The recent evolution of financial systems:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Basingstoke [u.a.]
Macmillan [u.a.]
1997
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXX, 283 S. graph. Darst. |
| ISBN: | 0333668685 0312163479 |
Internformat
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| 245 | 1 | 0 | |a The recent evolution of financial systems |c ed. by Jack Revell |
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| 650 | 4 | |a Banks and banking -- Europe -- Case studies | |
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Datensatz im Suchindex
| _version_ | 1804126165614460928 |
|---|---|
| adam_text | CONTENTS
List of Tables xi
List of Figures xii
Preface xiv
Notes on the Contributors xvi
Synopses of Contributions xxi
PART I THE LATEST PHASE IN THE EVOLUTION OF
FINANCIAL SYSTEMS
Chapter 1 A New Look at the Evolution of the
Financial System 3
T.M. Rybczynski
Introduction 3
The approach 4
Functions of the financial system and corporate governance 5
Three phases of the evolution of the financial system 6
Bank orientated phase 6
Market orientated phase 7
Securitised phase 9
Factors responsible for the evolution 10
Conclusions 13
Chapter 2 The Banking Industry in the Nineties:
Do Emerging Trends Challenge the Theory? 16
Joel Metais
Introduction 16
1. The financial revolution of the past fifteen years: some
stylised facts 17
Innovation, deregulation and globalisation 17
New players in the financial arena and the new rules of
the game 19
Declining profitability, losses, failures and restructuring 21
The supersonic rise of off balance sheet activities 23
2. Banking theory: the revolution of the eighties 24
Some early attempts in the theory of financial intermediaries 24
v
vi Contents
Enter the economics of uncertainty and information 25
New trends in the industrial economics of financial
intermediaries and of banks 27
Conclusion 29
Chapter 3 The Future of Traditional Banking 33
Edward P.M. Gardener
1. Introduction 33
2. Traditional banking: a micro perspective 34
3. A strategy perspective 36
4. The forces of change 40
5. Banking environment 42
6. Bank response and managerial challenges 44
7. Strategic challenges 47
8. Conclusions: the bank of the future 50
Chapter 4 Comments of Discussants 57
Bank credit and the stage process 57
Jean Paul Abraham
Introduction 57
The driving forces behind the market orientated development 57
The changing role of bank credit 61
Conclusion 62
Will the securitised phase last? 64
Jack Revell
Local banks and global players in the Italian
financial market 67
Francesco Cesarini
Comments concerning distribution systems 75
Goran Bergendahl
1. What is a distribution system? 75
2. The evolution 76
3. The strategies 77
Contents vii
Large banks in the EU: what size? 79
Javier Quesada
PART II THE RESPONSE OF BANKING SYSTEMS TO
SECURITISATION
Chapter 5 Bank Lending and the Securitisation
Process: A Comparative Analysis 91
Andrea Landi and Giuseppe Lusignani
1. Introduction 91
2. Trends in bank lending 92
3. Changing strategies in bank lending 96
4. Evolution in corporate financing 105
Finns financial needs are affected to an ever
increasing extent by merger and acquisition processes 105
Retentions are the most important source of finance
in all countries but with marked differences across
systems and strong variability during the period analysed 107
Securities markets have increased in significance as a
source of finance since the mid 1980s 111
In no country, with the exception of the US, do
companies raise a substantial amount of finance from
the bond markets 113
Banks are an important, sometimes dominant,
source of external finance, but their role was
also extremely variable over the period analysed 114
5. Conclusions 115
Appendix: statistical sources 117
Chapter 6 Efficient Risk Management in Financial
Systems: Universal Bank or Securitisation? 123
Elisabetta Montanaro
Chapter 7 Trends in German Banking 131
Leo Schuster
1. Changes in the banking industry 131
2. Cultural change in banks 131
3. Structural changes in German banking 133
viii Contents
4. Dehumanisation in German banking 134
5. The probable consequences of the European Monetary
Union for banks 136
6. Problems imposed by law and regulations 137
7. The German banks in an ever changing environment 138
Chapter 8 Universal Banks, Ownership and Efficiency:
A Stochastic Frontier Analysis of the
German Banking Market 141
Yener Altunbas, Lynne Evans and
Philip Molyneux
1. Introduction 141
2. Methodology 142
3. Data and results 145
4. Conclusion 149
Chapter 9 The Restructuring of Banking Groups in
Italy: Major Issues 157
Elisabetta Gualandri
1. Foreword 157
2. Planning and control 161
2.1 Reference models 162
2.2 The lines followed in recent experience 165
3. The management of human resources 168
3.1 Information about processes taking place 170
3.2 Personnel management systems 171
3.3 Management of overstaffing 171
3.4 Creation of a new group culture 172
4. Information systems 174
5. Conclusions 177
Chapter 10 Recent Developments in Retail Banking in
Scandinavia: Narrow v. Universal Banking 181
Ted Lindblom and Martin Andersson
Introduction 181
Structural changes in Scandinavian banking 182
The rationale for establishing narrow banks 184
The strategies of narrow banks 189
Contents ix
Responses from universal banks 193
Implications for future retail banking 195
Conclusions 198
Chapter 11 Universal Banking in Central and Eastern
Europe 203
Sdndor Ligeti
Introduction 203
Banking reforms in Central and Eastern Europe 204
Corporate governance, bank based systems and
universal banking 206
Restructuring enterprises 209
Debt equity swaps 210
Universal banking in Hungary 211
Conclusions 211
Chapter 12 Technical Progress in Spanish Banking:
1985 94 214
Joaquin Maudos, Jose Manuel Pastor
and Javier Quesada
1. Introduction 214
2. Descriptive statistics 215
3. Measuring the impact of technical change 222
4. The effects of technical change: empirical results 225
5. Technical change and firm size 233
6. Operating costs 237
7. Conclusions 242
Chapter 13 The Internationalisation of Dutch Banks:
New Beginning and Future Developments 246
Simon Sijbrands
Introduction 246
Internationalisation before 1983 246
ABN 247
AMRO 247
RABO Bank 248
NMB Bank 248
Why internationalisation? 248
x Contents
Spreading risk 249
Follow your customer 250
Deregulation and harmonisation 250
Economies of scale 250
Internationalistion: how much and how? 251
1. The degree of internationalisation 251
2. Modes of entry 254
3. International banking structures 257
4. Management control 259
5. Current international strategies 260
Managerial implications and strategic issues 262
IT and future internationalisation 262
Strategy and services 263
Institutional integration of banking and insurance 264
Competitive battle field 265
Strategic alliances 266
A new beginning? 267
Index 270
LIST OF TABLES
3.1 Branches and ATMs in Europe 45
3.2 Rationalisation of the European banking industry 46
4.1 Characteristics of debt finance to the private sector 58
4.2 Sample banks ranked by total assets 82
4.3 Sample banks ranked by return on assets (ROA) 83
4.4 Sample banks ranked by return on equity (ROE) 85
5.1 Correlation indexes between investments financed by
external funds and different sources of funds 110
5.2 Standard deviation of the different external funds ratios 115
8.1 Maximum likelihood parameter estimates of the translog
stochastic cost frontier 147
8.2 Technical inefficiencies according to bank types and
ownership status 148
8.3 Ownership and technical inefficiency: pairwise
comparisons using Dunn s (1964) statistic 148
Appendix Size distribution and bank type 150
9.1 Group restructuring: possible forms 158
10.1 Access to the Swedish banking market 186
12.1 Technical change 226
12.2 Time dummies approach to technical change 230
12.3 Percentage variation in estimated average costs
(shift approach) 231
12.4 Technical change by sizes: 1985 1994 234
12.5 Technical change in operating costs 238
12.6 Technical change in operating costs 239
12.7 Technical change in operating costs 240
13.1 Net value added (NVA) for 1987 and 1990 249
13.2 National points of sale in 1983 and 1989 of ABN,
AMRO, ING Bank and RABO Bank 252
13.3 Total foreign gross results as a percentage of total
gross results 254
13.4 Modes of entry used by ABN, AMRO, RABO Bank
and ING Bank 256
xi
LIST OF FIGURES
3.1 Financial intermediary functions 37
3.2 The forces for banking change 41
4.1 Comparison of aggregate total assets of five largest banks
in six European countries 81
5.1 Loans and money supply elasticities to GDP 94
5.2 Loans to GDP ratios 95
5.3 Bank loans real growth rate and spread between lending
and money market rates 97
5.4 Loans provisions to net interest income ratio 100
5.5 Return on equity 101
5.6 Loans and securities as a prcentage of total assets 103
5.7 Net interest income as a percentage of gross income 104
5.8 Increase in holding of shares as a percentage of
investment in non financial assets 106
5.9 Self financing as a percentage of total sources 108
5.10 Investment in real assets and shares covered by external
funds, in percentages 110
5.11 Composition of external funds 112
10.1 Banks interest rate margins in Sweden 183
10.2 Public trust index 188
12.1 Average costs 216
12.2 Employees per branch 216
12.3 Assets per branch 217
12.4 Average total costs by sizes 218
12.5 Average financial costs by sizes 219
12.6 Financial costs/total costs 220
12.7 Average operating costs by sizes 220
12.8 Assets by branch 221
12.9 Number of employees per branch 221
12.10 Technological indicators of technical change 222
12.11 Time trend and technological indicators of technical
change (pooling data estimation) 228
12.12 Time trend and techological indicators of technical
change (panel data estimation) 228
xii
List of Figures xiii
12.13 Different approaches to technical change (pooling
data estimation) 232
12.14 Different approaches to technical change (panel
data estimation) 233
12.15 Accumulated var. technical change and average costs by
sizes: levels (AC) and accumulated change (TC) 235
12.16 Efficiency levels v. size 236
12.17 Time trend and technicological indicators of technical
change: operating costs (panel data estimation) 240
12.18 Different approaches to technical change: operating
costs (panel data estimation) 241
13.1 Development of foreign points of sale 1983 91 252
13.2 Development in numbers of personnel working outside
the Netherlands 1983 90 253
13.3 RABO Bank structure of international activities 258
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| spelling | The recent evolution of financial systems ed. by Jack Revell 1. publ. Basingstoke [u.a.] Macmillan [u.a.] 1997 XXX, 283 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Geschichte 1985-1995 gnd rswk-swf Bank Banks and banking -- Europe -- Case studies Asset-backed financing Kreditwesen (DE-588)4032950-1 gnd rswk-swf Europa Europa (DE-588)4015701-5 gnd rswk-swf (DE-588)4522595-3 Fallstudiensammlung gnd-content (DE-588)1071861417 Konferenzschrift 1995 Alicante gnd-content Europa (DE-588)4015701-5 g Kreditwesen (DE-588)4032950-1 s Geschichte 1985-1995 z DE-604 Revell, Jack 1920- Sonstige (DE-588)118945203 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007839923&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The recent evolution of financial systems Bank Banks and banking -- Europe -- Case studies Asset-backed financing Kreditwesen (DE-588)4032950-1 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4015701-5 (DE-588)4522595-3 (DE-588)1071861417 |
| title | The recent evolution of financial systems |
| title_auth | The recent evolution of financial systems |
| title_exact_search | The recent evolution of financial systems |
| title_full | The recent evolution of financial systems ed. by Jack Revell |
| title_fullStr | The recent evolution of financial systems ed. by Jack Revell |
| title_full_unstemmed | The recent evolution of financial systems ed. by Jack Revell |
| title_short | The recent evolution of financial systems |
| title_sort | the recent evolution of financial systems |
| topic | Bank Banks and banking -- Europe -- Case studies Asset-backed financing Kreditwesen (DE-588)4032950-1 gnd |
| topic_facet | Bank Banks and banking -- Europe -- Case studies Asset-backed financing Kreditwesen Europa Fallstudiensammlung Konferenzschrift 1995 Alicante |
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