Financial Systems in Europe, the USA, and ASIA
比较了欧元区、英国、美国、日本和亚洲其他地区的金融体系，指出银行主导与市场主导的传统分类过于简单，并重点分析了金融机构及住房抵押贷款市场的差异。
Financial structure is an important determinant of the efficiency and stability of financial systems and the channels through which monetary policy is transmitted. We document the substantial differences in the financial systems of the euro area, the UK, the USA, Japan, and non-Japan Asia. The traditional classification of bank-based and market-based systems is shown to be too simplistic. We focus on two particular aspects of financial structure: financial institutions and the housing and mortgage markets. It is shown that institutional investors differ in important ways across the regions considered. One recent change is that Central Banks, particularly those in Asia, have become significant institutional investors. Housing and mortgage markets differ even more. We are still a long way from understanding which kind of financial structure is best. Copyright 2004, Oxford University Press.