Financial Strategies and Public Policies: Banking, Insurance and Industry

233 Pages·1993·20.968 MB·English

by  Zuhayr Mikdashi (eds.)

FINANCIAL STRATEGIES AND PUBLIC POLICIES
Also edited by Zuhayr Mikdashi
BANKERS' AND PUBLIC AUTHORITIES' MANAGEMENT OF RISKS
INTERNATIONAL BANKING: Innovations and New Policies
Financial Strategies and
Public Policies
Banking, Insurance and Industry
Edited by
Zuhayr Mikdashi
Professor ofB anking and Financial Systems and
Director, Institute of Banking and Financial Management
University of Lausanne (HEe)
lSOth YEAR
M
St. Martin's Press
© Ecole des Hautes Etudes Commerciales 1993
Softcover reprint of the hardcover I st edition 1993
All rights reserved. No reproduction, copy or transmission of
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Any person who does any unauthorised act in relation to this
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First published in Great Britain 1993 by
THE MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG21 2XS
and London
Companies and representatives
throughout the world
A catalogue record for this book is available
from the British Library.
ISBN 978-1-349-12179-3 ISBN 978-1-349-12177-9 (eBook)
DOI 10.1007/978-1-349-12177-9
First published in the United States of America 1993 by
Scholarly and Reference Division,
ST. MARTIN'S PRESS, INC.,
175 Fifth Avenue,
New York, N.Y. 10010
ISBN 978-0-312-09113-2
Library of Congress Cataloging-in-Publication Data
Financial strategies and public policies: banking, insurance, and
industry / edited by Zuhayr Mikdashi.
p. cm.
Includes index.
ISBN 978-0-312-09113-2
1. Finance. 2. Economic policy. I. Mikdashi, Zuhayr M.
HG175.F553 1993
332-<1c20 92-34120
CIP
To those whose creativity and achievements are
guided by universal ethical values
Contents
List of Tables and Figures x
Acknowledgements xi
Foreword by Otto Stich xii
Preface by Pierre Languetin xiv
Notes on the Contributors xvii
1 Strategies of Industrial Enterprises and of
International Finance
Walter V. Shipley 1
2 Highlights on BP's New Distribution of Functions
David Simon 7
3 Limitations to Merging Lines of Business
Andre Levy-Lang 11
4 Changes in the Japanese Financial System and the
Intermediary Functions of Banks
Hideo Ishihara 17
5 The Insurance Industry in the 1990s
John Greig 30
6 Global Consolidation of the Financial Services
Industry
David R. Morgan 34
7 The US Financial Situation and Banking System -
Implications for Regulation and Monetary Policy
David W. Mullins Jr 50
8 'Competition': A New Entry in the Regulators'
Dictionary?
Markus Lusser 56
vii
viii Contents
9 Challenges of MonetarylFinancial Regulatory Policies
since the 1980s
Shijuro Ogata 61
10 Perspectives of Monetary Policies 66
Stefan SchOnberg
11 Globalisation of Securities Markets and
Comprehensive Financial Services Reform in the
United States
Mary Ann Gadziala 72
12 The Regulation of Financial Conglomerates and
'Contagion Risk'
Alain Hirsch 80
13 Economic Reform in Czechoslovakia and the Role of
Foreign Assistance
Vaclav Klaus 90
14 The Financing of German Unity
Manfred Overhaus 95
15 Non-Debt-Creating Transfers of Financial Resources
during the 1990s: The Case of Mexico
Jose Angel Gurria Trevino 112
16 Do Banks have a Role to Play in Foreign Non-Debt-
Creating Transfers of Financial Resources?
Walter G. Frehner 123
17 Strategies of Multinational Industrial Groups: The Car
Industry
Christian Dor 147
18 The Financial Needs of Major Corporations
Reto F. Domeniconi 151
19 International Capital Markets: Evolution and
Prospects
Hans-Jorg Rudloff 157
Contents ix
20 The European Financial Area and Switzerland
lean-Paul Chapuis 163
21 EC Regulation in the Financial Services Sector
lean-Pierre Fevre 173
22 Coping with Uncertainty in the Financial Services
Sector: A Few Policy Reflections
Zuhayr Mikdashi 180
Institutions Represented by their Leaders at Colloquia
Organised by Professor Zuhayr Mikdashi at the University
of Lausanne 197
Index 201
List of Tables and Figures
Tables
15.1 The Mexican economy 121
15.2 Total external debt: Mexico 122
16.1 Comparison between Southeast Asia and Latin
America 125
16.2 Restrictions on foreign investment in Latin America 130
16.3 Stock markets in emerging economies 134
16.4 Capital flight and repatriation in Latin America 142
22.1 Uncertainty, risks and constraints encountered by
management 181
Figures
4.1 Net worth ratio of large companies in Japan
and the US 22
4.2 Share of external fund-raising of Japanese large
corporations by firm 22
4.3 Share of liabilities of non-financial corporate sector
by firm 23
4.4 Share of corporate bonds outstanding by holder 24
4.5 Share of stocks outstanding by holder 24
4.6 Share of personal financial assets outstanding 25
4.7 Growth in loans outstanding of financial institutions 26
16.1 Annual net flows of capital to developing economies 124
16.2 Aggregate net resource flows to developing countries 128
x