Universalizing Complete Access to Finance : Key Conceptual Issues
AbstractIn this paper, we present two stylized models of the financial system. We make the case that in order to realize the potential of a well-functioning complete financial market, financial system designers and financial service providers will need to think about ways to deliver financial propositions that are customized to individual households by responding to their unique circumstances. This will entail the presence of proximate, well-trained providers that intermediate between the customer and those large product manufacturers whose goal is financial well being and not merely product sales. These providers would need to use expertise in financial advice or wealth management to develop integrated financial propositions for clients. We also highlight some of the important debates that arise in making this stylized financial system a reality.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 23126.
Date of creation: Jan 2010
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financial system; financial service providers; financial system designers;
Find related papers by JEL classification:
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- D18 - Microeconomics - - Household Behavior - - - Consumer Protection
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- G00 - Financial Economics - - General - - - General
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
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