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Introduction

In: European Capital Markets

Author

Listed:
  • Werner G. Seifert
  • Ann-Kristin Achleitner
  • Frank Mattern
  • Clara C. Streit
  • Hans-Joachim Voth

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.

Suggested Citation

  • Werner G. Seifert & Ann-Kristin Achleitner & Frank Mattern & Clara C. Streit & Hans-Joachim Voth, 2000. "Introduction," Palgrave Macmillan Books, in: European Capital Markets, chapter 1, pages 1-7, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28706-8_1
    DOI: 10.1057/9780230287068_1
    as

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