I The Evolving International Financial Environment -- 1 Global Financial Markets: The Past, The Future, and Public Policy Questions -- 2 The Telecommunications and Information Revolution: Implications for Financial Markets, Trading Systems, and Regulation -- 3 The Financial System and Global...

Prologue -- Using Tax Policy to Curb Speculative Short-Term Trading -- Commentary -- Stock Market Margin Requirements and Volatility: Implications for Regulation of Stock Index Futures -- Commentary -- Margin Requirements and Stock Volatility -- Volatility, Price Resolution, and the...

This paper outlines the fundamental economic forces that have led to the decline in traditional banking, that is the process of making loans and funding them by issuing short-dated deposits. The declining competitiveness of traditional banking may threaten financial stability by increasing bank...