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dc.contributor.authorMarini, François
dc.date.accessioned2015-05-05T08:30:06Z
dc.date.available2015-05-05T08:30:06Z
dc.date.issued2005
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/15002
dc.language.isoenen
dc.subjectComparative financial systemsen
dc.subjectBanksen
dc.subjectFinancial marketsen
dc.subjectWelfare analysisen
dc.subject.ddc332en
dc.subject.classificationjelG10en
dc.titleBanks, financial markets, and social welfareen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis 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.en
dc.relation.isversionofjnlnameJournal of Banking and Finance
dc.relation.isversionofjnlvol29en
dc.relation.isversionofjnlissue10en
dc.relation.isversionofjnldate2005
dc.relation.isversionofjnlpages2557-2575en
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jbankfin.2004.09.006en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


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