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Efficient systems for the securities transaction industry : a framework for the European Union
(2003)
This paper provides a framework for the securities transaction industry in the EU to understand the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure. Of particular interest are microeconomic incentives of the industry players that can be in contradiction to social welfare. We evaluate the three functions and the strategic parameters - the boundary decision, the communication standard employed and the governance implemented - along the lines of three efficiency concepts. By structuring the main factors that influence these concepts and by describing the underlying trade-offs among them, we provide insight into a highly complex industry. Applying our framework, the paper describes and analyzes three consistent systems for the securities transaction industry. We point out that one of the systems, denoted as 'contestable monopolies', demonstrates a superior overall efficiency while it might be the most sensitive in terms of configuration accuracy and thus difficult to achieve and sustain.
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the 'best' system for the Single European Financial Market.
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of government behavior the expectation is that mainly high trust governments will be in a position to defer consolidation to years with higher growth. Overall, our analysis of a panel of European countries provides support for this expectation. The difference in fiscal policies depending on government trust levels may help explaining why better governed countries have been found to have less severe business cycles. It suggests that trust and credibility play an important role not only in monetary policy, but also in fiscal policy.
Considering the circumstance that literature dealing with the economic performance of agri-food businesses in general, or particularly with the German agricultural sector, mainly deals with strictly agricultural-related theory in order to explain the economic success of agri-food businesses, the present paper aims to extend existing discourses to further areas of thought. Consequently, the characteristics: a) increased size of agribusiness, b) pull-strategies, c) the development of new markets and d) focus on the processing industry, that all correspond to the current picture of the German agricultural sector and are considered to be significantly responsible for recently managing to outpace the French agri-food sector, will be first explained in their success against the background of mainly non-agricultural-related literature. By doing so helpful and rather unnoted perspectives can be contributed to existing discourses. Second, the paper presents scatter plots which portray correlations between a) the added value of agriculture and the regular labor force, b) the added value of agriculture and the number of agricultural holdings and c) the added value of agriculture and the number of enterprises concerning milk consumption. Corresponding scatter plots which show different developments in Germany and France can be related to the findings of the first part of the paper and allow new perspectives in existing discourses as well.