By Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker
Written for undergraduate and graduate scholars of finance, economics and company, the 3rd variation of economic Markets and associations offers a clean research of the ecu economic climate. Combining idea, information and coverage, this winning textbook examines and explains monetary markets, monetary infrastructures, monetary associations and the demanding situations of monetary supervision and festival coverage. The 3rd version positive aspects larger dialogue of the monetary and euro crises, together with broad research in their explanations and impression, in addition to their treatments. New fabric covers unconventional financial rules, the Banking Union, the Basel three capital adequacy framework for banking supervision, macroprudential guidelines and country relief keep watch over utilized to banks. the hot variation additionally beneficial properties wider foreign assurance, with higher emphasis on comparisons with nations outdoor the eu Union. stopover at the better half web site at www.cambridge.org/de_Haan3e for workouts, ideas, figures and tables for college kids, and PowerPoint lecture slides for teachers.
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Extra resources for European Financial Markets and Institutions
Thus, financial systems that make it easier for people to diversify risk by offering a broad range of high-risk (like equity) and lowrisk (like government bonds) investment opportunities tend to induce a portfolio shift towards projects with higher expected returns. Likewise, the ability to hold a diversified portfolio of innovative projects reduces risk and promotes investment in growth-enhancing innovative activities (Levine, 2005). , the ease and speed with which agents can convert assets into purchasing power at agreed prices (Levine, 1997).
Depositors may also be protected by introducing some deposit-insurance system, but this may provide the intermediary with an even stronger incentive for risky behaviour. Finally, there is a risk that a sound financial intermediary may fail when another intermediary goes bankrupt due to taking too much risk (contagion). Since the public cannot distinguish between sound 12 European Financial Markets and Institutions and unsound financial institutions, they may withdraw their money once a financial intermediary fails, thereby perhaps destroying a sound institution.
Papaioannou (2008) points out that evidence based on cross-country cross-sectional regressions faces various problems in establishing causality. First, it is almost impossible to account for all possible factors that may foster growth. Second, the effect of financial development may be heterogeneous across countries. Third, there can be reverse causation: financial development can be both the cause and the consequence of economic growth. Finally, the indicators of financial development as generally used in these studies (such as private domestic credit to GDP and market capitalisation as a share of GDP) lack a sound theoretical basis.