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Financial Integration in Europe

  • Book
  • © 1993

Overview

Authors:
  1. Harald A. Benink

    1. University of Limburg, Maastricht, The Netherlands

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Part of the book series: Financial and Monetary Policy Studies (FMPS, volume 24)

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction, Summary and Consequences

    • Harald A Benink
    Pages 1-23

  3. Liberalisation of Capital Movements

    • Harald A. Benink
    Pages 25-47

  4. Credit Institutions and Investment Firms

    • Harald A. Benink
    Pages 49-125

  5. Securities Markets and Undertakings for Collective Investment in Transferable Securities (UCITS)

    • Harald A. Benink
    Pages 127-155

  6. Insurance Companies

    • Harald A. Benink
    Pages 157-200

  7. Pension Funds

    • Harald A. Benink
    Pages 201-202

  8. Back Matter

    Pages 203-204
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Keywords

About this book

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.

Authors and Affiliations

  • University of Limburg, Maastricht, The Netherlands

    Harald A. Benink

Bibliographic Information

  • Book Title: Financial Integration in Europe

  • Authors: Harald A. Benink

  • Series Title: Financial and Monetary Policy Studies

  • DOI: https://doi.org/10.1007/978-94-011-1838-5

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media Dordrecht 1993

  • Hardcover ISBN: 978-0-7923-1849-1Published: 30 November 1992

  • Softcover ISBN: 978-94-010-4811-8Published: 03 October 2013

  • eBook ISBN: 978-94-011-1838-5Published: 06 December 2012

  • Series ISSN: 0921-8580

  • Series E-ISSN: 2197-1889

  • Edition Number: 1

  • Number of Pages: XI, 204

  • Topics: Finance, general

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