A welfare comparison of intermediaries and financial markets in Germany and the US
比较德国（中介主导）和美国（市场主导）两种金融体系，从家庭和企业两个角度分析风险分担、信息处理、公司控制等服务的福利影响，为比较金融体系的福利分析提供理论框架。
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.