By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter
In keeping with a colloquium held through SUERF together with the Austrian nationwide financial institution, this e-book addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and fiscal experts.
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Extra resources for Adapting to Financial Globalisation
The ambition is for the largest and best run of these banks to offer to their clients global services to cover the whole spectrum of banking requirements. These goals cannot be achieved by applying automatic rules or doctrines. One reason is that changes are running too fast. As a prominent CEO in London said a few weeks ago: ‘It is hard to be clear about strategy at a time of rapid change’. Fashions are also dangerous: they move from one idea to another without much research or evidence. For instance, a few months ago analysts were stressing the virtues of retail banking, but now they seem to have changed their minds .
2 ‘Transactions costs’ refer to the real costs which have to be incurred to operate through the markets. Ronald Coase explained the existence of firms by reference to transactions costs: firms exist because they help to save transaction costs through a centralized decision-making process. [email protected], a virtual bank opened in 1996 in the USA, claims its operating expenses to be half those of comparable traditional banks. 26 Jacques de Larosière and Eric Barthalon 4 According to a recent report by KPMG (The Economist, 4 December 1999), of more than a 100 large cross-border deals (banks and non-banks) around the world between 1996 and 1998, only 17% added value, the creation of value being measured by comparing movements in share prices with those of competitors in the first year after the merger.
5 In addition, it is sometimes argued that regulatory variety and competition could minimize regulatory burden and regulatory capture. The second reason for keeping regulatory and supervisory authorities decentralized relates to economic and institutional aspects. EMU comprises countries with different histories, cultures and behavioral traditions. Not only does this apply to the cultures in the true sense of the word, but also to the financial and regulatory practices. Due to their local knowledge national regulators have a comparative advantage in dealing with idiosyncratic national characteristics of their respective financial intermediaries.
Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter