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Internationalization of financial markets, efficiency and stability

Author: Dermine, Jean INSEAD Area: FinanceIn: Europe and global economic interdependence by Léonce Bekermans and Loukas Tsoukalis; Presses Interuniversitaires Européennes, 1993 Language: EnglishDescription: p. 159-171.Type of document: INSEAD ChapterNote: Please ask the Library for this chapter.Abstract: The essay provides an economic framework to assess the prudential regulation of European financial services. It addresses the issue of hierarchy of regulations -the eventual need for centralized regulations at the level of a European System of Central Banks, harmonization of national regulations, or competitive (de-)regulation. An analysis of the sources of market failure concludes that competition between national regulators will benefit consumers of financial services and the efficiency of financial markets in most cases. The paper warns against an abusive interpretation of the "public interest" criterion which is often used to restrict competition. Finally, it is argued that more work remains to be done to achieve open and stable financial markets. In particular, the prudential regulation of firms with significant risks located abroad should be organized by both the home and host country authorities
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The essay provides an economic framework to assess the prudential regulation of European financial services. It addresses the issue of hierarchy of regulations -the eventual need for centralized regulations at the level of a European System of Central Banks, harmonization of national regulations, or competitive (de-)regulation. An analysis of the sources of market failure concludes that competition between national regulators will benefit consumers of financial services and the efficiency of financial markets in most cases. The paper warns against an abusive interpretation of the "public interest" criterion which is often used to restrict competition. Finally, it is argued that more work remains to be done to achieve open and stable financial markets. In particular, the prudential regulation of firms with significant risks located abroad should be organized by both the home and host country authorities

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