Paolo Emilio Mistrulli
Full Text Available After the launch of the single European currency banks of the main euro-area countries have increasingly issued bonds on the Euromarket. In this paper, I investigate the determinants of Italian banks' recourse to international capital markets. I find that, other things being equal, domestic market conditions affect the choice whether to issue Eurobonds. In particular, the econometric analysis highlights that those banks, which are more prone to issue bonds on the Euromarket, are more exposed to liquidity risks and are less specialized in raising deposits on specific domestic submarkets.
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Full Text Available The work assesses Eurocurrency markets and possible official interventions for regulating Eurobanking activity. The author first looks at the definition and origins of the Euromarket. Its structure, functioning and dimensions are then analysed. The problem of regulating Eurobanking activity is then taken into consideration as well as the nature and content of possible intervention by official authorities to regulate Eurocurrency flows.JEL: E58, E44
Full Text Available Romania has entered an era of consumption and its stimulation remains one of the solutions always initiated to support the national economy, especially given that exports are declining due to euro-market problems - the main market for Romanian products.In this context, this paper aims to make a foray in time, starting with the issue of de-industrialization of Romania and subsequently with the transformation of Romanian economy into a tertiary one, accompanied by the simultaneous development of the economy based on consumption. In other words, the role of this paper is to present (using statistical data, the causes of de-industrialization of Romania, elements on the evolution of the tertiary industry, and some features and pitfalls of consumer-based economy. Also, the content of this article does not hesitate to emphasize the author's personal views about the studied phenomenon.
Nashashibi, H S
Private transfers of capital from the Organization of Petroleum Exporting Countries (OPEC) to developing countries are intended to complement private transfers from the Organization of Economic Cooperation and Development (OECD) by tapping the emerging capital markets in the Middle East. Developing countries will be able to diversify their borrowing and gain additional financing. The long-term investment of oil-producing countries will benefit and the pressures on the banking institutions to recycle funds will lessen. Middle East capital markets include international loans and international bonds. The history of the Kuwaiti dinar (KD) bond market, with its advantages for both investors and borrowers, illustrates the successful development of a capital market. Financial intermediation needs to be improved, however, if the Middle East is to become efficient enough to compete with the Euromarkets. Efficiency will require different measures and should reflect strengthening relationships among Middle East nations. (DCK)
Full Text Available Following recent articles by Jager and de Jong on the one hand, and Sarcinelli on the other, the present work offers additional analysis on the topic of the ECU and exchange-rate stability. The author shows that the effect of the ECU on exchange-rate stability mainly depends on the presence of arbitrage activity, i.e. the flows of national currencies which the ECU market gives rise to in order to counterbalance an excess demand for Ecus on the Euromarket. When arbitrage is introduced into the analysis, the relationship between the dollar and mark and pound gets worse (so creating instability whereas the contribution of the ECU to European currencies’ stability remains positive, though reduced. JEL Codes: F15, F36, E42
Roxana Elena Lazăr
Full Text Available The evolution of the European policy in the field of research, development, innovation reflects the maturity process of the European construction, through the very understanding of the particular role of knowledge in economy. An important aspect is the connection with the acknowledgment of the professional’s diplomas, which is based on the principle of automatism, on the mutual trust of the Member States in the qualifications obtained within the territory of any of them, on the tradition regarding the existence of a democratic and elitist education system. The improvement of the quality of education and the avoidance of sideslips are required. For the existence of a functional Euro-market in the field of research, development,innovation the differences between the European Union Member States have to be reduced, before attempting to catch up with the United States of America, Japan or China. Because knowledge is the inexhaustible resource of mankind in general, of the European Union, in particular, we should talk about a Union of Research, as we talk about the Monetary Union, for example. The strategy of economic growth in Romania was based on encouraging the consumers to spend money, but they didn’t consider a coherent policy based on innovations.
Full Text Available La crescita dell'intermediazione finanziaria internazionale attraverso l' euromercato e altri centri finanziari regionali è uno dei fenomeni più interessanti degli ultimi 15 anni . Il presente lavoro chiarisce la natura dell'attività finanziaria internazionale attraverso un modello di intermediazione finanziaria . Si va avanti per sottolineare i benefici potenziali rischi insiti nelle diverse attività , nonché il loro impatto macroeconomico sano e destabilizzante . Una più profonda comprensione del meccanismo finanziario internazionale dovrebbe favorire le banche e le autorità di regolamentazione.The growth of international financial intermediation through the Euromarket and other regional financial centres is one of the most remarkable phenomena of the last 15 years. The present work elucidates the nature of international financial activity through a model of financial intermediation. It goes on to underline the potential benefits from risks inherent in the various activities, as well as their healthy and destabilising macroeconomic impact. A deeper understanding of the international financial mechanism should benefit both bankers and regulators. JEL: F33, G21, F34