Comparing Financial Systems (The MIT Press)

3.86 avg rating
( 7 ratings by Goodreads )
 
9780262511254: Comparing Financial Systems (The MIT Press)
View all copies of this ISBN edition:
 
 

The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary.Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role.Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.

"synopsis" may belong to another edition of this title.

About the Author:

Franklin Allen is the Nippon Life Professor of Finance and Economics at the Wharton School, University of Pennsylvania.

Review:

--Anjan Thakor, Edward J. Frey Professor of Banking and Finance, University of Michigan Business School

" This excellent book is a must-read for anyone interested in an in-depth understanding of how financial systems have evolved in different countries and how they affect resource allocation and economic development." --Anjan Thakor, Edward J. Frey Professor of Banking and Finance, University of Michigan Business School

& quot; This excellent book is a must-read for anyone interested in an in-depth understanding of how financial systems have evolved in different countries and how they affect resource allocation and economic development.& quot; --Anjan Thakor, Edward J. Frey Professor of Banking and Finance, University of Michigan Business School

"This excellent book is a must-read for anyone interested in an in-depth understanding of how financial systems have evolved in different countries and how they affect resource allocation and economic development."--Anjan Thakor, Edward J. Frey Professor of Banking and Finance, University of Michigan Business School

"About this title" may belong to another edition of this title.

Buy New View Book
List Price: US$ 60.00
US$ 24.34

Convert currency

Shipping: US$ 7.88
From United Kingdom to U.S.A.

Destination, rates & speeds

Add to Basket

Other Popular Editions of the Same Title

9780262011778: Comparing Financial Systems

Featured Edition

ISBN 10:  0262011778 ISBN 13:  9780262011778
Publisher: The MIT Press, 2000
Hardcover

Top Search Results from the AbeBooks Marketplace

1.

Franklin Allen (author), Douglas Gale (author)
Published by The MIT Press 2001-01-26, Cambridge, Mass. |London (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New paperback Quantity Available: 10
Seller:
Blackwell's
(Oxford, OX, United Kingdom)
Rating
[?]

Book Description The MIT Press 2001-01-26, Cambridge, Mass. |London, 2001. paperback. Condition: New. Seller Inventory # 9780262511254

More information about this seller | Contact this seller

Buy New
US$ 24.34
Convert currency

Add to Basket

Shipping: US$ 7.88
From United Kingdom to U.S.A.
Destination, rates & speeds

2.

Allen, Franklin, Gale, Douglas
Published by The MIT Press
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Paperback Quantity Available: 3
Seller:
Academic Book Solutions
(Medford, NY, U.S.A.)
Rating
[?]

Book Description The MIT Press. Paperback. Condition: New. New, unread, and unused. Seller Inventory # HORS-8000-5136

More information about this seller | Contact this seller

Buy New
US$ 28.82
Convert currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, rates & speeds

3.

Gale, Douglas, Allen, Franklin
Published by The MIT Press (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Paperback Quantity Available: 1
Seller:
Buyback Express
(Alton, IL, U.S.A.)
Rating
[?]

Book Description The MIT Press, 2001. Paperback. Condition: New. New Book. Lightest of shelf/storage wear. Remainder mark on outer page edge. SHIPS WITHIN 24 HOURS! Tracking Provided. DHL processing & USPS delivery for an average of 3-5 Day Standard & 2-3 Day Expedited! FREE INSURANCE! Fast & Personal Support! Careful Packaging. No Hassle, Full Refund Return Policy!. Seller Inventory # mon0000731636

More information about this seller | Contact this seller

Buy New
US$ 31.13
Convert currency

Add to Basket

Shipping: US$ 3.97
Within U.S.A.
Destination, rates & speeds

4.

Franklin Allen, Douglas Gale
Published by The MIT Press (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Paperback Quantity Available: 1
Seller:
Ergodebooks
(RICHMOND, TX, U.S.A.)
Rating
[?]

Book Description The MIT Press, 2001. Paperback. Condition: New. Seller Inventory # DADAX0262511258

More information about this seller | Contact this seller

Buy New
US$ 41.74
Convert currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, rates & speeds

5.

Franklin AllenDouglas Gale
Published by MIT Press
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Quantity Available: > 20
Seller:
INDOO
(Avenel, NJ, U.S.A.)
Rating
[?]

Book Description MIT Press. Condition: New. Brand New. Seller Inventory # 0262511258

More information about this seller | Contact this seller

Buy New
US$ 43.98
Convert currency

Add to Basket

Shipping: US$ 3.60
Within U.S.A.
Destination, rates & speeds

6.

Franklin Allen; Douglas Gale
Published by The MIT Press (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Softcover Quantity Available: 1
Seller:
Irish Booksellers
(Portland, ME, U.S.A.)
Rating
[?]

Book Description The MIT Press, 2001. Condition: New. book. Seller Inventory # M0262511258

More information about this seller | Contact this seller

Buy New
US$ 50.33
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

7.

Franklin Allen, Douglas Gale
Published by MIT Press Ltd, United States (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Paperback Quantity Available: 1
Seller:
Book Depository International
(London, United Kingdom)
Rating
[?]

Book Description MIT Press Ltd, United States, 2001. Paperback. Condition: New. Revised ed.. Language: English . Brand New Book. The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary. Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries. Seller Inventory # AAZ9780262511254

More information about this seller | Contact this seller

Buy New
US$ 50.70
Convert currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, rates & speeds

8.

Allen,
Published by MIT Press (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Quantity Available: > 20
Seller:
Books2Anywhere
(Fairford, GLOS, United Kingdom)
Rating
[?]

Book Description MIT Press, 2001. PAP. Condition: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Seller Inventory # WM-9780262511254

More information about this seller | Contact this seller

Buy New
US$ 39.84
Convert currency

Add to Basket

Shipping: US$ 11.82
From United Kingdom to U.S.A.
Destination, rates & speeds

9.

Franklin Allen, Douglas Gale
Published by MIT Press Ltd, United States (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Paperback Quantity Available: 1
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description MIT Press Ltd, United States, 2001. Paperback. Condition: New. Revised ed.. Language: English . Brand New Book. The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary. Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries. Seller Inventory # AAZ9780262511254

More information about this seller | Contact this seller

Buy New
US$ 52.48
Convert currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, rates & speeds

10.

Franklin Allen; Douglas Gale
ISBN 10: 0262511258 ISBN 13: 9780262511254
New Quantity Available: 1
Seller:
Speedy Hen LLC
(Sunrise, FL, U.S.A.)
Rating
[?]

Book Description Condition: New. Bookseller Inventory # ST0262511258. Seller Inventory # ST0262511258

More information about this seller | Contact this seller

Buy New
US$ 52.60
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

There are more copies of this book

View all search results for this book