English, Article, Journal or magazine article edition: Investigating output cycles under two alternative financial systems Sharon Blei

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Bookmark: http://trove.nla.gov.au/version/24652
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Investigating output cycles under two alternative financial systems
Author
  • Sharon Blei
Physical Description
  • preprint
Notes
  • Different financial systems vary in the way they contribute to the process of resource allocation in the economy and in the risk-sharing pattern that they bring about. It would therefore be plausible to expect different financial systems to differ in the way they affect real economic activity. I hereby provide a theoretic framework for the comparison and analysis of output cycles under two alternative financial systems: an equity-based financial system (EFS), in which a mutual fund functions as a financial intermediary, versus a debt-based financial system (DFS), in which a bank plays that role. The research points that DFS generates larger output cycles and a higher expected output than EFS. The mechanism that generates these results is the counter-cyclical effect of savings' behavior under EFS.
  • Financial markets ; Financial services industry
  • RePEc:fip:fedlsp:2007-04
Language
  • English
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