Institutional Change in Financial Systems
OXFORD HANDBOOK OF COMPARATIVE INSTITUTIONAL ANALYSIS, Glenn Morgan, John Campbell, Colin Crouch, Peer Hull Kristensen, Ove Kai Pedersen, and Richard Whitley, eds., Oxford University Press, 2010
27 Pages Posted: 7 Jan 2010
Date Written: January 6, 2010
Abstract
This paper summarizes and evaluates changes in the financial systems of the advanced capitalist economies since the early 1980s. It does not focus directly on the development of international financial markets per se, though developments in this area are intricately linked with institutional change in domestic financial systems. The first section reviews alternative approaches to comparing financial systems and conceptualising their broader political-economic functions. The second section provides a brief empirical summary of key changes in financial systems, broadly captured by the concept of financialisation. The third section addresses debates on how to explain change in financial systems. The final section revisits the issue of financial system typologies, looks more closely at the changing function of financial systems vis-à-vis the real economy and the financial crisis of the late 2000s, and concludes with an agenda for future research in the field.
Keywords: financial markets, financial regulation, financialization, securitization
JEL Classification: G28, N2, P16
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Corporate Governance and Employees in Germany: Changing Linkages, Complementarities, and Tensions
By Gregory Jackson, Martin Höpner, ...
-
Towards a More Dynamic Theory of Capitalist Variety
By Richard Deeg and Gregory Jackson
-
Negotiated Shareholder Value: The German Version of an Anglo-American Practice
-
German Codetermination and German Securities Markets
By Mark J. Roe
-
An Emerging Market for Corporate Control? The Mannesmann Takeover and German Corporate Governance
By Gregory Jackson and Martin Höpner
-
Choice as Regulatory Reform: The Case of Japanese Corporate Governance