Financial Structure and Stability

Financial systems: What can we learn from the past? Introduction to the book.- I: Financial stability and globalization.- Evolution of fmandal systems: Convergence towards higher or lower stability?.- Effects of globalization on national monetary policy..- Discussion of Helmut Wagner's "Effects of globalization on national monetary policy".- Are we facing a stock market bubble?.- Discussion of David I. Fand's "Are we facing a stock market bubble?".- What explains the Asian balance of payments crisis? A simple third-generation approach.- Causes and consequences of the Asian economic crisis.- Functions of economic policy in promoting the efficiency of the international fmancial system.- Discussion of Wolfgang File's "Functions of economic policy in promoting the efficiency of the international fmancial system ".- II: Banking systems and restructuring.- Universal banks - A reconsideration.- Efficiency of the banking system: The Italian case.- Discussion of Gianandrea Goisis's "Efficiency of the banking system: The Italian case".- Institutional changes in economies in transition and stability of the banking system.- Discussion of Chuluunbaatar Enkhzaya's "Institutional changes in economies in transition and stability of the banking sector".- Central banking and financial stability in transition economies.- III: Public sector banks 201.- The Saxon savings banks association: Saxony's response to the challenges posed by competition in the banking sector.- Process of change within the universal banking system in Europe.- Public sector banks - hnportance and restructuring Discussion of Georg Milbradt's "The Saxon savings banks association".- IV: Quantitative explorations in financial systems.- Causal links between fmancial activity andeconomic growth: Evidence from two-wave model estimations.- Sovereign risk, reserves, and implicit default probabilities: An option based spread analysis.- Notes on contributors.