This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyse welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities...

We compare banking sector development in the EU Accession Countries (AC) Bulgaria, Croatia, Romania and Turkey with a special emphasis on the role of foreign banks. We discuss selected features of the Accession Countries' banking sector reform and patterns of foreign entry, combining the...

We investigate the incentives for vertical or horizontal integration in the financial security service industry, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these decisions on competition and welfare. Our analysis...

This paper aims to contribute to the ongoing discussion on horizontal vs. vertical integration as further development path in the financial security service industry, consisting of trading, clearing and settlement. Using a stylized model of the industry we investigate the incentives to...

We investigate the incentives for vertical or horizontal integration in the financial security service industry, consisting of trading, clearing and settlement. We thereby focus on firms’ decisions but also look on the implications of these decisions on competition and welfare. Our analysis...

We investigate how product market competition jointly affects specific corporate investment and financing behavior. Given an expected cash flow shortfall, firms may reduce cash reserves, increase external finance, cut back dividends, and sell off assets and/or investments. The first three...