Financial Intermediation And Deregulation

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Financial Intermediation And Deregulation

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Author : Tobias Miarka
language : en
Publisher: Physica
Release Date : 2012-07-24

Financial Intermediation And Deregulation written by Tobias Miarka and has been published by Physica this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-24 with Business & Economics categories.

The author develops a model of bank-firm relationships on the basis of the following general idea: Banks want to prevent moral hazard on the side of their customers. In particular they want to prevent their business customers to use bank credit for purposes different from those that have been negotiated thus damaging the bank's interest. The idea of this model is relatively simple. Banks do not extend a loan if the project for which the money is intended will probably be un profitable. They extend the loan if the success of the project is highly probable and if the revenues from that project are greater than the expenses of the bank for monitoring the customer. Assuming as Miarka does that the results from a successful project are certain, this model is an equivalent to minimizing moni toring costs. In fact, this is the outcome of the model. The banks are known to monitor their loans. They thereby signal to the capital market that they have tested the project. Therefore, the buyer of bonds of the company on the capital market may rest assured that the project is financially sound. The buyers of bonds thus avoid monitoring costs and can grant better credit conditions than the banks. Pur chasers of bor. . ds are free riders on the monitoring of the banks. Miarka tests his model econometrically. The results are amazingly supportive of the model.

The Deregulation Of Financial Intermediaries

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Author : Ian MacFarlane
language : en
Publisher:
Release Date : 1991

The Deregulation Of Financial Intermediaries written by Ian MacFarlane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Australia categories.

Current Challenges In Financial Regulation

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Author : Stijn Claessens
language : en
Publisher: World Bank Publications
Release Date : 2006

Current Challenges In Financial Regulation written by Stijn Claessens and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Bank categories.

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

The New Finance

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Author : Franklin R. Edwards
language : en
Publisher: American Enterprise Institute
Release Date : 1996

The New Finance written by Franklin R. Edwards and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

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.

The Redistributive Effects Of Financial Deregulation

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Author : Mr.Anton Korinek
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-17

The Redistributive Effects Of Financial Deregulation written by Mr.Anton Korinek and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-17 with Business & Economics categories.

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.

Financial Intermediation Under Financial Integration And Deregulation

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Author : André De Palma
language : en
Publisher:
Release Date : 1992

Financial Intermediation Under Financial Integration And Deregulation written by André De Palma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.

Current Challenges In Financial Regulation

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Author : Stijn Claessens
language : en
Publisher:
Release Date : 2012

Current Challenges In Financial Regulation written by Stijn Claessens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

Current Issues In Financial And Monetary Economics

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Author : Kevin Dowd
language : en
Publisher:
Release Date : 1992

Current Issues In Financial And Monetary Economics written by Kevin Dowd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Banks and banking categories.

In common with other volumes in the series, this book contains essays that review recent developments in an important field of economics, in this case financial and monetary economics. The issues covered include financial intermediation and the operation of financial markets.

Asia Pacific Financial Deregulation

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Author : Gordon De Brouwer
language : en
Publisher: Routledge
Release Date : 2002-03-11

Asia Pacific Financial Deregulation written by Gordon De Brouwer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03-11 with Social Science categories.

Recent events in East Asia have highlighted the risks of volatility and contagion in a financially integrated world. Countries in the region had been at the forefront of the movement towards increased integration but the crisis that struck Thailand in July 1997, and the rapidity with which it spread to other East Asian nations, suggested that all was not well. Weaknesses in domestic financial intermediation, poor corporate governance and deficient government responses to large capital inflows all played a role in the build-up of vulnerability. Asia-Pacific Financial Deregulation provides an insight into financial liberalisation and structural reform in the region generally and as illustrated by a number of countries.

Finance As A Barrier To Entry

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Author : Viktors Stebunovs
language : en
Publisher:
Release Date : 2008

Finance As A Barrier To Entry written by Viktors Stebunovs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

This paper studies the effects of financial deregulation that reduces monopoly power of financial intermediaries, in a dynamic, stochastic, general equilibrium model with endogenous producer entry subject to sunk cost. I show that deregulation results in an expansion in the number of producers, a decrease in producer size, an increase in output share of financial intermediaries and in an increase in size of the economy. Less monopoly power in financial intermediation results in less volatile producer entry, reduced producer markup countercyclicality, and weaker substitution effects in labor supply in response to aggregate productivity shocks. Deregulation thus contributes to a moderation of firm-level and aggregate output volatility. The results of the model are consistent with features of U.S. data following the period of dramatic bank deregulation between the late 1970s and the mid 1990s.