Traditionally, financial systems have been bank-based or market-based. The efficiency properties of these systems are …, and law, finance and politics. Both systems have advantages and disadvantages. With regard to stability, both bank …

Traditionally, financial systems have been bank-based or market-based. The efficiency properties of these systems are …, and law, finance and politics. Both systems have advantages and disadvantages. With regard to stability, both bank …

different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries. The …

) around the globe, with the focus on alternative finance—financing from all the non-market, non-bank external sources. We …-growing economies. We compare market and bank finance with alternative finance, along with the supporting mechanisms such as legal and …