The development and integration of financial markets is at the forefront of academic and policy debates around the world. Nowhere is this more in evidence than in Europe where the integration of financial markets is a primary objective of the European Commission and fully supported by the European Central Bank. This book brings together leading economists from across the world to analyse the central issues in the development and integration of financial marketsfrom a European perspective whilst highlighting their global relevance. The book is a timely contribution as it appears at a time when…mehr
The development and integration of financial markets is at the forefront of academic and policy debates around the world. Nowhere is this more in evidence than in Europe where the integration of financial markets is a primary objective of the European Commission and fully supported by the European Central Bank. This book brings together leading economists from across the world to analyse the central issues in the development and integration of financial marketsfrom a European perspective whilst highlighting their global relevance. The book is a timely contribution as it appears at a time when the effects of monetary unification on the one hand and the Financial Sector Action Plan on the other are beginning to shape a new pan European financial market.Financial Markets and Institutions is a must-have reference for policymakers, financial market practitioners, and graduate students and academics with an interest in this increasingly important area. Each contribution is written in a rigorous but non-technical fashion, drawing on the latest theories and empirical evidence making them accessible to lay readers as well as academic specialists.
Xavier Freixas, (Ph D. Toulouse 1978) is Dean of the Undergraduate School of Economics and Business Administration, Professor at the Universitat Pompeu Fabra in Barcelona (Spain) and Research Fellow at CEPR. He is also Chairman of the Risk Based Regulation Program of the Global Association of Risk Professionals (GARP). He is past president of the European Finance Association and has previously been Deutsche Bank Professor of European Financial Integration at Oxford University, Houblon Norman Senior Fellow of the Bank of England and Joint Executive Director Fundación de Estudios de Economía Aplicada FEDEA), 1989-1991, Professor at Montpellier and Toulouse Universities. Dr. Philipp Hartmann is Head of the Financial Research Division in the Directorate General Research of the European Central Bank (ECB) in Frankfurt. His previous positions include that of Principal of the Economic and Financial Research Unit at the ECB and Research Fellow for Financial Regulation at the London School of Economics and Political Science. Philipp Hartmann is also a Fellow of the Centre for Economic Policy Research (CEPR, London) and the Vice-President of SUERF, the European Money and Finance Forum. Professor Colin Mayer is Dean of the Saïd Business School and Professorial Fellow of St Edmund Hall, Oxford. He has degrees in Engineering Science and Economics (BA, First Class, 1974) and Economics (MPhil, 1976; DPhil, 1981) from the University of Oxford. He was a Harkness Fellow at Harvard University (1979/80), a Houblon-Norman Fellow at the Bank of England (1989) and the first Leo Goldschmidt Visiting Professor in Corporate Governance at the Solvay Business School, Université Libre de Bruxelles (2000 and 2001). He is a member of the Executive Committee of the Royal Economic Society, and an Inaugural Fellow and Board Member of the European Corporate Governance Institute (ECGI) in Brussels. Colin Mayer has previously been Chairman of the European Science Foundation Network in Financial Markets and Co-Director of the Centre for Economic Policy Research's Network in Financial Markets. He is Chairman of OXERA Holdings Ltd and an Honorary Fellow of St. Anne's College and Oriel College, Oxford.
Inhaltsangabe
* Preface * Foreword * Introduction * Part I Financial Systems and Economic Performance * 1: Franklin Allen, Michael K F Chui, and Angela Maddaloni: Financial Structure and Corporate Governance in Europe, the US, and Asia * 2: Elias Papaioannou: Finance and Growth: A Macroeconomic Assessment of the Evidence from a European Angle * 3: Philippe Aghion: Interaction Effects in the Relationship Between Growth and Finance * 4: Philipp Hartmann, Florian Heider, Elias Papaioannou, and Marco Lo Duca: The Role of Financial Markets and Innovation for Prodcutivity and Growth in Europe * 5: Lieven Baele, Annalisa Ferrando, Peter Hördahl, Eliza Veta Krylova, and Cyril Monnet: Measuring European Financial Integration * 6: Sebnem Kalemli-Ozcan and Bent Sørensen: Financial Integration and Economic Welfare * Part II Financial Systems and the Corporate Sector * 7: Francois Degeorge and Ernst Maug: Corporate Finance in Europe: A Survery * 8: Oren Sussman: The Economics of the EU's Corporate-insolvency Law and the Quest for Harminisation by Market Forces * 9: Mike Burkart and Fausto Panuzi: Takeovers * 10: Ailsa Roell: Recent Developments in Corporate Governance * 11: Tim Jenkinson: The Development and Performance of European Private Equity * Part III Financial Institutions * 12: Hans Degryse and Steven Ongena: Technology, Regulation, and the Geographical Scope of Banking * 13: Julian Franks, Colin Mayer, and Luis Correia da Silva: Asset Management in Europe * 14: E Philip Davis: Pension Funds and the Evolution of Financial Markets in the European Union * 15: Ray Rees: Insurance and Reinsurance Companies * 16: Xavier Freixas and Cornelia Holthausen: European Integration of Payments Systems * Part IV Financial Markets * 17: Philipp Hartmann and Natacha Valla: The Euro Money Markets * 18: Marco Pagano and Ernst-Ludwig Von Thadden: The European Bond Markets Under EMU * 19: Kpate Adjaouté and Jean-Pierre Danthine: Equity Returns and Integration: Is Europe Changing? * 20: Alberto Giovanni, John Berrigan, and Daniel Russo: Post-Trading Services and European Securities Markets * 21: Ronald W. Anderson and Kenneth McKay: Derivative Markets * 22: Maciej Firla-Cuchra: Structured Finance * 23: Thomas P. Gehrig: Location and Competition Between Financial Centers * Part V Financial Regulation and Macroeconomic Policy * 24: Bernhard Speyer: EU Securities Markets Regulation: Problems, Policies, and Processes * 25: Kostas Tsatsaronis: The Supervision of an Integrating European Banking Sector: Theory, Practice and Challenges * 26: Charles Goodhart, Boris Hofmann, and Miguel Segoviano: Bank Regulation and Macroeconomic Fluctuations * 27: Boris Hofmann and Andreas Worms: Financial Structure and Monetary Transmission in the EMU * 28: Ulrich Bindseil and Kjell G. Nyborg: Monetary Policy Implementation
* Preface * Foreword * Introduction * Part I Financial Systems and Economic Performance * 1: Franklin Allen, Michael K F Chui, and Angela Maddaloni: Financial Structure and Corporate Governance in Europe, the US, and Asia * 2: Elias Papaioannou: Finance and Growth: A Macroeconomic Assessment of the Evidence from a European Angle * 3: Philippe Aghion: Interaction Effects in the Relationship Between Growth and Finance * 4: Philipp Hartmann, Florian Heider, Elias Papaioannou, and Marco Lo Duca: The Role of Financial Markets and Innovation for Prodcutivity and Growth in Europe * 5: Lieven Baele, Annalisa Ferrando, Peter Hördahl, Eliza Veta Krylova, and Cyril Monnet: Measuring European Financial Integration * 6: Sebnem Kalemli-Ozcan and Bent Sørensen: Financial Integration and Economic Welfare * Part II Financial Systems and the Corporate Sector * 7: Francois Degeorge and Ernst Maug: Corporate Finance in Europe: A Survery * 8: Oren Sussman: The Economics of the EU's Corporate-insolvency Law and the Quest for Harminisation by Market Forces * 9: Mike Burkart and Fausto Panuzi: Takeovers * 10: Ailsa Roell: Recent Developments in Corporate Governance * 11: Tim Jenkinson: The Development and Performance of European Private Equity * Part III Financial Institutions * 12: Hans Degryse and Steven Ongena: Technology, Regulation, and the Geographical Scope of Banking * 13: Julian Franks, Colin Mayer, and Luis Correia da Silva: Asset Management in Europe * 14: E Philip Davis: Pension Funds and the Evolution of Financial Markets in the European Union * 15: Ray Rees: Insurance and Reinsurance Companies * 16: Xavier Freixas and Cornelia Holthausen: European Integration of Payments Systems * Part IV Financial Markets * 17: Philipp Hartmann and Natacha Valla: The Euro Money Markets * 18: Marco Pagano and Ernst-Ludwig Von Thadden: The European Bond Markets Under EMU * 19: Kpate Adjaouté and Jean-Pierre Danthine: Equity Returns and Integration: Is Europe Changing? * 20: Alberto Giovanni, John Berrigan, and Daniel Russo: Post-Trading Services and European Securities Markets * 21: Ronald W. Anderson and Kenneth McKay: Derivative Markets * 22: Maciej Firla-Cuchra: Structured Finance * 23: Thomas P. Gehrig: Location and Competition Between Financial Centers * Part V Financial Regulation and Macroeconomic Policy * 24: Bernhard Speyer: EU Securities Markets Regulation: Problems, Policies, and Processes * 25: Kostas Tsatsaronis: The Supervision of an Integrating European Banking Sector: Theory, Practice and Challenges * 26: Charles Goodhart, Boris Hofmann, and Miguel Segoviano: Bank Regulation and Macroeconomic Fluctuations * 27: Boris Hofmann and Andreas Worms: Financial Structure and Monetary Transmission in the EMU * 28: Ulrich Bindseil and Kjell G. Nyborg: Monetary Policy Implementation
Rezensionen
European Monetary Union and the greater financial integration that it helped bring about is a mega "natural experiment" that raises many new interesting research questions. This collection of articles by leading finance scholars provides the most extensive and significant analysis of the transformation of European financial institutions and markets to date. Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia Business School
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