intense competition on banks and other financial institutions, as a period of oligopoly ends: more rather than less innovation is needed to help share undi- versifiable risks, with more attention to correlations between different risks. Charles Goodhart of the London School of Economics (LSE), while ques- tioning the idea that volatility has increased, concludes that structural changes have made regulation more problematic and calls for improved information availability on derivatives transactions. In a thirteen country case study of the bond market turbulence of 1994, Bo- rio and McCauley of...

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new...

Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general,...

The Papers collected in this volume are those presented at the ninth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financi{ res (SUERF), which took place at Helsing r, Denmark, in October 1980. The Society is supported by a large number of central banks, commercial banks, -and other fmancial and business institutions, as well as by academics and others interested in monetary and fmancial problems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas, valued by academics and practitioners in these...

The papers collected in this volume are those presented at the twelfth Colloquium arranged by the Societe Universitaire Europeenne de Re- cherches Financieres (SUERF) which took place in Cambridge in March 1985. The Society is supported by a large number of central banks, commercial banks and other financial and business institutions, by treasury officials and by 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, valued by academics and practi- tioners in...

By now it has become obvious that Federal Reserve actions have an immense impact on the functioning of our economy. As a result, a great deal of research has been done on the Fed and on monetary policy. Much of this work is normative; it tells us what the Fed should do. Positive work on the Fed has usually tried to elucidate particular Fed policies, and has not tried to present a theory of why the Fed behaves the way it does. The dominant theory of Fed behavior is that the Fed does what it believes to be best for the public welfare. This theory - usually left implicit - is so simple, and...

Optoelectronics ranks one of the highest increasing rates among the different industrial branches. This activity is closely related to devices which are themselves extremely dependent on materials. Indeed, the history of optoelectronic devices has been following closely that of the materials. KLUWER Academic Publishers has thus rightly identified "Materials for Optoelectronics" as a good opportunity for a book in the series entitled "Electronic Materials; Science and Technology." Although a sound background in solid state physics is recommended, the authors have confined their contribution to...

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new...

Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general,...

This volume deals with the problems associated with the design and reform of the tax system. The traditional theory of optimal taxation and reform ignores some important, real-world constraints, such as transaction and administration costs, demographic changes and, in general, dynamic features and political or institutional constraints. Design and Reform of Taxation Policy focuses attention on some of these critical issues. The book is divided into two sections: the first deals mainly with theoretical issues, while the second tackles the problem of implementation of tax reforms with the main...