Stephanou, Constantinos2012-08-132012-08-132009-06https://hdl.handle.net/10986/10247Global trends taken for granted in recent decades, the big expansion in global financial assets compared with underlying economic activity, growing global financial integration, shrinking role of the state in financial systems, and rising share of cross-border ownership of financial institutions, may reverse over the foreseeable future. In addition, the structure of financial systems, particularly in developed countries, will likely become oriented less toward capital markets and more toward traditional (and simpler) banking activities. The impact on economic growth and overall welfare is likely to be negative, perhaps the price author have to pay for living in a brave new (and presumably safer) financial world.CC BY 3.0 IGOARBITRAGEASSET PRICESBALANCE SHEETSBANK ASSETSBANK CONSOLIDATIONBANK DEPOSITSBANK FOR INTERNATIONAL SETTLEMENTSBANK LENDINGBANK NATIONALIZATIONSBANK REGULATIONBANKING SYSTEMBONDBOND MARKETBOND MARKET CAPITALIZATIONBORROWINGCAPITAL ADEQUACYCAPITAL CONTROLSCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCENTRAL CLEARINGHOUSESCOMMERCIAL LENDINGCONTRIBUTIONCREDIT DEFAULTCREDIT DEFAULT SWAPSCREDIT DERIVATIVESCREDIT LINESCREDIT RISKCRISIS COUNTRIESCROSS-BORDER CAPITALDEBT SECURITIESDEPOSITDEPOSIT MONEY BANKDERIVATIVES MARKETDIRECTED CREDITDOMESTIC INSTITUTIONAL INVESTORECONOMIC ACTIVITYECONOMIC CHARACTERISTICSECONOMIC GROWTHECONOMIC INTEGRATIONECONOMIC SYSTEMSEMERGING ECONOMIESEMERGING MARKETEMERGING-MARKETEMPLOYMENTEQUITIESEQUITY SECURITIESEXPOSURESFINANCE COMPANIESFINANCIAL AFFAIRSFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL DEPTHFINANCIAL DEREGULATIONFINANCIAL DEVELOPMENTFINANCIAL ECONOMISTFINANCIAL GLOBALIZATIONFINANCIAL INDUSTRYFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL INTERMEDIARIESFINANCIAL LIBERALIZATIONFINANCIAL MARKETFINANCIAL REFORMSFINANCIAL REGULATIONFINANCIAL RISKFINANCIAL RISKSFINANCIAL SECTORFINANCIAL SECTOR POLICYFINANCIAL SERVICESFINANCIAL SYSTEMFINANCIAL SYSTEMSFOREIGN ASSETSFOREIGN BANKSFOREIGN ENTRYFOREIGN INVESTORSFOREIGN OWNERSHIPFOREIGN OWNERSHIP OF BANKSFUTURE GROWTHGLOBAL DEVELOPMENT FINANCEGLOBAL FINANCIAL SYSTEMGLOBAL TRADEGLOBALIZATIONGROWTH OF MULTINATIONALGUARANTEE SCHEMESGUARANTYHEDGE FUNDSHOME COUNTRIESHOST COUNTRIESHOUSEHOLDSHUMAN CAPITALINCOMEINCOME FLOWSINCOME GROUPINCOME SOURCEINCOME SOURCESINCOMESINFORMATION SERVICESINFORMATION TECHNOLOGYINSTITUTIONAL INVESTORSINSURANCEINSURERSINTEREST RATESINTERNATIONAL BANKINGINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL SETTLEMENTSINVESTMENT BANKINGINVESTMENT BANKSINVESTMENT COMPANYINVESTMENT PRODUCTSINVESTMENT RETURNSINVESTOR BASEINVESTOR BASESISSUANCELENDERSLEVEL PLAYING FIELDLIABILITYLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYLOCAL CAPITAL MARKETSLOCAL MARKETSMANDATESMARKET INSTRUMENTSMARKET INVESTMENTSMARKET MECHANISMSMARKET PRICESMIDDLE-INCOME COUNTRIESMONETARY FUNDMORTGAGEMORTGAGE LENDERSMORTGAGE MARKETMUTUAL FUNDSNATIONALIZED BANKSNEW BUSINESSNONBANK FINANCIAL INSTITUTIONSOUTSTANDING STOCKPENSIONPENSION FUNDPENSION FUND ADMINISTRATORSPENSION SYSTEMSPENSIONSPOLICY RESPONSESPORTFOLIOSPORTFOLIOS OF PENSION FUNDSPRIVATE BONDPRIVATE DEBTPRIVATE ENTITIESPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE SECTOR DEVELOPMENTPROFITABILITYPRUDENTIAL REQUIREMENTSPUBLIC DEBTPUBLIC DEBT SECURITIESPUBLIC POLICYREAL SECTORRECESSIONRESEARCH ASSISTANCERESOURCE ALLOCATIONRETIREMENTRETIREMENT SAVINGSRETURNRETURNSRISK AVERSIONSECONDARY MORTGAGESECONDARY MORTGAGE MARKETSENIORSINGLE MARKETSOLVENCYSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK MARKET CAPITALIZATIONSSUBSIDIARIESTRADINGTRADING ACTIVITIESTRANSITION ECONOMIESUNDERWRITING CREDIT RISKUNIVERSAL BANKSVALUABLEWAGEWAGESWORLD DEVELOPMENT INDICATORSWorld Bank10.1596/10247