Всего публикаций в данном разделе: 11
Опубликовано на портале: 25-11-2008M. Chui, A. Maddaloni, Franklin Allen Oxford Review of Economic Policy. 2004. Vol. 20. No. 4. P. 490-508.
Financial structure is an important determinant of the efficiency and stability of financial systems and the channels through which monetary policy is transmitted. We document the substantial differences in the financial systems of the euro area, the UK, the USA, Japan, and non-Japan Asia. The traditional classification of bank-based and market-based systems is shown to be too simplistic. We focus on two particular aspects of financial structure: financial institutions and the housing and mortgage markets. It is shown that institutional investors differ in important ways across the regions considered. One recent change is that Central Banks, particularly those in Asia, have become significant institutional investors. Housing and mortgage markets differ even more. We are still a long way from understanding which kind of financial structure is best.
The Financial System of the EU 25 [статья]
Опубликовано на портале: 25-11-2008Laura Bartiloro, Franklin Allen, Oskar Kowalewski SSRN Working Paper Series. 2005.
We present an overview of the financial structure of the enlarged European Union with 25 countries. We start by describing the financial system development in all member states since 1995, and then compare the structure between the old and new countries. Using financial measures we document the prevailing substantial differences in the financial structure between new and old member states after the enlargement in 2004. Finally, we compare the financial structures of an enlarged EU with those of the United States and Japan
National Institutions and High Tech Industries: A Varieties of Capitalism Perspective on the Failure of Germany’s “Neuer Markt” [статья]
Опубликовано на портале: 17-11-2008Sigurt Vitols, Lutz Engelhardt WZB Discussion Paper. 2005. No. 2005-03.
One of the more prominent recent failures in institutional innovation in Germany was the Neuer Markt (1997-2003), a special segment of the Frankfurt stock exchange designed for high-growth companies. Based in part on insights from the law and economics approach to agency theory, which emphasizes transparency in financial reporting and shareholder rights, the Neuer Markt was an attempt to promote high-tech sectors through increasing the supply of risk capital in Germany. Proponents of the agency approach have suggested that the Neuer Markt failed because reporting requirements and shareholder protection were still inadequate, and have argued for even stricter financial regulation. This paper offers an alternative explanation for the failure of the Neuer Markt based on the Varieties of Capitalism (VOC) approach. This explanation focuses on the complementarities between financial markets and labor markets. Successful entrepreneurial companies require both capital and experienced managers and scientists willing to take higher risks in search of higher returns. Although the supply of risk-friendly capital increased briefly in the late 1990s in Germany, labor markets did not fundamentally change. In particular, mobility in the market for mid-career scientists and managers remains quite low, making it difficult for startups to attract the experienced knowledge workers they need to succeed.
Financial Systems and Industrial Policy in Germany and Great Britain: The Limits of Convergence [статья]
Опубликовано на портале: 17-11-2008Sigurt Vitols WZB Discussion Paper. 1995. No. 95 – 311.
A widely held view is that, since the 1970s, the nation-state has suffered a significant reduction in its capacity to achieve national economic policy goals through the regulation of the financial system; as a result, national political economies are now characterized by a market-driven convergence towards financial systems dominated by privately-owned, internationally-active “financial supermarkets” with weak links to both industry and government. Through a comparison of Germany and Great Britain, this paper critically examines this thesis and poses the following two questions: (1) What implications do the lifting of capital and exchange controls and the reorientation of monetary policy to anti-inflationary policies have for the state’s capacity to regulate financial systems? and (2) What implications does this regulatory discretion (if any) have for industrial finance and the state's capacity to utilize the financial system to achieve microeconomic industrial policy goals? In response to these questions, it is demonstrated how the state has retained significant regulatory autonomy in ways which have significant consequences for industrial finance and industrial policy.
The Origins of Bank-Based and Market-Based Financial Systems. Germany, Japan, and the United States [статья]
Опубликовано на портале: 17-11-2008Sigurt Vitols WZB Discussion Paper. 2001. No. 01 - 302.
This paper examines the historical origins of the bank-based financial systems in Germany and Japan and the market-based financial system in the US. It critically examines the “timing of industrialization” (TOI) thesis, i.e. the assertion that variation in the current structure of financial systems can be explained by differences in the timing of the “take-off” phase of industrialization. The first major claim I make is that TOI overstates both the significance of bank-based finance for the rapid industrialization of Germany and Japan and the extent to which the financial systems really were different. Second, I argue that TOI understates the importance of different patterns of state regulation, particularly starting in the 1930s, for explaining postwar differences in the financial systems. The third claim I make is that differences in financial regimes are dependent not only upon the narrow issue of financial regulation but also on the nature of the regulation of labor, including welfare regimes.
Опубликовано на портале: 17-11-2008Sigurt Vitols WZB Discussion Paper. 2002. No. 02 - 901.
One of the key features of both the German and Japanese postwar political economies is a bank-based financial system. In the 1980s bank-based systems were widely perceived to be superior to market-based systems like the US and UK in their ability to provide long-term "patient" capital to industry. Since the early 1990s, however, the bank-based financial systems in both Japan and Germany have faced serious challenges, to the extent that their fundamental viability vis-à-vis market-based systems is being questioned. This paper assesses the potential paths of development for these bank-based systems and argues that change in the two countries is poorly captured by the "convergence-divergence" dichotomy. The first point made is that an examination of changes in financial systems should start with an analysis of the "societal foundations" of bank-based systems. Bank-based systems rest not just on a set of financial regulatory practices but also on the institutions and behavior of the household, corporate and public sectors as savers and investors. The second point made in this paper is that, although public policy choices are often presented in terms of a stark dichotomy between "liberal" and "non-liberal" modes of regulation (the former associated with market-based systems, the latter with bank-based systems), in fact both Germany and Japan are struggling to find a successful combination or "hybrid" of the two types of financial regulation. A third and final point is that banks play important (if diminished) roles even in market-based systems. The ultimate form that the coexistence of banks and markets will take in Japan and Germany depends on the creativity and efforts of policymakers and the banks themselves. Those interested in institutional design should try to preserve a viable banking system for SMEs and the household sector while simultaneously promoting stable capital markets for larger companies and high-tech start-ups.
Comparing Financial Systems [книги]
Опубликовано на портале: 29-10-2008Franklin Allen, Douglas Gale
Cambridge, Mass: MIT Press, 2000, 519 с.
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.
Опубликовано на портале: 15-11-2007Sigurt Vitols Corporate Governance: An International Review. 2005. Vol. 13. No. 3. P. 386 - 396.
The German Financial System [книги]
Опубликовано на портале: 22-12-2006Ред.: Jan P. Krahnen, Reinhard H. Schmidt
Oxford: Oxford University Press, 2004, 550 с.
This book is both a reference book on Germany's financial system and a contribution to the economic debate about its status at the beginning of the twenty-first century. In giving a comprehensive account of the many facets of the system, it covers corporate governance, relationship lending, stock market development, investor protection, the venture capital industry, and the accounting system, and reports on monetary transmission and the credit channel, regulation and banking competition, the insurance and investment industry, and mergers and acquisitions. Special chapters at the beginning and at the end of the book adopt the financial system perspective, analysing the mutual fit of different features of the financial system; and each of the fifteen chapters addresses particular myths that surround it. The book is invaluable for those who want to understand the German economy and its financial system, promising not only a compilation of facts and statistics on Germany's financial markets and institutions, but also an analysis of its current structure and the determinants of its future development.
Сайт журнала "Банкир" [интернет ресурс]
Журнал издается медиа-группой Интерпресс, выходит с 1994 года один раз в месяц. Это специализированное корпоративное издание, которое уже более восьми лет освещает деятельность коммерческих банков, финансовых компаний, инвестиционных фондов стран СНГ, Балтии, Восточной Европы. Издание уверенно занимает свою нишу среди финансово-экономических изданий, отличаясь актуальным и эксклюзивным характером публикуемой информации, стабильностью читательской аудитории.
Journal of Money, Credit and Banking [интернет ресурс]
Журнал выходит с 1969 г. Содержатся обзоры кредитных рынков, анализ финансового состояния предприятий на высоком профессиональном уровне. Подписчики журнала могут получить доступ к электронной версии журнала. ISSN: 00222879