EUROPEAN FINANACIAL SYSTEMS IN THE GLOBAL ECONOMYPDF电子书下载

1: Introduction 1

2: European financial markets in history 5

3: Market structures 15

Financial Systems,Markets and Intermediaries 15

Financial Market typology 24

Non –Tradables and Non-Transferables 25

Securities 28

Derivatives 37

Financial Systems in Euripe 46

Bank-Based Systems 49

Market-Based Systems 52

Financial Systems in Eastern Europe 55

External Markets 63

Euromarkets 64

Offshore Centres 69

Virtual Market Places 72

4: European financial markets in the world economy 79

Banks 79

Exchanges 83

Venture capital 92

Payment,Clearing and Settlement Systems 96

5: Market mechanisms and prices 115

Diversification,Hedging and Arbitrage 115

Diversifying Risks 115

Matching Positions 121

Exploiting Price differences 123

Market dynamics and the Role of Expectations 124

Nominal Comparisons 124

The Role of Prices 125

Risk Premia and spreads 127

The Formation of Expectations 130

Price Patterns 134

6: Policy issues 147

Policy Targets 147

Stability 147

Policy Cooperation 155

Limits to Sovereignty 168

Financial Supervision 168

Monetary Policy Cooperation 173

EMU and Financial Integration 193

7: Conclusions 207

App A: Bill of exchange as medieval credit instrument 209

App B: The Tobin tax 211

App C: CFA franc zone 217

App D: Rating agencies 219

App E: Optimum currency area 223

App F: Luxembourg 225

App G: Nonlinearities 229

App H: Value at risk 233

App I: Legend to the FESE diagram of the European exchanges 237

References 239

Index 247