This book provides a comprehensive review of the prospects for financial markets in the face of rapid technological development and international integration. It offers a revolutionary perspective, exploring the challenges for regulators and demonstrating a network economics approach to explain the failure of e-money to develop.

Autorentext
IFTEKHAR HASAN Cary L. Washington Professor at the Lally School of Management and Technology, Rensselaer Polytechnic Institute, USA TIMO LIVARINEN Financial Markets and Statistics Department, Bank of Finland, Finland KARLO KAUKO Financial Markets and Statistics Department, Bank of Finland, Finland KARI KEMPPAINEN Financial Markets and Statistics Department, Bank of Finland, Finland TANAI KHIANONARONG Bank of Thailand, Thailand KARI KORHONEN Financial Markets and Statistics Department, Bank of Finland, Finland HARRY LEINONEN Advisor to the Board, Bank of Finland, Finland MARKKU MALKAMÄKI Pohjola, Finland ALISTAIR MILNE Senior Lecturer in Banking, Cass Business School, City University, UK KIRSI RIPATTI Financial Markets and Statistics Department, Bank of Finland, Finland HEIKO SCHMIEDEL European Central Bank, Germany OZ SHY Professor, Department of Economics, University of Haifa, Israel JUHA TARKKA Advisor to the Board, Bank of Finland, Finland JUKKA TOPI Financial Markets and Statistics Department, Bank of Finland, Finland

Inhalt
List of Tables List of Figures Preface Acknowledgements Introduction The Payment System: Structure, Efficiency, Innovation and Regulation Technical Efficiency in Stock Markets Securities Settlement Systems E-Money: An Addendum References Index