Comparing Financial Systems by Franklin Allen
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Comparing Financial Systems
By Franklin Allen

Comparing Financial Systems

By (author) See other recent books by Franklin Allen See other recent books by Douglas Gale
Format: Paperback

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Comparing Financial Systems by Franklin Allen

Book Description

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.

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Book Details

ISBN: 9780262511254
ISBN-10: 0262511258
Format: Paperback
(229mm x 152mm x 22mm)
Pages: 520
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 18-Apr-2001
Country of Publication: United States

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Books By Author Franklin Allen

Towards a Better Global Economy by Franklin Allen Towards a Better Global Economy, Paperback (November 2016)

Fluctuations in international trade, financial markets, and commodity prices, as well as the tendency of institutions to favour the interests of the better-off and powerful, pose risks for citizens of all countries. This volume examines the factors that are most likely to facilitate economic growth in low-, middle-, and high-income economies.

Global Macro Economy and Finance by Franklin Allen Global Macro Economy and Finance, Hardback (October 2012)

This volume explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human well-being. Leading economists analyse the light that the recent crisis has shed on the global economic architecture, and the policies needed to address these systemic risks.

» View all books by Franklin Allen

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Author Biography - Franklin Allen

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

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