ncentivestogenerateanddisseminateinformationarecrucialfeaturesofafinancialsystem.Withoutsignificantamountsofhumancapitalitwillnotbepossibleforanyofthesecomponentsofafinancialsystemtooperateeffectively.Well-trainedlawyers,accountantsandfinancialprofessionalssuchasbankersarecrucialforaneffectivefinancialsystem,astheexperienceofEasternEuropedemonstrates.Theliteratureoncomparativefinancialsystemsisatanearlystage.OursurveybuildsonpreviousoverviewsbyAllen(),AllenandGale()andThakor().Theseoverviewshavefocusedontwosetsofissues.()Normative:Howeffectivearedifferenttypesoffinancialsystematvariousfunctions?()Positive:Whatdrivestheevolutionofthefinancialsystem?ThefirstsetofissuesisconsideredinSections-,whichfocusonissuesofinvestmentandsaving,growth,risksharing,informationprovisionandcorporategovernance,法国和德国。
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