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Comparing Financial Systems
Average customer rating: 1 out of 5 stars
  • Slipping the surface of substance
 Comparing Financial Systems
Franklin Allen , and Douglas Gale
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0262011778

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.

Customer Reviews:

1 out of 5 stars Slipping the surface of substance.......2006-01-12

I suspect any researchers working on a project with such catchy words as "comparing" or "comparative" do theory for theory's sake: they slobber over theory without seriously looking at real issues in the real world. This book, by two scholars from the ivory tower, is clearly an example of this empty endeavor. It is just a collection of incoherent graffiti. I am not claiming that their arguments are illogical. Rather, I am just saying I don't understand for what and for whom these two puerile gangs are doing this sort of research.

In a nutshell, any serious intellectuals (I don't care about pedants like the authors) should skip a frivolous book like this. Do not be deceived by praises from their playmates.
Comparing Financial Systems
Average customer rating: Not rated
    		Comparing Financial Systems
    Franklin Allen
    Manufacturer: The MIT Press
    ProductGroup: Book
    Binding: Paperback
    ASIN: B000OQ2X82
    Comparing Financial Systems
    Average customer rating: Not rated
      		Comparing Financial Systems
      Franklin; Gate, Douglas Allen
      Manufacturer: MIT Press
      ProductGroup: Book
      Binding: Hardcover
      ASIN: B000PRVWJQ
      Working paper series / Salomon Brothers Center for the Study of Financial Institutions
      Average customer rating: Not rated
        		Working paper series / Salomon Brothers Center for the Study of Financial Institutions
        Edward I Altman
        Manufacturer: Salomon Brothers Center for the Study of Financial Institutions, Graduate School of Business Administration, New York University
        ProductGroup: Book
        Binding: Unknown Binding

        GeneralGeneral | Business & Investing | Subjects | Books
        BankruptcyBankruptcy | Business | Law | Subjects | Books
        ASIN: B0006YWV2A
        Comparing Financial Systems
        Average customer rating: Not rated
          		Comparing Financial Systems
          Franklin; Gale, Douglas Allen
          Manufacturer: The MIT Press
          ProductGroup: Book
          Binding: Paperback
          ASIN: B000OQGRPC

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