As a representative of the public economics branch, although called “Finanzwissenschaft” in the traditional German terminology, I cannot exhibit any major competence in topics dealing with financial markets or bank services especially. The paper of Saunders and Walter shows that it is becoming increasingly difficult to describe the manifold and more and more specialized services of financial institutions and their nonfinancial competitors, much less to criticize and to judge them.
KeywordsMonetary Policy Financial Market Policy Measure Welfare Loss Positive Externality
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