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„Bank-based“-Modell schafft Finanzmarkitstabilität — Erkenntnisse am Beispiel Österreich

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Kann, J., Mundstein, S. „Bank-based“-Modell schafft Finanzmarkitstabilität — Erkenntnisse am Beispiel Österreich. Credit and Capital Markets – Kredit und Kapital, 38(1), 131-139. https://doi.org/10.3790/ccm.38.1.131
Kann, Johann Sebastian and Mundstein, Sascha "„Bank-based“-Modell schafft Finanzmarkitstabilität — Erkenntnisse am Beispiel Österreich" Credit and Capital Markets – Kredit und Kapital 38.1, 2005, 131-139. https://doi.org/10.3790/ccm.38.1.131
Kann, Johann Sebastian/Mundstein, Sascha (2005): „Bank-based“-Modell schafft Finanzmarkitstabilität — Erkenntnisse am Beispiel Österreich, in: Credit and Capital Markets – Kredit und Kapital, vol. 38, iss. 1, 131-139, [online] https://doi.org/10.3790/ccm.38.1.131

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„Bank-based“-Modell schafft Finanzmarkitstabilität — Erkenntnisse am Beispiel Österreich

Kann, Johann Sebastian | Mundstein, Sascha

Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 1 : pp. 131–139

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Johann Sebastian Kann, Wien

Sascha Mundstein, Wien

References

  1. Impavido, G.; Musalem, A.: Contractual Savings, Stock and Asset Markets, The World Bank Financial Sector Department 1999.  Google Scholar
  2. IMF (2004): Austria 2004: IMF Article IV Consultation, Preliminary Conclusions, Vienna May 11th 2004.  Google Scholar
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  4. Vives, X. (2001): Competition in the changing world of banking, Oxford Review of Economic policy, Vol. 17, N. 4, p. 544.  Google Scholar

Abstract

Modern financial theory in particular shows that efficient financial institutions often perform functions that cannot be performed by markets. Such functions stem from incomplete markets, externalities and informational asymmetries. For this reason, decision-makers should pay special attention to developing an efficient banking system even though this may not be regarded as an alternative to developing financial markets. Since banks play an important role also when securities markets are created, developing an efficient banking system will render a valuable contribution to the further development of financial markets. This has been confirmed by a recent IMF study based on the Austrian example.