کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091192 1375665 2007 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Settling for efficiency - A framework for the European securities transaction industry
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Settling for efficiency - A framework for the European securities transaction industry
چکیده انگلیسی

Despite a lot of restructuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the 'best' system for the Single European Financial Market.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 31, Issue 10, October 2007, Pages 3034-3057
نویسندگان
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