Résumé
International financial markets play an increasing role in
the mind of the general public, much more than they did a
few decades ago. There can be no doubt that the size of
financial markets has grown at a faster pace than the
markets for goods and services in the past ten or twenty
years. However, it is still unclear whether this is a
desirable development, or whether it indicates looming
risks. The book documents and classifies the debate about
the potential decoupling of the financial sector from the
real economy, and then to introduce it into the context of
established scientific lines of research. We try to provide
a logical structuring of the heterogeneous arguments by
postulating a decoupling hypothesis (phenomena, causes,
consequences). Various models are presented in this
structure and stylized facts can be isolated.
The relative sizes of the financial sector and the real economy.
Current empirical studies of decoupling characteristics.
Analysis of possible decoupling consequences for the financial sector.
Economic policy: Assessment and options.
Concluding assessment of the decoupling hypothesis.
Contents
Introduction.
- Defining the problem.
- Classification of the decoupling problem.
- Structure of the study.
The relative sizes of the financial sector and the real economy.
- Definitional background to financial accounts.
- Empirical studies of financial sector growth in the
development process.
- Studies of the decoupling hypothesis.
Current empirical studies of decoupling characteristics.
- Analysis of financial asset ratios in Germany.
- Analysis of international foreign exchange trading
turnover.
- Analysis of equity market volumes focusing on the
USA.
- Excursus: Costly financial market turnover without a
reasonable result?.
Analysis of possible decoupling consequences for the financial sector.
- Decoupling as a reflection of CAPM
mi-specifications.
- Price volatility.
- Prices.
- Financial sector stability.
Economic policy: Assessment and options.
- Evidence for the decoupling hypothesis.
- Three evaluation-driven response concepts.
Concluding assessment of the decoupling hypothesis.
L'auteur - Lukas Menkhoff
University of Hannover, Germany
L'auteur - Norbert Tolksdorf
RWTH Aachen, Germany
Caractéristiques techniques
| PAPIER | |
| Éditeur(s) | Springer |
| Auteur(s) | Lukas Menkhoff, Norbert Tolksdorf |
| Parution | 01/01/2001 |
| Nb. de pages | 233 |
| Format | 15,5 x 24 |
| Couverture | Relié |
| Poids | 471g |
| Intérieur | Noir et Blanc |
| EAN13 | 9783540411659 |
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