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Principles of Financial Regulation$
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John Armour, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey N. Gordon, Colin Mayer, and Jennifer Payne

Print publication date: 2016

Print ISBN-13: 9780198786474

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780198786474.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 03 December 2021

The Financial System

The Financial System

Chapter:
(p.22) 2 The Financial System
Source:
Principles of Financial Regulation
Author(s):

John Armour

Dan Awrey

Paul Davies

Luca Enriques

Jeffrey N. Gordon

Colin Mayer

Jennifer Payne

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198786474.003.0002

The financial system is often distinguished from the so-called ‘real’ economy—the firms who make things or provide services and the people who consume them. The financial system’s significance lies in the functions it performs for the real economy: intermediating between the personal sector of an economy comprising individuals and households and the corporate sector consisting of business firms. This chapter provides a guide to the structure and functions of the financial system. Its purpose is not to describe in precise detail the role of all of the different components, but to offer a sufficient understanding to appreciate what it does, why it matters, and what can go wrong. It then provides a foundation for understanding why, where, and how regulators seek to control its functioning.

Keywords:   financial system, banks, financial markets

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