Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w10620 |
来源ID | Working Paper 10620 |
The Design of Financial Systems: Towards a Synthesis of Function and Structure | |
Robert C. Merton; Zvi Bodie | |
发表日期 | 2004-07-19 |
出版年 | 2004 |
语种 | 英语 |
摘要 | This paper proposes a functional approach to designing and managing the financial systems of countries, regions, firms, households, and other entities. It is a synthesis of the neoclassical, neo-institutional, and behavioral perspectives. Neoclassical theory is an ideal driver to link science and global practice in finance because its prescriptions are robust across time and geopolitical borders. By itself, however, neoclassical theory provides little prescription or prediction of the institutional structure of financial systems that is, the specific kinds of financial intermediaries, markets, and regulatory bodies that will or should evolve in response to underlying changes in technology, politics, demographics, and cultural norms. The neoclassical model therefore offers important, but incomplete, guidance to decision makers seeking to understand and manage the process of institutional change. In accomplishing this task, the neo-institutional and behavioral perspectives can be very useful. In this proposed synthesis of the three approaches, functional and structural finance (FSF), institutional structure is endogenous. When particular transaction costs or behavioral patterns produce large departures from the predictions of the ideal frictionless' neoclassical equilibrium for a given institutional structure, new institutions tend to develop that partially offset the resulting inefficiencies. In the longer run, after institutional structures have had time to fully develop, the predictions of the neoclassical model will be approximately valid for asset prices and resource allocations. Through a series of examples, the paper sets out the reasoning behind the FSF synthesis and illustrates its application. |
主题 | Financial Economics ; Financial Markets ; Financial Institutions |
URL | https://www.nber.org/papers/w10620 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568251 |
推荐引用方式 GB/T 7714 | Robert C. Merton,Zvi Bodie. The Design of Financial Systems: Towards a Synthesis of Function and Structure. 2004. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w10620.pdf(204KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Robert C. Merton]的文章 |
[Zvi Bodie]的文章 |
百度学术 |
百度学术中相似的文章 |
[Robert C. Merton]的文章 |
[Zvi Bodie]的文章 |
必应学术 |
必应学术中相似的文章 |
[Robert C. Merton]的文章 |
[Zvi Bodie]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。