Handbook Of European Financial Markets And Institutions

Description:
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.

Review:
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

Table of Contents:
Preface; Foreword; Introduction; PART I FINANCIAL SYSTEMS AND ECONOMIC PERFORMANCE; 1. Financial Structure and Corporate Governance in Europe, the US, and Asia; 2. Finance and Growth: A Macroeconomic Assessment of the Evidence from a European Angle; 3. Interaction Effects in the Relationship Between Growth and Finance; 4. The Role of Financial Markets and Innovation for Prodcutivity and Growth in Europe; 5. Measuring European Financial Integration; 6. Financial Integration and Economic Welfare; PART II FINANCIAL SYSTEMS AND THE CORPORATE SECTOR; 7. Corporate Finance in Europe: A Survery; 8. The Economics of the EU's Corporate-insolvency Law and the Quest for Harminisation by Market Forces; 9. Takeovers; 10. Recent Developments in Corporate Governance; 11. The Development and Performance of European Private Equity; PART III FINANCIAL INSTITUTIONS; 12. Technology, Regulation, and the Geographical Scope of Banking; 13. Asset Management in Europe; 14. Pension Funds and the Evolution of Financial Markets in the European Union; 15. Insurance and Reinsurance Companies; 16. European Integration of Payments Systems; PART IV FINANCIAL MARKETS; 17. The Euro Money Markets; 18. The European Bond Markets Under EMU; 19. Equity Returns and Integration: Is Europe Changing?; 20. Post-Trading Services and European Securities Markets; 21. Derivative Markets; 22. Structured Finance; 23. Location and Competition Between Financial Centers; PART V FINANCIAL REGULATION AND MACROECONOMIC POLICY; 24. EU Securities Markets Regulation: Problems, Policies, and Processes; 25. The Supervision of an Integrating European Banking Sector: Theory, Practice and Challenges; 26. Bank Regulation and Macroeconomic Fluctuations; 27. Financial Structure and Monetary Transmission in the EMU; 28. Monetary Policy Implementation