Introduction

Werner G. Seifert, Ann-Kristin Achleitner, Frank Mattern, Clara C. Streit and Hans-Joachim Voth

Chapter 1 in European Capital Markets, 2000, pp 1-7 from Palgrave Macmillan

Abstract: Abstract Financial centres are the physical location where capital markets are organized. Financial centres and capital markets are neither a cancer on the real economy nor are they simply providers of an alternative funding mechanism for local firms and governments. Financial systems serve to: pool savings and transform them into investment in plant and people discipline management, thus reducing the principal/agent problem allow the aggregation and trading of risk provide the information necessary for effective capital and risk allocation.

Keywords: Gross Domestic Product; Capital Market; Financial System; Financial Service; Equity Market (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1057/9780230287068_1

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