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During the second half of the eighties, Euro-pessimism slowly
started giving way to Euro-optimism. Several years of uninterrupted
economic growth, soaring stocks markets and improving East-West
relationships gave Europe the confidence that it might regain some
of its lost economic power. In this optimistic environment, the
1992 initiative quickly gained momentum.
The restructuring of most European industries may have taken an
irreversible turn. However, is this a turn in the right direction?
Is European industry becoming more competitive? This book evaluates
what has been accomplished to date and what the key remaining
policy and managerial tasks are for the 1990s.
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.
There is virtually universal agreement that the fundamental cause
of the global economic and financial crisis of 2007-2009 was the
combination of a credit boom and a housing bubble, but it is much
less clear why this combination of events led to such a severe
financial crisis. Manufacturing Tail Risk: A Perspective on the
Financial Crisis of 2007-2009 argues that what made this economic
shock unique and led to such a severe financial crisis was the
behavior of many of the large, complex financial institutions
(LCFIs) that today dominate the financial industry. These LCFIs
ignored their own business model of securitization and chose not to
transfer credit risk to other investors. Instead, they employed
securitization to manufacture and retain tail risk that was
systemic in nature and inadequately capitalized. Manufacturing Tail
Risk: A Perspective on the Financial Crisis of 2007-2009 provides a
brief history of how the U.S. financial system evolved into its
current form. It presents the manner in which banks built tail
(systemic) risk exposures in large measure to get around capital
requirements, in contrast to their earlier business models, and it
explains how lax regulation contributed to these outcomes. It also
examines alternative explanations for the financial crisis. The
authors conclude that global imbalances and loose monetary policy
were relevant proximate contributors to the crisis by producing an
asset-price bubble in the United States that ultimately led to the
financial crisis. Manufacturing Tail Risk: A Perspective on the
Financial Crisis of 2007-2009 concludes with a discussion of
possible remedies to charge banks for manufacturing tail risks and
to contain such propensity in the first place. And while the focus
is on the United States, the authors review risk-taking and
realized losses by LCFIs in other parts of the world.
In 1933 and 1956, the United States sharply limited the kinds of
securities, commercial, and insurance activities banks could engage
in. These regulations remain in place despite profound changes in
the economic environment, in the structure of the national and
international financial markets, and in technology. This book
evaluates the case for and against eliminating these barriers. The
authors study the consequences of bank regulation in the US as it
relates to competition in international financial markets. They
examine universal banking systems in other countries, especially
Germany, Switzerland, and the UK, and how they work. They then
apply the lessons to US banking, paying particular attention to the
benchmarks of stability, equity, efficiency, and competitiveness
against which the performance of national financial systems should
be measured. They propose a level playing field on which any number
of forms of organization can grow in the financial services sector,
in which universal banking is one of the permitted structures, and
where regulation is linked to function.
Few sectors of the global economy have experienced the dynamic and
structural change that has occurred over the past several decades
in banking and financial services or as much turbulence and damage
to the economy and to ordinary people. Regulatory and technological
changes have been among the main catalysts of change in the
financial industry worldwide, making entrenched competitive
structures obsolete and mandating the development of new products,
new processes, new strategies, and new public policies toward the
industry.
This third edition of Global Banking reassess the continuing
transformational process of global banking and finance--its causes,
its course, and its consequences. It begins with an overview of the
most recent developments and goes on to examine the major
dimensions of international commercial and investment banking,
including money and foreign exchange markets, debt capital markets,
international bank lending, derivatives, asset-based and project
financing, and equity capital markets. Later, the various advisory
businesses--mergers and acquisitions, privatizations, institutional
asset management, and private banking--are analyzed. In each case,
the factors that distinguish the winners from the losers are
identified. This is brought together in the final section of the
book, which deals with problems of strategic positioning and
execution, as well as critical risk issues and regulations.
This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M&A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M&A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M&A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."
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