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Cited by 351

The DOI matches its Crossref record; 71 of the 71 references it cites were found in a registry or an index.

A welfare comparison of intermediaries and financial markets in Germany and the US

Open access
Allen, Franklin, Gale, Douglas·1995·European Economic Review
DOI 10.1016/0014-2921(94)00095-h
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Abstract

There is wide variation in the structures of financial systems in different countries. We compare two polar extremes. In one, which we refer to as the ‘German model’, intermediaries predominate. In the second, which we refer to as the ‘U.S. model’, financial markets play the major role. Our objective is to contribute to a theoretical framework for the welfare analysis of comparative financial systems. The study is divided into two parts, which focus on financial services provided to households and firms, respectively. On the household side, we consider issues such as cross-sectional and intertemporal risk sharing, noise suppression and the provision of services. On the firm side, we consider information, financing, the market for corporate control, and diversity of opinion.

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Citations

Cites

Show all 71 references

Research works printed but not linked: 9

  1. Allen, 1993, Finite bubbles with short sale constraints and asymmetric information, Journal of Economic Theory, 61, 206, 10.1006/jeth.1993.1067 · doi:10.1006/jeth.1993.1067
  2. Altonji, 1992, Is the extended family altruistically linked? Direct tests using microdata, American Economic Review, 82, 1177
  3. Calomiris, 1993, Corporate-finance benefits from universal banking: Germany and the United States, 1870–1914, 10.3386/w4408 · doi:10.3386/w4408
  4. Leroy, 1992, Stock price volatility: Tests based on the geometric random walk, American Economic Review, 82, 981
  5. Melitz, 1990, Financial deregulation in France, European Economic Review, 34, 394, 10.1016/0014-2921(90)90112-C · doi:10.1016/0014-2921(90)90112-c
  6. Qi, 1994, Bank liquidity and stability in an overlapping generations model, Review of Financial Studies, 7, 389, 10.1093/rfs/7.2.389 · doi:10.1093/rfs/7.2.389
  7. Saunders, 1994
  8. Schmid, 1994, Should bank branching be regulated? Theory and empirical evidence from four European countries, Journal of Regulatory Economics, 6, 137, 10.1007/BF01065747 · doi:10.1007/bf01065747
  9. Schneider-Lenné, 1993, Corporate control in Germany, Oxford Review of Economic Policy, 8, 11, 10.1093/oxrep/8.3.11 · doi:10.1093/oxrep/8.3.11

Cited by

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Metadata

Authors
Allen, F., & Gale, D.
Venue
European Economic Review
Publisher
Elsevier BV
Published
1995-02
Volume
39
Issue
2
Pages
179-209
ISSN
0014-2921 (ISSN-L)
DOI
10.1016/0014-2921(94)00095-h
OpenAlex
W2051268623
Cited by
351
References
71
FWCI
39.86
Type
journal article
Language
en
Open access
hybrid
Licence

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CoChat. (2026). Citation check: A welfare comparison of intermediaries and financial markets in Germany and the US. https://app.cochat.ai/papers/10.1016/0014-2921(94)00095-h
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Allen, F., & Gale, D. (1995). A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review. https://doi.org/10.1016/0014-2921(94)00095-h

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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