{"title":"Comments and Discussion","authors":"Raghuram Rajan, R. R. McCormack","doi":"10.1353/pfs.2000.0002","DOIUrl":"https://doi.org/10.1353/pfs.2000.0002","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123706157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
THIS ISSUE of Brookings Papers on Economic Activity contains papers and discussions presented at the fiftieth conference of the Brookings Panel on Economic Activity, which was held in Washington, D.C., on September 13 and 14, 1990. Four major papers explore hyperinflation, the cyclical movements of U.S. workers into and out of employment, whether the stock market has noise effects on business investment, and plans and prospects for European monetary union. Two shorter reports discuss privatizing property in Eastern Europe and recent U.S. trade performance.
{"title":"Editors' Summary","authors":"Robert E. Litan, Anthony M. Santomero","doi":"10.1353/pfs.2000.0013","DOIUrl":"https://doi.org/10.1353/pfs.2000.0013","url":null,"abstract":"THIS ISSUE of Brookings Papers on Economic Activity contains papers and discussions presented at the fiftieth conference of the Brookings Panel on Economic Activity, which was held in Washington, D.C., on September 13 and 14, 1990. Four major papers explore hyperinflation, the cyclical movements of U.S. workers into and out of employment, whether the stock market has noise effects on business investment, and plans and prospects for European monetary union. Two shorter reports discuss privatizing property in Eastern Europe and recent U.S. trade performance.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121750394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comments and Discussion","authors":"R. Herring, J. Heimann","doi":"10.1353/pfs.2000.0004","DOIUrl":"https://doi.org/10.1353/pfs.2000.0004","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"2000 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130230138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
RAPID TECHNOLOGICAL CHANGE, conglomeration, mergers, and globalization are rocking the financial industry here and abroad. In this paper we primarily address the implications of globalization for prudential regulation of firms in the financial industry. However, given the importance of the other three forces—and the extent to which they reinforce or are by-products of the trend toward globalization—we address them as well. Our bottom line is that regulators at both the national and international level will have to respond increasingly to market-driven changes. In particular, as financial institutions delve into a wider range of products and activities, policymakers almost certainly will have to decide whether they want to establish a single regulator to oversee all types of financial activity or whether they will be content with the segmented regulatory system long in place in some countries, such as the United States. We note that a trend outside the United States seems to be under way toward creation of a single national financial regulator, independent of the central bank, a development we cautiously support.
{"title":"Financial Regulation in a Global Marketplace","authors":"C. Calomiris, R. Litan","doi":"10.1353/pfs.2000.0003","DOIUrl":"https://doi.org/10.1353/pfs.2000.0003","url":null,"abstract":"RAPID TECHNOLOGICAL CHANGE, conglomeration, mergers, and globalization are rocking the financial industry here and abroad. In this paper we primarily address the implications of globalization for prudential regulation of firms in the financial industry. However, given the importance of the other three forces—and the extent to which they reinforce or are by-products of the trend toward globalization—we address them as well. Our bottom line is that regulators at both the national and international level will have to respond increasingly to market-driven changes. In particular, as financial institutions delve into a wider range of products and activities, policymakers almost certainly will have to decide whether they want to establish a single regulator to oversee all types of financial activity or whether they will be content with the segmented regulatory system long in place in some countries, such as the United States. We note that a trend outside the United States seems to be under way toward creation of a single national financial regulator, independent of the central bank, a development we cautiously support.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129269975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comments and Discussion","authors":"George Sofianos","doi":"10.1353/pfs.2000.0008","DOIUrl":"https://doi.org/10.1353/pfs.2000.0008","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121063513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
financial architecture in light of recent crisis experiences. Many able, experienced people are participating in an ongoing discussion that focuses on appropriate future changes to the architecture. I am heartened by the fact that the global community has taken up this subject with great seriousness. If the quality of this discussion can be sustained—and I believe it will be sustained—the outcome can be constructive and beneficial for the global community. Many observers and market participants believe that the financial community was poorly prepared for the crisis episodes of 1994–95 and 1997–98 and that the issues that arose were poorly managed. In some respects, we are too hard on ourselves; indeed, significant losses were incurred by many, massive damage was done to several countries, and, for some, effective adjustment and reform were hindered, not helped, by the direct involvement of the public sector in support packages. Nevertheless, the financial system survived, and we have a platform on which to go forward. Beginning in late 1997, there were suggestions that significant change was needed in the financial architecture; some critics asserted that radical reform was necessary. Proposals for a global central bank, global superregulation, and global bankruptcy courts were made in seriousness and with the best of intentions. On the negative side, some people voiced severe criticisms of the rescue packages led by the International Mone-
{"title":"General Remarks on the Challenges of Globalization","authors":"G. Vojta, Georges Ugeux","doi":"10.1353/pfs.2000.0017","DOIUrl":"https://doi.org/10.1353/pfs.2000.0017","url":null,"abstract":"financial architecture in light of recent crisis experiences. Many able, experienced people are participating in an ongoing discussion that focuses on appropriate future changes to the architecture. I am heartened by the fact that the global community has taken up this subject with great seriousness. If the quality of this discussion can be sustained—and I believe it will be sustained—the outcome can be constructive and beneficial for the global community. Many observers and market participants believe that the financial community was poorly prepared for the crisis episodes of 1994–95 and 1997–98 and that the issues that arose were poorly managed. In some respects, we are too hard on ourselves; indeed, significant losses were incurred by many, massive damage was done to several countries, and, for some, effective adjustment and reform were hindered, not helped, by the direct involvement of the public sector in support packages. Nevertheless, the financial system survived, and we have a platform on which to go forward. Beginning in late 1997, there were suggestions that significant change was needed in the financial architecture; some critics asserted that radical reform was necessary. Proposals for a global central bank, global superregulation, and global bankruptcy courts were made in seriousness and with the best of intentions. On the negative side, some people voiced severe criticisms of the rescue packages led by the International Mone-","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116039341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alberto Cybo-Ottone, Carmine Di Noia, Maurizio Murgia
THE PAST TEN years witnessed a dramatic evolution of financial markets, as documented in the last two editions of the Brookings-Wharton Papers on Financial Services. This paper assesses the outlook for consolidation in securities exchanges. Whereas the press continues to report news of agreements between exchanges, the track record of completed versus announced deals historically has been very poor, and the prospects for consolidation are uncertain. Our paper is essentially empirical. We collect and analyze some novel empirical evidence on the consolidation of exchanges within the European Union (EU) and the United States in the past decade. Given the structural differences among the two systems, we analyze them separately with a particular emphasis on the European case, where many more deals have been made, presumably in response to the implementation of the European Monetary Union (EMU). We pursue four research questions: (1) What explains the announced alliances among exchanges? (2) Why should we believe that recently announced alliances will be more successful than past deals? (3) What can be learned about the future path of the industry, given the experience
{"title":"Recent Development in the Structure of Securities Markets","authors":"Alberto Cybo-Ottone, Carmine Di Noia, Maurizio Murgia","doi":"10.1353/pfs.2000.0007","DOIUrl":"https://doi.org/10.1353/pfs.2000.0007","url":null,"abstract":"THE PAST TEN years witnessed a dramatic evolution of financial markets, as documented in the last two editions of the Brookings-Wharton Papers on Financial Services. This paper assesses the outlook for consolidation in securities exchanges. Whereas the press continues to report news of agreements between exchanges, the track record of completed versus announced deals historically has been very poor, and the prospects for consolidation are uncertain. Our paper is essentially empirical. We collect and analyze some novel empirical evidence on the consolidation of exchanges within the European Union (EU) and the United States in the past decade. Given the structural differences among the two systems, we analyze them separately with a particular emphasis on the European case, where many more deals have been made, presumably in response to the implementation of the European Monetary Union (EMU). We pursue four research questions: (1) What explains the announced alliances among exchanges? (2) Why should we believe that recently announced alliances will be more successful than past deals? (3) What can be learned about the future path of the industry, given the experience","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115963568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comments and Discussion","authors":"C. Barfield, H. Freeman","doi":"10.1353/pfs.2000.0015","DOIUrl":"https://doi.org/10.1353/pfs.2000.0015","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116004524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comments and Discussion","authors":"Robert H. Herz","doi":"10.1353/pfs.2000.0012","DOIUrl":"https://doi.org/10.1353/pfs.2000.0012","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116310272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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