ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Domestic Financial Architecture

To assess the relative efficiency of stock markets and banks as intermediaries between savers and investors, this article examines the macrofoundations of micro-economics. The conclusion is that both stock market-based and bank-based systems are inefficient. There is scope for government intervention in the allocation of credit.

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