dunnettreader + market_integration   11

Vitor Gaspar - The Making of a Continental Financial System; Lessons for Europe from Early American History (2014) IMF working paper
Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial panics. He delivered sound public finances and financial stability. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to search for lessons from early U.S. history. - downloaded via iPhone to DBOX
paper  capital_markets  18thC  risk_assessment  European_integration  US_economy  sovereign_debt  economic_history  market_integration  Eurozone  political_economy  Germany-Eurozone  governance-regional  asset_prices  downloaded  US_history  Hamilton  federalism  regional_blocs 
october 2016 by dunnettreader
Dietz Vollrath - All Institutions, All the Time? | The Growth Economics Blog - April 2015
Wolfgang Keller and Carol Shiue just released a working paper on “Market Integration as a Mechanism for Growth“. They are looking at growth in Germany during… Discusses a neat paper looking at parts of Germany that followed different patterns of economic development and growth in the 19thC, comparing cities based on (1) degree of market integration (measured by wheat prices) and (2) whether they transformed property relations from feudal to liberal, disbanded guilds, and adopted "equality before the rule of law". The second tended to reflect whether a city was conquered by Napoleon. He first looks at each variable and how the authors define it, what's likely involved in whether it's positive for a given city. He critiques some of their methodology, such as combining legal and socioeconomic indicators into a single weighted index. But his strongest critique is how the authors keep refining their analysis to make "institutional" factors appear highly significant, when the significance is unclear to put it charitably. And the biggest problem where they are likely to find significance, cities conquered by Napoleon, doesn't consider different types of causality that might have been involved, e.g. a city's situation geographically (which affected market integration) and degree of economic development might have been part of why Napoleon focused on those cities to conquer, from which he organized things like supply lines or transport for his armies. It's a continuation of his ongoing critique of what he sees as a fad for institutional explanations that don't actually demonstrate what they say they do -- let alone suggest how institutional development could be replicated. -- copied to Instapaper
economic_history  19thC  Germany  feudalism  capitalism  property_rights  guilds  urban_development  institutional_economics  market_integration  Napoleonic_Wars  Napoleonic_Wars-impact  Instapaper  from instapaper
april 2015 by dunnettreader
John Groenewegen - European Integration and Changing Corporate Governance Structures: The Case of France | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 471-479
Speculates that the economic and business cultures of major countries are distinctive enough that the expectation of global convergence on Anglo-Saxon corporate governance norms is too simplistic. It's based implicitly or explicitly on the assumption that liberalization of European capital markets will produce a European-wide market in corporate control that will impose its Anglo-Saxon norms and values via access to and pricing of international capital. He looks at ways that European Integration might reinforce local norms or converge toward a more European set of values and governance practices. Short article, didn't download
article  jstor  France  Eurozone  EU  market_integration  capital_markets  corporate_governance  shareholder_value  corporate_control_markets  busisness-ethics  business-norms  corporate_finance  corporate_citizenship 
september 2014 by dunnettreader
ESMA website section - Market Infrastructure - Central Counterparties | ESMA
EMIR introduces a harmonised set of organisational, business conduct and prudential requirements for clearing service providers. CCPs interpose themselves between counterparties to a derivative contract, becoming the buyer to every seller and the seller to every buyer. In doing so, CCPs become the focal point for derivative transactions thus increasing market transparency and reducing the risks inherent in derivatives markets. National securities regulators are responsible for the authorisation of EU-based CCPs. For each EU-based CCP a college of supervisors will be established made up of relevant national regulators and ESMA. A non-EU CCP needs to be recognised by ESMA to offer clearing services to EU customers. Prior to recognition the EC must adopt an implementing act determining, amongst other issues, that the legal and supervisory arrangements of the relevant non-EU country imposes legally binding requirements which are equivalent to those contained in Title IV of EMIR. For some jurisdictions ESMA has assessed whether non-EU country legislation meets the EMIR standard through ESMA technical advice to the EC on which to base its decision. ESMA does not actively supervise non-EU CCPs, but following recognition defers to the non-EU CCP’s home supervisor to undertake the day-to-day supervision. ESMA’s role in this respect is that of a standard-setter who further clarifies the CCP provisions under EMIR.
website  EU  EU-law  ESMA  financial_system  financial_regulation  international_finance  market_integration  risk-systemic  derivatives  infrastructure-markets  markets-structure  clearing_&_settlement  liability  regulation-harmonization  regulation-enforcement  cross-border  law-and-finance 
september 2014 by dunnettreader
ESMA website section - Trade repositories | Esma
Trade repositories (TRs) centrally collect and maintain the records of derivatives. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability. Under EMIR, ESMA has direct responsibilities regarding the registration, supervision and recognition of TRs based outside the EU. EU-based TRs need to be authorised, and third country (non-EU) based TRs which are doing business in the EU need to be recognised by ESMA, in order for counterparties to use them for their EMIR reporting requirements. Once registered, the TR will be supervised by ESMA in order to ensure that it complies on an on-going basis with all EMIR requirements, thereby enabling regulators to access to data and details of derivative contracts in order for them to fulfil their respective missions. Besides supervising TRs, ESMA also acts as a standard-setter by further detailing the EMIR provisions regarding TRs.
website  EU  ESMA  financial_system  financial_regulation  derivatives  markets-structure  market_integration  risk-systemic  infrastructure-markets  cross-border 
september 2014 by dunnettreader
Trends, risks and vulnerabilities in financial markets - Annual Reports and Working Papers | ESMA
In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro-prudential level, across borders and across sectors. Thereby particular attention is paid to any systemic risk posed by financial market participants, failure of which may impair the operation of the financial system or the real economy. ESMA monitors and assesses such developments in the area of its competence and, where necessary, informs the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the ESRB on a regular and, as necessary, on an ad hoc basis. In cooperation with the ESRB, ESMA also initiates and coordinates Union-wide stress tests to assess the resilience of financial market participants to adverse market developments, and ensures that an as consistent as possible methodology is applied at the national level to such tests. In order to perform its functions properly, ESMA conducts economic analyses of the markets and the impact of potential market developments. On this basis, ESMA produces annually two reports on risk, trends and vulnerabilities.
report  paper  EU  ESMA  financial_system  financial_regulation  banking  NBFI  capital_markets  money_market  risk-systemic  markets-structure  market_integration  cross-border 
september 2014 by dunnettreader
Summary Report on the mapping of contingency measures | ESMA - Nov 2011
The main conclusion is that it is unlikely that CESR [now ESMA] Members can address a crisis situation on a common or comparable legal basis and accordingly act in a coordinated way in a crisis. The availability of powers for members in a crisis with respect to the different areas of securities regulation is diverse; the nature and scope of Members’ contingency powers as well as the legal conditions governing their exercise are differing. Members are more prepared to address those crisis situations that have a connecting point with the existing EU Directives. Many Members reported that they can apply powers contained in provisions implementing EU Directives in a crisis situation by assuming that the crisis might meet the conditions required for a "regular" application of such provisions implementing EU Directive. In cases that do not meet the conditions for the regular use of such provisions based on EU-law the basis for supervisory action according to certain powers remains sometimes unclear. In order to enable ESMA and its members to effectively fulfil their functions and roles in a crisis, steps seem to be necessary in order to vest Competent Authorities with a suitable tool to address future situations that constitute or might lead to a crisis.
report  financial_system  financial_crisis  financial_regulation  market_integration  EU  ESMA  regulation-harmonization  regulation-enforcement  cross-border  administrative_law  EU-law  downloaded 
september 2014 by dunnettreader
Home -- European Securities and Markets Authority - ESMA [formerly CESR]
ESMA’s mission is to enhance the protection of investors and reinforce stable and well functioning financial markets in the European Union. ESMA, as an independent EU Authority, achieves this mission by building a single rule book for EU financial markets and ensuring its consistent application and supervision across the EU. ESMA contributes to the supervision of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. -- successor agency as of January 2011 to the Committee of European Securities Regulators
website  government_agencies  administrative_agencies  administrative_law  EU  Europe  capital_markets  financial_regulation  regulation-harmonization  rating_agencies  equity-corporate  derivatives  markets-structure  market_integration  clearing_&_settlement  cross-border  corporate_finance  NBFI  disclosure  accounting  corporate_governance 
september 2014 by dunnettreader
WFE response to IOSCO consultation on market structure -May 2013 | World Federation of Exchanges
Executive Summary - The WFE commends IOSCO for carefully analyzing the issues raised by the growing and disruptive fragmentation and loss of visibility (darkness) in equity markets. The four sensible recommendations in this consultation progress efforts on the part of regulators and exchange operators worldwide to ensure that equity markets continue to serve investors by becoming ever more efficient, transparent and fair. The WFE supports competition and believes that regulators must promote market designs that foster order interaction in a free, transparent and fair competitive environment. Unfortunately, regulations intended to promote competition between and on-exchanges have in recent years been misused to enable the growth of venues designed to avoid competition. The WFE is concerned about the integrity and efficiency of fragmented, complex and dark markets, particularly as it relates to price formation, surveillance, and market resiliency. Market participants are increasingly discouraged from posting competing prices in lit venues, and evidence indicates that spreads are wider than they could be otherwise. Similarly, diminishing transparency and fair access leads to market complexity that makes markets less capable of handling volatility. Finally, the WFE is concerned that a greater share of equities trading occurs away from full regulatory protection offered by regulated exchanges. The WFE calls into question two common practices in fragmented markets. First, retail and institutional orders are systematically segmented toward venues designed to avoid quote competition, where conflicts of interest are unavoidable. Second, fragmented markets increasingly allow participants to step in front of displayed public limit orders on dark venues with little to no price improvement or block trading. The incentive to segment markets and reduce transparency jeopardizes the price discovery process and can adversely impact costs for all investors. The WFE calls attention to the problems that investors and security commissions face in receiving reliable data from OTC equity trading venues. While the WFE believes that the quality of data, and the costs associated with aggregating data should be weighed when changes to market structure are considered, consistent transparency regulations across venues is fundamental to efficient trading and market surveillance.
The WFE supports recent changes made by the security commissions of Canada and Australia in curbing the excesses of OTC equity trading -- didn't download
report  IOSCO  international_organizations  financial_system  financial_regulation  law-and-finance  disclosure  capital_markets  equity-corporate  OTC_markets  competition-financial_sector  market_integration  markets-structure  HFT  self-regulation 
september 2014 by dunnettreader
Frances Coppola - Experiment with Basic Income: The Speenhamland System |Pieria Jan 2014
In 1795, the parish of Speen, in Berkshire, England, embarked on a radical new system of poor relief. Due to the ruinous French wars and a series of poor harvests, grain prices were rising sharply. As bread was the staple food of the poor, rising grain prices increased poverty and caused unrest. Concerned by the possibility of riots, the parish decided to provide subsistence-level income support to the working poor. -- Discusses Poor Laws pre 1832, Bentham attitude to work, Ricardo concern with labor supply, Malthus contrihution to debate - and Deidre McCloskey studies - and post 1834 workhouse system
18thC  19thC  British_history  British_politics  social_history  economic_history  political_economy  Poor_Laws  poverty  Bentham  Ricardo  Malthus  agriculture  taxes  landowners  wages  Labor_markets  Industrial_Revolution  prices  Napoleonic_Wars  Victorian  market_integration  EF-add 
january 2014 by dunnettreader

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