Suchergebnisse

A Opening Addresses -- I Introduction -- II Shifting Frontiers in Financial Markets: their Causes and Consequences -- III What Monetary Targets in an Evolving Financial System? An Introductory Address -- IV Recent Changes in the Financial System: a Perspective on Benefits versus Costs -- B Causes of Change and Innovation in the Mix of Financial Instruments -- V Developments on the French Capital Markets in Recent Years -- VI Causes of Change and Innovation in the Mix of Financial Instruments: The New Emphasis on Small Company External Equity Financing and its Impact on Capital Market Structure -- VII The Birth of a New Market — The Case of the Swedish Money Market -- VIII Causes of Change and Innovation in the Mix of Financial Instruments: the UK Experience -- IX Change and Innovation in Borrowing Patterns: Three American Cases -- C The Cost of Capital Funds and the Financing of Growth -- X Real Rates and Capital Investment: a Fisher-Wicksell Perspective -- XI A Few Insights into the Phenomenon of Real Interest Rates in the 1980s -- XII Interest Rates and Inflation: European v. US Evidence 1960–1984 -- D Implications for Financial Institutions -- XIII Deposit Rate Discrimination: Effects on Bank Management and Monetary Policy in Italy -- XIV Deregulation: Implications for British Building Societies -- XV Shifting Institutional Frontiers in Financial Markets in the United States -- XVI Implications of Information Technology for Financial Institutions -- XVII Shifting Financial Frontiers: Implications for Financial Institutions -- E Implications for Monetary Control and the Supervision of Financial Institutions -- XVIII Recent Developments in the Structure and Regulation of the Canadian Financial System -- XIX Shifting Frontiers in Financial Markets and Adjustments of Supervisory Systems -- XX The Implications of Shifting Frontiers in Financial Markets for Monetary Control -- XXI Financial Innovation and Monetary Aggregate Targeting -- F Report on the Colloquium -- XXII General Report.

A Opening Addresses -- I Introduction -- II The Role of Financial Markets in the Adjustment Process: the Finnish Experience -- III The International Adjustment Process -- IV Problems of Adjustment in Developing Countries -- B Current and Potential Balance of Payments Adjustment Problems -- V External Adjustment in Small Open Economies — Some Recent Experience -- VI Balance of Payments Adjustment Processes in Japan -- VII US External Adjustment in Response to the Lower Dollar: the J-Curve -- VIII Balance of Payments Adjustment Problems — the Case of West Germany -- C The Modus Operandi of The Process of Adjustment -- IX Current and Prospective Balance of Payments Problems -- X Policy Design in the Face of a Terms of Trade Shock -- XI Financial Interdependence and External Adjustment: Some Problems Posed by US Federal Government Indebtedness -- XII Mode Opératoire D'ajustement et Marchés Spéculatifs — Premiers Enseignements de la Crise Financière Récente -- D Adjustment Policies -- XIII Exchange Rate Target Zones, the Louvre Accord and Policy Coordination -- XIV Reflections on World Economic Imbalances -- XV The International Economic Adjustment Mechanisms and the Coordination of Economic Policies -- XVI Recent Experience of International Monetary Policy Cooperation -- XVII The International Monetary System: Recent Developments and Key Issues -- E Special Problems of Adjustment in Developing Countries -- XVIII Special Problems of Adjustment in Developing Countries -- XIX Private Capital Flows and Developing Country Adjustment: Some Lessons of the Debt Crisis -- XX The Exchange Rate in the Adjustment Process of Less Developed Countries — a Multifarious Role -- XXI Foreign Lending Revisited 1880—1980 -- F Concluding Address -- XXII Issues in International Economic Management.

A Opening Addresses -- I Introduction -- II L'Intégration Monétaire et Financière Internationale — la Dimension Européenne -- III The Implications of International Monetary and Financial Integration for the European Investment Bank -- IV Le Rôle du Luxembourg dans l'Intégration Monétaire Européenne -- B European Monetary Arrangements: their Functioning and Future -- V European Monetary Arrangements: their Functioning and Future -- VI The Relative Positions of the Currencies within the EMS Band of Fluctuation: an Empirical Study -- VII European Monetary Arrangements: their Functioning and Future -- VIII The ECU and its Role on the European Monetary Scene -- IX German Monetary Policy and the EMS -- C Relationships with Other Currencies and the World Monetary System -- X An Increasing Role for the ECU: a Character in Search of a Script -- XI Implications of Closer International Monetary Cooperation for the Evolution of the European Monetary System -- XII Policy Coordination and Target Zones -- XIII Concurrence entre Monnaies et Polycentrisme Monétaire -- XIV External Aspects of the European Monetary System -- D Costs and Benefits of Financial Integration in Europe -- XV Costs and Benefits of Liberalization of Capital Flows: some Theoretical and Policy Issues with Special Reference to the Italian Case -- XVI Financial Intermediation and Systems: Global Integration -- XVII Capital Controls and the European Monetary System -- XVIII Costs and Benefits of Financial Integration in Europe -- E Implementation of Financial Integration in Europe: Capital Flows and Financial Services -- XIX La Mise en Œuvre de l'Intégration Financière en Europe; les Mouvements de Capitaux et les Services Financiers -- XX Implementation of Financial Integration in Europe -- XXI Financial Integration in Europe through Private Use of the ECU -- XXII La Place du Contrôle des Mouvements de Capitaux dans la Politique Economique Française et les Perspectives liées à son Allégement -- F Report on the Colloquium -- XXIII General Report.

A Opening Addresses -- I Introduction -- II Government Policies and the Working of Financial Systems in Industrialized Countries -- III Financial Policy at the Crossroads -- IV Does Ample Money Creation Stimulate Recovery? -- B Large and Persisting Public Sector Deficits: Short-Term Demand Thrust and Long-Term Policy Implications -- V Public Sector Deficits, Money Supply, Interest Rates and Saving Behaviour -- VI The Crowding Out Debate — the German View -- VII Large and Persisting Public Sector Deficits: Short-term Demand Thrust and Long-term Policy Implications -- VIII Un Réexamen de Quelques Questions Traditionnelles Appliqué au Cas des Déficits Publics en France -- C Size and Composition of The Public Sector Budget: Implications for Private Sector Finances -- IX Le Financement du Secteur Public et du Secteur Privé -- X On the Rationale and Implications of Constraints on the Choices of Deposit-taking Financial Intermediaries -- XI The "Crowding Out" of Financial Intermediaries -- XII Size and Composition of the Public Sector Budget: Implications for Private Sector Finances -- D Debt Management, Financial Regulations and Monetary Policy -- XIII Budget Deficits, Monetary Growth and Financial "Crowding Out" -- XIV Innovations Financières, Politique Monétaire et Financement de Déficits Publics -- XV Debt Management, Financial Regulations and Monetary Policy -- XVI The Maturity Structure of the Belgian Government Debt: Causes and Possible Solutions -- XVII Real Rates of Interest and Public Sector Deficits: an Empirical Investigation -- E Are Fiscal and Monetary Policies Independent Instruments? -- XVIII Tax Policy and Monetary Instruments -- XIX Government Deficits, Interest Rates and Monetary Policy -- XX Financial Aspects of Government Debt Sales in the UK -- XXI Are Fiscal and Monetary Policies Independent Instruments? The Spanish Experience -- F Report on the Colloquium -- XXII Final Report -- G Appendix -- Statistical Background Material.

Opening Addresses -- I Bank Management in a Changing Domestic and International Environment: the Challenges of the Eighties -- II Les Conditions du Métier de Banquier dans les Années 1980 -- III The Banking Industry in the Eighties -- Section I Banks and their Competitors -- IV Les Structures Bancaires: Déterminants et Conséquences -- V The Role of Banks in the Financial System: Prospects and Problems -- VI Savings Banks and Interest Rate Developments: the Situation in the Netherlands and Some Key Aspects of the U.S. Situation -- VII Trends in the Competitive Structure of Banking in Denmark -- Section II Banks and their Customers -- VIII Changes in the Private Sector's Need: the Response of Banking -- IX La Banque à L'Ere de l'Endettement Permanent -- X Bank Lending to the Public Sector: Determinants, Implications and Outlook -- XI Evolving Problems of International Financial Intermediation -- XII Evolving Problems of International Financial Intermediation -- XIII U.S. Monetary Policy and Falling Spreads on Internationally Syndicated Bank Loans; is there a connection? -- Section III Banks and their Authorities -- XIV Monetarist Intentions, Credit Policies and Bank Management -- XV Les Méthodes de la Politique Monétaire et leurs Conséquences pour les Banques -- XVI Government Interference with the Allocation of Financial Resources -- XVII Changes in Banking Supervision and their Consequences for Banks -- Section IV Banks and their Profits -- XVIII The O.E.C.D. Report on Costs and Margins in Banking -- XIX Banks and their Profits in the Light of German Experience -- XX Marges d'Intermédiation et Taux d'Intérêt: Remarques sur le Cas Français -- XXI Factors Determining Relative Bank Performance: the Swedish Experience -- Section V General Report on the Colloquium -- XXII General Report.

Three major challenges confront European policymakers and financial systems; (1) to preserve and strengthen policy coordination between the countries participating and the European Monetary System; (2) to design the future structure of the Economic and Monetary Union; (3) to implement constructive economic and financial responses to the major economic and political reform in Eastern Europe. The purpose of this book is to present a comprehensive analysis of these challenges, focusing on the relationships between fiscal policies on the one hand and financial systems on the other. The basis for the work is formed by the discussions, which took place at the 16th Colloquium of the Societé Universitaire Européenne de Recherches Financières (SUERF). Private savings and the taxation of income from capital, imbalances in public sector budgets and their impact on financial systems, international resource transfers and the respective roles of governments and private capital flows, and the policy mix in the transition to Economic and Monetary Union are central themes of the book. This collection of papers, authored by members of the university, private financial sector and national and international policymaking communities, is of central importance to policymakers, bankers, financial executives, and academics

The book refers to two transitions. Eastern European economies, including CIS republics, are in the process of transition to a market economy. EC countries are on the way to implementing an economic and monetary union and many of them would welcome a political union. EC countries cannot be separated from EFTA member countries, nor Europe from the rest of the world. The two transitions are different in kind, and in some respects are opposed. While Western Europe is searching for more trade and monetary integration, i.e. for more globalisation, Eastern economies are exposed to disintegration. At the same time the East is influenced by the West and both transitions have some common challenges: the search for a model of capitalism, intermediate between laissez-faire and interventionism; the search for competition as a discipline and for efficiency. The book focuses on privatization, economic reform, relationships between banks and industry, the role of the State, the dynamics of banking and financial sectors, monetary reform, the independence of the central bank, the European monetary union, and East-West economic and financial relations. This collection of papers, authored by members of universities, financial institutions and international organisations, is of outstanding interest for policy makers, executives and academics