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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 analyse the central issues in the development and integration of financial markets from a European perspective whilst highlighting their global relevance. The book is a useful 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 reference source 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.
Readership: Policymakers in central banks, governments, and the European Commission; Practitioners in financial institutions and companies; Academics in business schools, economics, law, and politics departments.
Contents:
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
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