Comparing Financial Systems (MIT Press)

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( su 4 valutazioni fornite da Goodreads )
 
9780262511254: Comparing Financial Systems (MIT Press)

The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary.

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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About the Author:

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

Review:

In this wide-ranging book Allen and Gale set out to address the difficult question of why developed countries like Germany and the United States have such different financial systems. In the process, they develop new models and ideas on several aspects of finacial systems. This book manages to pull together many different insights and gives the most comprehensive picture of a finacial system that I have seen. It provides a timely analytical framework that no student of the new financial architecture can afford to ignore.

(Patrick Bolton, Department of Economics, Princeston University)

This excellent book is a must-read for anyone interested in an in-depth understanding of how financial systems have evolved in different countries and how they affect resource allocation and economic development.

(Anjan Thakor, Edward J. Frey Professor of Banking and Finance, University of Michigan Business School)

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Franklin AllenDouglas Gale
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Franklin Allen, Douglas Gale
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Descrizione libro MIT Press Ltd, United States, 2001. Paperback. Condizione libro: New. Revised ed.. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780262511254

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Descrizione libro MIT 2001-04-18, Cambridge, Mass. |London, 2001. paperback. Condizione libro: New. Codice libro della libreria 9780262511254

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Descrizione libro MIT Press Ltd, United States, 2001. Paperback. Condizione libro: New. Revised ed.. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780262511254

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Descrizione libro 2001. PAP. Condizione libro: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria TM-9780262511254

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Descrizione libro MIT Press, 2001. PAP. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria WM-9780262511254

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Descrizione libro MIT Press Ltd, 2001. Condizione libro: New. 2001. Reprint. Paperback. The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary. Num Pages: 520 pages, 32. BIC Classification: KCBM; KCS; KFF. Category: (P) Professional & Vocational; (UF) Further/Higher Education; (UP) Postgraduate, Research & Scholarly; (UU) Undergraduate. Dimension: 227 x 153 x 22. Weight in Grams: 678. . . . . . . Codice libro della libreria V9780262511254

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Descrizione libro MIT Press Ltd. Paperback. Condizione libro: new. BRAND NEW, Comparing Financial Systems, Franklin Allen, Douglas Gale, 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. Codice libro della libreria B9780262511254

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Franklin Allen, Douglas Gale
Editore: MIT Press Ltd, United States (2001)
ISBN 10: 0262511258 ISBN 13: 9780262511254
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Descrizione libro MIT Press Ltd, United States, 2001. Paperback. Condizione libro: New. Revised ed.. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. 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. Codice libro della libreria BTE9780262511254

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