Read e-book online Adapting to Financial Globalisation PDF

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

In keeping with a colloquium held by way of SUERF together with the Austrian nationwide financial institution, this e-book addresses the problem of adapting to the calls for of economic globalisation, a urgent preoccupation of bankers monetary associations and monetary gurus.

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2 ‘Transactions costs’ refer to the real costs which have to be incurred to operate through the markets. Ronald Coase explained the existence of firms by reference to transactions costs: firms exist because they help to save transaction costs through a centralized decision-making process. B@nk, a virtual bank opened in 1996 in the USA, claims its operating expenses to be half those of comparable traditional banks. 26 Jacques de Larosière and Eric Barthalon 4 According to a recent report by KPMG (The Economist, 4 December 1999), of more than a 100 large cross-border deals (banks and non-banks) around the world between 1996 and 1998, only 17% added value, the creation of value being measured by comparing movements in share prices with those of competitors in the first year after the merger.

5 In a recent report this was called ‘economically sound, politically hopeless’ (Favero et al. 2000). 6 Cf. Kaminsky, Lizondo and Reinhart (1997); Berg and Pattillo (1999). 7 Only two small Baltic Republics, Lithuania (which pegs its currency to the US dollar under a currency board arrangement) and Latvia (which pegs to the SDR) are exceptions. Both countries plan to switch to a euro peg, Lithuania in the second half of 2001 and Latvia once it joins the EU. , and D. Gale (2000), ‘Financial Contagion’, Journal of Political Economy, 108(1), 1–33.

5 In a recent report this was called ‘economically sound, politically hopeless’ (Favero et al. 2000). 6 Cf. Kaminsky, Lizondo and Reinhart (1997); Berg and Pattillo (1999). 7 Only two small Baltic Republics, Lithuania (which pegs its currency to the US dollar under a currency board arrangement) and Latvia (which pegs to the SDR) are exceptions. Both countries plan to switch to a euro peg, Lithuania in the second half of 2001 and Latvia once it joins the EU. , and D. Gale (2000), ‘Financial Contagion’, Journal of Political Economy, 108(1), 1–33.

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