Financial Integration in Europe
Springer Science & Business Media, 1992 - 202 pages
One of the key issues relating to the perfonnance of national economies is the efficiency of the financial system which stands at the heart of the capital-allocation process. There are two aspects which define efficiency. Static efficiency involves the ali-in difference between rates of return provided to ultimate savers and the cost of funds to users. This 'gap', or spread, reflects the direct costs of production (operating and administrative costs, cost of capital, etc.). It also reflects losses incurred in the financial process, as well as any monopoly profits earned and liquidity premiums. Financial processes that are considered 'statically inefficient' are usually characterised by high 'spreads' due to high overhead costs, high losses, barriers to entry, and the like. Dynamic efficiency is characterised by high rates of financial product and process innovation through time. Successful product and process innovation broadens the menu of financial products available to ultimate issuers, ultimate savers, or other agents along the various financial process channels described above. Probably the most powerful catalyst affecting the competitive dynamics of the financial services industry has been technological change.
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in transferable securities in 1993
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accordance accounts activities addition agreement amount annual apply assets authorisation balance banks basis branches capital movements carried central banks claims Commission common market Community companies competent authorities concerning consolidated contracts coordination cost COUNCIL DIRECTIVE countries covered credit institutions currency dealt debt December difference directive discussed economic effective establishment European exposure factors financial institutions fixed foreign freedom funds granted guarantees head office holding host implementation important increased interest internal investment investment firms issued Italy latter liabilities liquidity loans loss means measures nature necessary obligation offer OJEC operations paragraph participating particular period persons position possible profit proposal provisions referred regard regulations reserves residents respect restrictions result risk rules securities shares situated solvency stock exchange supervision territory transactions transferable securities Treaty undertakings units
References to this book
Banco central e regulamentac̦ão bancária
Rosa María Lastra
Limited preview - 2000
After Maastricht: A Guide to European Monetary Union
Snippet view - 1997