Kooperativer Bibliotheksverbund

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Format: ix, 167 Seiten : , Diagramme.

ISBN: 978-0-691-14884-7

Language: English

Subjects: Economics

Keywords: Finanzkrise ; Internationaler Kreditmarkt ; Regulierung

URL: Inhaltsverzeichnis

URL: Inhaltsverzeichnis

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Format: 2 Mikrofiches , 24x

Note: Mikroreprod. e. Ms. VIII, 89 S , Rochester, NY, Univ., Diss

Language: Undetermined

Keywords: Hochschulschrift

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Format: 13 S.

Series Statement: Working paper series / National Bureau of Economic Research 3609

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Format: 40, 1 S.

Series Statement: Working paper series / National Bureau of Economic Research 3290

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Format: 1 online resource: , illustrations (black and white);

Series Statement: NBER working paper series no. w3609

Content: The benefits of international diversification have been recognized for decades. In spite of this, most investors hold nearly all of their wealth in domestic assets. In this paper, we construct new estimates of the international equity portfolio holdings of investors in the U.S., Japan, and Britain. More than 98% of the equity portfolio of Japanese investors is held domestically; the analogous percentages are 94% for the U.S., and 82% for Britain. We use a simple model of investor preferences and behavior to show that current portfolio patterns imply that investors in each nation expect returns in their domestic equity market to be several hundred basis points higher than returns in other markets. This lack of diversification appears to be the result of investor choices, rather than institutional constraints.

Note: January 1991.

Language: English

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Format: 1 online resource (168 p.) : , 3 line illus. 1 table.

Edition: Course Book

ISBN: 9781400835805

Content: In the fall of 2008, fifteen of the world's leading economists--representing the broadest spectrum of economic opinion--gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meetings and provides a revelatory, unified, and coherent voice for fixing our troubled and damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam Lake group sets forth a clear nonpartisan plan of action to transform the regulation of financial markets--not just for the current climate--but for generations to come. Arguing that there has been a conflict between financial institutions and society, these diverse experts present sound and transparent prescriptions to reduce this divide. They look at the critical holes in the existing regulatory framework for handling complex financial institutions, retirement savings, and credit default swaps. They offer ideas for new financial instruments designed to recapitalize banks without burdening taxpayers. To lower the risk that large banks will fail, the authors call for higher capital requirements as well as a systemic regulator who is part of the central bank. They collectively analyze where the financial system has failed, and how these weak points should be overhauled. Combining an immense depth of academic, private sector, and public policy experience, The Squam Lake Report contains urgent recommendations that will positively influence everyone's financial well-being--all who care about the world's economic health need to pay attention.

Note: Frontmatter -- , Contents -- , Preface -- , Acknowledgments -- , Chapter 1. Introduction -- , Chapter 2. A Systemic Regulator for Financial Markets -- , Chapter 3. A New Information Infrastructure for Financial Markets -- , Chapter 4. Regulation of Retirement Savings -- , Chapter 5. Reforming Capital Requirements -- , Chapter 6. Regulation of Executive Compensation in Financial Services -- , Chapter 7. An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities -- , Chapter 8. Improving Resolution Options for Systemically Important Financial Institutions -- , Chapter 9. Credit Default Swaps, Clearinghouses, and Exchanges -- , Chapter 10. Prime Brokers, Derivatives Dealers, and Runs -- , Chapter 11. Conclusions -- , Contributors -- , Index , In English.

Language: English

DOI: 10.1515/9781400835805

URL: https://doi.org/10.1515/9781400835805

URL: https://www.degruyter.com/isbn/9781400835805

URL: https://doi.org/10.1515/9781400835805

URL: https://www.degruyter.com/isbn/9781400835805

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Format: 1 online resource (182 p.)

Edition: Course Book

ISBN: 1-282-63951-X , 9786612639517 , 1-4008-3580-1

Content: In the fall of 2008, fifteen of the world's leading economists--representing the broadest spectrum of economic opinion--gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meetings and provides a revelatory, unified, and coherent voice for fixing our troubled and damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam Lake group sets forth a clear nonpartisan plan of action to transform the regulation of financial markets--not just for the current climate--but for generations to come. Arguing that there has been a conflict between financial institutions and society, these diverse experts present sound and transparent prescriptions to reduce this divide. They look at the critical holes in the existing regulatory framework for handling complex financial institutions, retirement savings, and credit default swaps. They offer ideas for new financial instruments designed to recapitalize banks without burdening taxpayers. To lower the risk that large banks will fail, the authors call for higher capital requirements as well as a systemic regulator who is part of the central bank. They collectively analyze where the financial system has failed, and how these weak points should be overhauled. Combining an immense depth of academic, private sector, and public policy experience, The Squam Lake Report contains urgent recommendations that will positively influence everyone's financial well-being--all who care about the world's economic health need to pay attention.

Note: Includes index. , Frontmatter -- , Contents -- , Preface -- , Acknowledgments -- , Chapter 1. Introduction -- , Chapter 2. A Systemic Regulator for Financial Markets -- , Chapter 3. A New Information Infrastructure for Financial Markets -- , Chapter 4. Regulation of Retirement Savings -- , Chapter 5. Reforming Capital Requirements -- , Chapter 6. Regulation of Executive Compensation in Financial Services -- , Chapter 7. An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities -- , Chapter 8. Improving Resolution Options for Systemically Important Financial Institutions -- , Chapter 9. Credit Default Swaps, Clearinghouses, and Exchanges -- , Chapter 10. Prime Brokers, Derivatives Dealers, and Runs -- , Chapter 11. Conclusions -- , Contributors -- , Index , Issued also in print. , English

Additional Edition: ISBN 0-691-14884-8

Language: English

DOI: 10.1515/9781400835805

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Format: 1 online resource: , illustrations (black and white);

Series Statement: NBER working paper series no. w3290

Content: The difference between reported price-earnings ratios in the United States and Japan is not as puzzling as it appears at first glance. Nearly half the disparity is caused by differences in accounting practices with respect to consolidation of earnings from subsidiaries and depreciation of fixed assets. If Japanese firms used U.S. accounting rules, we estimate that the P/E ratio for the Tokyo Stock Exchange would have been 32.1, not the reported 54.3, at the end of 1988. Accounting differences are unable, however, to explain the sharp rise in the Japanese stock market during the mid-1980s. Changes in required returns on equities, or in investor expectations of future growth for Japanese firms, must be invoked to explain this phenomenon. Real interest rates declined during the period of rapid price increase, but there is little evidence that growth expectations became more optimistic. The real interest rate changes do not, however, appear large enough to fully account for the change in stock prices.

Note: March 1990.

Language: English