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FINANCIAL INTERMEDIARIES AND CAPITAL MARKETS: AN INTERNATIONAL PERSPECTIVE

Jordi Canals

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Abstract

The European single market in financial services has been built upon two pillars: deregulation and freedom of capital movements. Financial authorities have implicitly accepted the universal banking model. This paper presents some international evidence on the two basic financial models: the bank-based model and the market-based model. The rivalry between financial markets and banks in many industrial countries is acute, but it is possible to observe a trend that reflects an increasing role of universal banks in capital markets. FINANCIAL INTERMEDIARIES AND CAPITAL MARKETS: AN INTERNATIONAL PERSPECTIVE

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What this paper is about

The European single market in financial services has been built upon two pillars: deregulation and freedom of capital movements. Financial authorities have implicitly accepted the universal banking model. This paper presents some international evidence on the two basic financial models: the bank-based model and the market-based model. The rivalry between financial markets and banks in many industrial countries is acute, but it is possible to observe a trend that reflects an increasing role of universal banks in capital markets. FINANCIAL INTERMEDIARIES AND CAPITAL MARKETS: AN INTERNATIONAL PERSPECTIVE

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Available abstract

The European single market in financial services has been built upon two pillars: deregulation and freedom of capital movements. Financial authorities have implicitly accepted the universal banking model. This paper presents some international evidence on the two basic financial models: the bank-based model and the market-based model. The rivalry between financial markets and banks in many industrial countries is acute, but it is possible to observe a trend that reflects an increasing role of universal banks in capital markets. FINANCIAL INTERMEDIARIES AND CAPITAL MARKETS: AN INTERNATIONAL PERSPECTIVE

Key concepts: Capital market, Financial intermediary, Financial market, Indirect finance, Financial capital, Financial system, Business, Intermediary

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