By Paul J. J. Welfens, Holger C. Wolf (auth.), Professor Dr. Paul J. J. Welfens, Professor Holger C. Wolf (eds.)
Paul J.J. Welfens and Holger C. Wolf whereas the economies of Asia and, extra lately, South in addition to North the United States have loved sustained excessive progress, the expansion functionality of western Europe and specifically continental Europe has been really modest. Coupled with great advancements in hard work productiveness and - at top - regular capital productiveness, progress proved inadequate to maintain employment degrees, less to copy the USA activity construction good fortune. Relative inflation functionality has been far better: within the run-up to eu financial Union inflation premiums have dramatically converged in the direction of the reduce finish of the distribution whereas possibility premia on previously excessive inflation economies have fallen. but, taking a look ahead, the undoubted luck in attaining cost balance is mitigated via the lackluster progress -and specifically employment -performance. certainly, the relative little consciousness paid to tasks directed at elevating fiscal development is startling, not just within the mild of the united states coverage list but additionally in gentle of the amazing rebound of these eu economies that have aggressively tackled the structural difficulties, so much prominently the united kingdom and Ireland.
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Additional resources for Banking, International Capital Flows and Growth in Europe: Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence
The real sector of the economy has to react to financial market impulses, and interest rate and exchange rate movements as well as stock price changes are crucial in this respect. In financial markets there can be even self-fulfilling prophecies based on market actors reacting to "pure expectations" and speculative bubbles are known to be dangerous for the stability of the market system. It is very unlikely that the fundamentals at the stock market change so much that a tripling of real asset values is justified (US stock exchange in 1990 to mid-96), although improving profit prospects in high technology firms were a fundamental impulse for higher stock prices.
In eastern Europe foreign investors are facing investment barriers, one of which consists of restrictions to borrow abroad. Following HELLWIG (1994) and TOBIN (1965) banks are part of the system of financial intermediation, where financial intermediaries represent institutions that hold the primary securities issued by firms, financing themselves by issuing "own securities" which are sold to private households. Firms issue debt and equity. Households which want demand deposits and life insurance policies use the Banking, International Capital Flows and Growth in Europe 54 service of intermediaries.
While financial market volatility certainly is useful to some extent, as it reflects the processing of information, policy-induced volatility should be minimized in normal periods. The increasing importance of institutional investors, which allocate savings internationally, is likely to stimulate higher volatility. The BUNDESBANK (1996, p. 59) notes: "Institutional market participants typically handle large volumes of funds professionally, having a wide range of mostly global investment alternatives at their disposal.