Overview

The Economic Organisation of a Financial System develops a descriptive theory of a financial system's organisation and functions. Most financial theorists do not develop a financial system perspective since they restrict themselves to studying those institutional details with which their theories are directly concerned. As a result of this specialisation, financial executives and students of managerial finance do not have ready access to an overview of financial systems. Accordingly, this book synthesises work on financial systems from many different sources, as well as discussing aspects that existing theories do not explain, in an attempt to help relate the complementary perspectives of current theory and practice. The book's main purpose is to identify the economic forces which determine the form of financial systems, to explain why they have assumed these forms and to account for the factors which can cause these forms to change.; It pays particular attention to how financial flows are divided into those that pass through markets, those that pass through financial intermediaries, and less importantly, those that are handled through internal allocation procedures.; Although this is the first book to apply Oliver Williamson's transaction cost economics to financial systems, it is not bounded by a single theoretical approach. In particular, it uses an institutional economics framework as a means of reconciling the approaches of neo-classical economics and managerial finance.

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9781280202506

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