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European Financial Systems in the Global Economy


Based on class-tested material, this book is an introduction to European Financial Markets and Institutions. It provides an overview of sources of finance, types of financial intermediation and financial systems in Europe and their relative importance in the world economy. It describes market mechanisms and prices and gives a broad introduction to the relevant regional financial and monetary issues, including the new EU member countries and those countries that have not yet joined the EU.

It is an ideal primer for final year undergraduates, MBA and MSc students and those undertaking qualifications in finance.

There is a supporting web site including a lecturer’s resources pack, a testbank for students to practice what they have learnt in the book and a site with short pieces and amendments and additional materials intended to stimulate discussion and further reading which will be updated from time to time.

This text is a very useful state-of-the-art evaluation of European finance. Over the last decade financial markets and financial institutions in Europe have undergone a historic transformation. The Euro financial market is now a real alternative to the US dollar market, providing European firms with opportunities and financial market pressure unknown in the past. This book analyses the evolution to the present market configuration and the potential way forward. A brilliant and important achievement.” Alfred Steinherr, Chief Economist, European Investment Bank

This authoritative textbook on the European financial architecture is most welcome, and provides excellent coverage of the key markets and instruments as well as financial institutions from strategic and regulatory perspectives. The book makes a strong contribution to broader understanding of this critical and rapidly changing sector of the European economy.” Ingo Walter, Seymour Milstein Professor and Director, Global Business Institute, Stern School of Business, New York University

Within just a few years, European financial markets have undergone a tremendous transformation because of changes of the currency and regulatory environment in the European Union. The volume by Dr. Beate Reszat fills an opening gap in the literature by providing a comprehensive, analytical survey of the integration of European Financial Systems and their role within the world economy. Readers will find its contents useful and stimulating.” Gunter Dufey, Prof. (em.) The University of Michigan, Ann Arbor MI., USA and Prof. of Banking and Finance at NBS, Nayang Technological University, Singapore

Dr Beate Reszat is head of research on International Financial Markets at the Hamburg Institute of International Economics. She is also lecturer on a course on the Japanese economy at the University of Hamburg, teaches a course on European and International Financial Markets as part of the Master of European Studies Programme at Hamburg University, and a general Macroeconomics course at Nordakademie, a private university directly supported by business partners. She has worked for the International Monetary Fund, Washington, D.C., the Economic Planning Agency, Tokyo, and as Visiting Scholar with the Bank of Japan, Tokyo. She has published widely on international financial relations, exchange rates and Japan's financial markets. She is author of The Japanese Foreign Exchange Market and co-editor (with Lukas Menkhoff) of Asian Financial Markets – Structures, Policy Issues and Prospects. Her research interests include international monetary policy cooperation, the relationship between financial systems and economic development and the role of international finance for world city growth.
About the Author.

1. Introduction

2. European financial markets in history

3. Market structures

3.1. Financial systems, markets and intermediaries

3.2. Financial market typology

3.2.1. Non-tradables and non-transferables

3.2.2. Securities

Fixed-income markets

Equity markets

3.2.3. Derivatives

3.3. Financial systems in Europe

3.3.1. Bank-based systems

3.3.2. Market-based systems

3.3.3. Financial systems in Eastern Europe

3.4. External markets

3.4.1. Euromarkets

3.4.2. Offshore centres

3.4.3. Virtual market places

4. European financial markets in the world economy

4.1. Banks

4.2 Exchanges

4.3. Venture capital

4.4. Payment, clearing and settlement systems

5. Market mechanisms and prices

5.1 Diversification, hedging and arbitrage

5.2. Market dynamics and the role of expectations

5.3. Price patterns

6. Policy Issues

6.1. Policy targets

6.2 Policy cooperation.

6.3 EMU and financial integration.

7. Conclusions.

Appendix A: Bill of Exchange as Medieval Credit Instrument.

Appendix B: The Tobin Tax.

Appendix C: CFA Franc Zone.

Appendix D: Rating Agencies.

Appendix E: Optimum Currency Area.

Appendix F: Luxembourg.

Appendix G: Nonlinearities.

Appendix H: Value at Risk.

Appendix I: Legend to the FESE Diagram of the European Exchanges.