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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 analyze the central issues in the development and integration of financial markets from a European perspective while 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.
|Publisher:||Oxford University Press|
|Product dimensions:||6.70(w) x 9.70(h) x 1.90(d)|
About the Author
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.
Table of Contents
Foreword, Alexandre Lamfalussy
Introduction, Xavier Freixas, Philipp Hartmann, and Colin Mayer
Part I Financial Systems and Economic Performance
1. Financial Structure and Corporate Governance in Europe, the US, and Asia, Franklin Allen, Michael K F Chui, and Angela Maddaloni
2. Finance and Growth: A Macroeconomic Assessment of the Evidence from a European Angle, Elias Papaioannou
3. Interaction Effects in the Relationship Between Growth and Finance, Philippe Aghion
4. The Role of Financial Markets and Innovation for Prodcutivity and Growth in Europe, Philipp Hartmann, Florian Heider, Elias Papaioannou, and Marco Lo Duca
5. Measuring European Financial Integration, Lieven Baele, Annalisa Ferrando, Peter Hördahl, Eliza Veta Krylova, and Cyril Monnet
6. Financial Integration and Economic Welfare, Sebnem Kalemli-Ozcan and Bent Sørensen
Part II Financial Systems and the Corporate Sector
7. Corporate Finance in Europe: A Survery, Francois Degeorge and Ernst Maug
8. The Economics of the EU's Corporate-insolvency Law and the Quest for Harminisation by Market Forces, Oren Sussman
9. Takeovers, Mike Burkart and Fausto Panuzi
10. Recent Developments in Corporate Governance, Ailsa Roell
11. The Development and Performance of European Private Equity, Tim Jenkinson
Part III Financial Institutions
12. Technology, Regulation, and the Geographical Scope of Banking, Hans Degryse and Steven Ongena
13. Asset Management in Europe, Julian Franks, Colin Mayer, and Luis Correia da Silva
14. Pension Funds and the Evolution of Financial Markets in the European Union, E Philip Davis
15. Insurance and Reinsurance Companies, Ray Rees
16. European Integration of Payments Systems, Xavier Freixas and Cornelia Holthausen
Part IV Financial Markets
17. The Euro Money Markets, Philipp Hartmann and Natacha Valla
18. The European Bond Markets Under EMU, Marco Pagano and Ernst-Ludwig Von Thadden
19. Equity Returns and Integration: Is Europe Changing?, Kpate Adjaouté and Jean-Pierre Danthine
20. Post-Trading Services and European Securities Markets, Alberto Giovanni, John Berrigan, and Daniel Russo
21. Derivative Markets, Ronald W. Anderson and Kenneth McKay
22. Structured Finance, Maciej Firla-Cuchra
23. Location and Competition Between Financial Centers, Thomas P. Gehrig
Part V Financial Regulation and Macroeconomic Policy
24. EU Securities Markets Regulation: Problems, Policies, and Processes, Bernhard Speyer
25. The Supervision of an Integrating European Banking Sector: Theory, Practice and Challenges, Kostas Tsatsaronis
26. Bank Regulation and Macroeconomic Fluctuations, Charles Goodhart, Boris Hofmann, and Miguel Segoviano
27. Financial Structure and Monetary Transmission in the EMU, Boris Hofmann and Andreas Worms
28. Monetary Policy Implementation, Ulrich Bindseil and Kjell G. Nyborg