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Comparing Financial Systems by Douglas Gale and Franklin Allen (2000, Hardcover)

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About this product

Product Identifiers

PublisherMIT Press

ISBN-100262011778

ISBN-139780262011778

eBay Product ID (ePID)1164477

Product Key Features

Number of Pages520 Pages

LanguageEnglish

Publication NameComparing Financial Systems

Publication Year2000

SubjectFinance / General, Development / General, Economics / Comparative

TypeTextbook

Subject AreaBusiness & Economics

AuthorDouglas Gale, Franklin Allen

FormatHardcover

Dimensions

Item Height1.3 in

Item Weight34.4 Oz

Item Length9.2 in

Item Width6.6 in

Additional Product Features

Intended AudienceScholarly & Professional

LCCN99-030173

Reviews"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

Dewey Edition21

IllustratedYes

Dewey Decimal332

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

LC Classification NumberHG173.A433 2000