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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

(p.38) 2 Capital Markets versus Bank Intermediation
Universal Banking

Jordi Canals

Oxford University Press

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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