Abstract
Since the early 1970s there has been substantial liberalisation of the banking sector and financial innovation. The process has been facilitated by re-regulation of banks (Mullineux 1987, pp. 30–63, 83–125, 126–153, 154–165), which continue to lie at the heart of all financial systems (Mishkin 2004, pp. 23–43), and necessitated ongoing revisions in prudential regulation, and monetary policy.
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Notes
- 1.
The letters stand for different words in each country, Financial Services Authority in the UK, Financial Supervisory Agency in Japan, and Financial Supervisory Authority in Sweden, but the approach is similar.
- 2.
The UK, where pension funds have traditionally invested heavily in equities may be an exception. A number of funds are trying to better match their assets and liabilities by reducing equity holdings and increasing bond holding of appropriate maturities.
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Mullineux, A. (2011). Corporate Governance and the ‘Hybridisation’ of Financial Sectors. In: Welfens, P., Ryan, C. (eds) Financial Market Integration and Growth. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-16274-9_7
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