Technology and Finance analyses the dramatic implications of technology for today's financial sector, for productivity growth and for monetary policy. A wide range of financial market activities are now technology driven; technology is also crucial in retail, private and corporate banking, and it has lowered entry barriers to the sector. New participants are flourishing as they are strongly supported by their technology.
Distinguished keynote speeches in this volume were initially featured in the latest highly-respected SUERF (Sociètè Universitaire Europèene de Recherches Financières) Colloquium. The articles cover the following topics:
*the impact of technology on financial institutions - evolution or revolution?
*the relationship between technology and financial markets, including the impact of 'electronification' on financial markets and deposit insurance systems.
*the real and potential impact of technology on productivity growth, and possible implications for economic growth, monetary policy and markets.
This volume represents the cutting edge of informed thinking on the implications of, and possible problems with, modern technology on contemporary finance.

eBook available with sample pages: 020322261X

Contents:
Introduction Morten Balling
1. In search of anchors for financial and monetary stability Andrew Crockett
2. Banking consolidation in Europe Jacques de Larosière
3. Monetary policy and financial stability in a dynamic world Klaus Liebscher
4. A new capital adequacy framework for Europe Claes Norgren
5. Is a Euroland banking system already emerging? Tommaso Padoa-Schioppa
6. Fiscal discipline and exchange rate regimes: A case for currency boards? Enrique Alberola and Luis Molina
7. Country risk analysis in the light of emerging market crisis Josef Christl and Thomas Spanel
8. Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina B. Gerard Dages, Linda Goldberg and Daniel Kinney
9. Financial stability in the euro area - some lessons from US financial history E. Philip Davis
10. Strategies developed by Spanish banks for adapting to financial globalisation: Mergers, acquisitions and other strategies Ignacio Fuentes and Teresa Sastre
11. Globalisation and Payment Intermediation Hans Geiger
12. A theoretical model of consumer behaviour in the financial services industry Barry Howcroft
13. Inflation, monetary transparency, and G3 exchange volatility Kenneth N. Kuttner and Adam S. Posen
14. Challenges to the structure of financial supervision in the EU Karel Lannoo
15. Financial industry mergers and acquisitions: Evaluating the strategies of diversification or concentration Gary Santry
16. Impact of globalisation on efficiency in the European banking industry: What can we learn from the cost to income ratio? Peter Van Dijcke

The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions. This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.

Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary policy.

This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics and researchers in the field, who specialize in strategic, systematic and policy issues related to the European financial services industry.

This edited collection will be will be essential reading for students and academics but will also be of interest to financial practitioners and government officials interested in acquiring a deeper understanding of this complex issue.

The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions.
This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.

Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary policy.

This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics and researchers in the field, who specialize in strategic, systematic and policy issues related to the European financial services industry.

This edited collection will be will be essential reading for students and academics but will also be of interest to financial practitioners and government officials interested in acquiring a deeper understanding of this complex issue.

Marketization is one of the most powerful reform doctrines reshaping the organization of public service delivery throughout the last four decades. This book revisits conventional ideas and models of marketization and compares how these have diffused and evolved across municipalities in England and Scandinavia. The book highlights the paths and impacts of marketization as diverse and dynamic and asks us to reconsider what and how we think about marketization. The content of the book is co-authored by researchers from four countries and builds upon comparable surveys and case-studies from two longstanding 'spearhead' services - parks and roads - for the implementation of marketization. The book appeals to scholars and policy makers with interests in discussions about the history and future of marketization in an international perspective.

Marketization is one of the most powerful reform doctrines reshaping the organization of public service delivery throughout the last four decades. This book revisits conventional ideas and models of marketization and compares how these have diffused and evolved across municipalities in England and Scandinavia. The book highlights the paths and impacts of marketization as diverse and dynamic and asks us to reconsider what and how we think about marketization. The content of the book is co-authored by researchers from four countries and builds upon comparable surveys and case-studies from two longstanding 'spearhead' services - parks and roads - for the implementation of marketization. The book appeals to scholars and policy makers with interests in discussions about the history and future of marketization in an international perspective.

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.

The papers in this volume were presented in Budapest at the 20th Colloquium of the SociA(c)tA(c) Universitaire EuropA(c)enne de Recherches FinanciA]res (SUERF), arranged in association with the Robert Triffin-SzirAk Foundation. Each paper deals with a different aspect of the characteristics of and trends in corporate governance. The three main topics are: Corporate governance of financial institutions; Corporate governance as exerted by financial institutions; Financial instutions as participants in the transfer of corporate governance. A/LISTA The structure of financial markets and institutions has a significant impact on the ways in which the power to manage corporate resources is allocated. The relative roles of different types of owners and the legal framework within which they operate are currently in a state of flux throughout Europe. Financial integration in the European Union, the transition to open market economies in Central and Eastern Europe and privatization, have a profound effect on the behaviour and influence of different enterprises. This collection of papers demonstrates the range of aspects of corporate governance in a world characterized by rapid technological, political and institutional change which is currently concerning researchers and practitioners. The authors come from a wide number of countries and disciplines, and include people from leading banks and corporations, public officials and academics, providing different perspectives on corporate governance, financial markets and global convergence in eastern and western Europe. Their contributions will be of considerable interest to academics in the fields of finance and banking, monetary economics andmacro-economics, and also to professionals in banks, securities houses, corporate treasuries, pension funds, consultancies, law firms, central banks and regulatory bodies.