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Market-based vs. Bank-based Financial Institutions: their Competitive Advantages, Varieties of Capitalism, and the Role of the State

Dōngwú zhèngzhì xuébào, 2011-09, Vol.29 (3), p.53

ISSN: 1019-8636

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  • Title:
    Market-based vs. Bank-based Financial Institutions: their Competitive Advantages, Varieties of Capitalism, and the Role of the State
  • Author: Wang, Hui-Huang
  • Subjects: Capitalism ; Competitive advantage ; Financial institutions ; Financial leverage ; Political economy
  • Is Part Of: Dōngwú zhèngzhì xuébào, 2011-09, Vol.29 (3), p.53
  • Description:   Financial institutions are one of the most important bases of capitalist economies. Different capitalist countries tend to adopt different financial institutions, supported by a spectrum of other related policies. This paper aims at, first of all, exploring the micro-based rationale of the political economy of the two types of financial institutions, i.e. market-based and bank-based financial institutions. Then, the political and economic arrangements at the state level will also be examined. This paper proposes that underlying the varieties of financial institutions are different approaches to venture and how the tremendous number of risks involved in the development process of modern industrial economies are managed. This paper argues further that market-based financial institutions and bank-based financial institutions have their relative advantages respectively. However, to answer the question of how different financial institutions in different countries develop their structural, behavioral, and performance features, it is unavoidable that the roles of the state, their development strategies, and the overall development policies, i.e. basic features of the 'varieties of capitalism,' will have to be thoroughly investigated. Likewise, when formulating policies related to financial institutions, governments should also base their considerations on foundations with such an integral view. [PUBLICATION ABSTRACT]
  • Publisher: Taipei: Soochow University
  • Language: Chinese;English
  • Identifier: ISSN: 1019-8636
  • Source: ProQuest Central
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