Financial intermediation in Europe:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston
Kluwer Academic
2002
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references (p. [217]-226) and index |
| Physical Description: | 230 p. ill. : 25 cm |
| ISBN: | 1402070098 |
Staff View
MARC
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| 245 | 1 | 0 | |a Financial intermediation in Europe |c Luke Drago Spajić |
| 264 | 1 | |a Boston |b Kluwer Academic |c 2002 | |
| 300 | |a 230 p. |b ill. : 25 cm | ||
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| 650 | 4 | |a Intermediation (Finance) -- Europe | |
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Record in the Search Index
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Contents
Tables, Balance sheets and Figures xi
Abbreviations xiii
Acknowledgements xv
1 Introduction 1
1.1 Financial and Monetary Integration in Europe 1
1.2 Synopsis 6
1.2.1 Chapter 2 6
1.2.2 Chapter 3 7
1.2.3 Chapter 4 8
1.2.4 Chapter 5 10
1.2.5 Chapter 6 12
1.2.6 Chapter 7 15
1.3 Collaborative Research 16
2 Banking under EU Integration 17
2.1 Introduction 17
2.2 The Single Market Programme and EU Banking 18
2.3 Assessing the Impact of Integration on EU Banking 20
2.3.1 Market structure, internationalisation and M A activity 20
2.3.2 Economies of scale and scope 24
2.3.3 Cross border costs and other operating costs 26
2.3.4 X (in)efficiency and productivity 27
2.3.5 Revenues and returns 30
2.4 Bank Pricing under Integration 32
2.4.1 Earlier empirical studies on EU financial product pricing 33
2.4.2 Methodology on pricing in the EU (1997) study 36
2.4.3 Empirical evidence on pricing 40
2.4.4 Empirical evidence on convergence in pricing 49
2.4.5 Bank pricing strategy under SMP 51
2.5 Bank Strategies under Integration 52
2.6 Concluding Remarks 58
3 Theoretical Foundations of Financial Intermediation 61
3.1 The Nature of Financial Intermediation 61
3.2 Connecting the Financial System with the Economy 63
3.3 Modern Theory of Finance and the Problem of Banking 67
3.3.1 The modern theory of finance 68
3.3.2 A heterodox theory of finance 70
3.3.3 Risk versus uncertainty 71
3.4 So What Do Banks Do? 72
3.4.1 The Q view and the R view: banking fables 73
3.4.2 Properties of bank loans 74
3.4.3 Properties of bank deposits 78
3.4.4 Summary 79
3.5 Analysing the Bank Balance Sheet 79
3.5.1 Concepts, doctrines and balance sheet decomposition 81
3.5.2 Balance sheets structures: a note on institutions 87
3.6 Regulation in Banking 88
3.7 Concluding Remarks 91
4 The Analysis of Competition and Applications to Banking 93
4.1 Introduction 93
4.2 Competition Theory and Applications to Banking 95
4.2.1 Structure Conduct Performance (SCP) paradigm 96
4.2.2 The SCP paradigm in banking 100
4.2.3 The Porter approach 102
4.2.4 The Porter approach and banking 104
4.2.5 Contestable markets theory 106
4.2.6 Contestability in relation to banking 108
4.2.7 Game theoretic insights into competitive processes 110
4.2.8 Game theoretic explorations in banking 114
4.3 Double Competition in Banking 117
4.3.1 Risk return optimisation in relation to bank portfolios 117
4.3.2 Sketches of 'double competition' in banking 119
4.4 Problems in the Analysis of Competition in Banking 121
4.4.1 Asset concerns 121
4.4.2 Liability concerns 122
4.5 Concluding Remarks 124
5 Contributions to the Theory of Banking Competition 127
5.1 Introduction 127
5.2 Balance Sheet Segmentation 128
5.3 Regulation of Bank Capital and Balance Sheets 132
5.3.1 The role and regulation of bank capital 132
5.3.2 Regulation of balance sheets: constraints
and shifting emphasis 134
5.4 Strategies in Banking Competition 137
5.4.1 Standardisation, convention and clustering in banking 137
5.4.2 Banking strategies 139
5.4.2.1 Independent strategy 140
5.4.2.2 Interactive strategy 140
5.4.2.3 Acquisitional strategy 141
5.4.2.4 Strategies in response to systemic change 142
5.5 Influences on Bank Pricing 144
5.5.1 Pricing versus portfolio adjustment 144
5.5.2 Kinked demand curve and bank pricing 147
5.5.3 Term structure of interest rates 150
5.5.3.1 Theories and technicalities 151
5.5.3.2 Term structure in relation to monetary policy 154
5.6 Concluding Remarks 154
6 European Banking Responses to Yield Curve Impulses 159
6.1 Introduction 159
6.2 Connections Between Term Structure and Banking 161
6.2.1 Competitive influences: a brief recap 161
6.2.2 The term structure and bank pricing 164
6.2.2.1 Competition and kinked demand 165
6.2.2.2 Credit rationing: asset risk and fragility
concerns 166
6.2.3 Portfolio allocation: wholesale and retail exposures 167
6.2.4 The role of profits, capital and dividends 168
6.3 Banking System Sensitivity to Monetary Policy 171
6.4 Empirical Evidence 174
6.4.1 Data description 174
6.4.2 Term structure and bank pricing: empirical evidence 175
6.4.3 Vector autoregressive impulse response analysis:
VAR procedure 180
6.4.4 Model selection 184
6.4.5 Testing 186
6.5 Results: Tables and Simulations 187
6.6 Analysis of Results 197
6.7 Concluding Remarks 199
6.8 Appendix: Term Structure as Information About the
Economy 202
7 Reflections 209
7.1 Contributors to Financial Economics 209
7.2 Monetary Integration: The View from Banking 213
8 Bibliography 217
Index 227
Tables, Balance sheets and Figures
Tables
2.1 Five firm concentration ratio: pre and post SMP 21
2.2 Changes in trade with other EU countries since full
implementation of SMP 22
2.3 X inefficiencies in EU banking markets 28
2.4 PW/Cecchini study results: the prices of five products in 1987 35
2.5 Postal survey study results: the prices of five products in 1996 35
2.6 Price changes for different types of loans since full
implementation of SMP 41
2.7 Implementation of legislative change the key changes 43
2.8 Price changes in corporate/retail customer deposits
since implementation SMP 45
2.9 Extent to which SMP responsible for any reported
changes in deposit prices 46
2.10 Relative importance of factors influencing bank strategies 53
2.11 Extent to which strategy has been revised in response to SMP 55
2.12 The nature of perceived strategic responses to SMP 56
3.1 Rationales for regulation 89
3.2 Classification of the methods of banking regulation 90
4.1 Structure conduct performance paradigm notions 97
4.2 Generic strategies 103
4.3 Five forces analysis of the commercial banking industry
in the US 106
6.1 Regressions: deposit (dependent) vs. t bill rates
(independent) 176
6.2 Regressions: loan rates (dependent) vs. bond yields
(independent) 177
6.3 Term structure proxies: data description 179
6.4 Term structure bank pricing proxies: correlation
coefficients 180
6.5 Countries: data description 185
6.6 The model: data description 185
6.7 Germany: VAR model 187
6.8 Germany: Cointegrating VAR model 187
6.9 France: VAR model 190
6.10 France: Cointegrating VAR model 190
6.11 United Kingdom: VAR model 191
6.12 United Kingdom: Cointegrating VAR model 192
6.13 Italy: VAR model 194
6.14 Italy: Cointegrating VAR model 194
Balance sheets
3.1 Maturity transformation and risk intermediation 80
3.2 Characteristic versus competitive components 84
3.3 An ordinary 'bank' 85
3.4 A 'Rump' bank 86
5.1 Bank balance sheet breakdown specified 129
6.1 Term structure and bank pricing 163
Figures
2.1 Number of mergers and acquisitions in EU financial
services 1985 95 23
2.2 Decreases in the costs of supplying financial services
cross border 26
2.3 EU 8 averages: price of corporate and mortgage loans 43
2.4 EU 8 averages: Long bond rate minus money market rate 44
2.5 Changes in deposit prices: by country and the impact of SMP 46
2.6 EU 8 averages: price of demand and time deposits 47
2.7 Convergence of loan prices in Member States on the EU mean 49
2.8 Convergence of deposit prices on the EU mean 50
2.9 Importance of SMP for bank strategy with respect to pricing 52
3.1 Mapping a financial system 64
4.1 Forces driving industry competition 102
4.2 Using mean variance to depict the bank's asset liability choice 118
5.1 The reaction function for a kinked demand curve 148
5.2 Reaction curves and the kinked demand curve 149
6.1 Hypothetical movements in loan rates and bond yields 178
6.2 Germany: Term structure: T bill and bond rate 187
6.3 Germany: Term structure and the banking variables 189
6.4 France: Term structure: T bill and bond rate 189
6.5 France: Term structure and the banking variables 190
6.6 United Kingdom: T bill and bond rate 193
6.7 United Kingdom: Term structure and the banking variables 193
6.8 Italy: Term structure: T bill and bond rate 195
6.9 Italy: Term structure and the banking variables 196
6.10 Italy: VAR response of banking system 196 |
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| spelling | Spajić, Luke Drago Verfasser aut Financial intermediation in Europe Luke Drago Spajić Boston Kluwer Academic 2002 230 p. ill. : 25 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references (p. [217]-226) and index Europäische Union (DE-588)5098525-5 gnd rswk-swf Geschichte 1990-2000 gnd rswk-swf Bank Banks and banking -- Europe Intermediation (Finance) -- Europe Interest rates -- Europe Kreditwesen (DE-588)4032950-1 gnd rswk-swf Finanzintermediation (DE-588)4368756-8 gnd rswk-swf Europa Europäische Union (DE-588)5098525-5 b Finanzintermediation (DE-588)4368756-8 s Geschichte 1990-2000 z DE-604 Kreditwesen (DE-588)4032950-1 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009899184&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Spajić, Luke Drago Financial intermediation in Europe Europäische Union (DE-588)5098525-5 gnd Bank Banks and banking -- Europe Intermediation (Finance) -- Europe Interest rates -- Europe Kreditwesen (DE-588)4032950-1 gnd Finanzintermediation (DE-588)4368756-8 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4032950-1 (DE-588)4368756-8 |
| title | Financial intermediation in Europe |
| title_auth | Financial intermediation in Europe |
| title_exact_search | Financial intermediation in Europe |
| title_full | Financial intermediation in Europe Luke Drago Spajić |
| title_fullStr | Financial intermediation in Europe Luke Drago Spajić |
| title_full_unstemmed | Financial intermediation in Europe Luke Drago Spajić |
| title_short | Financial intermediation in Europe |
| title_sort | financial intermediation in europe |
| topic | Europäische Union (DE-588)5098525-5 gnd Bank Banks and banking -- Europe Intermediation (Finance) -- Europe Interest rates -- Europe Kreditwesen (DE-588)4032950-1 gnd Finanzintermediation (DE-588)4368756-8 gnd |
| topic_facet | Europäische Union Bank Banks and banking -- Europe Intermediation (Finance) -- Europe Interest rates -- Europe Kreditwesen Finanzintermediation Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009899184&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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