DESIGN OF FINANCIAL SYSTEMS: TOWARDS A SYNTHESIS OF FUNCTION AND STRUCTURE ∗

摘要: This paper proposes a functional approach to designing and managing the financial systems of countries, regions, firms, households, other entities. It is synthesis neoclassical, neo-institutional, behavioral perspectives. Neoclassical theory an ideal driver link science global practice in finance because its prescriptions are robust across time geopolitical borders. By itself, however, neoclassical provides little prescription or prediction institutional structure — that is, specific kinds intermediaries, markets, regulatory bodies will should evolve response underlying changes technology, politics, demographics, cultural norms. The model therefore offers important, but incomplete, guidance decision makers seeking understand manage process change. In accomplishing this task, neo-institutional perspectives can be very useful. proposed three approaches, structural (FSF), endogenous. When particular transaction costs patterns produce large departures from predictions frictionless equilibrium for given structure, new institutions tend develop partially offset resulting inefficiencies. longer run, after structures have had fully develop, approximately valid asset prices resource allocations. Through series examples, sets out reasoning behind FSF illustrates application.