Comparing Financial Systems
Franklin Allen, Douglas GaleISBN: 0262011778;
"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 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; theyallow 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...
- OZON.ru 6136