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Universal BankingInternational Comparisons and Theoretical Perspectives$
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Jordi Canals

Print publication date: 1997

Print ISBN-13: 9780198775065

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198775065.001.0001

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Capital Markets versus Bank Intermediation

Capital Markets versus Bank Intermediation

Chapter:
(p.38) 2 Capital Markets versus Bank Intermediation
Source:
Universal Banking
Author(s):

Jordi Canals

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198775065.003.0002

This chapter discusses in greater detail the various models that have emerged for the organization of the financial system. First, it discusses the model based on financial markets as a means of channelling flows between saving and investment. The second model is based on the pre-eminent role played by banks and other financial intermediaries. Unlike the first model, in the bank-driven model financial markets play a much less prominent role in financing real investment. However, these two models, which are both deeply embedded in various countries, are not static but are presently undergoing a major process of mutation or change. This process appears to be bringing the two models closer together rather than differentiating or separating them.

Keywords:   financial system, financial models, financial markets, financial intermediaries

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