|
| 12622. RECENT CHANGES IN THE STRUCTURE OF FINANCIAL MARKETS. Clear summary of reasons for financial markets, and the various revolutions that have swept them in recent decades. Begins with good statement of the basic function of intermediation "between individuals and groups with varying financial needs and desires," studies recent changes under four headings: deregulation of domestic and international financial markets, internationalization of markets, introduction of new products and techniques, and the emergence of new "players," particularly fund managers. Includes the effects of abolition of fixed stockbroking commissions in America and Britain, growth of world stock-markets, growth of foreign currency market, growth of new instruments and securitization, innovation by financial firms, and role of new institutional investors in mid-1990's. Cautious conclusion doesn't count on permanence or stability in financial markets, but the culture of innovation and change through competition is likely to remain. 10p., 18f., 7b. |
|
$70
|
|
 |