Abstract:Abstract A primary function of the financial system is to facilitate the transfer of resources from savers (‘surplus units’) to those who need funds (‘deficit units’). In a well designed financial sys...Abstract A primary function of the financial system is to facilitate the transfer of resources from savers (‘surplus units’) to those who need funds (‘deficit units’). In a well designed financial system, resources are efficiently allocated. The question we address is, what is the configuration of such a financial system? In particular, we examine why bank lending and capital market financing coexist and the factors—such as regulation and the stage of economic development—that determine which dominates.Read More
Publication Year: 2002
Publication Date: 2002-04-18
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 1
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