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The Financial Sector—In Support of Growth or Financialization?

In: The Next Financial Crisis and How to Save Capitalism

Author

Listed:
  • Hossein Askari

    (George Washington University)

  • Abbas Mirakhor

    (International Centre for Education in Islamic Finance (INCEIF))

Abstract

A stable and efficient financial sector has an essential role in support of the real sector to facilitate mechanisms for an efficient allocation of financial and real resources by funding the investments with the highest social rate of return: mobilizing savings, identifying the best business opportunities, financing these investments, monitoring their performance and their managers, enabling the trading, hedging, and diversification of associated risks, and facilitating the exchange of goods and services. Financial institutions, by pooling risk, should be better positioned to analyze investments and their associated risk-return profile and to monitor the performance of investment projects. Our financial system has achieved some of these goals but has also been accompanied by recurring crises.

Suggested Citation

  • Hossein Askari & Abbas Mirakhor, 2015. "The Financial Sector—In Support of Growth or Financialization?," Palgrave Macmillan Books, in: The Next Financial Crisis and How to Save Capitalism, chapter 1, pages 1-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-54437-7_1
    DOI: 10.1057/9781137544377_1
    as

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