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A Welfare Comparison of the German and U.S. Financial Systems (Reprint 047)

Author

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  • Franklin Allen
  • Douglas Gale

Abstract

There is a wide variation in the structure of financial systems in different countries. We compare two idealized polar extremes. In one, which we refer to as the "German model," banks and other intermediaries predominate. In the other, which we refer to as the "U.S. model," financial markets play the major role. On the household side, we consider issues such as intergenerational and cross-sectional risk sharing, noise suppression and the provision of services. On the firm side, we consider the allocation of investment, the market for corporate control, the market for internal funds, incentives, monitoring and long term relationships and diversity of opinion.

Suggested Citation

  • Franklin Allen & Douglas Gale, "undated". "A Welfare Comparison of the German and U.S. Financial Systems (Reprint 047)," Rodney L. White Center for Financial Research Working Papers 13-94, Wharton School Rodney L. White Center for Financial Research.
    • Handle: RePEc:fth:pennfi:13-94
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    Cited by:

    1. Jenkinson, Tim & Ljungqvist, Alexander, 2001. "The role of hostile stakes in German corporate governance," Journal of Corporate Finance, Elsevier, vol. 7(4), pages 397-446, December.
    2. Beck, Thorsten, 2002. "Deposit insurance as private club: is Germany a model?," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(4), pages 701-719.
    3. Thakor, Anjan V., 1996. "The design of financial systems: An overview," Journal of Banking & Finance, Elsevier, vol. 20(5), pages 917-948, June.

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