Financial Structure and Stability

by Karmann, Alexander

• ISBN13: 9783790813326
• ISBN10: 379081332X
• Format: Paperback
• Copyright: 2000-10-01
• Publisher: Physica Verlag

Summary

The basic question of this book is what we can learn from empirical as well as theoretical analysis of financial systems, differing cross-sectional and changing structually over time, with respect to the issue of stability of financial systems. Part I of the book deals with stability issues in a globalizing financial world and addresses topics of convergence, domestic policy, financial bubbles, crises and international coordination. Part II is on banking systems. Country specific adoption and restructuring of (universal but also separation) banking systems are key problems for the industrialized economies, while catching-up is of major concern for the economies in transition. Feeble regional economies and subsidized banking is at the heart of the vivid dispute on public sector banking being taken up in Part III. The last Part is devoted to resource-oriented approaches in quantifiying financial development and risk of sovereign default.

Table of Contents

Financial systems: What can we learn from the past? Introduction to the book	1	(8)
Alexander Karmann
Part I: Financial stability and globalization	9	(128)
Evolution of financial systems: Convergence towards higher or lower stability?	11	(23)
Doris Neuberger
Effects of globalization on national monetary policy	34	(19)
Helmut Wagner
Discussion of Helmut Wagner's ``Effects of globalization on national monetary policy''	53	(4)
Wilfried Fuhrmann
Are we facing a stock market bubble?	57	(22)
David I. Fand
Discussion of David I. Fand's ``Are we facing a stock market bubble?''	79	(4)
Hans Wiesmeth
What explains the Asian balance of payments crisis? A simple third-generation approach	83	(21)
Michael Frenkel
Causes and consequences of the Asian economic crisis	104	(15)
Timothy M. Devinney
Functions of economic policy in promoting the efficiency of the international financial system	119	(13)
Wolfgang Filc
Discussion of Wolfgang Filc's ``Functions of economic policy in promoting the efficiency of the international financial system''	132	(5)
Bernhard Eckwert
Part II: Banking systems and restructuring	137	(64)
Universal banks - A reconsideration	139	(9)
Vincenz Timmermann
Efficiency of the banking system: The Italian case	148	(21)
Gianandrea Goisis
Discussion of Gianandrea Goisis's ``Efficiency of the banking system: The Italian case''	169	(5)
Hermann Locarek-Junge
Institutional changes in economies in transition and stability of the banking system	174	(10)
Chuluunbaatar Enkhzaya
Discussion of Chuluunbaatar Enkhzaya's ``Institutional changes in economies in transition and stability of the banking sector''	184	(2)
Jan K. Solarz
Central banking and financial stability in transition economies	186	(15)
Jens Holscher
Part III: Public sector banks	201	(18)
The Saxon savings banks association: Saxony's response to the challenges posed by competition in the banking sector	203	(9)
Georg Milbradt
Process of change within the universal banking system in Europe	212	(2)
Michael Weiss
Public sector banks - Importance and restructuring Discussion of Georg Milbradt's ``The Saxon savings banks association''	214	(5)
Bernd Schips
Part IV: Quantitative explorations in financial systems	219	(26)
Causal links between financial activity and economic growth: Evidence from two-wave model estimations	221	(11)
Michael Graff
Sovereign risk, reserves, and implicit default probabilities: An option based spread analysis	232	(13)
Alexander Karmann
Notes on contributors	245