Overview

The rapidly changing structure of financial markets is leading to a radical shift in the way in which private-sector financial institutions and firms, and public regulators, are coping with risk. Faced with innovation and volatility, the task of risk management is being passed to the private sector. Following assessments of the extent of market volatility and risk in financial markets, this volume presents examples of how private institutions are developing new risk-management techniques and case studies from specific markets, including securities markets and retail banking. In addition, senior central bankers discuss their changing attitude to risk and regulation and the implications for exchange-rate and monetary policies. The papers are written by authors from a large number of countries covering a wide range of country experiences: by players in leading banks and companies; by public officials; and by academics, providing three differing perspectives on the financial markets of the 1990s. The four main sections address central bank perspectives, volatility and risk, institutional issues and practices, and the policy implications. The volume includes the 1995 Prix Marjolin essay and concludes with the 1995 Marjolin Lecture, given at the 19th Colloquium of the Societe Universitaire Europeenne de Recherches Financieres (SUERF) in Thun, Switzerland, from which the papers are selected. The contributions are intended for those in banks, securities houses, company treasuries, central banks and regulatory bodies, as well as to academics.

Full Product Details

Author:   Franco Bruni ,  D.E. Fair ,  Richard O'Brien
Publisher:   Springer
Imprint:   Springer
Edition:   1996 ed.
Volume:   32
Dimensions:   Width: 15.60cm , Height: 2.20cm , Length: 23.40cm
Weight:   1.600kg
ISBN:  

9780792340539

ISBN 10:   0792340531
Pages:   371
Publication Date:   30 April 1996
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

A Central Bank Perspectives.- I Volatility is Here to Stay — Some Thoughts on its Implications.- II The Changing Structure of Financial Institutions and Markets: A Central Bank Perspective.- B Volatility and Risk.- III Financial Innovations and the Incidence of Risk in the Financial System.- IV Has Financial Risk Really Worsened?.- V The Anatomy of the Bond Market Turbulence of 1994.- VI Volatility and Risk in Integrated Financial Systems: Measurement, Transmission and Policy Implications.- VII Volatility, International Trade and Capital Flows.- C Institutional Issues and Practices.- VIII Institutional Investors, Unstable Financial Markets and Monetary Policy.- IX Internal Organisation of Risk Control and Management in a Bank with Large International Operations.- X Currency Exposure Management within Philips.- XI Measuring Value-at-Risk for Mortgage Backed Securities.- XII Does the Paris Warrants Market Present a Systemic Risk?.- XIII Asset and Liability Management in Retail Banking.- D Policy Implications.- XIV Is Central Bank Intervention Effective in Stabilizing Exchange Rates?.- XV The Emerging Framework of Bank Regulation and Capital Control.- XVI Monetary Policy and Liberalisation in Poland, Russia and the United Kingdom.- E The Marjolin Lecture.- XVII Central Banking and Market Volatility.

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