The Experts below are selected from a list of 102 Experts worldwide ranked by ideXlab platform
Jeffrey A. Frankel - One of the best experts on this subject based on the ideXlab platform.
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measuring international capital mobility a review
The American Economic Review, 2016Co-Authors: Jeffrey A. FrankelAbstract:Many barriers to the international movement of capital across national boundaries have been dismantled over the course of the last 20 years. Financial integration was greatly enhanced by the removal of capital controls on the part of the United States, Germany, Canada, Switzerland, and the Netherlands after 1973; the recycling of surpluses to developing countries through the Euromarkets in the 1970's; the removal of capital controls in the United Kingdom and Japan beginning in 1979; financial integration among European Community countries, including France and Italy, in preparation for 1992; recent moves toward financial liberalization in smaller countries in the Pacific; and the steady process of technical and institutional innovation that has proceeded around the world. Some popular tests of international capital mobility, however, appear to show anomalous results. Martin Feldstein and Charles Horioka upset conventional wisdom in 1980 when they concluded that changes in countries' rates of national saving had very large effects on their rates of investment and interpreted this finding as evidence of low capital mobility. The argument
Reszat Beate - One of the best experts on this subject based on the ideXlab platform.
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How Has the European Monetary Integration Process Contributed to Regional Financial Market Integration?
'Morgan & Claypool Publishers LLC', 2017Co-Authors: Reszat BeateAbstract:European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the Euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesser role for collateralised instruments and equities where differences in institutions and systems as well as cultural aspects impose stronger impediments. Experience has shown that in the process of financial integration a common currency is no substitute for the removal of institutional barriers and other obstacles hindering the free move of financial institutions and services. And, it cannot compensate for the specific information about individuals, firms and products required in some market segments that is a lasting impediment to full integration
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How has the European monetary integration process contributed to regional financial market integration?
2003Co-Authors: Reszat Beate, Hamburgisches Welt-wirtschafts-archiv -hwwa- HamburgAbstract:Die europaeische Waehrungsunion war ein Schritt im Prozess der Integration der Finanzmaerkte, aber nicht der einzige. Die Verfasserin zeichnet die Entwicklung von Finanzmaerkten und -systemen in Europa von den Euromaerkten der 1950er Jahre ueber fruehe Wechselkursarrangements und die Etablierung des Gemeinsamen Binnenmarktes bis zur Einfuehrung des Euro nach. Es ueberrascht nicht, dass der Beitrag der gemeinsamen Waehrung zur finanziellen Integration umso staerker ausfaellt, je mehr Gemeinsamkeiten nationale Maerkte aufweisen und je groesser die Bedeutung des Waehrungsrisikos ist. Die groessten Erfolge liegen im Interbankenmarkt fuer sehr kurzfristige, ungesicherte Einlagen und in den Maerkten fuer Anleihen und Derivate, waehrend die Bedeutung bei Kollateralinstrumenten und Wertpapieren geringer war, da sich hier institutionelle Differenzen und Systemunterschiede sowie kulturelle Aspekte als hinderlich erwiesen. Die Erfahrung hat gezeigt, dass eine gemeinsame Waehrung in Bezug auf den Prozess der finanziellen Integration kein Ersatz fuer die Beseitigung von institutionellen Barrieren und anderer Hemmnisse fuer die Bewegungsfreiheit von Finanzinstitutionen und -dienstleistungen ist. Sie kann auch die in einzelnen Marktsegmenten erforderliche Detailinformation ueber Individuen, Unternehmen und Produkte nicht ersetzen, die ein Hindernis auf dem Weg zu umfassender Integration bleibt. (ICEUebers)'European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the Euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesser role for collateralised instruments and equities where differences in institutions and systems as well as cultural aspects impose stronger impediments. Experience has shown that in the process of financial integration a common currency is no substitute for the removal of institutional barriers and other obstacles hindering the free move of financial institutions and services. And, it cannot compensate for the specific information about individuals, firms and products required in some market segments that is a lasting impediment to full integration.' (author's abstract)German title: Welchen Beitrag hat der monetaere Integrationsprozess in Europa zur Integration regionaler Finanzmaerkte geleistet?Available from http://www.hwwa.de/Publikationen/Discussion Paper/2003/221.pdf / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekSIGLEDEGerman
Beate Reszat - One of the best experts on this subject based on the ideXlab platform.
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Contributed to Regional Financial Market Integration?
2003Co-Authors: Beate ReszatAbstract:European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the Euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesse
Robert Mccauley - One of the best experts on this subject based on the ideXlab platform.
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Offshore markets for the domestic currency: monetary and financial stability issues
2024Co-Authors: Robert MccauleyAbstract:We show in this paper that offshore markets intermediate a large chunk of financial transactions in major reserve currencies such as the US dollar. We argue that, for emerging market economies that are interested in seeing some international use of their currencies, offshore markets can help to increase the recognition and acceptance of the currency while still allowing the authorities to retain a measure of control over the pace of capital account liberalisation. The development of offshore markets could pose risks to monetary and financial stability in the home economy which need to be prudently managed. The experience of the Federal Reserve and of the authorities of the other major reserve currency economies in dealing with the Euromarkets shows that policy options are available for managing such risks.offshore markets; currency internationalisation; monetary stability; financial stability
Robert N. Mccauley - One of the best experts on this subject based on the ideXlab platform.
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Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues
2024Co-Authors: Robert N. MccauleyAbstract:We show in this paper that offshore markets intermediate a large chunk of financial transactions in major reserve currencies such as the US dollar. We argue that, for emerging market economies that are interested to see some international use of their currencies, offshore markets can help to increase the recognition and acceptance of the currency, while still allowing the authorities to retain a measure of control on the pace of capital account liberalisation. The development of offshore markets could pose risks to monetary and financial stability in the home economy, which need to be prudently managed. Experience in dealing with the Euromarkets by the Federal Reserve and other authorities of the major reserve currency economies show that policy options are available for managing such risks.offshore markets; currency internationalisation; monetary stability; financial stability
