The purpose of the paper is a presentation of the issue of the financial system structure, primarily in the context of the relationship between the financial sector and non-financial companies and their stakeholders. The traditional classification and description of financial systems as bank-oriented or marketoriented is usually based on the cases of Germany, Japan, USA and Great Britain. Results of the research which are critical to this approach, in our opinion, do not undermine this classification conclusively. In spite of some facts suggesting a process of convergence of the two models, the differences between them are still significant. The discussion concerns also the roots of their efficiency. We do not have compelling evidence in favour of one of the models.

Keywords: financial system structure, evolution of financial systems, comparison of financial systems, corporate governance.

  Tomasz Kozłowski, The Issues of Financial System Structure in the Context of the Relationship Between the Financial Sector and Non-Financial Companies - plik pdf; (274 KB)