Download or read book Fragmenting Markets written by Darrell Duffie and published by Walter de Gruyter GmbH & Co KG. This book was released on 2022-11-07 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post-crisis capital regulations and new failure-resolution rules increased the funding costs that are borne by bank shareholders, and thus the cost to buy-side firms for access to space on the balance sheets of large banks. A policy implication is the encouragement of market infrastructure and trading methods that reduce the amount of space on bank balance sheets that is needed to conduct a given amount of trade. Using models and evidence, this book addresses the implications for financial-market liquidity of these regulations for systemically important banks and argues that current rules do not allow for potential levels of market efficiency and financial stability. In this insightful analysis of the impact of regulation on financial market efficiency post-2008, the author argues that bank capital levels could actually be pushed higher while still improving the liquidity of markets for safe assets such as low-risk fixed-income instruments by relaxing the leverage-ratio rule and increasing risk-based capital requirements.
Download or read book Fragmenting Markets written by Darrell Duffie and published by Walter de Gruyter GmbH & Co KG. This book was released on 2022-11-07 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post-crisis capital regulations and new failure-resolution rules increased the funding costs that are borne by bank shareholders, and thus the cost to buy-side firms for access to space on the balance sheets of large banks. A policy implication is the encouragement of market infrastructure and trading methods that reduce the amount of space on bank balance sheets that is needed to conduct a given amount of trade. Using models and evidence, this book addresses the implications for financial-market liquidity of these regulations for systemically important banks and argues that current rules do not allow for potential levels of market efficiency and financial stability. In this insightful analysis of the impact of regulation on financial market efficiency post-2008, the author argues that bank capital levels could actually be pushed higher while still improving the liquidity of markets for safe assets such as low-risk fixed-income instruments by relaxing the leverage-ratio rule and increasing risk-based capital requirements.
Download or read book Transparency and Fragmentation written by J. Board and published by Palgrave Macmillan. This book was released on 2002-01-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.
Download or read book Achieving Market Integration written by Scott McCleskey and published by Butterworth-Heinemann. This book was released on 2004-01-02 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing an overview of the infrastructure of European Securities markets, this text offers topical analysis of developments and trends in market integration. The author provides industry professionals with a concise exposition of how the post-Euro market works, as well as offering laymen an entry point into the subject. Topics include: wholesale electronic execution; central counterpart clearing; and consolidation of the securities depositories.
Download or read book Fragmentation written by Sven W. Arndt and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the world economy becomes more integrated, and industry becomes more globalised, constituent parts of products are made all over the world. This volume explores the theoretical implications and empirical manifestations of this phenomenon.
Download or read book Lecture Notes In Market Microstructure And Trading written by Peter Joakim Westerholm and published by World Scientific. This book was released on 2018-11-29 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, written by Joakim Westerholm, Professor of Finance and former trading professional, is intended to be used as basis for developing courses in Securities markets, Trading, and Market microstructure and connects theoretic rigor with practical real world applications.Market technology evolves, the roles of market participants change, and whole market segments disappear to be replaced by new ways to exchange securities. Yet, the same underlying economic principles continue to drive trading in securities markets. Thus, the scope of the book is global, providing a framework that is relevant both for current market designs and for future markets we will see develop. It is designed to stay relevant in a rapidly evolving field.The book contains a selection of lecture notes through which students will gain an in-depth understanding of the mechanism that drives trading in securities markets. The book also contains another set of lecture notes with more advanced, research-based material, suitable for Honours or Master level research students, or for PhD candidates. The material is self-explanatory and can also be used for self-study, preferably in conjunction with assigned readings.
Download or read book The Great Fragmentation written by Steve Sammartino and published by John Wiley & Sons. This book was released on 2014-06-26 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doing business in the digital age The Great Fragmentation: And Why the Future of All Business is Small is a business survival manifesto for the technology revolution. As the world moves from the industrial era to the digital age, power is shifting and fragmenting. Power is no longer about might and ownership; power in a digital world is about access. Existing businesses need to understand this shift and position themselves to survive and thrive in an environment where entrepreneurs and start-ups enabled by access to technology are genuine threats. Author Steve Sammartino is widely regarded as a thought leader on the subject of technology and business, and helps companies transition from industrial-era thinking to the mindset and processes required to compete in today's digital marketplace. The Great Fragmentation shows how technological changes such as Big Data, gamification, crowdfunding, Bitcoin, 3D printing, social media, mashup culture and artisanal production will forever change business and the way we live our lives. Examine how the digital era has altered where we work, how we work, where we live and what we do Discover how the digital era has impacted social and economic structures, including educational systems, financial systems and government policy Understand that the social media and collecting 'friends' is just the tip of the iceberg in a digital business environment Weaving together insights from business, technology and anthropology, The Great Fragmentation provides both corporations and entrepreneurs with a playbook for the future of work, life and business in the digital era.
Download or read book Geoeconomic Fragmentation and Commodity Markets written by Mr. Jorge A Alvarez and published by International Monetary Fund. This book was released on 2023-10-03 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the economic impact of fragmentation of commodity trade. We assemble a novel dataset of production and bilateral trade flows of the 48 most important energy, mineral and agricultural commodities. We develop a partial equilibrium framework to assess which commodity markets are most vulnerable in the event of trade disruptions and the economic risks that they pose. We find that commodity trade fragmentation – which has accelerated since Russia’s invasion of Ukraine – could cause large price changes and price volatility for many commodities. Mineral markets critical for the clean energy transition and selected agricultural commodity markets appear among the most vulnerable in the hypothetical segmentation of the world into two geopolitical blocs examined in the paper. Trade disruptions result in heterogeneous impacts on economic surplus across countries. However, due to offsetting effects across commodity producing and consuming countries, surplus losses appear modest at the global level.
Download or read book Market Fragmentation written by Toronto Stock Exchange. Special Committee on Market Fragmentation and published by . This book was released on 1997 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The outsourcing challenge written by Jan Drahokoupil and published by ETUI. This book was released on 2015-07-01 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Production networks in many sectors have become increasingly fragmented. Cutting labour costs by lowering pay, increasing work intensity and/or shifting flexibility costs to workers are just some of the motivations for outsourcing. But it can also be used to circumvent employee representation and collective bargaining systems within companies, and labour market regulations in general. Though such intentions may not drive the bulk of outsourcing decisions, any change in company boundaries is likely to impact employment, working conditions and industrial relations in the value chain. This book focuses on the dynamics of outsourcing in Europe from the perspective of employees. In particular, it considers one insufficiently studied aspect: the impact of outsourcing on working conditions and employment relations in companies. The book also collects lessons learned from the efforts of employees and trade unions to shape outsourcing decisions, processes and their impact on employment and working conditions.
Download or read book Transparency and Fragmentation written by J. Board and published by Springer. This book was released on 2002-07-16 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.
Download or read book De Fragmenting Africa written by Paul Brenton and Gozde Isik and published by World Bank Publications. This book was released on with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is not achieving its potential in regional trade. This is of particular importance given the uncertainty surrounding the global economy and stagnation in traditional markets in Europe and North America and the emergence of Africa as a rising growth pole. The contributions to this volume highlight the enormous scope for increased cross-border trade in Africa in both goods and services and the reasons why such opportunities are not being exploited. The varied contributions show that for effective regional integration policy makers must look beyond simply removing tariffs to address barriers on the ground that constrain the daily operations of ordinary producers and traders. This requires a reform agenda, covering both goods and services that puts in place appropriate regulations for integrated markets and builds the capacity of institutions that are essential for trade across borders. The incidence of barriers to regional trade fall most heavily on the poor and women and prevents them from exploiting the opportunities that regional trade provides to diversify exports away from a narrow range of minerals and primary products that have been driving recent growth. Regional trade can play a key role in delivering the jobs that are needed for Africa’s young populations. The chapters have been written in a non-technical way to promote dialogue on regional integration in Africa amongst a broad audience that includes policy makers, officials, academics, entrepreneurs, consumers as well as the international development community.
Download or read book Fragmenting Globalization written by Ka Zeng and published by University of Michigan Press. This book was released on 2021-03-15 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global supply chain integration is not only a rapidly growing feature of international trade, it is responsible for fundamentally changing trade policy at international and domestic levels. Given that final goods are produced with both domestic and foreign suppliers, Ka Zeng and Xiaojun Li argue that global supply chain integration pits firms and industries that are more heavily dependent on foreign supply chains against those that are less dependent on intermediate goods for domestic production. Hence, businesses whose supply chain would be disrupted as a result of increased trade barriers should lobby for preferential trade liberalization to maintain access to those foreign markets. Moreover, businesses whose products are used in the production of goods in foreign countries should also support preferential trade liberalization to compete with suppliers from other parts of the world. Fragmenting Globalization uses multiple methods, including time series, cross-sectional analysis of the pattern of Preferential Trade Alliance formation by existing World Trade Organization members, a firm-level survey, and case studies of the pattern of corporate support for regional trade liberalization in both China and the United States. Zeng and Li show that the growing fragmentation of global production, trade, and investment is altering trade policy away from the traditional divide between export-oriented and import-competing industries.
Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Download or read book Monopoly Power and Distribution in Fragmented Markets written by Hanan Jacoby and published by World Bank Publications. This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence from Pakistan's Punjab indicates that monopoly power in the market for groundwater (irrigation water extracted using private tubewells) results in a substantial resource misallocation. But despite this substantial misallocation of groundwater, a welfare analysis shows that monopoly pricing of groundwater has limited effects on equity and efficiency. Policies aimed at eliminating monopoly pricing would do little to help the poorest farmers.
Download or read book Strategic Fragmented Markets written by Ana Babus and published by . This book was released on 2021 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragmentation increases as investors' priors are more correlated. Dealers can benefit from fragmentation, but investors are always better off in centralized markets.
Download or read book Fragmentation of International Trade Law Reassessed written by Patrick Wasilczyk and published by Springer Nature. This book was released on 2023-12-21 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides innovative and empirically based insights into the ongoing debate on the fragmentation of international trade law. It offers the reader a much-needed doctrinal overview of the different approaches to the issue of fragmentation and reveals their inherent methodological advantages and limitations. On this basis, the book then approaches the issue of fragmentation from an empirical standpoint by applying a novel dataset on Preferential Trade Agreements’ Dispute Settlement Mechanisms (PTA-DSMs), which have been used to adjudicate general exception clauses within the context of the individual PTA Members’ obligation to liberalize trade in goods. Although the results remain limited to the single issue of PTA-DSM adjudication for liberalization of trade in goods, they are indicative of key misconceptions regarding the fragmentation of ITL. As the findings confirm, the PTA-DSMs assessed have ultimately come to equivalent decisions, taking into consideration their overall use, the nature of the legal commitments embedded in the respective PTAs, and the economic wellbeing of the respective PTA partners. The book reveals the influence of specific PTA-DSMs on other PTA-DSMs and thereby paves the way for legal unification, rather than fragmentation.
