Recent debates about the state of Japan's financial system focus on the weakness of Japanese banks. But, in the complex financial relations of an advanced economy bank finance cannot be seen separate from other forms of financial intermediation. Despite the reform efforts under the Big Bang...

As emphasised in the beginning, the considerations presented here are very preliminary by nature. Nevertheless, some of the aspects discussed seem worth summarising. First, financial markets worldwide show a tendency of asymmetric regional " clustering" with newly emerging places challenging the...

European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the...

At the turn of the century, the role of culture in society is changing. One facet of this change is the relation between culture and finance. Globalisation has led to an increasing competition between financial centres worldwide and culture has become one determinant of competitiveness. But,...

Japan's markets for money, capital and foreign exchange are among the biggest worldwide. For many years, Tokyo's role as the leading financial center in Asia has been unchallenged. However, recently, other places in the region such as Singapore and Hong Kong have invested heavily to strengthen...

Der Tokioter Devisenmarkt ist mittlerweile der drittgrößte Markt hinter London und New York. Sein Wachstum, das sich innerhalb weniger Jahre vollzog, ist mit außergewöhnlichen Risiken verbunden. Das liegt, wie dieser Beitrag zeigt, an dem Zusammentreffen mehrerer Faktoren: einer besonders...