The Structure And Regulation Of Financial Markets

Author : Peter D. Spencer
Publisher : OUP Oxford
Page : 286 pages
File Size : 51,5 Mb
Release : 2000-10-12
Category : Business & Economics
ISBN : 9780191586866

Get Book

The Structure and Regulation of Financial Markets by Peter D. Spencer Pdf

Aimed at advanced undergraduate and graduate students in economics, banking, and finance, this is a core textbook for the financial markets, institutions, and regulation option of courses in financial economics. It integrates modern theories of asymmetric information into the analysis of financial institutions, relating the theory to current developments. The text begins with an analysis of adverse selection in retail financial products like life assurance before looking at open capital markets where trades and prices provide information. It then progresses to the more complex areas of corporate governance and financial intermediation in which information is concealed or confidential and moral hazard and verification problems become important. These chapters study the various mechanisms that the financial markets have developed to allow investors to delegate the management of their assets to others. This analysis is used to show how regulation can reduce the risk of financial failure and how legal, accounting, and regulatory mechanisms can help shape a country's corporate and financial architecture. These difficult theoretical concepts are conveyed through the careful use of numerical illustrations and topical case studies. Each chapter ends with a set of exercises to test and reinforce students' comprehension of the material. Worked solutions are provided for the numerical exercises.

Author : John A. Tatom
Publisher : Springer Science & Business Media
Page : 240 pages
File Size : 54,6 Mb
Release : 2011-01-11
Category : Business & Economics
ISBN : 9781441966377

Get Book

Financial Market Regulation by John A. Tatom Pdf

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.

Author : Masahiro Kawai,Eswar Prasad
Publisher : Brookings Institution Press
Page : 441 pages
File Size : 48,8 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780815704898

Get Book

Financial Market Regulation and Reforms in Emerging Markets by Masahiro Kawai,Eswar Prasad Pdf

"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.

Author : Albert Verheirstraeten
Publisher : Springer
Page : 302 pages
File Size : 54,7 Mb
Release : 1981-06-18
Category : Business & Economics
ISBN : 9781349055852

Get Book

Competition and Regulation in Financial Markets by Albert Verheirstraeten Pdf

Author : David A. Currie,David T. Llewellyn,Charles Goodhart
Publisher : Springer
Page : 285 pages
File Size : 52,5 Mb
Release : 1987-01-19
Category : Business & Economics
ISBN : 9781349092871

Get Book

The Operation and Regulation of Financial Markets by David A. Currie,David T. Llewellyn,Charles Goodhart Pdf

Financial markets in Britain, and elsewhere, are in the midst of a process of fundamental structural change. The resulting shifts in the behaviour of such markets will require the authorities, in turn, to revise their regulatory and control methods. This book incorporates a series of articles by leading British monetary economists to examine both the implications of such structural changes and also to model the current working of these markets. Within this unified framework, the articles range from descriptive accounts of recent developments in bank supervision and in the structure of the London capital markets to more formal econometric studies of the inter-relationships between money and other economic variables, and of the workings of financial markets. This provides a showcase to exhibit the most up-to-date research of leading British monetary economists.

Author : Franklin R. Edwards
Publisher : American Enterprise Institute
Page : 256 pages
File Size : 45,5 Mb
Release : 1996
Category : Business & Economics
ISBN : 0844739898

Get Book

The New Finance by Franklin R. Edwards Pdf

Dramatic changes in information and telecommunications technologies have transformed U.S. financial markets in the 1980s and 1990s. This book examines the growth of mutual funds and derivatives markets and the decline of banks and explores implications of those developments for financial stability and regulatory policy. One of the book's central conclusions is that the current system of bank regulation is out of step with today's financial realities and needs to be substantially changed. Franklin Edwards asserts that the best way to increase the freedom of financial institutions to compete while making the financial system less vulnerable to excessive risk-taking by individual financial institutions is to adopt a system of collateralized banking. He shows how adopting such a system will result in a more stable financial system, both by reducing our reliance on government to maintain financial soundness and by enhancing the effectiveness of private markets in controlling institutional risk taking.

Author : Eilís Ferran,Charles Albert Eric Goodhart
Publisher : Hart Publishing
Page : 357 pages
File Size : 55,6 Mb
Release : 2001-09-11
Category : Law
ISBN : 9781841132792

Get Book

Regulating Financial Services and Markets in the 21st Century by Eilís Ferran,Charles Albert Eric Goodhart Pdf

The essays in this work offer a high-level examination of the most important issues facing financial services regulation,and the far-reaching effects of the Financial Services and Markets Act 2000 on the UK financial sector in the context of rapid global change. Taking an interdisciplinary approach the book includes contributions by many distinguished academic authorities on the law and economics of regulation, and also some of the most influential practitioners, regulators and policymakers. As such it provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation: the objectives of regulation, the responsibilities of the regulated community, the accountability of regulators, the regulation of electronic financial markets and the impact of stock market mergers, regional regulation within Europe, and the development of global financial regulation.

Author : David Mayes,Geoffrey E. Wood
Publisher : Routledge
Page : 464 pages
File Size : 47,7 Mb
Release : 2007-01-18
Category : Business & Economics
ISBN : 9781134123803

Get Book

The Structure of Financial Regulation by David Mayes,Geoffrey E. Wood Pdf

This book examines the area of financial regulation in the banking sector. Editors Mayes and Wood bring together such acadmics as Charles Goodhart, Charles Calomiris and Kern Alexander whose expertise shines through this volume to provide a reference tool for researchers, students and bankers themselves which will prove invaluable.

Author : Robin Hui Huang,Dirk Schoenmaker
Publisher : Routledge
Page : 281 pages
File Size : 53,5 Mb
Release : 2014-06-20
Category : Business & Economics
ISBN : 9781317910640

Get Book

Institutional Structure of Financial Regulation by Robin Hui Huang,Dirk Schoenmaker Pdf

In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.

Author : Niels Philipsen,Guangdong Xu
Publisher : Routledge
Page : 389 pages
File Size : 43,8 Mb
Release : 2014-11-13
Category : Business & Economics
ISBN : 9781317750406

Get Book

The Role of Law and Regulation in Sustaining Financial Markets by Niels Philipsen,Guangdong Xu Pdf

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".

Author : John Armour,Dan Awrey,Paul Davies,Luca Enriques,Jeffrey N. Gordon,Colin Mayer,Jennifer Payne
Publisher : Oxford University Press
Page : 520 pages
File Size : 45,8 Mb
Release : 2016-08-04
Category : Law
ISBN : 9780191090059

Get Book

Principles of Financial Regulation by John Armour,Dan Awrey,Paul Davies,Luca Enriques,Jeffrey N. Gordon,Colin Mayer,Jennifer Payne Pdf

The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Author : Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee
Publisher : Springer Science & Business Media
Page : 103 pages
File Size : 46,5 Mb
Release : 2012-07-23
Category : Business & Economics
ISBN : 9781461443735

Get Book

Rethinking Regulatory Structure by Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee Pdf

Three dominant forces worldwide are driving change today in our financial markets: competition, technology and regulation. But their collective impact in reshaping the markets, though they may be viewed individually as desirable or well-intentioned, is producing challenging results that are difficult to predict, hard to control and not easy to understand. Extreme market turbulence has underlined the key issues as much attention turns to the appropriate regulatory response. That is the backdrop for this thought-provoking book, emerging from a Baruch College Conference on equity market structure in the aftermath of the global financial crisis, and featuring contributions from an acclaimed panel of international scholars, policymakers, regulators, and industry leaders. The result presents emerging perspective and ideas that illuminate the dynamics of financial regulation today and into the future. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Author : John A. Tatom
Publisher : Springer
Page : 240 pages
File Size : 43,9 Mb
Release : 2011-01-13
Category : Business & Economics
ISBN : 1441966366

Get Book

Financial Market Regulation by John A. Tatom Pdf

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.

Author : Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin
Publisher : Geneva Reports on the World Ec
Page : 144 pages
File Size : 52,9 Mb
Release : 2009
Category : Business & Economics
ISBN : UCSD:31822037473311

Get Book

The Fundamental Principles of Financial Regulation by Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin Pdf

Analytical background -- Nature of systemic risk -- Who should be regulated (by whom) -- Counter-cyclical regulation -- Regulation of liquidity and maturity mismatches -- Other regulatory issues -- The structure of regulation -- Conclusions -- Appendix : the boundary problem in financial regulation -- Discussion and roundtables.

Author : Christopher J. Green,Eric J. Pentecost,Thomas G. Weyman-Jones
Publisher : Edward Elgar Publishing
Page : 297 pages
File Size : 55,8 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781849808712

Get Book

The Financial Crisis and the Regulation of Finance by Christopher J. Green,Eric J. Pentecost,Thomas G. Weyman-Jones Pdf

The Financial Crisis and the Regulation of Finance includes acomprehensive overview of the crisis and reviews the theory and practise of regulation in the UK and worldwide. The contributors ¿ all international experts on financial markets and regulation ¿ provide perspectives and analysis on macro-prudential regulation, the regulation of financial firms,and the role of shareholders and disclosure. This rigorous book will be of great interest to all those with an interest inbanking and finance including academics, professionals, bankers, regulators, advisors and civil servants. Students on banking and finance courses will also find this clear and compact resource invaluable.