Banking, International Capital Flows and Growth in Europe: by Paul J. J. Welfens, Holger C. Wolf (auth.), Professor Dr.

By Paul J. J. Welfens, Holger C. Wolf (auth.), Professor Dr. Paul J. J. Welfens, Professor Holger C. Wolf (eds.)

Paul J.J. Welfens and Holger C. Wolf whereas the economies of Asia and, extra lately, South in addition to North the US have loved sustained excessive development, the expansion functionality of western Europe and particularly continental Europe has been really modest. Coupled with big advancements in hard work productiveness and - at most sensible - regular capital productiveness, development proved inadequate to maintain employment degrees, less to duplicate the U.S. activity construction luck. Relative inflation functionality has been far better: within the run-up to eu financial Union inflation premiums have dramatically converged in the direction of the reduce finish of the distribution whereas probability premia on previously excessive inflation economies have fallen. but, taking a look ahead, the undoubted good fortune in attaining rate balance is mitigated via the lackluster progress -and particularly employment -performance. certainly, the relative little cognizance paid to tasks directed at elevating monetary progress is startling, not just within the gentle of the united states coverage checklist but additionally in gentle of the extraordinary rebound of these ecu economies that have aggressively tackled the structural difficulties, such a lot prominently the united kingdom and Ireland.

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Additional info for Banking, International Capital Flows and Growth in Europe: Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence

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Moreover, R&D intensity of manufacturing is increasing which creates new asymmetries between high technology firms and banks. This reinforces the role of stock markets which allow investors to monitor firms constantly (ALLEN, 1993). (iv) There are the impacts of the EMU project which for low interest countries such as Germany and the Netherlands - entail the risk of capital losses as the consequence of Euro interest rates in the EMU group which initially were higher than in the status quo ante.

Hungary's foreign debt is a serious external constraint and it is not clear whether striving for a debt reduction accord could have improved the situation of Hungary as a transforming economy. Defaulted debt is still a problem for Russia, although in October 1995 the outline of a debt rescheduling package for the $30bn foreign debt owed to some 600 western commercial banks became apparent. Commercial Papers and Obligations New Financial Services ,- ---~----~---- Financial Services ---I Stock Market Expansion (Rising Turnover Relative to aDP) Venture Capital Financing Placement of Firms to Be Privatized EASTERN EUROPE AND RUSSIA -- BANKS IN WESTERN EUROPE Rising Share of Intra-EU Mergers & Aquisitions; Higher R&D Intensity ~ OJ ;;; 1:1 ....

This might point to similar trends in Europe (KAUFMANN, 1994). There is no doubt that European universal banks will face sharper competition in the context of the single market. The EU's main weakness in fmancial market development is the insufficient role of stock markets and venture capital. NASDAQ announced plans to help launch an EUDAQ in Brussels in 1996. The EU has created a single market in which financial services - including insurance services - can be traded freely. There are, however, still barriers to entry in national markets that stem from the existence of state-owned financial intermediaries, restrictions on hostile takeovers, preferences of citizens for national service providers and high sunk costs related to cumulated marketing expenses.

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