Article

Institutional Change in Financial Systems

Richard Deeg

in The Oxford Handbook of Comparative Institutional Analysis

Published in print April 2010 | ISBN: 9780199233762
Published online May 2010 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199233762.003.0012

Series: Oxford Handbooks in Business and Management

Institutional Change in Financial Systems

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This article reviews alternative approaches to comparing financial systems and conceptualizing their broader political–economic functions. It provides a brief empirical summary of key changes in financial systems. The article addresses debates on how to explain change in financial systems. Finally, it revisits the issue of financial system typologies, looks more closely at the changing function of financial systems vis-à-vis the real economy and the financial crisis of the late 2000s, and concludes with an agenda for future research in the field. The article suggests that simple typologies of national financial systems are increasingly difficult to sustain in the light of common trends towards the increased financialization and internationalization of finance, even as remaining differences in national financial systems are quite evident in the differential impact of the global financial crisis.

Keywords: financial systems; political–economic functions; real economy; financial crisis; internationalization

Article.  11730 words. 

Subjects: Business and Management ; Organizational Theory and Behaviour

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