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Moving money: banking and finance in the industrialized world
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ISBN: 0521891124 0521814138 0511178891 0511042477 0511148860 0511306059 0511491883 1280434104 0511045603 1107133637 9780511042478 9780511491887 9780511045608 9781280434105 9780511148866 9780521814133 9780521891127 Year: 2002 Publisher: Cambridge Cambridge University Press

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Abstract

Moving Money analyses the influence of politics on financial systems. Daniel Verdier examines how information asymmetry and economies of scale over time have created a redistributional conflict between large and small banks, financial centres and their peripheries, and he discusses how governments have attempted to arbitrate this conflict. He argues that centralized states have tended to create concentrated, internationalized, market-based and specialized financial systems, whereas decentralized states have favoured dispersed, national, bank-based and, with a few exceptions, universal systems. Verdier then sets out to uncover the sources, political and economic, of cross-country variation in financial market organization, examining 15 to 20 OECD countries from 1850 onwards.

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