II Structural Changes and Related Policy Issues in Financial Markets
Author: International Monetary Fund
Language:
English
Keywords:
WEFS; securities flow; wide-ranging liberalization; x index; deutsche mark; airline industry; Commercial banks; Stocks; Securities markets; Securities; Stock markets; Europe; Middle East; Western Hemisphere; Eastern Europe; Asia and Pacific; Euro-commercial paper market; market discipline; market participant; EC money market transactions; Money markets; Liquidity

Abstract

Although the evolution of finance into a competitive international industry progressed gradually during the 1980s, the process gathered speed during 1991. Not only did the European Community’s Single Market in financial services—perhaps the most ambitious and comprehensive financial-sector reform undertaken in recent history—near completion, but the next stage in U.S. and Japanese banking reforms also got under way in earnest.1 As a result, by 1992, domestic financial markets, particularly wholesale markets, have become adaptive and international, with segmented financial structures increasingly giving way to broader-based, more integrated ones.2

Within Same Series

Other IMF Content

Other Publishers Content

Cover World Economic and Financial Surveys
World Economic and Financial Surveys
International Capital Markets, 1992
Author: International Monetary Fund
ISBN:
9781451941975
ISSN:
0258-7440
Publication Date:
01 Jan 1992
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781451941975.083
Pages:
90

  • Bank of Canada, Bank of Canada Review (Ottawa, various issues).

  • Bank of England, “Developments on International Banking and Capital Markets in 1990,” Bank of England Quarterly Bulletin, Vol. 31 (May 1991), pp. 234–59.

    • Search Google Scholar
    • Export Citation

  • Bank for International Settlements, Recent Innovations in international Banking (Basle: Bank for International Settlements, April 1986), pp. 19–36.

    • Search Google Scholar
    • Export Citation

  • Bank for International Settlements, “Report on Netting Schemes” (mimeographed, Basle: Bank for International Settlements, February 1989).

    • Search Google Scholar
    • Export Citation

  • Bank for International Settlements, “Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries” (mimeographed, Basle: Bank for International Settlements, November 1990).

    • Search Google Scholar
    • Export Citation

  • Bank for International Settlements, 61st Annual Report (Basle: Bank for International Settlements, June 1991), pp. 115–16.

  • Bank for International Settlements, “Joint Statement by R.C. Breeden, Chairman, Technical Committee, International Organization of Securities Commissions, and E.G. Corrigan, Chairman, Basle Committee on Banking Supervision” (mimeographed, Basle: Bank for International Settlements, January 1992).

    • Search Google Scholar
    • Export Citation

  • Bank for International Settlements, International Banking and Financial Market Developments (Basle, various issues).

  • Basle Committee on Banking Supervision, “International Convergence of Capital Measurement and Capital Standards” (mimeographed, Basle: Bank for International Settlements, July 1988).

    • Search Google Scholar
    • Export Citation

  • Basle Committee on Banking Supervision, “Information Flows Between Banking Supervisory Authorities” (mimeographed, Basle: Bank for International Settlements, April 1990).

    • Search Google Scholar
    • Export Citation

  • Basle Committee on Banking Supervision, (1991a), “Measuring and Controlling Large Credit Exposures” (mimeographed, Basle: Bank for International Settlements, January 1991).

    • Search Google Scholar
    • Export Citation

  • Basle Committee on Banking Supervision, (1991b), “Amendment of the Basle Capital Accord in Respect of the Inclusion of General Provisions/General Loan Loss Reserves in Capital” (mimeographed, Basle: Bank for International Settlements, November 1991).

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S. (1990a), “Clearing and Settlement During the Crash,” Review of Financial Studies, Vol. 3 (Spring 1990), pp. 133–51.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S. (1990b), “On the Predictive Power of Interest Rates and Interest Rate Spreads,” New England Economic Review (November/December 1990), pp. 51–68.

    • Search Google Scholar
    • Export Citation

  • Bernanke, Ben S. and Cara S. Lown, “The Credit Crunch,” Brookings Papers on Economic Activity: 2 (1991), The Brookings Institution (Washington), pp. 205–247.

    • Search Google Scholar
    • Export Citation

  • Board of Governors of the Federal Reserve System, “Monetary Policy Report to the Congress,” Federal Reserve Bulletin, Vol. 78 (April 1992), pp. 223–41.

    • Search Google Scholar
    • Export Citation

  • Boughton, James M., “Long-Run Money Demand in Large Industrial Countries,” Staff Papers, International Monetary Fund (Washington), Vol. 38 (March 1991), pp. 1–32.

    • Search Google Scholar
    • Export Citation

  • Boyd, John, and Stanley L. Graham, “The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge with Other Financial Firms: A Simulation Study,” Quarterly Review, Federal Reserve Bank of Minneapolis (Spring 1988), pp. 3–20.

    • Search Google Scholar
    • Export Citation

  • Committee on a New Financial System, Financial System Research Council, “On a New Japanese Financial System” (mimeographed, Tokyo: Financial System Research Council, June 1991).

    • Search Google Scholar
    • Export Citation

  • Corrigan, E. Gerald, “Statement (with Appendices) before the U.S. Senate Committee on Banking, Housing, and Urban Affairs,” May 3, 1990.

    • Search Google Scholar
    • Export Citation

  • Council Directive 80/390/EEC, “Coordinating the Requirements for the Drawing-Up, Scrutiny and Distribution of the Listing Particulars to be Published for the Admission of Securities to Official Stock Exchange Listing,” Official Journal of the European Communities (Luxembourg), (April 17, 1980).

    • Search Google Scholar
    • Export Citation

  • Council Directive 85/611/EEC, “On the Coordination of Laws, Regulations and Administrative Provisions Relating to Undertakings for Collective Investment in Transferable Securities,” Official Journal of the European Communities (Luxembourg), (December 30, 1985).

    • Search Google Scholar
    • Export Citation

  • Council Directive 87/345/EEC, “Amending Directive 80/390/EEC Coordinating the Requirements for the Drawing-Up, Scrutiny and Distribution of the Listing Particulars to Be Published for the Admission of Securities to Official Stock Exchange,” Official Journal of the European Communities (Luxembourg), (July 4, 1987).

    • Search Google Scholar
    • Export Citation

  • Council Directive 89/298/EEC, “Coordinating the Requirements for Drawing-Up, Scrutiny and Disbursement of the Prospectus to be Published when Transferable Securities are Offered to the Public,” Official Journal of the European Communities (Luxembourg), (May 5, 1989).

    • Search Google Scholar
    • Export Citation

  • Council Directive 89/592/EEC, “Coordinating Regulations on Insider Dealing,” Official Journal of the European Communities (Luxembourg), (November 18, 1989).

    • Search Google Scholar
    • Export Citation

  • Council Directive 89/647/EEC, “Solvency Ratio for Credit Institutions,” Official Journal of the European Communities (Luxembourg), (December 20, 1989).

    • Search Google Scholar
    • Export Citation

  • Ebrill, Liam P., and Steven M. Fries, “Broad Money Growth and Inflation in the United States,” Staff Papers, International Monetary Fund (Washington), Vol. 38 (December 1991), pp. 736–50.

    • Search Google Scholar
    • Export Citation

  • Edwards, S., “The Pricing of Bonds and Bank Loans in International Markets: An Empirical Analysis of Developing Countries’ Foreign Borrowing,” European Economic Review, Vol. 30 (June 1986), pp. 565–89.

    • Search Google Scholar
    • Export Citation

  • El-Erian, Mohamed, “Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience,” Staff Papers, International Monetary Fund (Washington), Vol. 39 (March 1992), pp. 175–94.

    • Search Google Scholar
    • Export Citation

  • Feldstein, M., The Risk of Economic Crises (Chicago: University of Chicago Press, 1991).

  • Folkerts-Landau, David, “Systemic Financial Risk in Payment Systems,” Determinants and Systemic Consequences of International Capital Flows, IMF Occasional Paper, No. 77 (Washington: International Monetary Fund, March 1991), pp. 46–67.

    • Search Google Scholar
    • Export Citation

  • Fundamental Research Committee, Securities and Exchange Council, “On How the Basic System Regarding Securities Transactions Ought to Be” (Tokyo: Securities and Exchange Council, May 1991).

    • Search Google Scholar
    • Export Citation

  • Goldstein, Morris, and Geoffrey Woglom, “Market-Based Fiscal Discipline in Monetary Unions: Evidence from the U.S. Municipal Bond Market,” IMF Working Paper, No. WP/91/89 (Washington: International Monetary Fund, September 1991); also published in Establishing a Central Bank, ed. by M. Canzoneri, and others (Cambridge: Cambridge University Press, forthcoming).

    • Search Google Scholar
    • Export Citation

  • Goldstein, Morris, and Geoffrey Woglom, “The Supply of Credit to Risky Sovereign Borrowers” (mimeograph, Washington, January 1992).

  • Group of Thirty, Clearance and Settlement Systems Status Reports: Year-End 1990 (Washington: Group of Thirty, 1991).

  • Howell, Michael, and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

    • Search Google Scholar
    • Export Citation

  • Howell, Michael, and Angela Cozzini, International Equity Flows—1991 Edition: Games Without Frontiers (London: Salomon Brothers, November 1991).

    • Search Google Scholar
    • Export Citation

  • International Accounting Standards Committee, Annual Review 1990 (London: International Accounting Standards Committee, 1991).

  • International Monetary Fund (1991a), Determinants and Systemic Consequences of International Capital Flows: A Study by the Research Department, IMF Occasional Paper, No. 77 (Washington, 1991).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (1991b), Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington, 1991).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington, forthcoming).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, Balance of Payments Statistics Yearbook (Washington, various issues).

  • International Monetary Fund, International Capital Markets: Developments and Prospects, World Economic and Financial Surveys (Washington, 19—).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, International Financial Statistics, various Yearbooks and monthly issues.

  • International Monetary Fund, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, World Economic and Financial Surveys (Washington, 19—).

    • Search Google Scholar
    • Export Citation

  • Isard, Peter, “Effectiveness of Monetary Policy After Financial Liberalization,” Supplementary Note 5, World Economic Outlook, World Economic and Financial Surveys (Washington: International Monetary Fund, May 1991), pp. 105–108.

    • Search Google Scholar
    • Export Citation

  • Juncker, George R., Bruce J. Summers, and Florence M. Young, “A Primer on the Settlement of Payments in the United States,” Federal Reserve Bulletin, Vol. 77 (November 1991), pp. 847–58.

    • Search Google Scholar
    • Export Citation

  • Keeley, Michael C., “Deposit Insurance, Risk, and Market Power in Banking,” American Economic Review, Vol. 80 (December 1990), pp. 1183–1200.

    • Search Google Scholar
    • Export Citation

  • Kopits, George F., Tax Harmonization in the European Community, IMF Occasional Paper, No. 94 (Washington: International Monetary Fund, forthcoming).

    • Search Google Scholar
    • Export Citation

  • Kwast, M., “The Impact of Underwriting and Dealing on Bank Returns and Risks,” Journal of Banking and Finance, Vol. 13 (March 1989), pp. 101–125.

    • Search Google Scholar
    • Export Citation

  • Lane, Timothy D., “Market Discipline,” IMF Working Paper, No. WP/92/42 (Washington: International Monetary Fund, June 1992).

  • O’Brien, Paul Francis, and Frank Browne, “A ‘Credit Crunch’? The Recent Slowdown in Banklending and its Implications for Monetary Policy,” OECD Working Paper, No. 107 (Paris: Organization for Economic Cooperation and Development, 1992).

    • Search Google Scholar
    • Export Citation

  • Organization for Economic Cooperation and Development, Bank Profitability: Statistical Supplement—Financial Statements of Banks, 1981–1990 (Paris: OECD, 1992).

    • Search Google Scholar
    • Export Citation

  • Organization for Economic Cooperation and Development, Financial Market Trends (Paris: OECD), various issues.

  • Organization for Economic Cooperation and Development, Financial Statistics Monthly (Paris: OECD), various issues.

  • Price Waterhouse World Regulatory Advisory Practice, Bank Capital Adequacy and Capital Convergence (London: Price Waterhouse, July 1991).

    • Search Google Scholar
    • Export Citation

  • Rowe, R.D., “Commercial Paper,” in Instruments of the Money Market, ed. by T.Q. Cook and R.D. Rowe (Richmond: Federal Reserve Bank of Richmond, 6th ed., 1986).

    • Search Google Scholar
    • Export Citation

  • Schinasi, Garry J., “Balance Sheet Constraints and the Sluggishness of the Current Recovery,” Annex I, World Economic Outlook, World Economic and Financial Surveys (Washington: International Monetary Fund, May 1992), pp. 47–51.

    • Search Google Scholar
    • Export Citation

  • Steering and Working Committees of the Securities Clearance and Settlement Study, Clearance and Settlement Systems in the World’s Securities Markets (Washington: Group of Thirty, March 1989).

    • Search Google Scholar
    • Export Citation

  • Stiglitz, Joseph, and Andrew Weiss, “Credit Rationing in Markets with Imperfect Information,” American Economic Review, Vol. 73 (June 1981), pp. 393–410.

    • Search Google Scholar
    • Export Citation

  • Stigum, Marcia, The Money Market (Homewood, III: Dow-Jones-Irwin, 3rd ed., 1990), pp. 1023–1082.

  • Stone, Mark, “The Sensitivity of Secondary Sovereign Loan Market Returns to Macroeconomic Fundamentals,” IMF Working Paper, No. WP/90/55 (Washington: International Monetary Fund, June 1990).

    • Search Google Scholar
    • Export Citation

  • Technical Committee of the International Organization of Securities Commissions, “International Equity Offers” (mimeographed, Montreal: International Organization of Securities Commissions, September 1989).

    • Search Google Scholar
    • Export Citation

  • Technical Committee of the International Organization of Securities Commissions, “Comparative Analysis of Disclosure Regimes” (mimeographed, Montreal: International Organization of Securities Commissions, September 1991).

    • Search Google Scholar
    • Export Citation

  • Terrell, Henry S., Robert S. Donner, and Barbara R. Low-rey, “The Activities of Japanese Banks in the United Kingdom and the United States, 1980-88,” Federal Reserve Bulletin, Vol. 76 (February 1990), pp. 39–50.

    • Search Google Scholar
    • Export Citation

  • Timewell, Stephen, “BCCI: Unanswered Questions,” The Banker, Vol. 141 (September 1991), pp. 12–20.

  • Tomomatsu, H., and Y. Idei, “Securities Watchdog: Hunter or House Pet?” The Nikkei Weekly (August 10, 1991), p. l.

  • United States, Congress, Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242).

  • United States, Congress, Department of the Treasury, Modernizing the Financial System: Recommendations for Safer, More Competitive Banks (Washington: Government Printing Office, February 1991).

    • Search Google Scholar
    • Export Citation

  • United States, Congress, Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System, Joint Report on the Government Securities Market (Washington: Government Printing Office, January 1992).

    • Search Google Scholar
    • Export Citation

  • Walton, R.J., and D. Trimble, “Japanese Banks in London” Bank of England Quarterly Bulletin, Vol. 27 (November 1987), pp. 518–24.

  • Weisbrod, S., H. Lee, and L. Rojas-Suarez, “Bank Risk and the Declining Franchise Value of the Banking System in the United States and Japan,” IMF Working Paper, No. WP/92/45 (Washington: International Monetary Fund, June 1992).

    • Search Google Scholar
    • Export Citation

  • Working Group on Financial Markets, Interim Report of the Working Group on Financial Markets (Washington: Government Printing Office, May 1988).

    • Search Google Scholar
    • Export Citation