La convergence vers le « Market based system » : une vue de l’esprit ?
2005, Revue d'Économie Financière, 81, pp.61-82
Abstract
The universal convergence of financial systems towards the Market based system . Financial deregulation has strengthened the market as a resource allocation mechanism within the financial system. This evolution generated a debate in Europe and in the United States on the universal convergence of financial systems. Can one assert that the European financial system is converging towards the Anglo-Saxon model based on the financial market ? This hypothesis is suggested by the persisting disintermediation process. However, it is challenged by the various calculation methods leading to different rates of intermediation for the same country and because major banking groups are still dominating the financial landscape worldwide. If the world financial industry is not converging towards the Market based system would it be true that the systems are rather country specific, depending on their restructuring level, their size and the concentration of their banking system.