The Global Financial System: A Functional Perspective

9780071036269: The Global Financial System: A Functional Perspective

This volume provides a collection of essays which examines the performance of the six financial functions: payments, lending and investing, pooling funds, allocating risk, providing information and dealing with incentive issues. The text identifies the fundamental changes occuring in the basic functions of financial systems and presents insights about the future development of the financial institutions and markets. Recommendations on issues of public policy and regulation are also presented in the study.

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From the Back Cover:

In The Global Financial System: A Functional Perspective, a volume produced as part of the multiyear research effort of the Global Financial System Project at the Harvard Business School, leading financial scholars offer a new framework with far-reaching potential to enhance the success of individual financial firms and the efficiency of the financial system as a whole. While business methods differ substantially across borders and over time, the underlying functions performed by the financial system remain largely the same. Those who study the system can therefore best understand it by looking at its functions rather than its ever-changing institutions. This outlook is fundamental to anticipating the financial system's future developments, as institutions seek increased efficiency and continually adapt their forms to best serve the functions for which they are designed: clearing and settling payments, pooling resources, transferring economic resources across time and space, managing risk, providing information, and dealing with incentive problems.

About the Author:

Zvi Bodie is professor of finance and economics at Boston University School of Management. He holds a Ph.D. from the Massachusetts Institute of Technology and has served on the finance faculty at Harvard Business School and MIT s Sloan School of Management. Professor Bodie has published widely on pension finance and investment strategy in leading professional journals. His books include Worry-Free Investing: A safe Approach to Achieving your Lifetime Financial Goals and Foundations of Pension Finance. Professor Bodie is managing director of Integrated Finance Limited, a specialized investment bank and financial engineering company. He is also a member of the Advisory Board of the Pension Research Council.

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