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1、CHAPTER11FinancialIntermediation,Markets,andAlternativeFinancialSectors*FranklinAllena,ElenaCarlettib,Jun“QJ”Qiancc,andPatricioValenzueladaFinanceDepartment,WhartonSchool,UniversityofPennsylvania,Philadelphia,PA19104,USAbEuropeanUniversityInstitute,Florence,ItalycBostonCollege,Ches
2、tnutHill,MA,USAdUniversityofChile,DepartmentofIndustrialEngineering,Santiago,ChileContents1.Introduction7592.StateoftheFinancialSystemandFirms’FinancingChannels7632.1TheBankingandIntermediationSector7652.2FinancialMarkets:StockMarketsandBondMarkets7682.3InternationalSectors7702.4Al
3、ternativeSectors7753.Firms’FinancingChannels:TheRoleofAlternativeFinance7783.1OverviewofAlternativeFinancingChannels7783.2DifferentTypesofAlternativeFinancingChannels7823.2.1TradeCredit:ImportanceandLiteratureReview7823.2.2PrivateCreditAgencies(ThatarenotFormalInstitutions)7853.2.3
4、FamilyandFriendsandOtherFormsofSeedCapital7853.3DataIssues7884.ComparingTraditionalandAlternativeFinancialSectors7894.1ComparingDifferentFormsofFinancing7924.2ConditionsConducivetoDevelopingLegalandAlternativeInstitutions7934.3FutureResearchonAlternativeFinance7945.ConcludingRemark
5、s795References7961.INTRODUCTIONSincecorporateinvestmentisakeydriverforeconomicgrowth,acentralquestioninfinancialeconomicsishowfirmsraisecapitaltofinancetheirinvestment.Duringthepastfewdecades,economistshavesignificantlyadvancedknowledgeinthisfieldby?WewishtothankMiltHarrisforhelpfu
6、lcomments,andBostonCollege,theEuropeanUniversityInstituteandtheWhartonFinancialInstitutionsCenterforfinancialsupport.Theauthorsareresponsibleforalltheremainingerrors.HandbookoftheEconomicsofFinance?2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00011-1Allrightsreserve
7、d.759760FranklinAllenetal.studyingthelinkbetweeneconomicgrowthandfinancialsystemdevelopment.Afinan-cialsystemincludesafinancialintermediationsectorandfinancialmarkets,wherefirmsissuesecuritiessuchasstocksandbonds.Thisliteraturearguesthatamoreadvancedfinancialsystemcanbetterallocate
8、resourcessothatfirms(bothd
