International Financial Markets: The Performance of Britain and Its RivalsThis book measures and explains the performance of major competitor countries in international financial services. Covering the markets for foreign exchange, mergers and acquisition advice, syndicated loans, Eurobonds, international equities, Eurocommercial paper, and Euro-paper notes, the author assesses performance on the basis of the shares of the major institutional players in the United States, Japan, the United Kingdom, and Europe. Explanations for the contrasts in national performance are sought through interviews with senior officials of financial institutions operating in selected markets. The role and importance of a number of explanatory factors are then examined, including the structure of national banking sectors, capital inputs, technology, regulation, and domestic economic conditions. The book concludes by asking how the banking sectors of different countries are likely to fare as international trade in financial services is liberalised. |
Contents
I | 12 |
3 | 21 |
8 | 26 |
25 | 41 |
4 | 73 |
EXPLANATIONS OF RELATIVE PERFORMANCE | 104 |
Domestic conditions | 127 |
The role of capital | 135 |
The influence of domestic markets | 144 |
The statutory separation of financial operations | 151 |
BRITAINS PERFORMANCE | 161 |
Notes | 174 |
References | 183 |
Common terms and phrases
American institutions analysis assets associated Australia bankers banking activities banks and security Banque Paribas British banks British institutions British merchant banks Canada cent commercial and investment commercial banks competitive competitors Continental contrast costs country shares country's financial institutions cross-border M&A cross-nationality CSFB currency Deutsche Bank developed domestic markets dominated economies of scope efficiency Eurobond market Euromoney extent factors feature financial institutions financial markets financial service industries foreign exchange France Germany Goldman Sachs impact innovation inter-country international bonds international capital markets international equities international markets interviewees investment banks issue values Italy Japan Japanese banks Japanese institutions labour force lead managers M&A activity major market diversification measured medium-term notes merger and acquisition Merrill Lynch million Morgan Grenfell Morgan Stanley Netherlands Nordic group number of employees operations Paribas participation recent relatively relevant role significant substantial Switzerland syndicated loans trade United Kingdom universal banks US$mn Whilst
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