Workshop No. 01

The Transformation of the European Financial System Where Do We Go? Where Should We Go?
Workshop No. 01

Over recent years the transformation of financial systems has been the subject of many economic, legal and political science studies. In the past, most of the theoretical and empirical literature concentrated on a separate analysis of efficiency aspects, policies and institutions. Meanwhile, an alternative view has gained importance, namely to consider economic systems as a set of complementary institutions (Hall and Soskice 2001). In this view, financial structures are but one subset of institutions governing economic activity. They are significant to the extent that considerable changes in financial structure are often alleged to set off adjustments in other institutional areas such as labor and product market institutions, affecting the degree of corporatism, industrial relations and the distribution of income, wealth and risk in the society.

Juni 2003.

Die von den Autoren in den Studien zum Ausdruck gebrachte Meinung gibt nicht notwendigerweise die Meinung der Oesterreichischen Nationalbank oder des Eurosystems wieder.