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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
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The changing character of european finance
Raghuram G. Rajan,Luigi Zingales +1 more
TL;DR: In this article, the authors analyze the economic and political forces that have triggered these changes as well as their likely welfare implications and try to assess whether this trend will continue, and conjecture that even if Europe might benefit from a continuation of the trend, in the near future political support for it is likely to become much weaker.
Journal ArticleDOI
Good Bye Light Touch? Macroeconomic Resilience, Banking Regulation and Institutions
TL;DR: In this article, a systematic review of the existing literature on the subject is presented, and an empirical analysis conducted on a sample of 102 countries is conducted to investigate the link between vulnerability and light touch (LT) banking regulation.
Book ChapterDOI
Are the Institutions of the Stock Market and the Market for Corporate Control Evolutionary Advances for Developing Countries
TL;DR: In this paper, the authors explore the question to what extent, if any, the institution of the stock market is likely to benefit the real economy in developing countries and aid their industrialization.
Book ChapterDOI
Theory and Literature
TL;DR: In this paper, the authors focus on technology entrepreneurship, a narrow subset of numerous academic regimes that additionally incorporate interdisciplinary elements spanning many fields of social science, including management science, engineering management, information systems, network dynamics, leadership, decision science and game theory.
Posted Content
The Financial Determinants of Unemployment: do they Interact with Labor Market Institutions?
TL;DR: In this article, the authors identify the financial determinants of unemployment and analyse the way they interact with labour market institutions, showing that the impact of financial variables strongly depends on the labour market context.
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.