金融自由化と銀行の役割<br>Financial Markets' Liberalization and the Role of Banks

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金融自由化と銀行の役割
Financial Markets' Liberalization and the Role of Banks

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  • 製本 Hardcover:ハードカバー版/ページ数 376 p.
  • 言語 ENG
  • 商品コード 9780521419826
  • DDC分類 332.1

基本説明

New in paperback. Hardcover was published in 1993. It contains papers on the behavior of households and firms, stock, bond and currency markets, and the behavior and performance of financial intermediaries, particularly banks. The topics examined range from the demand for personal and corporate credit and the allocation of savers' wealth, to innovations in securities and services traded in financial markets, and their regulation.

Full Description


Following years of control and regulation, there has been a massive trend towards the liberalisation of financial markets. This volume provides an analysis of this process and considers likely future developments. It is divided into three parts: the first covers the behaviour of households and firms; the second includes papers on stock, bond and currency markets; and the third part analyses the behaviour and performance of financial intermediaries, particularly banks. The topics examined range from the demand for personal and corporate credit and the allocation of savers' wealth, to innovations in securities and services traded in financial markets, and their regulation. The essays represent a blend of both theoretical and empirical work, the latter focusing in particular on Europe and the recent integration of financial markets on the continent. Discussions of the essays are provided by some of the world's leading financial economists.

Table of Contents

Introduction Vittorio Conti and Rony Hamaui
Part I. Households amd Firms: 1. The evolution
and allocation of financial wealth
a. Marketable and non-marketable assets in
households' portfolios Claudio Giraldi, Rony
Hamaui and Nicola Rossi
b. Credit, money and consumption: time series
evidence for Italy Orazio P. Attanasio and
Guglielmo Weber
c. Discussion Luigi Spaventa
2. Real and financial choice of industrial
firms: the Italian case
a. Empirical determinants of corporate debt
decisions: some evidence for Italy Leo Bonato,
Riccardo Faini and Marco Ratti
b. Discussion Pippo Ranci
Part II. Financial Markets: 1. The exchange
rate market
a. Financial liberalisation and exchange rate
volatility Vittorio Grilli and Nouriel Roubini
b. Capital mobility, vehicle currencies and
exchange rate asymmetry Vittorio Grilli and
Nouriel Roubini
c. Discussion Rudiger Dornbusch
2. The equity market
a. Shifting gears: an economic evaluation of
the reform of the Paris bourse Marco Pagano and
Ailsa Roell
b. 'Front running' and stock market liquidity
Marco Pagano and Ailsa Roell
c. Auction markets, dealership markets and
execution risk Marco Pagano and Ailsa Roell
d. Discussion Robert J. Schiller
3. The bond market
a. The impact of a new futures contract on risk
premia in the term structure: an APT analysis
for government bonds Alessandro Citanno and
Riccardo Rovelli
Part III. Banks: 1. Issues in asset management
a. The role of banks as investors in
securities: theoretical and empirical features
in an international perspective Umberto
Cherubini, Massimo Ciampolini and Gregorio de
Felice
b. Loan sales and balance sheet assets Paolo
Fulghieri
c. Discussion Mervyn King
2. The liability side
a. A comparative analysis of the liability
structure in seven banking systems Mauro
Maccarinelli, Giuseppe Marotta and Massimo
Prosdocimi
b. Deposit insurance: implications from
financial intermediation theory Angelo Baglioni
and Giuseppe Marotta
c. Discussion Mario Monti.