Financial Innovations and the Welfare of Nations : How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets

Paul M. Vaaler

ISBN 10: 0792373286 / ISBN 13: 9780792373285

Editore: Springer US, Springer New York, 2001

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Druck auf Anfrage Neuware - Printed after ordering - The central question addressed in Financial Innovations and the Welfare of Nations is how the transfer of financial innovations from developed to developing economies can nurture the dynamics of emerging capital markets. National capital markets can be positioned along a continuum ranging from embryonic to mature and emerged markets according to a decreasing 'national cost of capital' criterion. In the introductory chapter Laurent Jacque argues that newly emerging countries are handicapped by a high cost of capital due to 'incomplete' and inefficient financial markets. As capital markets graduate to higher level of 'emergedness', their national firms avail themselves of a lower cost of capital that makes them more competitive in the global economy and spurs economic growth. Skillful transfer of financial innovations to emerging markets often encourages the deregulation of the country's financial services sector. This results into new conduits for a more efficient capital allocation process such as commercial paper, securitized consumer finance and other disintermediated modes of financing which out-compete traditional financial intermediaries (mostly commercial banks), reduce households' cost of living and conjointly fuel the dynamics of emerging markets. Our response to the central question of how the transfer of financial innovations can enhance the Wealth of Nations is to show that it reduces the cost of capital while not unduly increasing systemic risk. Part I examines the relationship between financial innovations and systemic risk of the international financial system.

Codice articolo 9780792373285

Dati bibliografici

• Titolo: Financial Innovations and the Welfare of Nations : How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets
• Editore: Springer US, Springer New York
• Data di pubblicazione: 2001
• Lingua: Inglese
• ISBN 10: 0792373286
• ISBN 13: 9780792373285
• Rilegatura: Buch
• Condizione: Neu
• Dimensioni: 241 L x 160 A x 26 P (millimetri) 241 millimetri di larghezza per 160 millimetri di altezza per 26 millimetri di profondità
• Peso: 740 grammi

Descrizione articolo

Riassunto

This edited conference volume provides a survey of scholarly and professional thinking about the state of financial innovations and innovators and their diffusion across national boundaries, as well as the welfare-enhancing implications for firms and nation-states. Like the engineering and practice of financial innovation itself, "Financial Innovation and the Welfare of Nations" is interdisciplinary and international in scope. Leading academics and professionals in economics, finance, strategic management, and law offer their latest thinking on: financial innovations and the dynamics of emerging capital markets; first-mover advantages and disadvantages with financial innovations; modelling banking deregulation and systemic risk; identifying "blue-chip" investments in "frontier" equity markets; piercing the "sovereign ceiling" with cross-border securitization; credit derivatives and economic restructuring; and insurance derivatives and the convergence of the banking and insurance industry.

Informazioni sull?autore

Laurent L. Jacque is a Professor of International Finance and Banking and Director of the Program of International Business Relations at the Fletcher School (Tufts University). He is also Professor of Finance and International Business at the HEC School of Management (France). Paul M. Vaaler is Assistant Professor of International Business, and Director of the Hitachi Center for Technology and International Affairs at the Fletcher School (Tufts University).