A Kind of Magic

Nick Silver
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Nick Silver: University London

Chapter 6 in Finance, Society and Sustainability, 2017, pp 133-157 from Palgrave Macmillan

Abstract: Abstract Chapters 2–5 have described the savings channel, where money is managed on behalf of savers by asset managers in capital markets. People also save through the deposit channel, which is the subject of this chapter. More of this book deals with the savings than the deposit channel. The main reason, really, is because there are countless numbers of books on banks, the banking crisis and banking reform, by much more eminent people than myself, such as the former Governor of the Bank of England, the former chairman of the Financial Services Authority and the former Chairman of the Federal Reserve amongst others. Banks are where all the attention and effort has been directed in trying to fix the financial system. But the savings system is at least as important as banks. Large banks are almost entirely publicly listed companies; hence, their shares are ultimately owned by asset owners, with the ownership function delegated to professional asset managers, as described in Chapter 2.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-56061-2_6

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DOI: 10.1057/978-1-137-56061-2_6

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