Objectives and theoretical foundations of the European Commission's 1999 action plan concerning the framework for financ
- PDF / 416,754 Bytes
- 31 Pages / 609.984 x 779.976 pts Page_size
- 81 Downloads / 170 Views
Volume 5 Number 3
Objectives and theoretical foundations of the European Commission’s 1999 action plan concerning the framework for financial markets Morten Balling Aarhus School of Business, Department of Finance, Fuglesangs Alle´ 4, DK-8210 Aarhus V, Denmark tel: + 45 89486688; e-mail: [email protected]
Morten Balling is Professor of Finance at the Aarhus School of Business, Denmark. He has held this position since 1974 interrupted by a period of eight years from 1993 to 2001, when he was president of the ASB. Professor Balling graduated as an economist from the University of Copenhagen in 1964. He has taught economics and finance at the University of Aarhus, Oregon State University and the Aarhus School of Business. His list of publications includes books on monetary policy, bank management, corporate financial management and a long list of journal articles. Since 1974, he has been a member of the boards of several Danish companies including a bank, a real estate mortgage association and a mutual fund and board member in foundations. Presently he is Chairman of the SUERF Editorial Board and Chairman of the Performance Measurement Standards Commission of the Danish Society of Investment Professionals. Additional information may be found at www.asb.dk
Journal of International Banking Regulation, Vol. 5, No. 3, 2004, pp. 256–286 # Henry Stewart Publications, 1358–1988
Page 256
ABSTRACT The European Commission’s Financial Services Action Plan (FSAP) from 1999 is a key document in the political process of building a common framework for financial markets
in the EU area. The FSAP and financial regulation at the EU member state level are derived from a complicated mix of policy objectives. Decisions to regulate are based on a very broad spectrum of analysis and research. Important analytical contributions come from financial economics and company and capital market law. Within the framework of the stated policy objectives, both economists and jurists have analysed the need for and the likely effect of different types of regulatory instruments. The aim of the present paper is to combine regulatory objectives and research contributions in a systematic way. The classification system developed by the Journal of Economic Literature (JEL) is applied to categorise the relevant research contributions. Observations in a so-called ‘Objectives/ Research Category Matrix’ based on a large sample of references reveal some interesting patterns. There seem to be some systematic differences in the objective orientation of researchers belonging to different JEL-categories. Different academic disciplines approach issues of regulation in different ways and with different analytical paradigms. Researchers whose publications are classified in JEL-category G. Financial Economics, have particularly focused on protection against systemic risk, ensuring company efficiency and ensuring market efficiency. Researchers belonging to JEL-category
Balling
K. Law and Economics, are primarily concerned with the objective of ensuring company efficiency, market efficiency an
Data Loading...
