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Author: Sarkis Khoury Publisher: Praeger ISBN: 9780899304557 Category : Business & Economics Languages : en Pages : 282
Book Description
This book presents a comprehensive examination of the deregulation of financial markets that began in the United States in the mid-1960s and has now reached global proportions. The author examines the deregulatory steps taken in each of the major financial markets--the United States, Britain, Japan, Australia, and Hong Kong--exploring the impetus behind the deregulatory developments, their potency, and their effects on the operational, promotional, and allocational efficiency of financial markets. Khoury also assesses the effects of deregulation on the stability of financial markets and on the movement toward political and economic integration within these markets. Throughout, Khoury focuses particular attention on the dynamics of the deregulation process and the forces that generated it in each of the markets under study. Khoury begins by tracing the evolution of the internationalization of the financial markets and their deregulation over the last three decades. He then examines the economics of financial deregulation and the implications of regulatory changes. Four chapters are devoted to extended analysis of deregulation in the various financial centers. Khoury compares and contrasts the similarities and differences among the five markets, examines the impact of regulatory developments in each market, and analyzes the growing interrelationships among financial markets. A separate chapter looks at the effects of deregulation on the foreign exchange, money, and stock markets, and on the performance and stability of the banking sector. Finally, Khoury looks to the future of deregulation, describing the changes that are likely to occur in the regulatory structure and in the money and capital markets. Ideal as supplemental reading for courses in international finance and banking, this book also offers bankers and regulators new insights into the potential and actual effects of various regulatory and deregulatory measures.
Author: Sarkis Khoury Publisher: Praeger ISBN: 9780899304557 Category : Business & Economics Languages : en Pages : 282
Book Description
This book presents a comprehensive examination of the deregulation of financial markets that began in the United States in the mid-1960s and has now reached global proportions. The author examines the deregulatory steps taken in each of the major financial markets--the United States, Britain, Japan, Australia, and Hong Kong--exploring the impetus behind the deregulatory developments, their potency, and their effects on the operational, promotional, and allocational efficiency of financial markets. Khoury also assesses the effects of deregulation on the stability of financial markets and on the movement toward political and economic integration within these markets. Throughout, Khoury focuses particular attention on the dynamics of the deregulation process and the forces that generated it in each of the markets under study. Khoury begins by tracing the evolution of the internationalization of the financial markets and their deregulation over the last three decades. He then examines the economics of financial deregulation and the implications of regulatory changes. Four chapters are devoted to extended analysis of deregulation in the various financial centers. Khoury compares and contrasts the similarities and differences among the five markets, examines the impact of regulatory developments in each market, and analyzes the growing interrelationships among financial markets. A separate chapter looks at the effects of deregulation on the foreign exchange, money, and stock markets, and on the performance and stability of the banking sector. Finally, Khoury looks to the future of deregulation, describing the changes that are likely to occur in the regulatory structure and in the money and capital markets. Ideal as supplemental reading for courses in international finance and banking, this book also offers bankers and regulators new insights into the potential and actual effects of various regulatory and deregulatory measures.
Author: Takatoshi Ito Publisher: University of Chicago Press ISBN: 0226386953 Category : Business & Economics Languages : en Pages : 416
Book Description
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
Author: Rebecca K. Marchiel Publisher: University of Chicago Press ISBN: 0226815862 Category : Business & Economics Languages : en Pages : 321
Book Description
"The story of how American banks helped disenfranchise nonwhite urbanities and condemn to blight the very neighborhoods that needed the most investment is infuriating. And yet, by digging into the history of urban finance, Rebecca Marchiel here illuminates how urban activists changed some banks' behavior to support investment in communities that they had once abandoned. These developments, in turn, affected federal urban policy and reshaped banks' understanding of the role that urban communities play in the financial system. The legacy of reinvestment activism is clouded, but Marchiel's detailing of it transforms our understanding of the history and significance of community/bank relations"--Provided by publisher.
Author: Alexis Drach Publisher: Oxford University Press ISBN: 0192598961 Category : Business & Economics Languages : en Pages : 240
Book Description
A wave of liberalization swept the developed world at end of the twentieth century. From the 1970s and 1980s onwards, most developed countries have passed various measures to liberalize and modernize the financial markets. Each country had its agenda, but most of them have experienced, to a different extent, a change in regulatory regime. This change, often labeled deregulation and associated with the advent of neoliberalism, was sharply contrasting with the previous era of the Bretton Woods system, which has sometimes been portrayed as an era of financial repression. On the other hand, a quick glance at financial regulation today - at the amount of paper it produces, at its complexity, at the number of people involved, and at the resources invested in it - is enough to say that, somehow, there is more regulation today than ever before. In the new system, financial regulation has taken unprecedented importance. As more archival material is becoming available, a better understanding of the fundamental changes in the regulatory environment towards the end of the twentieth century is now possible. What kind of change exactly was deregulation? Did competition between financial regulators lead to a race to the bottom in regulation? Is deregulation responsible for the recurring financial crises which seem to have characterised the international financial system since the 1980s? The movement towards a more liberal regulatory regime was neither linear nor simple. This book - a collection of chapters studying deregulation in various countries and contexts - examines the national and international pathways of deregulation by providing an in-depth analysis of a short but crucial period in a few major countries.
Author: Charles W. Calomiris Publisher: Cambridge University Press ISBN: 0521028388 Category : Business & Economics Languages : en Pages : 392
Book Description
This book shows how deregulation is transforming the size, structure, and geographic range of U.S. banks, the scope of banking services, and the nature of bank-customer relationships. Over the past two decades the characteristics that had made American banks different from other banks throughout the world--a fragmented geographical structure of the industry, which restricted the scale of banks and their ability to compete with one another, and strict limits on the kinds of products and services commercial banks could offer--virtually have been eliminated. Understanding the origins and persistence of the unique banking regulations that defined U.S. banking for over a century lends an important perspective on the economic and political causes and consequences of the current process of deregulation.
Author: Mr.Anton Korinek Publisher: International Monetary Fund ISBN: 1475546084 Category : Business & Economics Languages : en Pages : 42
Book Description
Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Author: Alexis Drach Publisher: Oxford University Press ISBN: 0198856954 Category : Business & Economics Languages : en Pages : 209
Book Description
This edited volume is the first archival based historical investigation on the liberalization measures taken in various countries in the financial sector in the decades following the Bretton Woods system, from a comparative and a global perspective.
Author: Itzhak Swary Publisher: John Wiley & Sons ISBN: 0631181881 Category : Banks and banking Languages : en Pages : 521
Book Description
Financial institutions in developed countries have undergone a profound structural change in recent years. As a result, banking has become internationalized and competition has intensified within vast and complex markets for a range of financial services. This book reviews these changes.
Author: Ismail Dalla Publisher: World Bank Publications ISBN: 9780821333563 Category : Business & Economics Languages : en Pages : 44
Book Description
World Bank Discussion Paper No. 292. Examines the anatomy of the Republic of Korea's financial reform policy since 1979 in order to place the nation's financial reform plan of 1993 in a proper context. Financial deregulation in the Republic of Korea, initiated in 1979, coincided with similar programs in South America and East Asia. The reforms were successful in spite of a mild form of financial repression and a deregulation policy that ran an erratic course. The republic moved decisively in 1993 toward a conventional type of financial liberalization by announcing a blueprint of reforms to be implemented over a five-year period ending in 1997. This paper examines the anatomy of the Korean financial reform policy since 1979 in order to place its financial reform plan of 1993 in the proper context. The report presents a conceptual framework of the Korean financial system and policies, examines interest rate reforms on various levels, and discusses changes in the credit allocation system that were undertaken in earlier phases of the reforms. The book goes on to review the rationale of the final financial reform phase, the sequencing of its various elements, and the assessment. Broad conclusions are presented.
Author: Bruce Coggins Publisher: Edward Elgar Publishing ISBN: Category : Financial services industry Languages : en Pages : 248
Book Description
A detailed critique of the reasoning behind the deregulation of banks, savings and loans, and other financial services. In challenging the conventional arguments, Coggins proposes an alternative set of assumptions drawn from post-Keynesian monetary theory and the historical and institutional approach to industrial organization. He concludes that stability in the financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Sarkis Khoury
Author: Sarkis Khoury
Author: Takatoshi Ito
Author: Rebecca K. Marchiel
Author: Alexis Drach
Author: Charles W. Calomiris
Author: Mr.Anton Korinek
Author: Alexis Drach
Author: Itzhak Swary
Author: Ismail Dalla
Author: Bruce Coggins