Download or read book Regulation and Deregulation in European Financial Services written by David Knights and published by Springer. This book was released on 1997-02-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1980s, deregulation became adopted as a slogan and set of practices which by setting market forces free could increase the efficiency of market systems. This was particularly the case in the financial services where national systems which had been closed through government and industry collaboration were now opened up to more internal and international competition. This book examines the consequences of deregulation in retail financial services. It shows that organisation and actors sought to adapt to this process, often with unexpected results.

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 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 Regulating and Supervising European Financial Markets written by Mads Andenas and published by Springer. This book was released on 2016-08-16 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already. Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature on financial market supervision.

Download or read book European Financial Regulation written by Veerle Colaert and published by Bloomsbury Publishing. This book was released on 2019-12-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries. As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality. This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme – including prudential regulation, corporate governance and conduct of business rules – the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.

Download or read book European Financial Services Regulation written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2006-06-08 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU's ambitious Financial Services Action Plan, started in 1999, is drawing to an end. A single market in wholesale financial services exists. Many retail financial services institutions are expanding through acquisitions of banks and insurers across Europe, though the prospect of a single market in such services, with comparable products and services available to consumers direct across borders, is not a realistic proposition in the near future. The Commission has set out its policy objectives for 2005-2010, attaching greater importance to consistent and workable implementation of existing legislation. The Committee welcomes this, and the commitment to ensure that any new regulation will have a clear benefit to the European economy. The Committee examined three specific case studies: implementation of the Markets in Financial Instruments Directive (MiFID), the consideration of a Clearing and Settlement Directive, and consideration of mortgage credit in the context of the development of a single market in retail financial services. In all the Commission will need to demonstrate its commitment to "better regulation", and its new focus on implementation and enforcement. The Committee is concerned that MiFID will not be implemented consistently across Europe. It finds that the case for a new mortgage directive remains unproven, and that there is a clear need to reduce the additional costs associated with clearing and settlement across borders.

Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Palgrave Macmillan. This book was released on 2017-09-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Download or read book Financial Regulation in the European Union written by Rainer Kattel and published by Routledge. This book was released on 2017-06-16 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.

Download or read book State and Financial Systems in Europe and the USA written by Jaime Reis and published by Routledge. This book was released on 2016-04-01 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the twentieth century the financial sector became possibly the most regulated area of the economy in many advanced and developing countries. The interwar years represented the defining moment for the escalation of governments' intervention, turning the State into the core of financial systems in its capacity of regulator, supervisor or owner. The essays in this collection shed light on different aspects of the experience of financial regulation, ownership and deregulation in Europe and the USA from a secular historical perspective. The volume's chapters explore how the political economy of finance changed in the nineteenth and twentieth centuries and how such changes were related to shifting attitudes towards globalization. They also investigate how regulation responded to governance problems of financial intermediaries and markets, and how different legal frameworks and institutional architectures influenced such response. The collection engages with a set of issues as diverse as they are interrelated across countries and over time: the regulatory attitude of British authorities toward the banking system and the stock exchange market in the nineteenth and twentieth centuries; the comparative evolution of bankruptcy laws and procedures; the link between state, regulation and governance in the evolution of the US and French financial systems; the emergence of banking regulation and supervision by central banks; the regulation and supervision of international financial markets since the 1950s; and the connection between deregulation and banking crises at the end of the past century. Taken as a whole, the chapters offer an intriguing insight into the differing ways western countries approached and responded to the challenges of the international financial system, and the legacy of this on the modern world. In so doing the volume holds up to historical scrutiny the debate as to whether overt state regulation of financial markets always has a negative affect on economic growth, or whether it can be an essential tool for developing nations in their efforts to expand their economies.

Download or read book The future of EU financial regulation and supervision written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2009-06-17 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence taken before Sub-committee A (Economic and Financial Affairs and International Trade)

Download or read book Financial services regulation in Europe written by Katja Philipps and published by GRIN Verlag. This book was released on 2013-09-27 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2012 im Fachbereich Politik - Thema: Europäische Union, University of Twente , Sprache: Deutsch, Abstract: Since the foundation of the European Union in 1992, the claim of a ‘rising regulatory state’ in Western Europe has become an important feature of public policy research. The creation of a single market by the Treaty of Maastricht forced European governments to change their traditional modes of governance in response to developments like increasing international competition and deepening economic and monetary integration within the European Union. Strategic adaptation to these new realities has been linked to two key trends: one is the reduced role for the positive, interventionist state and a corresponding increase in the role of the regulatory state, using legal authority over the tools of taxing and spending. The second trend is the European Commission’s ambitious attempts to maximise its influence over policy content, and the increased interest of member states in transnational policy responses to the issues arising from the Single European Market. One of the main institutional features of this ‘rising regulatory state’ has been the creation of European regulatory agencies with the primary aim to provide policy-makers with objective and independent information. An interesting but also controversial feature of this development is the fact that governments were apparently willing to abandon some of their regulatory competencies in favour of institutions that are not democratically accountable, and that are to a large extent insulated from political influence. The relevance of this topic becomes accessible when looking at the developments in fi-nancial services regulation between 1999 and 2011. The eruption of the financial crisis in 2007 significantly changed the institutional architecture of regulation at the European level and led to the creation of a new European financial supervisory framework, centred around three supervisory authorities with defined legal powers. The aim of this paper is to outline these developments and to put them into an explanatory theoretical context. How can the development from regulatory agencies with only an auxiliary role in the process of European policy-making to supervisory authorities with defined legal powers be explained? Even more important, is there really a qualitative leap from one regulatory body to the other?

Download or read book Governance Regulation and Bank Stability written by T. Lindblom and published by Springer. This book was released on 2014-07-29 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides novel insight into the governance of banks and looks at regulatory measures for strengthening bank stability. It includes empirical studies on the relationship between the board structures of banks and their financial risk-taking and analyses the determinants of bank reputation and the future prospects of small banks.

Download or read book The Future of European Financial Centres written by Kirsten Bindemann and published by Routledge. This book was released on 2002-01-04 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the future of European financial centres in the context of economic and monetary union (EMU). Based on original empirical research, it investigates the relative competitiveness of European financial centres, with special reference to London and Frankfurt, in the context of the single currency debate. Issues covered include: * the evolution of financial centres * optimal design of an international financial centre * financial services regulation and EMU * the competitiveness of world financial centres

Download or read book Financial Services in Europe written by M. van Empel and published by Kluwer Law International B.V.. This book was released on 2008-01-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a survey of the concept of finance as a vital component of the economic structure of the European Communities. This book describes the architecture of the financial system, its institutions (banks, stock exchanges, etc), the variety of financial instruments, and, the progress of liberalization and harmonization initiatives in Europe.

Download or read book The future of EU financial regulation and supervision written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2009-06-17 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union Committee undertook this inquiry as the implications of the financial crisis became clear. Supervisors in the UK, in the EU, and globally failed to identify the impending meltdown, and failed to take preventative action. Reform of regulation and supervision of the financial system has become an important political topic. In response to the crisis the European Commission has so far published four regulatory proposals on Capital Requirements, Deposit Guarantee Schemes, Credit Rating Agencies and Alternative Investment Funds. The first two of these have been agreed and are largely sensible responses to the crisis. The proposals to regulate alternative investment funds and credit rating agencies are more controversial, highlighting the need for more thorough consultation, impact assessment and risk analysis. Further coordination of supervision of the EU financial institutions and markets is seen as necessary and financial services in the EU will benefit from strengthened macro- and micro-prudential supervision. This should provide a more effective early warning system for mitigating systemic risks and help improve the operation of the single market in financial services. The Committee supports the establishment of a new body at the EU level to assess and monitor macro-prudential systemic risks arising from financial markets and institutions. Major strengthening of the powers of any EU micro-prudential body is, though, a matter of some controversy and thorough and careful debate of the alternatives for reform within existing limitations is necessary. The Commission has applied state aid rules speedily and flexibly and has helped ensure that bail-outs of failing banks and mitigation of damage to the real economy do not jeopardise the single market.

Download or read book Integration of European Banking written by Pedro Pita Barros and published by Centre for Economic Policy Research. This book was released on 2005 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation. The regulation of network industries has emerged as a key issue on the European policy agenda, yet there is little high-quality research capable of informing the European policy debate. The Monitoring European Deregulation (MED) series was launched by CEPR and SNS in 1997 and features new, policy-oriented research on the liberalization of the European markets of the major network industries (previous reports have focused on telecommunications and electricity). Addressed to a wide audience of both academics and European decisionmakers in the private-sector and policy communities, at both the national and EU level, the new reportwhich focuses on the deregulation of the European banking systemwill play an important role in influencing current thinking on these issues and contributing to the policy debate.

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.