TY  - UNPD
A1  - Schmidt, Reinhard H.
A1  - Hackethal, Andreas
A1  - Tyrell, Marcel
T1  - Disintermediation and the role of banks in Europe : an international comparison ; paper prepared for the Symposium on "The Design of Financial Systems and Markets" at the University of Amsterdam, June 1998
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 10
N2  - The paper presents an empirical analysis of the alledged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of measurement, the following questions are addressed: Is there a common pattern of structural change; do banks lose importance in the process of change; and are the three financial systems becoming more similar? We find that there is neither a general trend towards disintermediation, nor towards a transformation from bank-based to capital market-based financial systems, nor for a loss of importance of banks. Only in the case of France strong signs of transformation as well as signs of a general decline in the role of banks could be found. Thus the three financial systems also do not seem to become more similar. However, there is also a common pattern of change: the intermediation chains are lengthening in all three countries. Nonbank financial intermediaries are taking over a more important role as mobilizers of capital from the non-financial sectors. In combination with the trend towards securitization of bank liabilites, this change increases the funding costs of banks and may put banks under pressure. In the case of France, this change is so pronounced that it might even threaten the stability of the financial system.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 10 
KW  - bank-based financial systems
KW  - capital market-based financial systems
KW  - (dis-)intermediation
KW  - Frankreich
KW  - Deutschland
KW  - Großbritannien
KW  - Interbankenabkommen
KW  - Securitization
KW  - Finanzintermediation
KW  - Finanzintermediäre
Y1  - 1998
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3666
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18169
EP  - 40
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -