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Comparative Business Systems The Role of Financial Systems

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Sverre Knutsen Norwegian School of Management
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  © 2002 Sverre Knutsen - Handelshøyskolen BI 1 Comparative Business Systems The Role of Financial Systems Sverre Knutsen  Norwegian School of Management  © 2002 Sverre Knutsen - Handelshøyskolen BI 2 Comparative financial systems ã Whitley: ã The financial system is among the key institutional features structuring business systems ã Financial systems vary on a number of dimensions  –  But the critical feature deals with the processes  by which capital is made available and priced  © 2002 Sverre Knutsen - Handelshøyskolen BI 3 Comparative financial systems ã Whitley use the traditional dichotomy to classify financial system:  –  Capital-market-based financial systems Vs.  –  Credit-based financial systems  © 2002 Sverre Knutsen - Handelshøyskolen BI 4 Comparative financial systems ã Characteristics of capital-market-based  financial systems: ã  Mobilize and distribute capital through large and liquid markets ã  Financial claims are traded and priced through the usual commodity-market process ã Short-termism is enhanced ã Only weak commitment to the growth of any single  firm ã  A strong market for corporate control is encouraged

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Jul 27, 2017
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