Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144266
Authors: 
Allen, Franklin
Year of Publication: 
2004
Series/Report no.: 
Working Paper Research 52
Abstract: 
Traditionally, financial systems have been bank-based or market-based. The efficiency properties of these systems are compared in various dimensions. These include risk sharing, information provision, funding new industries, corporate governance, and law, finance and politics. Both systems have advantages and disadvantages. With regard to stability, both bank-based and market-based systems are subject to crises. Going forward a financial system with financial intermediaries and markets would have many advantages and few disadvantages.
Document Type: 
Working Paper

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