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Synopsis: 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.
About the Author: Franklin Allen is the Nippon Life Professor of Finance and Economics at the Wharton School, University of Pennsylvania.
Title: Comparing Financial Systems
Publisher: The MIT Press
Publication Date: 2000
Book Condition: Good
Book Description The MIT Press, 2000. Condition: Very Good. Great condition for a used book! Minimal wear. Seller Inventory # GRP96214177
Book Description The MIT Press, 2000. Hardcover. Condition: Used: Good. Seller Inventory # SONG0262011778
Book Description MIT Press, 2000. Hardcover. Condition: Good. Ex library copy with usual stamps/stickers Good condition is defined as: a copy that has been read but remains in clean condition. All of the pages are intact and the cover is intact and the spine may show signs of wear. The book may have minor markings which are not specifically mentioned. Most items will be dispatched the same or the next working day. Seller Inventory # mon0007876211
Book Description The MIT Press. Condition: Good. Ex-library, so some stamps and wear, but in good overall condition. Seller Inventory # Z1-C-004-01986
Book Description The MIT Press, 2000. Hardcover. Condition: Very Good. Great condition with minimal wear, aging, or shelf wear. Seller Inventory # P020262011778
Book Description The MIT Press, 2000. Hardcover. Condition: New. Never used!. Seller Inventory # P110262011778
Book Description The MIT Press, 2000. Hardcover. Condition: Good. Ships with Tracking Number! INTERNATIONAL WORLDWIDE Shipping available. May not contain Access Codes or Supplements. May be ex-library. Shipping & Handling by region. Buy with confidence, excellent customer service!. Seller Inventory # 0262011778