The Efficiency and Stability of Banks and Markets
AbstractTraditionally, financial systems have been bank-based or market-based. The efficiency properties of these systems are compared in various dimensions. These include risk sharing, information provision, funding new industries, corporate governance, and law, finance and politics. Both systems have advantages and disadvantages. With regard to stability, both bank-based and market-based systems are subject to crises. Going forward a financial system with financial intermediaries and markets would have many advantages and few disadvantages.
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Bibliographic InfoPaper provided by National Bank of Belgium in its series Working Paper Research with number 52.
Length: 31 pages
Date of creation: May 2004
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