The importance of banks and financial markets relies on the fact that they promote economic efficiency by allocating savings efficiently to profitable investment opportunities. Banks intermediate funds from people who do not have a productive use for them to those who can achieve a higher expected return, hence facilitating financial intermediation in an economy. A well-functioning financial system contributes to the economic growth of a country. More importantly and as this dissertation emphasizes, other than contributing to economic growth, an efficient banking system is a key determinant for the financial stability.

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A.M. Pacces (Alessio) , G. Chiesa
Erasmus University Rotterdam
EDLE - The European Doctorate in Law and Economics programme
Erasmus School of Law

Akün, D. (2013, June 24). Banking Regulation in Turkey and Russia: an economic analysis. EDLE - The European Doctorate in Law and Economics programme. Retrieved from

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