The Role Of Financial Sector Competition For Monetary Policy Le Role De La Concurrence Dans Le Secteur Financier Pour La Politique Monetaire

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The Role of Financial Sector Competition for Monetary Policy (Le Rôle De La Concurrence Dans Le Secteur Financier Pour La Politique Monétaire)"

Download The Role of Financial Sector Competition for Monetary Policy (Le Rôle De La Concurrence Dans Le Secteur Financier Pour La Politique Monétaire)

Author : Edgar A. Ghossoub
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Role of Financial Sector Competition for Monetary Policy (Le Rôle De La Concurrence Dans Le Secteur Financier Pour La Politique Monétaire)" by : Edgar A. Ghossoub

Download or read book The Role of Financial Sector Competition for Monetary Policy (Le Rôle De La Concurrence Dans Le Secteur Financier Pour La Politique Monétaire)" written by Edgar A. Ghossoub and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine the impact of competition in the banking industry on financial market activity. In particular, we explore this issue in a setting where banks simultaneously insure individuals against liquidity risk and offer loans to promote intertemporal consumption smoothing. In addition, spatial separation and private information generate a transactions role for money. Interestingly, we demonstrate that the industrial organization of the financial system bears significant implications for the effects of monetary policy. Under perfect competition, higher rates of money growth lead to lower interest rates and a higher volume of lending activity. In contrast, in a monopoly banking sector, money growth restricts the availability of funds and raises the cost of borrowing. (Dans ce mémoire, on examine l'impact de la concurrence dans l'industrie bancaire sur l'activité du marché financier. En particulier, on explore ce problème dans un cadre où les banques à la fois assurent les individus contre les risques attachés à la liquidité et offrent des prêts pour promouvoir un assouplissement inter temporel de la consommation. De plus, la séparation spatiale et l'information privée génèrent un rôle de facilitation des transactions pour la monnaie. On montre que l'organisation industrielle du système financier a un impact significatif sur les effets de la politique monétaire. En concurrence parfaite, des hauts taux de croissance de la masse monétaire entraînent des taux d'intérêt plus bas et un plus fort volume d'activité de prêts. Au contraire, dans un secteur bancaire monopoliste, la croissance monétaire restreint la disponibilité de fonds et accroît les coûts de l'emprunt.).

Current Developments in Monetary and Financial Law, Vol. 3

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 9781589063341
Total Pages : 1018 pages
Book Rating : 4.0/5 (633 download)

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Book Synopsis Current Developments in Monetary and Financial Law, Vol. 3 by : International Monetary Fund

Download or read book Current Developments in Monetary and Financial Law, Vol. 3 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-04-29 with total page 1018 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Legal Department and the Institute of the IMF held their eighth biennial seminar for legal advisers of central banks of member countries on May 7-17,2000. The papers presented in this volume are based on presentations made by the seminar participants. The seminar covered a broad range of topics, including activities of the IMF and other international financial institutions, sovereign debt restructuring, the architecture of the international financial system, and money laundering and the financing of terrorism. In addition, participants addressed the role of central banks, payment systems, securities, technology in the financial sector, and monetary arrangements.

Current Developments in Monetary and Financial Law

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 145526282X
Total Pages : 881 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Current Developments in Monetary and Financial Law by : International Monetary Fund

Download or read book Current Developments in Monetary and Financial Law written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-10-20 with total page 881 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.

Financial Deregulation

Author : Alexis Drach
Publisher : Oxford University Press
ISBN 13 : 0198856954
Total Pages : 209 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Financial Deregulation by : Alexis Drach

Download or read book Financial Deregulation written by Alexis Drach and published by Oxford University Press. This book was released on 2021 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Beyond Legal Origin and Checks and Balances

Author : Philip Keefer
Publisher : World Bank Publications
ISBN 13 : 7022714045
Total Pages : 39 pages
Book Rating : 4.0/5 (227 download)

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Book Synopsis Beyond Legal Origin and Checks and Balances by : Philip Keefer

Download or read book Beyond Legal Origin and Checks and Balances written by Philip Keefer and published by World Bank Publications. This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The existing literature emphasizes and contrasts the role of political checks and balances and legal origin in determining the pace of financial sector development. This paper expands substantially on one aspect of this debate: the fact that government actions that promote financial sector development, whether prudent financial regulation or secure property and contract rights, are public goods and sensitive to political incentives to provide public goods. Tests of hypotheses emanating from this argument yield four new conclusions. First, two key determinants of those incentives-the credibility of pre-electoral political promises and citizen information about politician decisions-systematically promote financial sector development. Second, these political factors, along with political checks and balances, operate in part through their influence on the security of property rights, an argument asserted but not previously tested. Third, contrary to findings elsewhere in the literature, the political determinants of financial sector development are significant even in the presence of controls for legal origin. Finally, and again in contrast to the literature, the evidence here suggests that legal origin primarily proxies for political phenomena. Legal origin is a largely insignificant determinant of financial sector development when those phenomena are fully taken into account.

The Role of Law and Regulation in Sustaining Financial Markets

Author : Niels Philipsen
Publisher : Routledge
ISBN 13 : 131775039X
Total Pages : 368 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis The Role of Law and Regulation in Sustaining Financial Markets by : Niels Philipsen

Download or read book The Role of Law and Regulation in Sustaining Financial Markets written by Niels Philipsen and published by Routledge. This book was released on 2014-11-13 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".

Financial Regulation

Author : Ester Faia
Publisher : Cambridge University Press
ISBN 13 : 1316033635
Total Pages : 375 pages
Book Rating : 4.3/5 (16 download)

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Book Synopsis Financial Regulation by : Ester Faia

Download or read book Financial Regulation written by Ester Faia and published by Cambridge University Press. This book was released on 2015-08-14 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 to 2009 financial crisis resulted in the re-emergence of the debate on financial regulation and its relationships with other macroeconomic policies, particularly monetary policy. In Europe, the financial crisis was followed by the sovereign debt crisis, as the bail-out of the financial sector put strains on public finances in several countries. The sequence of events called for a strengthening of the union, ranging from a common framework for supervisory policy that could minimize the risk of unforeseen bank or country defaults to a common resolution mechanism that could set equal rules across countries and reduce ex-ante mis-incentives to risk-taking and moral hazard. This analysis of the state of and prospects for financial regulation examines the lending and saving behavior of banks and households as well as their borrowing activities in order to understand the conflicting priorities and complicated decisions involved in the development and implementation of financial legislation.

Competition and Regulation in Financial Markets

Author : Albert Verheirstraeten
Publisher : Springer
ISBN 13 : 1349055859
Total Pages : 302 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis Competition and Regulation in Financial Markets by : Albert Verheirstraeten

Download or read book Competition and Regulation in Financial Markets written by Albert Verheirstraeten and published by Springer. This book was released on 1981-06-18 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Political Economy of Financial Market Regulation

Author : Peter Mooslechner
Publisher : Edward Elgar Publishing
ISBN 13 : 1781007543
Total Pages : 284 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis The Political Economy of Financial Market Regulation by : Peter Mooslechner

Download or read book The Political Economy of Financial Market Regulation written by Peter Mooslechner and published by Edward Elgar Publishing. This book was released on 2006-08-29 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'In this very nice volume reputed academics and central bankers discuss recent regulatory reforms in financial governance from a political economy perspective. Therefore it is invaluable for both policymakers and scholars interested in financial governance and market regulation.' - Sylvester C.W. Eijffinger, Tilburg University, The Netherlands, Centre for Economic Policy Research, UK and CESifo Research Network, Munich, Germany This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation.

Regulating Financial Markets

Author : George J. Benston
Publisher : American Enterprise Institute
ISBN 13 : 9780844741246
Total Pages : 156 pages
Book Rating : 4.7/5 (412 download)

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Book Synopsis Regulating Financial Markets by : George J. Benston

Download or read book Regulating Financial Markets written by George J. Benston and published by American Enterprise Institute. This book was released on 1999 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial services regulation tends to be costly and unsympathetic to consumers. This book examines why that is the case and proposes and regulatory regime that would be more efficient and more responsive to consumer interests.

Financial Market Regulation

Author : John A. Tatom
Publisher : Springer Science & Business Media
ISBN 13 : 1441966374
Total Pages : 243 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis Financial Market Regulation by : John A. Tatom

Download or read book Financial Market Regulation written by John A. Tatom and published by Springer Science & Business Media. This book was released on 2011-01-11 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: What role should regulation play in financial markets? What have been the ramifications of financial regulation? To answer these and other questions regarding the efficacy of legislation on financial markets, this book examines the impact of the Gramm Leach Bliley Act (GLBA), also called the Financial Modernization Act of 1999, which fundamentally changed the financial landscape in the United States. The GLBA allows the formation of financial holding companies that can offer an integrated set of commercial banking, securities and insurance products. The tenth anniversary of the most sweeping financial legislation reform in the industry’s structure is a natural benchmark for assessing the effects of the law and for questioning whether changes are necessary in the working of this historic legislation. The importance of this review is reinforced by a variety of proposals in the last several years to reform the regulation of financial institutions that have attracted considerable attention among regulators and in the financial firms that they regulate. Most recently, the financial crisis and the failure of some large financial institutions have called into question the legitimacy of America’s current financial structure and its regulation, including to some degree the GLBA. There is no doubt that regulatory reform is front and center on today’s policy agenda. The lessons of the GLBA experience and its effects, both domestic and international, on financial markets and competitiveness, risk-taking and risk management by financial services firms and their regulators will be critical to the direction the country takes and the effort to ensure that future financial crises do not occur or have less costly damage. With contributions from academics, policy experts, and a sponsor of the GLBA, Congressman James Leach, this book is invaluable to anyone interested in financial system reform.

Financial Regulatory Harmonization and the Globalization of Finance

Author : Cally Jordan
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4./5 ( download)

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Book Synopsis Financial Regulatory Harmonization and the Globalization of Finance by : Cally Jordan

Download or read book Financial Regulatory Harmonization and the Globalization of Finance written by Cally Jordan and published by World Bank Publications. This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation, to avoid destabilizing phenomena of regulatory arbitrage. The authors explore the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.

Competition Law and Financial Services

Author : David Harrison
Publisher : Routledge
ISBN 13 : 1134090862
Total Pages : 147 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Competition Law and Financial Services by : David Harrison

Download or read book Competition Law and Financial Services written by David Harrison and published by Routledge. This book was released on 2014-03-14 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent to which this is the case. By analysing crisis and pre-crisis competition law cases and examples from the UK, the EU and around the world, David Harrison asks whether there exists good reason for financial services to be treated differently from the rest of the market economy. The theory of market efficiency is not borne out in practice. He particularly draws upon John Maynard Keynes in examining the differences between price mechanisms in product markets for "normal" goods, and price mechanisms in financial and investment markets where expectations of the future tend to play a greater role, leading to greater price fluctuations. In this evaluation, the book examines aspects of the practical functioning of capital markets such as the phenomenon of herding behaviour by financial participants, how short-term behaviour by intermediaries can be to the disadvantage of savers and productive investment, the relationship between investment markets and product markets and the extent to which the same competition rules apply to undertakings involved in both. The book will be invaluable to students, researchers and practitioners of banking and finance law, and commercial and competition law. .

Financial Regulation in the Global Economy

Author : Richard J. Herring
Publisher : Brookings Institution Press
ISBN 13 : 9780815791553
Total Pages : 224 pages
Book Rating : 4.7/5 (915 download)

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Book Synopsis Financial Regulation in the Global Economy by : Richard J. Herring

Download or read book Financial Regulation in the Global Economy written by Richard J. Herring and published by Brookings Institution Press. This book was released on 1994-12-01 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the major industrialized nations have developed cooperative procedures for supervising banks, harmonized their standards for bank capital requirements, and initiated cooperative understanding about securities market supervision. This book assesses what further coordination and harmonization in financial regulation will be required in an era of increased globalization. A volume of Brookings' Integrating National Economies Series

Financer l'économie réelle

Author : Dominique Chesneau
Publisher : Editions Eyrolles
ISBN 13 : 2212153139
Total Pages : 279 pages
Book Rating : 4.2/5 (121 download)

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Book Synopsis Financer l'économie réelle by : Dominique Chesneau

Download or read book Financer l'économie réelle written by Dominique Chesneau and published by Editions Eyrolles. This book was released on 2016-07-07 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nous vivons dans un monde où les liquidités sont abondantes, et où, paradoxalement, l'investissement productif se révèle trop souvent insuffisant pour consolider la croissance et faire reculer le chômage. Ce livre cherche à éclairer ce paradoxe, ainsi que beaucoup d'autres. Il propose, dans une démarche souvent prospective, forcément alimentée par l'évolution récente, des voies et des moyens pour mettre plus et mieux la finance au service de l'économie réelle. Une autre colonne vertébrale du livre, complémentaire, porte sur les défis de la "refondation" de la finance, telle qu'elle est menée au G20, au Conseil de stabilité financière et en Europe. Comment, par quels instruments financiers, par quelle règlementation et par quelle politique fiscale, attirer une part plus élevée de l'épargne privée afin d'accélérer la croissance et les créations d'emplois ? Vaste programme, pour lequel les analyses croisées proposées ici fournissent repères et pistes d'action. Le Cercle Turgot rassemble les meilleurs experts du monde de la finance, universitaires, dirigeants d'entreprises et d'institutions réputées, auteurs de nombreux best-sellers dans le domaine économique et financier. Le Laboratoire Régulation Financière (Labex Refi) est un centre de recherche universitaire dédié à l'évaluation des politiques de régulation. Il vise d'une part à faire progresser la connaissance du fonctionnement des systèmes financiers et de leur régulation, et d'autre part à "conseiller" et "guider" en toute indépendance l'action des pouvoirs publics.

Financial Regulation

Author : Millard Long
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Financial Regulation by : Millard Long

Download or read book Financial Regulation written by Millard Long and published by . This book was released on 1991 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation in the 1980s was characterized by far- reaching changes in the rules of the game in both developed and developing countries. Three criteria-- stability, efficiency, and fairness-- can be used to evaluate financial structures and regulation. Tradeoffs between them must be determined on a country- by- country basis.

Regulating Finance

Author : Tommaso Padoa-Schioppa
Publisher : OUP Oxford
ISBN 13 : 0191533688
Total Pages : 172 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Regulating Finance by : Tommaso Padoa-Schioppa

Download or read book Regulating Finance written by Tommaso Padoa-Schioppa and published by OUP Oxford. This book was released on 2004-03-25 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Grounding its analysis in the historical evolution of financial regulation, this book addresses a range of public policy issues that concern the design of financial regulation and its enforcement, and contributes several new ideas to the debate in this field. Financial systems have become more competitive across sectors of financial institutions and nations, and direct regulations have been removed in pursuit of efficiency. However, as the risk of institutional failures has increased, de-regulation has had to be followed by re-regulation. In which form should this happen? This book answers this question. First revisiting the issue of "why to regulate", Padoa-Schioppa argues that the need to continue to regulate banks in a special way follows from their key role as liquidity providers. At the same time, his argument recognizes the need for close interplay in the regulation of different financial sectors. The book goes on to discuss "how" regulation should be carried out in the modern environment. It should be market-friendly, but the balance between official intervention and market discipline is difficult to get right. Moreover, in an increasingly international context, financial regulation has to be evenly applied across countries to avoid regulatory arbitrage. The final part of the book turns to issues specifically connected with developments in the European Union. One major issue is the maintenance of financial stability in the Euro area where the financial system is becoming especially integrated. Another major issue is the appropriate role of central banks. As the literature and practice are still very much under development, Padoa-Schioppa analyses the general aspects of the financial stability function of central banks — particularly in relation to the monetary policy and supervision functions — as well as the tools available for the Eurosystem.