At the beginning of the twenty-first century, the world financial
markets, and institutions have new features, and are working in
different environments and conditions. These are increasing the
role of the financial sector in the world economy, integration of
the financial markets and institutions, liberalization of related
laws and regulations, increasing linkages between sub-segments of
financial markets, computerizing of financial markets and
institutions, and introducing new instruments and innovative
derivatives. The majority of the above changes are considered
positive developments in the world economy. However, some of the
negative aspects are associated along with the above new
conditions. One of the most critical changes is the increased
linkage, which may lead to the transmission of high price
volatility of stocks, currencies, and inflation, from one economy
to another, and in turn may lead to financial crises at certain
events and conditions similar to those which occured in 1987, 1989
and 1997. The financial crises are not confined to a financial
market or a financial institution, or a country or a region. There
are at present, no generally accepted arguments or explanations for
the financial crises that occurred in the last century. The
financial crises moved from one market to another, across
geographical locations, as well as across segments of financial
systems, including both developed and emerging markets.
The above features and conditions are creating new challenges;
there is an urgent need, therefore, to examine various aspects of
financial markets related to stability, risk, and activity, in
order to find the most relevant environment and market mechanism
that maymeet the conditions of stability, liquidity, and
efficiency. This volume is devoted to exploring various aspects of
this issue.
General
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