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One of the key issues relating to the perfonnance of national
economies is the efficiency of the financial system which stands at
the heart of the capital-allocation process. There are two aspects
which define efficiency. Static efficiency involves the ali-in
difference between rates of return provided to ultimate savers and
the cost of funds to users. This 'gap', or spread, reflects the
direct costs of production (operating and administrative costs,
cost of capital, etc.). It also reflects losses incurred in the
financial process, as well as any monopoly profits earned and
liquidity premiums. Financial processes that are considered
'statically inefficient' are usually characterised by high
'spreads' due to high overhead costs, high losses, barriers to
entry, and the like. Dynamic efficiency is characterised by high
rates of financial product and process innovation through time.
Successful product and process innovation broadens the menu of
financial products available to ultimate issuers, ultimate savers,
or other agents along the various financial process channels
described above. Probably the most powerful catalyst affecting the
competitive dynamics of the financial services industry has been
technological change.
Coping with Financial Fragility and Systemic Risk identifies and
discusses the sources of perceived fragility in financial
institutions and markets and its potential consequences throughout
the economy. It then examines private sector solutions for dealing
with systemic risk and mitigating the consequences. Finally, the
book examines regulatory solutions to these problems.
Coping with Financial Fragility and Systemic Risk identifies and
discusses the sources of perceived fragility in financial
institutions and markets and its potential consequences throughout
the economy. It then examines private sector solutions for dealing
with systemic risk and mitigating the consequences. Finally, the
book examines regulatory solutions to these problems.
The co-ordination of regulations in Europe is a process
characterized by a huge amount of information in different forms
(decisions, regulations, directives, recommendations and opinions),
at various stages of consideration. While current developments are
debated in the influential media, no coherent overview is offered
of the European Community co-ordination efforts as a whole, nor of
relationships with other international regulations produced, for
example, in the framework of the Bank for International Settlements
(BIS). Such an overview is essential in order to gain a proper
understanding of the consequences for the various countries.
"Financial Integration in Europe" provides an overview of the core
of European and BIS regulations insofar as these have been
published in the "Official Journal of the European Communities
(OJEC)" and in official BIS documents up to April 1, 1992. This
publication covers the liberalization of capital movements in
Europe and co-ordination efforts on credit institutions, investment
firms, the securities market, undertakings for collective
investment in transferable securities, insurance companies and
pension funds.
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