Open AccessBook
比较金融系统 = Comparing financial systems
TLDR
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 as discussed by the authors. But the form of these financial systems varies widely.Abstract:
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.read more
Citations
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Book ChapterDOI
Chapter 12 Finance and Growth: Theory and Evidence
TL;DR: The authors reviewed, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth, concluding that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship.
Journal ArticleDOI
Does Local Financial Development Matter
TL;DR: In this article, the authors study the effects of differences in local financial development within an integrated financial market and construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market.
Posted Content
Bank-Based or Market-Based Financial Systems: Which is Better?
TL;DR: This article presented the first broad, cross-country examination of which view of financial structure is more consistent with the data and found that although overall financial development is robustly linked with economic growth, there is no support for either the bank-based or market-based view.
Posted Content
Bank Competition and Financial Stability
TL;DR: In this paper, the authors test these theories by regressing measures of loan risk, bank risk and bank equity capital on several measures of market power, as well as indicators of the business environment, using data for 8,235 banks in 23 developed nations.
ReportDOI
Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?
Thorsten Beck,Ross Levine +1 more
TL;DR: In this paper, the authors find evidence for neither the market-based nor the bank-based hypothesis, and they conclude that having a bank-or marketbased system per se does not seem to matter much.
References
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Journal ArticleDOI
Law, Finance, and Economic Growth in China
TL;DR: Li et al. as discussed by the authors examined three sectors of the economy: the State Sector (state-owned firms), the Listed Sector (publicly listed firms), and the Private Sector (all other firms with various types of private and local government ownership).
Book ChapterDOI
Chapter 12 Finance and Growth: Theory and Evidence
TL;DR: The authors reviewed, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth, concluding that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship.
Journal ArticleDOI
Does Local Financial Development Matter
TL;DR: In this article, the authors study the effects of differences in local financial development within an integrated financial market and construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market.
ReportDOI
Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?
Thorsten Beck,Ross Levine +1 more
TL;DR: In this paper, the authors find evidence for neither the market-based nor the bank-based hypothesis, and they conclude that having a bank-or marketbased system per se does not seem to matter much.
Journal ArticleDOI
Creditor rights, information sharing, and bank risk taking
TL;DR: This paper found that stronger creditor rights tend to promote greater bank risk-taking and increase the likelihood of financial crisis, while the benefits of information sharing among creditors appear to be universally positive.