Oxford Review of Economic Policy
Опубликовано на портале: 15-12-2002Xavier Vives Oxford Review of Economic Policy. . Vol. 17. No. 4. P. 535-547.
This paper reviews the role of competition in banking against the background of a transforming sector. It uses industrial organization and modern financial intermediation analysis to study the relationships between the level of competition, risk-taking incentives, and the regulatory frame. The consequences for market structure of the liberalization process and the need for competition policy in the sector are highlighted.
Опубликовано на портале: 15-12-2002Mark R. Rosenzweig Oxford Review of Economic Policy. . Vol. 17. No. 1. P. 40-54.
The empirical literature on savings in low-income countries has exploited some remarkable data sets to shed new light on savings behavior in the poor agricultural households that make up the majority of the population in such countries. A number of conclusions have emerged: 1. The degree of consumption smoothing over seasons within the year and across years, in response to very large income fluctuations, is higher than was supposed. 2. The lack of complete insurance and credit markets, however, is manifested in asset stocks and asset compositions among farmers, especially small farmers, that are inefficient. 3. The combination of low and volatile incomes is an important cause of inefficiency and income inequality. 4. The proximity of formal financial institutions increases financial savings and crowds out informal insurance arrangements, thus, in principle, better facilitating financial intermediation. 5. Simple life-cycle models of savings do not appear to explain long-term savings in low-income settings.
Опубликовано на портале: 15-12-2002William J. Wilhelm Oxford Review of Economic Policy. . Vol. 17. No. 2. P. 235-247.
Financial markets are markets for information. As such, they are directly influenced by advances in information dissemination, storage, and processing associated with the commercial development of the Internet. On the other hand, given the long-standing centrality of information in financial markets, the consequences of the Internet for financial markets can be understood as evolutionary rather than revolutionary. This paper provides a framework for understanding how the historical interplay between information technology and human capital has influenced financial market structure. In doing so, it sheds light on the recent reorganization of financial markets. Implications for reorganization of product markets where the impact of the Internet is more abrupt might be inferred.
The political economy of finance [статья]
Опубликовано на портале: 22-05-2004Marco Pagano, Paolo Volpin Oxford Review of Economic Policy. 2001. Vol. 17. No. 4. P. 502-519.
The regulations that shape the design and operations of corporations and credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these international differences exist and of whether they tend to persist over time. However, a recent strand of research has shown that some progress on these issues can be made using the approach of the new political economy, which models regulations and its enforcement as the result of the balance of power between social and economic constituencies. This paper offers a first assessment of the results and potential of this approach in three fields: corporate finance, banking, and securities markets.