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Recent Developments in Retail Banking in Scandinavia: Narrow v. Universal Banking

In: The Recent Evolution of Financial Systems

Author

Listed:
  • Ted Lindblom
  • Martin Andersson

Abstract

Traditionally, banks have had a dominating role in the financial markets in Scandinavia1. There are at least two strong reasons for this. One is that banking has been a way of dealing with asymmetric information. Banks as financial intermediatries have a competitive advantage against individuals and the securities market in gathering information. The other reason, and perhaps the more important one, is that regulations have protected banks from competitive pressure. As a response to this banks are expected not to expose deposits to any large risks, to finance corporate investments, to handle a well functioning payments system and to be a channel for the implementation of the central bank’s monetary policy (Blomberg and Blix 1995). This has not been a specific situation for the Scandinavian countries, but rather the common practice throughout the world. In the mid-1980s, however, this situation began to change in many countries. The financial markets were at the time undergoing a deregulation phase.

Suggested Citation

  • Ted Lindblom & Martin Andersson, 1997. "Recent Developments in Retail Banking in Scandinavia: Narrow v. Universal Banking," Palgrave Macmillan Books, in: Jack Revell (ed.), The Recent Evolution of Financial Systems, chapter 0, pages 181-202, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14192-0_10
    DOI: 10.1007/978-1-349-14192-0_10
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