Financial Strategies and Public Policies: Banking, Insurance and Industry PDF
Preview Financial Strategies and Public Policies: Banking, Insurance and Industry
FINANCIAL STRATEGIES AND PUBLIC POLICIES Also edited by Zuhayr Mikdashi BANKERS' AND PUBLIC AUTHORITIES' MANAGEMENT OF RISKS INTERNATIONAL BANKING: Innovations and New Policies Financial Strategies and Public Policies Banking, Insurance and Industry Edited by Zuhayr Mikdashi Professor ofB anking and Financial Systems and Director, Institute of Banking and Financial Management University of Lausanne (HEe) lSOth YEAR M St. Martin's Press © Ecole des Hautes Etudes Commerciales 1993 Softcover reprint of the hardcover I st edition 1993 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published in Great Britain 1993 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-12179-3 ISBN 978-1-349-12177-9 (eBook) DOI 10.1007/978-1-349-12177-9 First published in the United States of America 1993 by Scholarly and Reference Division, ST. MARTIN'S PRESS, INC., 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-09113-2 Library of Congress Cataloging-in-Publication Data Financial strategies and public policies: banking, insurance, and industry / edited by Zuhayr Mikdashi. p. cm. Includes index. ISBN 978-0-312-09113-2 1. Finance. 2. Economic policy. I. Mikdashi, Zuhayr M. HG175.F553 1993 332-<1c20 92-34120 CIP To those whose creativity and achievements are guided by universal ethical values Contents List of Tables and Figures x Acknowledgements xi Foreword by Otto Stich xii Preface by Pierre Languetin xiv Notes on the Contributors xvii 1 Strategies of Industrial Enterprises and of International Finance Walter V. Shipley 1 2 Highlights on BP's New Distribution of Functions David Simon 7 3 Limitations to Merging Lines of Business Andre Levy-Lang 11 4 Changes in the Japanese Financial System and the Intermediary Functions of Banks Hideo Ishihara 17 5 The Insurance Industry in the 1990s John Greig 30 6 Global Consolidation of the Financial Services Industry David R. Morgan 34 7 The US Financial Situation and Banking System - Implications for Regulation and Monetary Policy David W. Mullins Jr 50 8 'Competition': A New Entry in the Regulators' Dictionary? Markus Lusser 56 vii viii Contents 9 Challenges of MonetarylFinancial Regulatory Policies since the 1980s Shijuro Ogata 61 10 Perspectives of Monetary Policies 66 Stefan SchOnberg 11 Globalisation of Securities Markets and Comprehensive Financial Services Reform in the United States Mary Ann Gadziala 72 12 The Regulation of Financial Conglomerates and 'Contagion Risk' Alain Hirsch 80 13 Economic Reform in Czechoslovakia and the Role of Foreign Assistance Vaclav Klaus 90 14 The Financing of German Unity Manfred Overhaus 95 15 Non-Debt-Creating Transfers of Financial Resources during the 1990s: The Case of Mexico Jose Angel Gurria Trevino 112 16 Do Banks have a Role to Play in Foreign Non-Debt- Creating Transfers of Financial Resources? Walter G. Frehner 123 17 Strategies of Multinational Industrial Groups: The Car Industry Christian Dor 147 18 The Financial Needs of Major Corporations Reto F. Domeniconi 151 19 International Capital Markets: Evolution and Prospects Hans-Jorg Rudloff 157 Contents ix 20 The European Financial Area and Switzerland lean-Paul Chapuis 163 21 EC Regulation in the Financial Services Sector lean-Pierre Fevre 173 22 Coping with Uncertainty in the Financial Services Sector: A Few Policy Reflections Zuhayr Mikdashi 180 Institutions Represented by their Leaders at Colloquia Organised by Professor Zuhayr Mikdashi at the University of Lausanne 197 Index 201 List of Tables and Figures Tables 15.1 The Mexican economy 121 15.2 Total external debt: Mexico 122 16.1 Comparison between Southeast Asia and Latin America 125 16.2 Restrictions on foreign investment in Latin America 130 16.3 Stock markets in emerging economies 134 16.4 Capital flight and repatriation in Latin America 142 22.1 Uncertainty, risks and constraints encountered by management 181 Figures 4.1 Net worth ratio of large companies in Japan and the US 22 4.2 Share of external fund-raising of Japanese large corporations by firm 22 4.3 Share of liabilities of non-financial corporate sector by firm 23 4.4 Share of corporate bonds outstanding by holder 24 4.5 Share of stocks outstanding by holder 24 4.6 Share of personal financial assets outstanding 25 4.7 Growth in loans outstanding of financial institutions 26 16.1 Annual net flows of capital to developing economies 124 16.2 Aggregate net resource flows to developing countries 128 x
The list of books you might like
