Download or read book Financial Deregulation and Integration in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
Download or read book After Redlining written by Rebecca K. Marchiel and published by University of Chicago Press. This book was released on 2021-09-05 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The story of how American banks helped disenfranchise nonwhite urbanities and condemn to blight the very neighborhoods that needed the most investment is infuriating. And yet, by digging into the history of urban finance, Rebecca Marchiel here illuminates how urban activists changed some banks' behavior to support investment in communities that they had once abandoned. These developments, in turn, affected federal urban policy and reshaped banks' understanding of the role that urban communities play in the financial system. The legacy of reinvestment activism is clouded, but Marchiel's detailing of it transforms our understanding of the history and significance of community/bank relations"--Provided by publisher.
Download or read book Financial Deregulation written by Alexis Drach and published by Oxford University Press. This book was released on 2021-05-20 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wave of liberalization swept the developed world at end of the twentieth century. From the 1970s and 1980s onwards, most developed countries have passed various measures to liberalize and modernize the financial markets. Each country had its agenda, but most of them have experienced, to a different extent, a change in regulatory regime. This change, often labeled deregulation and associated with the advent of neoliberalism, was sharply contrasting with the previous era of the Bretton Woods system, which has sometimes been portrayed as an era of financial repression. On the other hand, a quick glance at financial regulation today - at the amount of paper it produces, at its complexity, at the number of people involved, and at the resources invested in it - is enough to say that, somehow, there is more regulation today than ever before. In the new system, financial regulation has taken unprecedented importance. As more archival material is becoming available, a better understanding of the fundamental changes in the regulatory environment towards the end of the twentieth century is now possible. What kind of change exactly was deregulation? Did competition between financial regulators lead to a race to the bottom in regulation? Is deregulation responsible for the recurring financial crises which seem to have characterised the international financial system since the 1980s? The movement towards a more liberal regulatory regime was neither linear nor simple. This book - a collection of chapters studying deregulation in various countries and contexts - examines the national and international pathways of deregulation by providing an in-depth analysis of a short but crucial period in a few major countries.
Download or read book U S Bank Deregulation in Historical Perspective written by Charles W. Calomiris and published by Cambridge University Press. This book was released on 2006-11-02 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows how deregulation is transforming the size, structure, and geographic range of U.S. banks, the scope of banking services, and the nature of bank-customer relationships. Over the past two decades the characteristics that had made American banks different from other banks throughout the world--a fragmented geographical structure of the industry, which restricted the scale of banks and their ability to compete with one another, and strict limits on the kinds of products and services commercial banks could offer--virtually have been eliminated. Understanding the origins and persistence of the unique banking regulations that defined U.S. banking for over a century lends an important perspective on the economic and political causes and consequences of the current process of deregulation.
Download or read book The Redistributive Effects of Financial Deregulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2013-12-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Regulation and Its Reform written by Nancy L. Rose and published by University of Chicago Press. This book was released on 2014-08-29 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
Download or read book The Deregulation of the World Financial Markets written by Sarkis Khoury and published by Praeger. This book was released on 1990-06-22 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive examination of the deregulation of financial markets that began in the United States in the mid-1960s and has now reached global proportions. The author examines the deregulatory steps taken in each of the major financial markets--the United States, Britain, Japan, Australia, and Hong Kong--exploring the impetus behind the deregulatory developments, their potency, and their effects on the operational, promotional, and allocational efficiency of financial markets. Khoury also assesses the effects of deregulation on the stability of financial markets and on the movement toward political and economic integration within these markets. Throughout, Khoury focuses particular attention on the dynamics of the deregulation process and the forces that generated it in each of the markets under study. Khoury begins by tracing the evolution of the internationalization of the financial markets and their deregulation over the last three decades. He then examines the economics of financial deregulation and the implications of regulatory changes. Four chapters are devoted to extended analysis of deregulation in the various financial centers. Khoury compares and contrasts the similarities and differences among the five markets, examines the impact of regulatory developments in each market, and analyzes the growing interrelationships among financial markets. A separate chapter looks at the effects of deregulation on the foreign exchange, money, and stock markets, and on the performance and stability of the banking sector. Finally, Khoury looks to the future of deregulation, describing the changes that are likely to occur in the regulatory structure and in the money and capital markets. Ideal as supplemental reading for courses in international finance and banking, this book also offers bankers and regulators new insights into the potential and actual effects of various regulatory and deregulatory measures.
Download or read book Financial Deregulation written by Alexis Drach and published by Oxford University Press. This book was released on 2021 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume is the first archival based historical investigation on the liberalization measures taken in various countries in the financial sector in the decades following the Bretton Woods system, from a comparative and a global perspective.
Download or read book The Redistributive Effects of Financial Deregulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2013-12-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Global Financial Deregulation written by Itzhak Swary and published by John Wiley & Sons. This book was released on 1992 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial institutions in developed countries have undergone a profound structural change in recent years. As a result, banking has become internationalized and competition has intensified within vast and complex markets for a range of financial services. This book reviews these changes.
Download or read book Innovation Deregulation and the Life Cycle of a Financial Service Industry written by Fumiko Hayashi and published by International Monetary Fund. This book was released on 2015-08-18 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel dataset on ATM network entry, exit, size, and product offerings shows that our theory fits the quantitative pattern of the industry well. The model also allows us to conduct counterfactual analyses to evaluate the respective roles that innovation and deregulation played in the industry evolution.
Download or read book Deregulation and Efficiency of Indian Banks written by Sunil Kumar and published by Springer Science & Business Media. This book was released on 2013-10-23 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this book is to assess the efficacy of India’s financial deregulation programme by analyzing the developments in cost efficiency and total factor productivity growth across different ownership types and size classes in the banking sector over the post-deregulation years. The work also gauges the impact of inclusion or exclusion of a proxy for non-traditional activities on the cost efficiency estimates for Indian banks, and ranking of distinct ownership groups. It also investigates the hitherto neglected aspect of the nature of returns-to-scale in the Indian banking industry. In addition, the work explores the key bank-specific factors that explain the inter-bank variations in efficiency and productivity growth. Overall, the empirical results of this work allow us to ascertain whether the gradualist approach to reforming the banking system in a developing economy like India has yielded the most significant policy goal of achieving efficiency and productivity gains. The authors believe that the findings of this book could give useful policy directions and suggestions to other developing economies that have embarked on a deregulation path or are contemplating doing so.
Download or read book Does Financial Deregulation Work written by Bruce Coggins and published by Edward Elgar Publishing. This book was released on 1998 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed critique of the reasoning behind the deregulation of banks, savings and loans, and other financial services. In challenging the conventional arguments, Coggins proposes an alternative set of assumptions drawn from post-Keynesian monetary theory and the historical and institutional approach to industrial organization. He concludes that stability in the financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Financial Deregulation and the Globalization of Capital Markets written by Eugene Versluysen and published by World Bank Publications. This book was released on 1988 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rapid financial deregulation and the globalization of capital markets have led to dangerous financial volatility that could have a destabilizing impact on major economies. To reduce this volatility, new regulation may be needed.
Download or read book Employment Protection Deregulation and Labor Shares in Advanced Economies written by Gabriele Ciminelli and published by International Monetary Fund. This book was released on 2018-08-16 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.
Download or read book Deregulating Wall Street written by Ingo Walter and published by Wiley-Interscience. This book was released on 1985 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deregulating Wall Street is the first comprehensive study to examine the separation of American commercial and investment banking. The authors, leading authorities on the subject, call for far-reaching deregulation of corporate finance, allowing increased competition for corporate securities business. In effect, they call for one of the most significant shifts in the country's financial system in the past half century, and point to the global financial services environment, including the thriving Eurobond market, where American banks compete without restriction.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
