Financial Systems, Markets and Institutional Changes [electronic resource] /
Lindblom, T.editor.
Sjögren, S.editor.
Willesson, M.editor.
This book analyses how the financial system adjusts to institutional changes such as new technology, political tendencies, cultural differences, new business models, and government interactions. It emphasises how different institutional settings affect firms' borrowing and increases our understanding of how efficient financial markets are formed.
Description based upon print version of record.
Cover; Title; Copyright; Contents; List of Figures; List of Tables; Preface; Notes on Contributors; 1 Institutional Change and the Design of Financial Systems Ted Lindblom, Stefan Sjögren and Magnus Willesson; 2 The Road to a Viable Euro Zone and the Preconditions for Becoming a More Optimal Currency Region; 2.1 Introduction; 2.2 The rationale of the euro area from different perspectives; 2.3 Preconditions for fulfilling the role of a monetary union; 2.4 Preconditions for becoming an optimum currency area; 2.5 Flaws of the EMU design and misdiagnosis of the euro crisis
2.6 Five pillars for a viable monetary union in the euro area2.7 Structural reforms and the controversy between growth and austerity; 2.8 From a fiscal compact to a fiscal union; 2.9 A permanent rescue fund as a fiscal backstop; 2.10 The European banking union; 2.11 The ECB as a lender of last resort; 2.12 Concluding remarks and recommendations; 3 Gross Imbalances, Liquidity Shortage and the Role of the Federal Reserve; 3.1 Introduction; 3.2 Demand for US dollar swap lines; 3.3 The supply of swap lines from the Fed; 3.4 A discussion of the results; 3.5 Conclusions
4 Firm-based and Institutional-based Determinants of the Bank Debt Maturity: New Evidence for Developed Countries4.1 Introduction; 4.2 Determinants of the maturity of bank borrowing; 4.3 Data and variables; 4.4 Results; 4.5 Conclusions; 5 The Financing of Italian Firms and the Credit Crunch: Findings and Exit Strategies; 5.1 Introduction; 5.2 The evolution of financial systems and the financial structure of non-financial companies in Europe; 5.3 The crisis and the credit market in the euro area; 5.4 Italian firms: financial constraints and the credit crunch; 5.5 The exit strategies
5.6 Conclusions and recommendations6 Does the Team Manager Earn More than His Coached Players? Analysis of the Earnings of Italian Asset Management Companies, and their Portfolio Companies, in the Field of Private Equity; 6.1 Introduction; 6.2 Literature review; 6.3 Research hypotheses; 6.4 Data description and methodology; 6.4.1 Data description; 6.4.2 Methodology; 6.5 Results; 6.6 Conclusions; 6.6.1 Discussion and implications; 6.6.2 Limitations of the research and directions for future analyses; 7 Does 'Political Bias' Undermine the Korea Investment Corporation?; 7.1 Introduction
7.2 A brief literature review on SWFs' investment strategies7.3 The Korea Investment Corporation's framework; 7.4 Data and methodology; 7.5 The KIC's investment strategies; 7.5.1 The analysis of benchmark and strategic asset allocation; 7.5.2 The analysis of geographical asset allocation; 7.5.3 The 'internal political bias' analysis; 7.6 Conclusion; 8 Regulating High-frequency Trading: An Examination of European, US and Australian Equity Market Structures; 8.1 Introduction; 8.2 Literature review; 8.3 Market factors contributing to the rise of high-frequency trading (HFT)
8.4 Main risks and proposed policy measures to mitigate them
Includes bibliographical references at the end of each chapters and index.
This book analyses how the financial system adjusts to institutional changes such as new technology, political tendencies, cultural differences, new business models, and government interactions. It emphasises how different institutional settings affect firms' borrowing and increases our understanding of how efficient financial markets are formed.
Banks and banking.
Macroeconomics.
Investment banking.
Securities.
Capital market.
Banking.
Macroeconomics/Monetary Economics//Financial Economics.
Investments and Securities.
Capital Markets.