International Financial Integration: The Continuing Process

This is the second chapter of a book, Financial Regulation in the Global Economy, Herring is writing with Robert Litan. In this chapter they show how technological advances - dramatic reductions in transportation, telecommunications and computation costs - are creating an increasingly integrated financial market that ignores national boundaries. First they examine the effect of these technological advanceson users of financial services, providers of financial services and regulators of financial services. Then they document the increasing volume of international financial transactions and evaluate the extent to which financial prices are integrated across countries. They conclude by highlighting the risks that are the consequence of increasing international financial integration and pose a challenge to managers of financial institutions and regulators.

Speculative Undertakings: Rate Regulation as a Branch of Corporate Finance

The law of regulated industries, particularly the obligation to secure \u27just and reasonable rates for regulated services, is a highly specialized application of financial economics. Ratemaking, bluntly put, represents a regulatory exercise in capital asset pricing. As a matter of economics, this Essay describes ratemaking as a variation on the financial theme of uncertainty. As a matter of law, this Essay describes legal principles guiding the regulatory determination of the rate of return on utility property. It analyzes two valuation methods derived from the 1923 Bluefield Water Works decision ( attracting capital and comparable earnings ), as well as a third approach based on the capital asset pricing model. Discretionary elements in rate regulation make it impossible to wholly alleviate uncertainty in the pricing of infrastructure. Rate regulation therefore constitutes a speculative undertaking in its own right

Banking on Privilege: The Politics of Spanish Financial Reform

This is an out-of-print book originally published by Cornell University Press. The rights have reverted to the author, at whose request we are including this book in the repository

EMU Revisited: Are we Making a Constitution? What Constitution are we Making?

Digitised version produced by the EUI Library and made available online in 2020