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Finanzsysteme in Europa: Harmonisieren? Anglifizieren?

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  • Neuberger Doris

    (Universität Rostock Wirtschafts- und sozialwissenschaftliche Fakultät Lehrstuhl Vwl - Geld und Kredit Parkstraße 6, D -18057 Rostock)

Abstract

Within the international competition of financial systems, Europe faces the question of whether to harmonize regulations towards a bank-oriented or a market-oriented financial system. Except the United Kingdom, all European countries have bank-based financial systems, however with large differences. In order to derive policy recommendations, we review the theoretical literature on welfare effects of financial systems. Neither the theory nor the empirical evidence indicates that one system is superior to the other in all respects. Hence, competition between financial systems should be recommended. However, global competition may induce an anglification of European bank-oriented systems towards the market-oriented system, which may not always be advantageous.

Suggested Citation

  • Neuberger Doris, 1999. "Finanzsysteme in Europa: Harmonisieren? Anglifizieren?," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 48(1), pages 11-26, April.
    • Handle: RePEc:lus:zwipol:v:48:y:1999:i:1:p:11-26:n:3
    DOI: 10.1515/zfwp-1999-0103
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    Cited by:

    1. Andreani, Ettore, 2003. "Corporate Control and the Financial System in Germany: Recent Changes in the Role of Banks," Thuenen-Series of Applied Economic Theory 37, University of Rostock, Institute of Economics.
    2. Andreani, Ettore & Neuberger, Doris, 2004. "Relationship finance by banks and non-bank institutional investors: A review within the theory of the firm," Thuenen-Series of Applied Economic Theory 46, University of Rostock, Institute of Economics.

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