Convergence of financial systems: towards an evolutionary perspective

Werner Hölzl

Journal of Institutional Economics, 2006, vol. 2, issue 1, 67-90

Abstract: This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. Based on a notion of financial systems as configuration of complementary elements, it is suggested that the convergence of financial systems is best conceptualized as a path-dependent process of institutional change and innovation. The implication of the evolutionary perspective on the dynamics of financial systems is that neither convergence theories using a simple evolutionary argument of survival of the fittest nor divergence theories related to strong complementarities can provide much guidance for analyzing institutional transformations of financial systems.

Date: 2006
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Working Paper: Convergence of financial systems: Towards an evolutionary perspective (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jinsec:v:2:y:2006:i:01:p:67-90_00

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