The papers collected in this volume are those presented at the eighteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Dublin in May 1994. The Society is supported by a large number of central banks and com mercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank and treasury officials responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume.

Klappentext

The Competitiveness of Financial Institutions and Centers in Europe addresses key questions facing European financial markets today. It relates to the dramatic increase in competition between financial centres and institutions under the influence of several factors -- the effect of innovation in financial products and technological processes, widespread deregulation and associated re-regulation (prudential rules), the implementation of the single market in Europe and the new strategies of institutions and national financial centres facing more competitive conditions. Major subjects include the transfer of fragility from the real economy to the financial sector, and vice versa, through such channels as booming financial activities, intense competition and greater risks, as in property lending, and also the more cautious policies adopted by financial intermediaries in response to losses in the recent recession. The papers were contributed by members of universities, the private financial sector, national and international policy making communities, and presented at the 18th Colloquium of the Société Universitaire Européenne de Recherches Financières, in Dublin, May 1994. They will be of central importance to policy makers, bankers, financial executives and academics.

Inhalt
A Opening Addresses.- I Introduction.- II The Irish Financial Sector in the European Context.- III European Financial Intermediaries and Markets: Lines of Development in an International Context.- IV Is Competitiveness a Dangerous Obsession in the Financial World?.- B Technologies, Products and Markets.- V Banking on Real Estate.- VI Les Surcapacités Bancaires en France.- VII The Screen-Based Market in Government Securities in Italy.- VIII Economies, Inefficiencies and Technical Progress in Swiss Banking.- C The Strategies of Financial Institutions.- IX Efficiency and Banking Strategies in Spain.- X A Case Study on Business Strategies of Austrian Banks.- XI Estonian Strategies in the Reconstruction of its Monetary System.- XII Wholly-Owned Ventures Versus Strategic Alliances in Financial Services Diversification.- XIII New Competitive Strategies in the Italian Financial Services Industry.- XIV Bridge, Poker and Banking.- D Competitiveness and the Competitive Position of International Centres in Europe.- XV The Paris MATIF in the Light of Globalization and Intense Competition.- XVI The Competitive Position of Germany as a Financial Centre as Seen by a Central Banker.- XVII Dublin's International Financial Services Centre: A Review.- XVIII Japan's Financial Markets: Their Competitiveness and Internationalization.- XIX The Internationalisation of the Belgian Banking Sector: A Comparison with the Netherlands.- XX Competition and Financial Centres in Europe: London as a Case Study.- XXI The Swiss Financial Centre Revisited.- E Regulatory Issues and the Management of Systemic Risks in the New Competitive Enironment.- XXII Financial Fragility and Macroeconomic Performance. An Overview.- XXIII Market Liquidity Risk.- XXIV Bank Stability, Deposit Insurance and Regulation.-XXV Les Systèmes de Paiements dans L'intégration Européenne: Enjeu pour les Banques Centrales.- XXVI Deregulation and Financial Fragility: A Case Study of the UK and Scandinavia.- XXVII Default Risk Exposure in Foreign Exchange Rate Derivatives.- XXVIII Governments' Strategies: the Nordic Banking Industries after the Crises.- F Concluding Address.- XXIX General Report on the Colloquium.