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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
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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.