Review Essay—Jan Pieter Krahnen and Reinhard H. Schmidt’s The German Financial System†
This chapter reviews the book The German Financial System edited by Jan Pieter Krahnen & Reinhard H. Schmidt. The book presents the German banking and securities sectors as they stood in early 2003, halfway through an extensive program of legislative reform. The collapse of the 1990s bull market left the sectors beset by self-doubt, triggering support for the reform movement. The book, focusing on the German banking and securities sectors' role in financing other sectors of the economy, asks whether the German economy really is bank dominated with underdeveloped capital markets. Finding the latter to be the case, the book asks whether it is a good to push toward a more market-oriented system.
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