This article presents a roundtable discussion on the appropriate level of regulation in Europe. Manfred Neumann presented a theoretical rationale that leans towards the individualistic approach of government competition. Michael Emerson discussed the flexibility offered by the Treaties. Colin...

Using a new data source on share price indices, this paper finds no evidence that the substantial variations in the reactions to the crash of October 1987 across countries are related to the structure of markets. However, trading halts and capital controls on residents may have moderated the...

This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to...

Eastern Europe is engaged in a massive programme of financial reform. This paper argues that while this programme has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...

The 1980s were a period of profound economic change in the UK. The consensus politics of the post-Second World War period disintegrated in the face of mounting disillusionment with the UK's economic record. It gave way to a radical style of politics that firmly rejected intervention by the state...

This paper examines the relation between financial, corporate and legal systems, and economic performance in different countries. It reviews international comparisons that undertake detailed analyses of individual, developed countries and studies that use large, cross-country data banks,...

A combination of privatization and public-sector expenditure constraints has given rise to a substantial reduction in public-sector investment. Private ownership offers incentives for efficiency in capital investment and forms of equity finance which are particularly needed in developing...

This paper investigates the process by which East German enterprises have been privatized and their resulting ownership and control structure. A corporate system with a very high level of concentration of ownership has been created. This is particularly closely associated with ownership and...

This issue of the Oxford Review is concerned with money and banking. The articles in the issue provide a comprehensive overview of recent developments in the literature. They systematically evaluate both the theoretical and empirical literature on banks, the monetary transmission mechanism, the...