Abstract: An apparatus, method and data structure for procuring and analyzing information, particularly information regarding the financial markets. The system provides a comprehensive combination of financial information in a format that facilitates analysis and decision-making.

Abstract: This paper describes a feedback effect between real and financial development. The paper presents a new variable, which we call the cost of financial intermediation, through which the feedback between finance and growth operates. The theoretical part of the paper describes how specialization of financial intermediaries leads to such a feedback effect. The main result of this feedback is that differences in productivity across countries are amplified by financial intermediation. The empirical part of the paper uses U.S. cross-state data from banks' income statements to measure the cost of financial intermediation and to provide evidence for the feedback effect between finance and growth.

Abstract: This paper looks at how advances in information and telecommunications technologies have been changing the structure of the financial system by lowering transaction costs and reducing asymmetric information. Households and smaller businesses can now raise funds in securities markets as financial institutions have become better at unbundling risks while financial products can be distributed more efficiently through electronic networks. These changes have reduced the role of traditional financial intermediaries overall efficiency by lowering the costs of financial contracting. Despite these benefits technological progress presents policymakers with some important challenges. First markets for financial products become larger and more contestable, defining geographic and product markets narrowly becomes more problematic. Second, financial consolidation and the trend towards new activities of financial intermediaries require the exploration of new methods to preserve the safety and soundness of the financial system. A combined system of vigilant supervision and constructive ambiguity to deal with failures of larger institutions should be capable of mitigating the potential for increased risk-taking and help preserve the health of the financial system.

Abstract: This study argues that trade policies regarding financial services are an important-but typically neglected- determinant of capital flows and financial sector stability. Financial services trade liberalisation which promotes the use of a broad spectrum of financial instruments and allows the presence of foreign financial institutions whilst not unduly restricting their business practices, results in less distorted and less volatile capital flows, and promotes financial sector stability. The study finds significant evidence in favour of this claim through an empirical analysis of GATS commitments in 27 emerging markets. Even countries where the financial system is weak, and where immediate, full-fledged financial sector liberalisation is not advisable, can open up certain types of financial services trade, as such trade strengthens the financial system without provoking destabilising capital flows.

Abstract: New Keynesians Joseph Stiglitz (1989) and Lawrence Summers (Summers and Summers 1989), following the lead of Old Keynesian James Tobin (1974), have argued that an ad valorem tax on financial market transactions is socially desirable in that it will reduce the observed volatility in our ‘super-efficient financial markets’. All of these Keynesians claim that Keynes initiated the recommendation for a universal financial transactions tax as a socially desirable policy.

Abstract: State-of-the-art market segmentation is becoming an important strategic tool in the continuing evolution of the financial services industry. This paper, focusing on a life cycle segmentation approach, indicates that the importance attributed to financial choice criteria and financial services varies as consumers pass through an orderly progression of life cycle stages. Thus, the results suggest that marketers in the financial services industry should adopt a life-cycle marketing based system to more fully satisfy the needs/wants of their customers.

Abstract: In the context of investment analysis, we formulate an abstract online computing problem called a planning game and develop general tools for solving such a game. We then use the tools to investigate a practical buy-and-hold trading problem faced by long-term investors in stocks. We obtain the unique optimal static online algorithm for the problem and determine its exact competitive ratio. We also compare this algorithm with the popular dollar averaging strategy using actual market data.

Abstract: This paper reviews the contagion effects of the global financial crises of 1997-99 on five small open economies: the Czech Republic, Greece, Hungary, Israel and Poland. We analyze how the financial markets of these countries were effected under different exchange rate regimes. We look at the impact on exchange rates, interest rates and stock markets. In order to shed some light on the behavior of financial asset holders at times of global crises, we examine the sources of capital flows in Hungary for which country we were able to gather the detailed data necessary for such an analysis. Based on our findings, we offer some concluding remarks regarding the choice of exchange rate regime and the role of capital controls.

Abstract: Typically the impact of the North American Free Trade Agreement (NAFTA) is analyzed from a macroeconomic perspective, to examine the implications for capital market flows or for the aggregate degree of financial integration. This analysis often involves examining whether certain conditions of arbitrage or efficiency tend to hold, given greater integration of financial markets. Alternatively, other work examines only the effects of greater financial integration for the efficiency with which financial services are provided microeconomically. The two approaches are rarely combined, nor are the effects of integration considered within such a combined framework. The authors combine the two approaches to examine how NAFTA will affect capital flows and the efficiency with which financial services are provided in Mexico. They also call attention to domestic financial systems and monetary and exchange rate policy issues that Mexico must address if greater financial integration is not to result in increased risk for the domestic financial system or greater macroeconomic instability.

Abstract: Electronic commerce systems for business-to-business commerce on the Internet are still in their infancy. The realization of Internet electronic markets for business-to-business following a n-suppliers: m-customers scenario is still unattainable with todays solutions. Comprehensive Internet electronic commerce systems should provide for easy access to and handling of the system, help to overcome differences in time of business, location, language between suppliers and customers, and at the same time should support the entire process of trading for business-to-business commerce. In this paper, we present a DBMS-based electronic commerce architecture and its prototypical implementation for business-to-business commerce according to a n-suppliers: m-customers scenario. Business transactions within the electronic market are realized by a set of modular market services. Multiple physically distributed markets can be interconnected transparently to the users and form one virtually central market place. The modeling and management of all market data in a DBMS gives the system a solid basis for reliable, consistent, and secure trading on the market. The generic and modular system architecture can be applied to arbitrary application domains. The system is scalable and can cope with an increasing number of single markets, participants, and market data due to the possibility to replicate and distribute services and data and herewith to distribute data, system, and network load.

Abstract: Against the dominant view that financial assets are liquid within national borders, this study theoretically motivates and empirically demonstrates the existence fo financial market specificity.

Abstract: A draft Financial Services and Markets Bill (FSMB) proposing a significant reorganisation of regulatory responsibility in the financial sector in the United Kingdom was published by the government in July 1998. Following consultation' undertaken by the Treasury and pre-legislative scrutiny undertaken by a joint committee2 of the House of Commons and the House of Lords, the Bill was introduced into the House of Commons on 17 June 1999.3 It provides for the transfer of almost all regulatory functions in the financial sector to the Financial Services Authority (FSA) and it also proposes some changes in the powers available to the regulator. The Bill is unlikely to become law until early in the year 20004 but substantial progress has already been made in preparing the regulatory response to its introduction: the FSA has issued 20 detailed consultation papers and the Treasury is consulting on several draft Orders to be made under powers provided by FSMB. When the Bill is passed it is likely that the new regulatory structure will already be in place in terms of regulatory personnel, rulebooks and enforcement procedures. This note examines the major changes introduced by FSMB with the objective of assessing whether they can remedy the shortcomings which have became apparent within the regime established by the Financial Services Act 1986 (FSA 1986).

Abstract: Research Institute of the Autonomous University of Mexico, Ciudad Universitaria, Coyaca ́n C:P:04510. Email: alicia K servidor.unam.mx. Her publications include Cincuenta An ̃os de la Deuda Externa and Fin de Siglo y Deuda Externa: Historia sin Fin. Eugenia Correa is Professor of Economics at the same university. Address: Aguayo 66 El Carmen-Coyoacan 04100 México D.F. Email: correa Kservi dor.unam.mx. She has been working for 20 years on themes connected with economic development and the economics of finance. Global financial markets: financial deregulation and crises

Abstract: I review the performance of the operating reserves and the operable capability markets in New England. The review covers the first four months of operation from May 1 to August 31, 1999. The review is based on my knowledge of the market rules and their implementation by the ISO, and the market data during this period, including bidding, operating, and settlement information. In the review, I (1) identify the potential market flaws with these markets, (2) look at the performance of the markets to see if the potential problems have materialized, (3) evaluate the ISO's short-term remedies for these market flaws, and (4) propose alternative medium-term solutions to the identified problems. I find that the OpCap and reserve markets have serious flaws that must be addressed. The ISO's short-term fixes have been necessary and effective at addressing the immediate problems. However, better solutions can be adopted in the medium term. In particular, I recommend (1) eliminate the OpCap market, (2) establish a downward sloping demand curve for reserves, (3) pay the clearing price to all resources that provide the service, (4) establish the true real-time supply curve as simply the quantity of the resource made available in real time, (5) establish back down bids in the TMSR market (bids would be infrequent, perhaps monthly), (6) never set a price in the TMSR market less than the largest lost opportunity cost, (7) continue to cascade the quantities of the bids between operating reserve products, and (8) correct the classification of off-line units that provide a service that looks and acts like TMSR. All of these changes are consistent with the long-term solutions proposed for NEPOOL. These changes represent an important step toward the long-term solution involving multi-settlement energy and reserve markets. These markets should be designed carefully to address the basic economic and engineering issues necessary for an efficient wholesale electricity market.

Abstract: The financial services industry is one of the fastest growing service industries The financial services industry includes financial derivatives markets such as options and futures markets In order to ensure survival, firms providing financial services show a rapid product innovation However, for financial services the risk of failure is considerable Argues that a synthesis between the financial approach and the marketing approach towards financial services provides a conceptual framework for analysing the possible success or failure of futures contracts The synthesis is illustrated by an empirical study of a new futures contract that might possibly be introduced

Abstract: Ever since its labor market structure changed along the lines of a free-market economy in 1989, Poland has adopted new techniques and tools for data collection; the country’s database now provides cross-sectional and longitudinal indicators of the dynamics of the labor market

Abstract: The level of capital market flows to emerging market economies constantly ascended during the 1990s. The favorite instruments during this era were portfolio investments, both bonds and equities. The downside of this financial globalization process was that it made emerging markets vulnerable to speculative runs. However, there is little evidence that speculators were the prime causal factors in precipitating these financial and currency crises. Sterilized intervention is the commonest defense measure that central banks adopt against speculative runs on currencies. Cautious, gradual and calculated financial market liberalization is another prudent defensive measure that monetary authorities need to take. The Latin American crisis of 1994–5 and the Asian financial crisis of 1997–8 have called into question the ability of the global financial system to manage transnational financial flows of such large dimensions. The paper casts light on various proposals to improve the present financial architecture.

Abstract: Considers the implications of EMU and the introduction of the euro for European financial institutions and markets. Discusses the likely effects on interest rates, banks, stock/futures exchanges, asset allocation and the markets for bonds, equities and derivatives. Warns that financial markets and institutions must adjust to these changes in order to survive, but believes that European economies will benefit in the long run.

Abstract: The price fluctuations in the financial markets are the result of the individual operations by many individual investors. However for many decades the finacial theory did not use directly this "microscopic representation". The difficulties preventing it were multiple but the main two are being solved recently with the advent of modern computer technology: - massive detailed data on the individual market operations became available. - "microscopic simulations" of the stock markets in terms of their individual participating agents allow a very realistic treatment of the problem. Consequently, we are now able to confront real market data with the results of simulating "microscopic" realistic models which include any desired features in the investors behavior: departures from rationality, herding effects, heterogenous investor-specific trading strategies etc. In this way we propose to understand, explain and may be predict the macroscopic market behavior.

Abstract: The relative accuracy of estimators in recovering supply and demand parameters can depend on the market institutions that generate the data. The parameters of known supply and demand functions are estimated with data from laboratory market experiments with human buyers and sellers. Single-equation estimators dominate simultaneous-equations estimators in recovering supply and demand parameters from posted-offer market data. The inaccuracy of simultaneous-equations estimators with posted-offer data can be explained by the implications for error distributions of the inherent properties of this market institution. Simultaneous-equations estimators perform better with closing-price data from double-auction markets.

Abstract: The liberalization of capital accounts and the integration of financial markets in recent years have helped to spur growth in many emerging markets and have allowed global investors to diversify risks internationally. Furthermore, increased capita! mobility has helped to tame governments in their fiscal and monetary policies. Nevertheless, the Asian currency and financial crisis and its aftermath have revealed structural problems on the national as well as on the international level and have imposed significant costs on emerging markets as well as on the world economy. • Triggered by these developments, a broad international consensus has emerged to support reforms to strengthen the international financial system. The aim of these reforms will be to create an international financial system that captures the benefits of open and integrated financial markets, and at the same time minimizes the risk of financial crises to emerge and spread to other countries. While the former refers to the need for greater transparency, accountability and prudential regulation, the latter is concerned with the improvement of existing and the creation of new mechanisms for the prevention and resolution of financial crises. International institutions such as the IMF can contribute to the stability of the international financial system. A prominent proposal initially raised by the Clinton administration in fall 1998 designs the creation of a new crisis facility of the IMF to prevent contagion in financial markets. On its recent meeting of April 23, the IMF's Executive Board agreed to provide Contingent Credit Lines for its member countries. The goal of such a facility is to provide preventive credit lines to countries whose economies are fundamentally sound, but which are threatened by financial market contagion and which may lose access to capital markets. In the absence of contagion, these countries should therefore be able to rely on a sustained flow of capital from abroad. The new facility gives rise to a number of questions. First, the distinction between countries in need of ex ante policy adjustments and countries that follow sound economic policies, i.e., the eligibility for the new facility, must be resolved in advance. Second, projections about the likely financial requirements of such a facility and the consequences for the Fund's liquidity position are needed. Another issue relates to the question whether and how private and bilateral creditors should be involved in this new facility. Finally, there is a need for clear guidelines about the terms and conditions that would apply to this new facility. However, as shown in the paper, it will prove difficult to fulfill these criteria and to avoid additional problems related to a precautionary credit line. Based on this skeptical judgment, the paper explores a number of alternative means to foster the stability of the international financial system through a better involvement of private sector creditors. This could be achieved through the introduction of option-type mechanisms that would allow debtors to trigger liquidity support in the case of a crisis. A more radical approach would involve limits to creditors in cases when they would like to reduce their short-term exposure. Another avenue would comprise a reorganization of private claims, either by modifying bond contracts or by adapting bankruptcy procedures. The main task for policy makers, however, remains to increase transparency and improve supervision in financial markets and to pursue sound economic policies.

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Abstract: In an era of rapid technological change, information exchange, and emergence of knowledge-intensive industries it is critical to be able to identify the future skill needs of the labour market. Growing unemployment in EU member states and pre-accession countries in Eastern Europe combined with technological changes which make the skills of a significant number of workers obsolescent each year demand adequate knowledge of medium- and long-term demand for specific skills. Some EU members states have developed employment forecasting methods to identify future skill requirements which take account of the sectoral, occupational, and educational and training factors which influence supply and demand in the labour market for skills. A number of countries in Eastern Europe which are preparing to join the EU are interested in developing employment forecasting models that would provide them with similar information relating to skills. Taking account of the requirements of the Single European Market and increasing international mobility, it is desirable that the pre-accession countries should develop models which, if possible, are comparable with existing methods of forecasting training and qualification needs in existing member states of the EU. This task requires regular medium-term forecasts which will extend the time horizon of decision makers beyond the current economic cycle, be applicable to the whole economy, allow speedy adjustment to changing circumstances, and which will take account of relevant factors such as investment plans, output and labour productivity forecasts, and technological change. The objective of this paper is to provide a summary of existing methods and data sets used to forecast education and training needs in four members of the European Union, in order to motivate similar work in three pre-accession countries. We first provide a detailed account of the different approaches to forecast education and training needs in France, Germany, Ireland and The Netherlands. For each of these countries, we consider the labour market data on which employment forecasts are based and the current methods in use, examine how data reliability and accuracy of forecasts are dealt with, and discuss the dissemination and usage of forecast information generated by those systems. We then look at the same range of issues for three pre-accession Central European countries (Czech Republic, Poland and Slovenia.) The paper concludes by suggesting a number of needed actions in preparation for developing an approach to forecasting education and training needs in the three pre-accession countries.