

  • Franklin Allen

    ()
    (University of Pennsylvania)

  • Douglas Gale

    ()
    (New York University)

Abstract

Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262511258 and published in 2001.

Volume: 1
Edition: 1
ISBN: 0-262-51125-8
Handle: RePEc:mtp:titles:0262511258

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Web page: http://mitpress.mit.edu

Related research

Keywords: financial systems;

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Cited by:
  1. Carol Ann Northcott, 2004. "Competition in Banking: A Review of the Literature," Working Papers, Bank of Canada 04-24, Bank of Canada.
  2. Ahrens, Joachim & Jünemann, Patrick, 2010. "Transitional institutions, institutional complementarities and economic performance in China: A 'Varieties of Capitalism' approach," Discourses in Social Market Economy 2010-11, OrdnungsPolitisches Portal (OPO).
  3. Schrimpf, Andreas, 2010. "International stock return predictability under model uncertainty," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(7), pages 1256-1282, November.
  4. Fred Ramb & Markus Reitzig, 2005. "Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times," DRUID Working Papers 05-15, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  5. Koetter, Michael & Poghosyan, Tigran, 2010. "Real estate prices and bank stability," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(6), pages 1129-1138, June.
  6. Christian E. Weller & Ghazal Zulfiqar, 2013. "Financial Market Diversity and Macroeconomic Stability," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp332, Political Economy Research Institute, University of Massachusetts at Amherst.
  7. Cláudio Ribeiro de Lucinda, 2003. "International Trade in Manufactures and Finance," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Gr c39, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  8. Pistor, Katharina, 2013. "A legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 315-330.
  9. Cândida Ferreira, 2012. "Bank efficiency, market concentration and economic growth in the European Union," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2012/38, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  10. Christian Calmès, 2004. "Regulatory Changes and Financial Structure: The Case of Canada," Working Papers, Bank of Canada 04-26, Bank of Canada.
  11. Nikola Makojevic & Petar Veselinovic, 2012. "The Venture Capital Development As Precondition For Innovation Capacity Increasing (Case Of Serbia)," Book Chapters, Institute of Economic Sciences.
  12. Vladislav Damjanovic, 2012. "Endogeneous Risk in Monopolistic Competition," Discussion Papers, Exeter University, Department of Economics 1208, Exeter University, Department of Economics.
  13. Marc Flandreau & Gabriel Geisler Mesevage, 2014. "The Separation of Information and Lending and the Rise of Rating Agencies in the United States," IHEID Working Papers, Economics Section, The Graduate Institute of International Studies 11-2014, Economics Section, The Graduate Institute of International Studies.
  14. Christians, Uwe & Gärtner, Stefan, 2014. "Einfluss regionaler Bankenmärkte auf dezentrale Banken: Demographie, Bankenwettbewerb und Kreditportfolio," Forschung Aktuell 02/2014, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.
  15. Audretsch, David B. & Weigand, Jurgen, 2005. "Do knowledge conditions make a difference?: Investment, finance and ownership in German industries," Research Policy, Elsevier, Elsevier, vol. 34(5), pages 595-613, June.
  16. Gärtner, Stefan & Flögel, Franz, 2014. "Call for a Spatial Classification of Banking Systems through the Lens of SME Finance - Decentralized versus Centralized Banking in Germany as an Example," EconStor Preprints 97512, ZBW - German National Library of Economics.
  17. André Straus, 2008. "Le retour des crises financières est-il inéluctable ?," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 7(1), pages 57-70.
  18. Grochulski, Borys & Kareken, John, 2004. "Allen and Gale on risk-taking and competition in banking," Finance Research Letters, Elsevier, Elsevier, vol. 1(4), pages 236-240, December.
  19. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  20. Bai, Chong-En & Liu, Qiao & Lu, Joe & Song, Frank M. & Zhang, Junxi, 2004. "Corporate governance and market valuation in China," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 599-616, December.
  21. Meilin Yan & Maximilian J. B. Hall & Paul Turner, 2012. "How Liquid Are UK Banks?," Discussion Paper Series 2012_08, Department of Economics, Loughborough University, revised Jun 2012.

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