Details
- Comprehensive coverage of financial markets and financial institutions from a European perspective
- Written by leading names in the field
- Highly topical issue of immense policy and practical significance
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 timely 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 must-have reference 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.
Preface
Alexandre Lamfalussy: Foreword
Xavier Freixas, Philipp Hartmann, and Colin Mayer: Introduction
Part I Financial Systems and Economic Performance
1: Franklin Allen, Michael K F Chui, and Angela Maddaloni: Financial Structure and Corporate Governance in Europe, the US, and Asia
2: Elias Papaioannou: Finance and Growth: A Macroeconomic Assessment of the Evidence from a European Angle
3: Philippe Aghion: Interaction Effects in the Relationship Between Growth and Finance
4: Philipp Hartmann, Florian Heider, Elias Papaioannou, and Marco Lo Duca: The Role of Financial Markets and Innovation for Prodcutivity and Growth in Europe
5: Lieven Baele, Annalisa Ferrando, Peter Hördahl, Eliza Veta Krylova, and Cyril Monnet: Measuring European Financial Integration
6: Sebnem Kalemli-Ozcan and Bent Sørensen: Financial Integration and Economic Welfare
Part II Financial Systems and the Corporate Sector
7: Francois Degeorge and Ernst Maug: Corporate Finance in Europe: A Survery
8: Oren Sussman: The Economics of the EU's Corporate-insolvency Law and the Quest for Harminisation by Market Forces
9: Mike Burkart and Fausto Panuzi: Takeovers
10: Ailsa Roell: Recent Developments in Corporate Governance
11: Tim Jenkinson: The Development and Performance of European Private Equity
Part III Financial Institutions
12: Hans Degryse and Steven Ongena: Technology, Regulation, and the Geographical Scope of Banking
13: Julian Franks, Colin Mayer, and Luis Correia da Silva: Asset Management in Europe
14: E Philip Davis: Pension Funds and the Evolution of Financial Markets in the European Union
15: Ray Rees: Insurance and Reinsurance Companies
16: Xavier Freixas and Cornelia Holthausen: European Integration of Payments Systems
Part IV Financial Markets
17: Philipp Hartmann and Natacha Valla: The Euro Money Markets
18: Marco Pagano and Ernst-Ludwig Von Thadden: The European Bond Markets Under EMU
19: Kpate Adjaouté and Jean-Pierre Danthine: Equity Returns and Integration: Is Europe Changing?
20: Alberto Giovanni, John Berrigan, and Daniel Russo: Post-Trading Services and European Securities Markets
21: Ronald W. Anderson and Kenneth McKay: Derivative Markets
22: Maciej Firla-Cuchra: Structured Finance
23: Thomas P. Gehrig: Location and Competition Between Financial Centers
Part V Financial Regulation and Macroeconomic Policy
24: Bernhard Speyer: EU Securities Markets Regulation: Problems, Policies, and Processes
25: Kostas Tsatsaronis: The Supervision of an Integrating European Banking Sector: Theory, Practice and Challenges
26: Charles Goodhart, Boris Hofmann, and Miguel Segoviano: Bank Regulation and Macroeconomic Fluctuations
27: Boris Hofmann and Andreas Worms: Financial Structure and Monetary Transmission in the EMU
28: Ulrich Bindseil and Kjell G. Nyborg: Monetary Policy Implementation
Xavier Freixas, Professor of Financial Economics, Universitat Pompeu Fabra, Philipp Hartmann, Head of Financial Research, European Central Bank, and Colin Mayer, Peter Moores Dean and Professor of Management Studies, Saïd Business School
Contributors:
Kpate Adjaouté, HSBC Private Bank (Suisse) SA
Philippe Aghion, Harvard University
Franklin Allen, The Wharton School of Business, University of Pennsylvania
Ronald W. Anderson, London School of Economics
Lieven Baele, Tilburg University
John Berrigan, European Commission
Ulrich Bindseil, European Central Bank
Mike Burkart, Stockholm School of Economics
Michael K F Chui, Bank for International Settlements
Luis Correia da Silva, Oxera
Jean-Pierre Danthine, University of Lausanne
E Philip Davis, Brunel University
François Degeorge, Swiss Institute, University of Lugano
Hans Degryse, Katholieke Universiteit Leuven and Tilburg University
Annalisa Ferrando, European Central Bank
Maciej Firla-Cuchra, Oxera
Julian Franks, London Business School
Xavier Freixas, Universitat Pompeu Fabra
Thomas P. Gehrig, Universität Freiburg
Alberto Giovanni, UNIFORTUNE Asset Management
Charles Goodhart, Financial Markets Group, London School of Economics
Philipp Hartmann, European Central Bank
Florian Heider, European Central Bank
Boris Hofmann, Deutsche Bundesbank
Cornelia Holthausen, European Central Bank
Peter Hördahl, Bank for International Settlements
Tim Jenkinson, Saïd Business School, Oxford University
Sebnem Kalemli-Ozcan, University of Houston
Elizaveta Krylova, European Central Bank
Marco Lo Duca, European Central Bank
Kenneth McKay, London School of Economics
Angela Maddaloni, European Central Bank
Ernst Maug, Universität Mannheim
Colin Mayer, Saïd Business School, Oxford University
Cyril Monnet, European Central Bank
Kjell G. Nyborg, Norwegian School of Economics and Business Administration
Steven Ongena, Tilburg University
Marco Pagano, Università di Napoli Federico II,
Fausto Panunzi, University of Bologna
Elias Papaioannou, European Central Bank
Ray Rees, Universität München
Ailsa Roell, Columbia University
Daniel Russo, European Central Bank
Miguel Segoviano, International Monetary Fund
"European Monetary Union and the greater financial integration that it helped bring about is a mega "natural experiment" that raises many new interesting research questions. This collection of articles by leading finance scholars provides the most extensive and significant analysis of the transformation of European financial institutions and markets to date." - Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia Business School
"There is a need for a timely, detailed book on many aspects of modern European finance. This volume will be an excellent reference for all of us in financial markets." - Jim O'Neill, Global Chief Economist, Goldman Sachs
"Xavier Freixas, Philipp Hartmann and Colin Mayer have provided us with an accessible and much needed and detailed panorama of the European financial integration process. This remarkable collection of articles by leading academics, market participants and policy economists analyzes in a rigorous fashion the challenges for financial reforms in an increasingly integrated market. This impressive handbook will be tremendously useful for policy makers in Europe and beyond." - Jean-Claude Trichet, President of the European Central Bank
