
Contents
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Introduction Introduction
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Defining and Comparing National Financial Systems Defining and Comparing National Financial Systems
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Financial systems, models of capitalism, and firm behaviour Financial systems, models of capitalism, and firm behaviour
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Change in Financial Systems Change in Financial Systems
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Bank disintermediation Bank disintermediation
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Growth of securities markets Growth of securities markets
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Securitization Securitization
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Financial centre deregulation and stock exchange consolidation Financial centre deregulation and stock exchange consolidation
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Changing content and process of financial regulation Changing content and process of financial regulation
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Weakening of relational banking Weakening of relational banking
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Structural change in the finance industry Structural change in the finance industry
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Financial internationalization Financial internationalization
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The risk revolution The risk revolution
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Explaining Change in Financial Systems Explaining Change in Financial Systems
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Structural explanations Structural explanations
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Institutionalist explanations Institutionalist explanations
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Ideational explanations Ideational explanations
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Discussion Discussion
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References References
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11 Institutional Change in Financial Systems
Get accessRichard Deeg is Professor of Political Science, Temple University, Philadelphia, USA.
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Published:02 May 2010
Cite
Abstract
This article reviews alternative approaches to comparing financial systems and conceptualizing their broader political–economic functions. It provides a brief empirical summary of key changes in financial systems. The article addresses debates on how to explain change in financial systems. Finally, it 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. The article suggests that simple typologies of national financial systems are increasingly difficult to sustain in the light of common trends towards the increased financialization and internationalization of finance, even as remaining differences in national financial systems are quite evident in the differential impact of the global financial crisis.
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