Competition and Regulation in Financial Markets: Concluding Observations

Almarin Phillips

Chapter 11 in Competition and Regulation in Financial Markets, 1981, pp 267-274 from Palgrave Macmillan

Abstract: Abstract These are troubled but fascinating times for economists and policymakers concerned with the structure of financial markets, financial regulations and financial market performance. Both the trouble and the fascination come from much the same source. The central paradigms used to study and explain the largely separate macroanalytics and the microanalytics of money and banking, central banking and regulatory aspects of financial markets are no longer usefully applicable to today’s problems. Market segmentation has broken down. Issues in aggregative economics — the supply and demand for money, interest rates, relations between money, interest rates and income and employment — are so intimately affected by regulatory structures and the competitive behaviour of financial institutions that the latter cannot be ignored in macroanalysis. Regulatory and competitive issues which in the past could be viewed in terms of microeconomic efficiency and equity standards are now seen to have significant aggregative impacts. The trouble and the fascination, mixed liberally with considerable frustration, come from the absence of alternative paradigms that successfully blend the macro- and microeconomics of financial markets. We are groping about without a reliable theoretical guidance system.

Keywords: Interest Rate; Financial Market; Central Bank; Financial Institution; Commercial Bank (search for similar items in EconPapers)
Date: 1981
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05585-2_11

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349055852

DOI: 10.1007/978-1-349-05585-2_11

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().