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Banks, financial markets, and social welfare

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Date
2005
Dewey
Economie financière
Sujet
Comparative financial systems; Banks; Financial markets; Welfare analysis
JEL code
G10
Journal issue
Journal of Banking and Finance
Volume
29
Number
10
Publication date
2005
Article pages
2557-2575
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.jbankfin.2004.09.006
URI
https://basepub.dauphine.fr/handle/123456789/15002
Collections
  • LEDa : Publications
Metadata
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Author
Marini, François
Type
Article accepté pour publication ou publié
Abstract (EN)
This paper constructs a general equilibrium model of banking and financial markets. The model allows to compare financial systems in which banks have access to financial markets with financial systems in which banks do not have access to financial markets. Allen and Gale [A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review 39 (1995) 179–209] find that the Anglo-Saxon model of financial intermediation in which financial markets play a dominant role does not necessarily improve social welfare in comparison with the German model in which banks dominate. Our model provides a theoretical foundation for this view.

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