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Inhaltsangabe: 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.
Über den Autor:
Franklin Allen is the Nippon Life Professor of Finance and Economics at the Wharton School, University of Pennsylvania.
Douglas Gale is Professor of Economics at New York University.
Buchbeschreibung The MIT Press, 2000. Buchzustand: very good. Gently used. Expect delivery in 2-3 weeks. Buchnummer des Verkäufers 9780262011778-3
Buchbeschreibung The MIT Press, 2000. Buchzustand: Good. N/A. Shows some signs of wear, and may have some markings on the inside. Buchnummer des Verkäufers GRP10656134
Buchbeschreibung The MIT Press, 2000. Hardcover. Buchzustand: Used: Good. We ship International with Tracking Number! May not contain Access Codes or Supplements. Buy with confidence, excellent customer service! L. Buchnummer des Verkäufers 0262011778D
Buchbeschreibung The MIT Press, 2000. Hardcover. Buchzustand: New. Buchnummer des Verkäufers DADAX0262011778