International Competitiveness in Financial Services

1. Front Matter

   Pages i-iii

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2. Introduction

   • Marvin H. Kosters, Allan H. Meltzer

   Pages 1-3

3. The Financial System and Economic Performance

   • Robert C. Merton

   Pages 5-42

4. Commentary: The Financial System and Economic Performance

   • Allan H. Meltzer

   Pages 43-47

5. Commentary: The Financial System and Economic Performance

   • John B. Taylor

   Pages 49-51

6. U.S. Banking in an Increasingly Integrated and Competitive World Economy

   • George J. Benston

   Pages 53-81

7. Commentary: U.S. Banking in an Increasingly Integrated and Competitive World Economy

   • Robert Litan

   Pages 83-86

8. Commentary: U.S. Banking in an Increasingly Integrated and Competitive World Economy

   • Kathleen B. Cooper

   Pages 87-90

9. Internationalization of the World’s Securities Markets: Economic Causes and Regulatory Consequences

   • Joseph A. Grundfest

   Pages 91-120

10. Commentary: Internationalization of the World’s Securities Markets: Economic Causes and Regulatory Consequences

    • Franklin R. Edwards

    Pages 121-124

11. Commentary: Internationalization of the World’s Securities Markets: Economic Causes and Regulatory Consequences

    • Peter M. Flanigan

    Pages 125-127

12. International Competitiveness of U.S. Futures Exchanges

    • Merton H. Miller

    Pages 129-150

13. Commentary: International Competitiveness of U.S. Futures Exchanges

    • Hans R. Stoll

    Pages 151-155

14. Commentary: International Competitiveness of U.S. Futures Exchanges

    • Bruce Kovner

    Pages 157-160

15. Managing Pension and Retirement Assets: An International Perspective

    • Zvi Bodie

    Pages 161-202

16. Commentary: Managing Pension and Retirement Assets: An International Perspective

    • Kathleen P. Utgoff

    Pages 203-205

17. Commentary: Managing Pension and Retirement Assets: An International Perspective

    • Myron S. Scholes

    Pages 207-211

18. The Corporate Structure of Financial Conglomerates

    • Richard J. Herring, Anthony M. Santomero

    Pages 213-239

19. Commentary: The Corporate Structure of Financial Conglomerates

    • William S. Haraf

    Pages 241-249

20. Commentary: The Corporate Structure of Financial Conglomerates

    • Michael S. Helfer

    Pages 251-253

financial markets suggests that factors such as differences in capital requirements, limi­ tations on size or on the range of financial activities in which firms can engage, govern­ ment guarantee arrangements for deposits or payments, and reporting or disclosure requirements can have important effects on the efficiency of industrial and commercial firms and thus on the international competitive positions of major sectors of the U.S. economy. Regulatory and tax policies must therefore take into account effects on inter­ national competitive positions in addition to domestic concerns. The articles in this issue analyze differences in market organization and regulation across countries and examine how efficiency in producing financial services is influenced by these differences. These articles were presented and discussed at a conference sponsored by the Amer­ ican Enterprise Institute in Washington, D.C., on May 31 and June 1, 1990. This confer­ ence on International Competitiveness in Financial Services brought to the attention of Washington policy officials these analyses by leading scholars in finance. Publication of these studies and critiques in the Journal of Financial Services Research is intended to stimulate further interest in research on these important issues.

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