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Financial Intermediation in Europe

Authors: Spajic, Luke Drago

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About this book

Two items were firmly on the European economic agenda in the 1990s: financial market integration and the creation of a common or single currency. The former was supposed to have been achieved in 1992 (via the Single Market Act, with some derogations), and the latter came into being on January 1, 1999. This study is concerned with a particular connection between the two themes, namely the process of financial intermediation and especially the role of banking. 1.1 Financial & Monetary Integration in Europe Up until the mid-1980s, European financial intermediation was, as else­ where 'on shore' in the post-war period, broadly characterised by a relatively high degree of diverse regulatory control and with cross-border restrictions (e.g., in the form of exchange controls). This resulted in the administration of interest rates and pegging of prime market yields, as well as restrictions on intermediary specialisation. Hence, it was easy to understand why price c ,etition was hardly ever seen. Within this kind of environment, banks and other financial intermediaries (OFIs) competed mainly on non-price terms - for example, through the expansion of branch networks. The Single Market Programme (SMP),l launched in 1986, was in a com­ plex way intended to level out and open up the domestic markets of the European Union (EU) to competition from entities in other Member States.

Table of contents (8 chapters)

Table of contents (8 chapters)

Buy this book

eBook $109.00
price for USA in USD
  • ISBN 978-1-4615-1013-0
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $169.99
price for USA in USD
Softcover $139.99
price for USA in USD
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Bibliographic Information

Bibliographic Information
Book Title
Financial Intermediation in Europe
Authors
Copyright
2002
Publisher
Springer US
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4615-1013-0
DOI
10.1007/978-1-4615-1013-0
Hardcover ISBN
978-1-4020-7009-9
Softcover ISBN
978-1-4613-5351-5
Edition Number
1
Number of Pages
XVI, 230
Topics

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