John Robert Stephen Revell: List of Publications

Books and monographs

(with John Moyle}(1966) The Owners of Quoted Ordinary Shares: A Survey for 1963 (London: Chapman & Hall}.

The Wealth of the Nation: The National Balance Sheet of the United Kingdom, 1957-61 (1967) (London: Cambridge University Press).

Changes in British Banking: The Growth of a Secondary Banking System (1968} Hill, Samuel Occasional Paper no. 3 (London: Hill, Samuel}.

Financial Structure and Government Regulation (1972) (London: Inter-Bank Res­earch Organisation).

The British Financial System (1973)(London:Macmillan). (with C. R. Tomkins (1974) Personal Wealth and Finance in Wales Cardiff: HMSO for Welsh Council).

Solvency and Regulation of Banks (1975) Bangor Occasional Paper no. 5 (Cardiff: University of Wales Press).

Flexibility in Housing Finance (1975) (Paris: OECD). Savings Flows in Europe (1978) (London: Financial Times). Rischio e Solvibilitii delle Banche (1978) (Milan: Banca Commerciale Italiana,

Italian translation of part of Solvency and Regulation of Banks). Competition and Regulation of Banks (ed.) (1978} Bangor Occasional Paper no. 14

(Cardiff: University of Wales Press). Inflation and Financial Institutions (1979} (London: Financial Times). Costs and Margins in Banking: An International Survey (1980} (Paris: OECD). A Study of the Spanish Banking System (1980) (Bilbao: Banco de Vizcaya). A Study of the Spanish Banking System: Some Additional Comments (1982}

(Bilbao: Banco de Vizcaya). Banking and Electronic Fund Transfers (1983} (Paris: OECD). Changes in Spanish Banking (1984} (Bilbao: Banco de Vizcaya). Costs and Margins in Banking Statistical Supplement (1985} (Paris: OECD). Mergers and the Role of Large Banks (1987} IEF Research Monographs in Banking

and Finance no. 2 (Bangor: Institute of European Finance, University College of North Wales).

(with E. P. M. Gardener) (1988} Securitisation: History, Forms and Risk, IEF Research Monographs in Banking and Finance no. 5 (Bangor: Institute of European Finance, University College of North Wales).

Internal research reports

United Nations Economic and Social Council, Statistical Commission (1969} 'The proposed balance sheet and revaluation accounts of the system of national accounts (SNA)' (E/CN.3/398}.

387

388 John Roberts Stephen Revell: List of Publications

Inter-Bank Research Organisation (1974) 'Solvency and liquidity ratios for credit institutions'.

HM Treasury and Central Statistical Office (1977) 'Committed and discretionary saving'; later published in Sue Toland, 'Committed and discretionary saving', Economic Trends, no. 337, November 1981, pp. 109-35.

Royal Commission on the Distribution of Income and Wealth (1977) 'Property missing from Inland Revenue capital statistics'.

HM Treasury (1983} 'The turnover of assets'. Office of Fair Trading (1984) 'Competition in banking'.

Articles and reprinted seminar papers

'Who owns ordinary share capital?'; The Times, 23 June 1960 (with C. H. Feinstein).

'A survey of the holders of local authority debt', Local Government Finance, vol. 64, no. 7, July 1960, pp. 164-8 (with G. C. Hockley).

'Holders of local authority stocks and bonds', Local Government Finance, vol. 64, no. 12, December 1960, pp. 282-6 (with G. C. Hockley).

'Settled property and death duties', British Tax Review, May-June 1961, pp. 177-82.

'Trustee holdings of gilt-edged stocks', The Times, 11 July 1961. 'Building societies and the Common Market', Building Societies' Gazette, vol. 94,

no. 1117, June 1962, pp. 421-4. 'Assets and age', Bulletin of the Oxford University In.Stitute of Statistics, vol. 24, no.

3, August 1962, pp. 363-78. 'Insurance company investments', Policy Holder, vol. 82, 9 January 1964, pp.

40-42. 'The wealth of the nation', Moorgate and Wall Street, Spring 1966, pp. 57-89. 'A secondary banking system', The Banker, vol. 118, no. 511, Sept. 1968, pp.

798-804; reprinted in H. G. Johnson (ed.) Readings in British Monetary Economics (Oxford: Clarendon Press, 1972} pp. 422-31.

'A "crawling peg" for bank lending', Bankers' Magazine, vol. 212, no. 1548, July 1971, pp. 10-13.

'National balance sheets and national accounting: a progress report', Economic Trends, no. 211, May 1971, pp. 1-8 (with A. R. Roe).

'Trends in the financing of companies', Stock Exchange Journal, vol. 24, no. 4, December 1974, pp. 12-17.

'UK building societies', in Housing Finance: Present Problems (Paris: OECD, 1984}.

'Financial centres, financial institutions and economic change', in H. G. Johnson (ed.}, The New Mercantilism (Oxford: Basil Blackwell, 1974) pp. 74-89.

'The solvency of banks', The Banker, vol. 125, no. 581, January 1975, pp. 27-31. 'Liquidity and solvency management for banks', in R. Brealey and G. Rankine

(eds.}, European Finance Association: 1975 Proceedings (Amsterdam: North­Holland, 1976} pp. 375-89.

'Improving the solvency and liquidity of various financial institutions', in J. E. Wadsworth et al. (eds}, The Development of Financial Institutions in Europe, 1956-1976 (Leyden: Sijthoff, 1976) pp. 203-13.

'Reforming UK bank supervision', The Banker, vol. 126, no. 607, September 1976, pp. 1021-3.

'Housing finance in Europe', Three Banks Review, no. 114, June 1977, pp. 61-77.

John Robert Stephen Revell: List of Publications 389

'Housing finance in Europe', In Touch (Netherlands-British Chamber of Com­merce) September 1977, pp. 33-7, and Oct 1977, pp. 47-53.

'La situation actuelle du controle des banques au Royaume-Uni', Banque, no. 364, July-August 1977, pp. 780-82.

'International comparisons of financial statistics', in Statistics Users Conference on Financial Statistics: Report of Proceedings (London: Bank of England, 1977) pp. 93-8.

'Competition and regulation of banks', evidence to Committee to Review the Functioning of Financial Institutions; reprinted in J. Revell (ed.), Competition and Regulation of Banks, Bangor Occasional Paper No. 14 (Cardiff: University of Wales Press, 1978} pp. 48-63.

'The London clearing banks' evidence to the Wilson Committee', Bankers' Magazine, vol. 222, no. 1610, May 1978, pp. 21-3; reprinted in J. Revell (ed.), Competition and Regulation of Banks, Bangor Occasional Paper No. 14 (Cardiff: University of Wales Press, 1978) pp. 64--7.

'Liquidita e solvibilita delle banche: concetti e misure', in Francesco Cesarini and Marco Onado (eds), Struttura et Stabilita del Sistema Finanziario (Bologna: II Mulino, 1979) pp. 119-41.

'More flexibility for European housing finance institutions and instruments', in L. Miihlhaupt and H. Wielens (eds) Die Internationalisierung der Wohnungsbaufi­nanzierung (Frankfurt am Main: Fritz Knapp, 1980) pp. 27-45.

'The regulation of banks and the new English banking law', Bancaria, vol. 36, no. 5, May 1980, pp. 463-75 (in Italian).

'Towards a microeconomic theory of financial institutions', Bancaria, vol. 36. no. 10, October 1980, pp. 1011-24 (in Italian); /'Industria, n.s., vol. 1, no. 4, Oct.-Dec. 1980, pp. 463-83 (in Italian).

'The complementary nature of competition and regulation in the financial sector', Revue de Ia Banque, 111980.

'The complementary nature of competition and regulation in the financial sector', in A. Verheirstraeten (ed.), Competition and Regulation in Financial Markets (London: Macmillan, 1981) pp. 16-34.

'The effects of electronic fund transfers on the structure of banking systems', Bancaria, vol. 37, no. 8, August 1981, pp. 774-83 (in Italian).

'The regulation of banks and the new English banking law', Revue de Ia Banque, 111981.

'Lessons to be learned: a book review', Credit, vol. 23, no. 2, June 1982, pp. 43-7. 'The OECD report on costs and margins in banking', in D. E. Fair and F. Leonard

de Juvigny (eds) Bank Management in a Changing Domestic and International Environment (The Hague: Martinus Nijhoff, 1982).

'Electronic fund transfers and monetary policy', Banche e Banchieri, vol. 9, nos. 7-8, July-August 1982, pp. 609-17 (in Italian).

'Consequences of electronic fund transfers', Norwegian Commercial Banks, vol. 56, no. 2, 1982.

'Reciprocity in banking', World of Banking, vol. 1, no. 1, January/February 1982. 'Electronic fund transfers and monetary policy', Bancaria, vol. 38, no. 11,

November 1982, pp. 1268-70 (abridged version in Italian). 'Costs and margins in savings banks', Banca, Impresa, Societa, vol. 2, no. 3,

December 1983, pp. 367-85 (in Italian). 'Banking supervision in the United Kingdom', Banca, Impresa, Societa, vol. 2, no

3, December 1983, pp. 397-410 (in Italian). 'Capital adequacy, hidden reserves and provisions', Bancaria, vol. 39, no. 4, April

1983, pp. 346-56 (in Italian).

390 John Roberts Stephen Revell: List of Publications

'The public policy issues of payment system regulation', part 1, Issues in Bank Regulation, vol. 7, no. 2, Autumn 1983, pp. 11-15; reprint of part of Banking and Electronic Fund Transfers (Paris: OECD, 1983).

'Efficiency in the financial sector', in David Shepherd eta/. (eds), Microeconomic Efficiency and Macroeconomic Performance (Oxford: Philip Allan, 1983) pp. 137-70.

'The likely shape of payment systems in the next decade', World of Banking, vol. 2, no. 5, September-October 1983, pp. 12-15; reprint of part of Banking and Electronic Fund Transfers (Paris: OECD, 1983).

'Trends in banking markets', Parabancaria, vol. 2, no. 4, December 1983, pp. 56-61 (in Italian).

'The new technology and financial institutions: editorial commentary', Managerial Finance, vol. 10, no. 1, 1984, pp. 1-5.

'The public policy issues of payment system regulation', part 2, Issues in Bank Regulation, vol. 7, no. 3, Winter 1984, pp. 20-4; reprint of part of Banking and Electronic Fund Transfers (Paris: OECD, 1983).

'International financial centres', in Velo, Dario (ed.), Sviluppo della Finanza Internazionale e Interdipendenza dei Sistemi Finanziari: in Onore di Riccardo Argenziano, Collana di Diritto ed Economia no. 7 (Milan: Giuffre Editore, 1984) pp. 125-38.

'Building societies and money transmission' ('How societies could deal with the banks on equal terms'), Building Societies' Gazette, vol. 116, no. 1410, July 1984, pp. 832-6.

'The relationship of capital, hidden reserves and loan loss provisions', World of Banking, vol. 3, no. 5, September-October 1984, pp. 19-22, and vol. 3, no. 6, November-December 1984, pp. 19-24.

'Capital adequacy, hidden reserves and provisions', Osterreichisches Bank-Archiv, vol. 32, no. 10, October 1984, pp. 343-55 (in German).

'International comparisons of bank costs and profits', The Banker, vol. 135, no. 707, January 1985, pp. 25-30.

'New forms of competition and new competitors', Revue de Ia Banque, vol. 49, no. 2, February 1985.

'Banking and the international corporate customer', World of Banking, vol. 4, no. 3, May-June 1985, pp. 11-13; reprint of part of Banking and Electronic Fund Transfers (Paris: OECD, 1983).

Articles on 'Banking' and 'Credit' in Adam Kuper, and Jessica Kuper (eds), The Social Science Encyclopaedia (London: Routledge & Kegan Paul, 1985).

'Home Banking', Banking World, vol. 3, no. 6, June 1985. 'Progress with electronic banking', Irish Banking Review, 3/1985. 'Rischio bancario e assicurazione dei depositi', Banca, Impresa, Societa, vol. 4, no.

3, December 1985, pp. 375-89. 'The complementary nature of competition and regulation in the financial sector',

and 'Capital adequacy, hidden reserves and provisions', in Edward P. M. Gardener (ed.), UK Banking Supervision: Evolution, Practice and Issues (Lon­don: Allen & Unwin, 1986).

'Implications of new technology for financial markets', in Donald E. Fair (ed.), Shifting Frontiers in Financial Markets (Dordrecht, Netherlands: Martinus Nijhoff for SUERF, 1986).

'Banking structures in Great Britain: changes and future aspects', Oesterreichisches Bank-archiv, 1986.

'The structures of the credit systems: concentration and fragmentation', Review of the Economic Conditions in Italy, no. 3, September-December 1985, pp.

John Robert Stephen Revell: List of Publications 391

393-411; Italian translation in Economia ltaliana, no. 3, Ottobre-Dicembre 1985, pp. 427-47.

'Effects of new technology on the operations of financial institutions', Research Paper 86/3, Institute of European Finance, Bangor 1986.

'Effects of new technology on the operations of financial institutions', World of Banking, vol. 5, no. 5, September-October, 1986, pp. 26--30.

'Recent developments and prospects in banking', Research Paper 86/4, Institute of European Finance, Bangor, 1986.

'Technology and capital markets', Research Paper 86/13, Institute of European Finance, Bangor, 1986.

'Technology and capital markets', Revue de Ia Banque, vol. 51, no. 1, January 1987' pp. 39-44.

Introductory essay to Italian translation of C. P. Kindle berger, A Financial History of Western Europe (Milan: CARIPLO, 1987).

'The impact of technology on bank operations and bank marketing', International Journal of Bank Marketing, vol. 5, no. 4, 1987.

'International financial markets and the impact of new technology', Journal of Foreign Exchange and International Finance, vol. 1, no. 4, October 1987, pp. 386--90.

'Efficiency and risk: the UK example', Research Paper 87/9, Institute of European Finance, Bangor, 1987.

'Towards a microeconomic theory of financial institutions', Research Paper 87/10, Institute of European Finance, Bangor, 1987.

'Comparative concentration of banks', Research Paper 87/13, Institute of Euro­pean Finance, Bangor, 1987.

'Comparative concentration of banks', University of Wales Business and Economics Review, no. 2, Winter 1987, pp. 49-54.

'Effects of new technology on the operations of financial institutions', Bulletin de /'!DATE, vol. 4, no. 29, 1987.

'Uno Studio comparato della concentrazione bancaria' Banca Impresa Societa, vol. 6, no. 3, December 1987.

'Aspetti della storia finanziaria pin recente', Rivista Milanese di Economia, no. 24, October-December 1987, pp. 127-33.

'The future of the large Spanish banks', International Correspondent Banker, March 1988.

'Mergers among banks and other financial institutions in Europe', FT Mergers and Acquisitions, 1988.

'Impact on banks on small countries', World Banking, vol. 7, no. 6, No­vember-December 1988.

'Shake-out in Spain', Banking World, vol. 6, no. 10, October 1988, pp. 30--33. 'Bank preparations for 1992: some clues and some queries', Research Paper RP

88/17, Institute of European Finance, Bangor, 1988.

Index

Accounts, current 24-5 Akroyd and Smithers 112 Alexander Discount 110, 111, 112 Argentina

banking: bank employees 78; bank loans 79-80; banking system 72-83; central bank 72, 74-7, 8{}-3; foreign banks 78; private banking 78, 79, 82; regulation 76--8, 8{}-2

Banking Act 1935 74 Banking Act 1977 76 credit policies 74-5 employment 78 financial system 72-83 inflation 76, 79, 81 regulation 76--78, 8{}-2

Asset management 243-56 Australia

banking: competition 151; loan pricing 249-50; profitability 166

insurance industry 213 Automated teller machines 150,

283-92 Automation, Belgium 48

Bain, Prof Andrew 117 Balance sheets

asset and liability management 243-56

off-balance sheet banking 235-7, 237' 240, 254-5

Banca d'America e d'ltalia 189 Banco Central de Ia Republica

Argentina 72, 74-7, 8{}-3 Bangor

Institute of European Finance 3, 7-8

University College of North Wales 3, 7, 9-10

Bank for International Settlements capital adequacy regulations 55,

186, 187-8, 305, 31{}-35 supply and demand framework 7

392

Bank of America 170, 188 Bank of England

capital adequacy regulations 253, 263, 266, 306, 377

general regulatory role 303 interest rates role 114, 12{}-2 lender-of-last-resort 106--7, 304 liquidity proposals 249 monetary policies and money

markets 113-25 note issuance facilities 253 relations with discount

houses 106--7 relations with market-makers 112

Bank of Italy, capital adequacy regulations 379-85

Banking bank runs 56--9, 238, 239-40,

340-4 capital adequacy 55, 145-6,

155-66, 179, 186, 187-8, 253, 296, 305, 31{}-35, 376--8

central banks 239 competition 28-9, 173 concentration and profitability 146,

149-52, 153-4 corporate banking 28-9 development banks 333 economies of scale 147, 227-9, 264 employees and profitability 153-66 herding theory 148-9 international banking: asset and

liability management 243-56; capital adequacy 55, 145-6, 155-66, 186, 187-8, 296, 305, 31{}-35; general trends 17{}-90; insurance aspects 233-5, 237-40; profitability 143-66, 173, 175; regulation 182-6, 304-6

liquidity 244-5, 249, 253 mutual fund banking 240 off-balance sheet banking 235-7,

237-40, 254-5 operating policies 147-9 profitability 143-66, 173, 175

Index 393

regulation 177, 182--6, 353-61 relationship with insurance 22~ retail banking: competition

theory 28-9; insurance aspects 22fr.B, 237-40

risk and banking 225-40 risk assessment 147-8, 152 secondary banking system 4 synergy 269-72 universal banks 258 wholesale banking and

insurance 229-33, 237-48 see also under individual countries

Banque Beige 110 Banque Paribas 275 Barclays Bank 188, 260, 273 Barclays de Zoete Wedd 273 Baring Brothers 260 Basle Supervisors' Committee 55,

186, 187-8, 305, 310-35 BAT Industries 18 BIS see Bank for International

Settlements Belgium

banking: automation 48; capital adequacy 377; general trends 1970-86 36-49; internationalisation 42-5, 49; regulation 45-8, 49; taxation 45

Brussels Stock Exchange 47-8 financial institutions 39-42, 49 financial system 36-50 franc 43-4 internationalisation 42-5, 49 regulation 45-8, 49 taxation of foreign credits 45

Bolton Committee 126, 131 Bonds

index-linked bonds 88-9, 95-100 international trends 174 Swiss bonds and notes 195-7, 295 UK gilts 95-100, 111-13, 123-5

Brady Report 299-300 Branch banking, United States 228,

283-4, 292 Brussels Stock Exchange 47-8 Buckmaster and Moore 200 Building societies see United

Kingdom: building societies Businesses see Companies

Canada, banking capital adequacy 323 regulation 301

Capital adequacy 55, 145--6, 155-66, 179,186,187-8,253,296,305, 310-35, 37fr.B, 379, 385

see also under individual countries Capital markets 105 Cartels

competition theory 25--6 UK building societies 17, 21, 23,

25, 26, 27 Cater Allen 111, 112 CEC network 48 Central banks

Argentina 72, 74--7, 80-3 insurance and banking 239 see also individual banks

Centre d'Echange des Operations a Compenser du systeme financier Beige 48

Chase Manhattan 262, 275 Chemical Bank 188 Chicago Mercantile Exchange

Report 299-300 CHIPS see Clearing House Interbank

Payments System Citibank 110, 262 Citicorp 188, 275 Clearing House Interbank Payments

System 60-4 Clive Discount 110, 111 Colombia, insurance industry 211 Commercial paper

eurocommercial paper 204 sterling commercial paper 106

Companies, UK small firms 126-38 Competition

dynamics of competition 31-3 efficiency effects 33-4 globalisation effects 29-31 insurance industry 215-17 profitability effects 2fr.B theories and effects 20-34 see also under individual countries

Competitive Equality Banking Act 1987 344, 346-7

Concentration, bank profitability 146, 149-52, 153-4

Confederation of British Industry 136 Confidence, financial institutions 57 Conglomeration, UK financial

conglomerates 258-79, 303, 356

394 Index

Continental Illinois 57-8, 341 Corporate banking

competition theory 28-9 see also under individual countries

Corporations see Companies Cooke Committee 55, 186, 187-8,

305, 310-35 Country risk assessment 321 County NatWest 136, 273 Credit Lyonnais 110 Credit policies

Argentina 74-5, 79-80 Latin America 73

Credit Suisse 197, 200, 201 Credit Suisse First Boston 200-1, 275 Crocker National Bank 170 Cross-subsidies, competition

theory 24-5 Currencies

matching and mismatching 246-7 see also individual currencies

Current accounts 24-5

Daylight overdrafts 62 Debt

debt-equity swaps 179 international debt crisis 174-9,

252, 315 Demand, competition theory 22-3 Deposit Institutions Deregulation and

Monetary Control Act 1980 344 Deposit insurance

definition 239 Federal deposit insurance 57-9, 60,

64-5, 66, 336-48 Deregulation see Regulation Deutsche Bank 189, 262, 272, 275 Development banks 333 Discount houses, United

Kingdom 106-7, 123-5 Discount market, United

Kingdom 106-13, 123-5 Diversification

competition theory 28 UK building societies 19 see also under individual countries

Dollar, United States 122 Dynamics of competition 31-3

EC see European Community Economies of scale

banking 147, 227-9, 264

financial services industry 181 Economies of scope, banking 271 Ecuador, insurance industry 211 Efficiency

competition effects 33-4 competition theory 21-2 UK building societies 22 see also under individual countries

Employees bank employees and

profitability 153-66 bank employees in Argentina 78

Eurocommercial paper 204 European Community

Banking Advisory Committee 316 banking directives 297 capital adequacy

regulations 316-17, 324-8, 379, 385

financial indexation policies 93 insurance industry 214, 215, 216,

217-19 large loans recommendation 362,

365, 371, 373-5 regulation 297, 316-17, 324-8, 379,

385 see also member countries

Excess demand, competition theory 22-23

Exits, competition theory 29

FDIC see Federal Deposit Insurance Corporation

Federal deposit insurance 57-9, 60, 64-5, 66, 336-48

Federal Deposit Insurance Corporation 347

Federal Home Loan Bank Board 346 Federal Reserve Act 1913 56 Federal Reserve System 56-66 Federal Savings and Loan Insurance

Corporation 344-7 Fedwire 60-4 FHLBB see Federal Home Loan Bank

Board Fiduciary transactions 197 Financial centres, international

financial centres 193-204 Financial conglomeration 258-79,

303, 356 Financial institutions

small open economy 39-42, 49 theory of the firm 19-20

Index 395

Financial instruments indexation 88-100 innovation: international

banking 177-80, 181, 258-79; theories 38-9; US payment methods 59-60, 65--6

Financial intermediation, current trends 52-5

Financial markets internationalisation 54--5, 65--6 role of Switzerland 193-204

Financial services industry economies of scale 181 financial conglomerates 258-79,

303, 356 international trends 170--90 regulation 177, 182--6 UK financial conglomerates 258-79

Financial systems Argentina 72-83 Belgium 36--50 Continental research 7 Italy 353--61 regulation 353--61 unique role of banks 55 United Kingdom 5, 15-34, 119 US research 7

Finland, index-linked bonds 88-9 Firms see Companies First National Boston 188 Foreign banks see under individual

countries for non-national banks Foreign financial institutions see

under individual countries for non-national institutions

Franc Belgium 43-4 Switzerland 194

France archipels 356 banking 358 index-linked bonds 89 insurance industry 208, 212,

217-18 Franklin National Bank 313 Free banking 24--25 FSLIC see Federal Savings and Loan

Insurance Corporation Futures markets, Switzerland 201

Garn-St Germain Depository Institutions Act 1982 344--7

GA Tf see General Agreement on Tariffs and Trade

General Agreement on Tariffs and Trade 208, 214--15

Germany banking: capital adequacy 329;

foreign banks 201; international banking 189, 272; universal banks 258, 272

insurance industry 208, 217-18 regulation 296--8, 301

Gerrard and National 111, 112 Gillett 110 Gilts 95-100, 111-13, 123-5 Glass-Steagall Act 1933 188, 301-2 Globalisation

competition theory 29-31 effects 193

Goldman Sachs 170 Goldsmith, Prof. Raymond 10

Hambros Bank 260 Herding theory of banking 148-9 Herstatt Bank 313 Hill Samuel 112, 260, 273 Holland see Netherlands Hong Kong, international financial

centre 194

Indexation financial instruments 87-100 relationship with inflation 87-92

India, insurance industry 211 Indonesia, insurance industry 211 Inflation

relationship with indexation 87-92 see also under individual countries

Innovation see Financial instruments: innovation

Institute of European Finance 3, 7-8 Insurance

deposit insurance 239 Federal deposit insurance 57-9, 60,

64--5, 66, 336--48 relationship with banking 225-40

Insurance industry competition 215-17 EC 214, 215, 216, 217-19 internationalisation 205-20 protectionism 208-20 taxation 212-13

396 Index

Interest rates interest rate risk 249-52 volatility 250-2 see also under individual countries

International banking asset and liability

management 243-56 capital adequacy 55, 145-6,

155-66, 186, 187-8, 296, 305, 310-35

general trends 170-90 insurance aspects 233-5, 237-40 profitability 143-66, 173, 175 regulation 182-6, 304-6 see also under countries which

establish banking networks overseas

Internationalisation Belgium 42-5, 49 insurance industry 205-20 small open economy 39-42, 49 United States 54-5, 65-6

Investment advisory services, Switzerland 198--200

Investment banking see under individual countries

Iraq, insurance industry 211 Ireland, banking

competition 151 loan pricing 249-50 profitability 166

Italy banking: bank loans 362-75;

capital adequacy 379-85; foreign banks 189; regulation 353-61, 362-75

financial system 353-61 insurance industry 208, 212,

217-18

Japan banking: capital adequacy 321,

323, 327, 328, 329; international banking 111, 170, 174, 189, 263, 274, 275; regulation 189, 295-8, 301

insurance industry 208 regulation 189, 295-8, 301 securities houses 189, 279 stock markets 295, 297

Jesse! Toynbee and Gillett 110, 111

Kidder Peabody 188 King and Shaxton 110, 111 Kleinwort Benson 260, 273 Korea, insurance industry 211

Latin America credit policies 73 see also individual countries

Leigh-Pemberton, Sir Robin 115, 119, 121, 304

Lender-of-last-resort United Kingdom 106--7, 304 United States 341, 348

Lending see Loans Less developed countries,

international debt crisis 174-9, 252, 315

Liability management 243-56 Liechtenstein, relations with

Switzerland 200 Liquidity, bank 244-5, 249, 253, 256 Littlewoods 18 Lloyds Bank 112, 124, 260, 273 Loans

bank lending in Argentina 79-80 bank lending in Italy 362-75 loan pricing 249-50 regulation 362-75 syndicated loans 254

London Discount Market Association 113

London Stock Exchange 'Big Bang' effects 26, 29, 104,

107-13, 124, 185, 200, 259-62, 263

commission charges 18, 26 financial conglomeration 258--79,

303, 356 October 1987 crash 299

Official List market 130-4, 137 regulation 18--19, 26 restrictive practices 18--19, 26 Third Market 137-8, 183 Unlisted Securities Market 130-5,

137-8, 183 Luxembourg

Belgian deposits 44 international financial centre 194,

195, 199 regulation 199

Index 397

MacFadden Act 187, 188 Macmillan Committee 136, 134 Mais Lecture 1987 115 Malaysia

insurance industry 213 taxation 213

Management asset and liability

management 243-56 financial comglomerates 277-8 Portfolio management 198--200

Manufacturers Hanover 57, 188 Market-makers 29, 112, 123-5 Marks and Spencer 18 Maycock, James 8 Mercantile House 260 Merchant banking see under individual

countries Mergers and acquisitions

UK banks 267-9 UK building societies 25

Merrill Lynch 188, 272, 275 Mexico, insurance industry 211 Midland Bank 260, 273 Midland Montagu 273 Monetary policies

indexation and inflation 87-92 see also under individual countries

Money markets definition 105 United Kingdom 104-125

Morgan Grenfell 261, 273 Morgan Guaranty 112, 275 Morgan Stanley 275 Morse, Sir Jeremy 120 Mortgages

competition theory 21-4 interest rates 24 partnership arrangements 22 securitisation 21-2

US savings and loan associations 341-48

see also United Kingdom: building societies

National balance sheets 4-9 National Girobank 18 National Institute of Economic and

Social Research 93 National Savings 'Granny bonds' 88,

93-4 National Westminster Bank 136, 260,

273, 275

Nestle 136, 204 Netherlands

Belgian deposits 44 insurance industry 208

New York Stock Exchange 26 New York Stock Exchange

Report 299-301 New Zealand, banking

competition 151 profitability 166

Nikko Securities 297 Nomura Securities 201, 275 Note issuance facilities 179, 204,

253-4

OECD see Organisation for Economic Co-operation and Development

Off-balance sheet banking 235-7, 237-40, 254-5, 322

OPEC see Organisation of Petroleum Exporting Countries

Open economies 39-42, 49 Options markets, Switzerland 201 Organisation for Economic

Co-operation and Development capital adequacy regulations 332,

334-5 financial indexation policies 93, 98 insurance industry surveys 211,

214, 216 Revell's work for 6, 7, 8 secondary markets 137 see also member countries

Organisation of Petroleum Exporting Countries 98, 173, 176, 178

Over-The-Counter markets, United Kingdom 130, 137-8, 272

Partnership arrangements 22 Payment methods, recent

innovations 59-60 Payment systems

CHIPS 60-4 Fedwire 60-4 SWIFf network 48 United States 51--66

Personal banking, competition theory 28--9

Peru, insurance industry 211 Phillips and Drew 200 PNC Financial Corporation 188

398 Index

Portfolio management, Switzerland 198-200

Prices, competition theory 24-5 Private banking, Argentina 78, 79,

82 Profitability

competition theory 26--8 international banking 143--66, 173,

175 relationship with regulation 144-7,

154 UK building societies 28 see also under individual countries

Protectionism, insurance industry 208-20

Proxmire-Garn Bill 302-3 Prudential Bache 110, 112

Quin Cope 110-11

Radcliffe Committee 126 Rae, George 9 Reddaway, W. B. 3 Regulation

capital adequacy 55, 145--6, 155--66,179,186,187-8,253, 296, 305, 310-35, 376-78, 379, 385

EC 297, 316-17, 324-8, 379, 385 financial services industry 177,

182--6 financial systems 353--61 general banking 177, 182--6,

353--61 internationalisation 54-5, 65--6,

278-9 relationship with

profitability 144-7, 154 stock markets 295-306 see also under individual countries

Reinsurance industry see Insurance industry

Restrictive practices, UK financial system 16-17, 18-19, 26

Retail banking competition theory 28-9 risk 226--8, 237-40

Revell, J. R. S. 3-10, 143, 153, 166, 225, 264-5, 353, 387-91

Revolving underwriting facilities 179 Richardson, Gordon 115

Risk banking: country risk

assessment 321; general risk assessment 147-8, 152; international banking 233-5, 237-40; off-balance sheet banking 235-40, 254-5; retail banking 226--8, 237-40; wholesale banking 229-33, 237-40

competition theory 28 insurance industry 205-20 interest rate risk 249-52 payment systems 61-4, 65--6 UK building societies 28

Rothschild, N. M. 261 Rowntree Mackintosh 136 Royal Bank of Canada 112 Runs on banks 56-9, 238, 239-40,

340-4

Salomon Brothers 113, 188 Savings and loan associations, United

States 57-8, 59, 341-8 Savory Milln 200 Sayers, Prof Richard 4, 6 Schroder Wagg 261 Seccombe Marshall and

Campion 110, 111 Secondary markets 137 Securities Association, The 263 Securities and Exchange Commission

Report 299-300 Securities and Investments Board 303 Securities houses, Japan 189, 297 Securities industry,

market-makers 29, 112, 123-5 Securitisation 53-4, 252-4

see also under individual countries Security Pacific 188 Service industries see Financial

services industry Shares, personal sector

shareholdings 4 Shearson Lehman 113 Shearson Lehman Hutton 170, 188 Singapore, international financial

centre 194 Skipton Building Society 22 Small firms, United Kingdom 126-38 Smith St Aubyn 110, 111 Societe Financiere Europeenne 201

Index 399

Societe Generale 22 Societe Generale de Belgique 170 Society for Worldwide Interbank

Financial Telecommunication 48 SOFFEX see Swiss Options and

Financial Futures Exchange Staff see Employees Sterling 122 Sterling commercial paper 106, 123 Stock markets

regulation 295-306 taxation 297-8 volatility 298-301 see also individual stock exchanges

Stone, Prof. Richard 3 Sumitomo Bank 170 Sun-Trust Banks 188 Supervision see Regulation Swaps 179 SWIFT network 48 Swiss Bank Corporation 197, 200,

201' 262, 275 Swiss Options and Financial Futures

Exchange 201 Switzerland

banking: international banking 193-204; universal banks 258

bonds and notes 195-7, 295 fiduciary transactions 197 franc 194 futures markets 201 international financial

centre 193-204 investment advisory

services 198-200 options markets 201 portfolio management 198-200 regulation 297-8, 301 relations with Liechtenstein 200 taxation 195

Syndicated loans 254 Synergy 269-72 Syria, insurance industry 211

Taiwan, insurance industry 211 Taxation

Belgium 45 insurance industry 212-13 stock markets 297-8 Switzerland 195

Technology, financial services

industry 180-3, 267 Texas Commerce Bancshares 188 Thailand, insurance industry 211 Third Market, United

Kingdom 137-8, 183 Thrifts, United States 57-8, 341-8 Tokyo Stock Exchange 295, 297 Trade

GATT 208, 214-15 insurance industry 205-20 UNCTAD 208, 214

TSA see Securities Association Trustee Savings Bank 18, 272

UNCTAD see United Nations Conference on Trade and Development

Union Bank of Switzerland 197, 200, 201, 275

Union Discount Company of London 111

United Kingdom banking: capital adequacy 253,

263, 266, 306, 324-6, 328-9; clearing banks 258-79; competition 31-3, 151, 173, 266-7; corporate banking 28-9, 119, 136-7, 229, 267; cross-subsidies 24-5; current accounts 24-5; diversification 18; efficiency 21-2, 33-4; financial conglomeration 258-79, 303, 356; foreign banks 18-19, 22; free banking 24-5; globalisation 30-1; investment banking 136, 189, 229, 258-79; liquidity 249; loan pricing 249-50; merchant banking 136, 189, 229, 258-79; mergers and acquisitions 267-9; mortgage interest rates 24; mortgage securitisation 21-2; personal banking 28-9, 118-19; pricing 24-5; profitability 26-8, 166; regulation 16-19, 249, 253, 263, 266, 297, 302-4; retail banking 28-9, 229; securitisation 267; small firms 126-38; synergy 271-2; wholesale banking 229-30

400 Index

United Kingdom cont. 'Big Bang' effects 26, 29, 104,

107-13, 124, 185, 200, 259-262, 263

Bolton Committee 126, 131 building societies; assets and

liabilities 110, 118; cartel 17, 21, 23, 25 26, 27; competition 17, 23; current accounts 25; diversification 19; efficiency 22; interest rates 24; mergers and acquisitions 25; profitability 28; risk 28

capital instruments 321 'Cash Ratio' 115 'Club Money' 114--15 commercial paper 106, 122-3 companies, small firms 126-38 discount houses 106-7, 123-5 discount market 106-13, 123-5 financial conglomerates 258-79,

303, 356 Financial Services Act 1986 357,

360 financial system 5, 15-34, 119 foreign financial institutions 22 gilts 95-100, 111-13, 123-5 hire purchase restrictions 118 indexation policies 91-2 indexed financial instruments 92-5 indexed gilts 95-100 inflation and indexation 91-100 insurance industry 208, 212,

217-18 interest rates 24, 114, 120--2 M3 116-23 M4 119-20 Macmillan Committee 126, 134 market-makers 29, 112, 123-5 monetary policies and money

markets 113-24 money markets 104--25 National Savings 'Granny

bonds' 88, 93-4 non-bank financial sector 119 Official List market 130--4, 137 Over-The-Counter market 130,

137-8, 272 Radcliffe Committee 126

regulation: discount market 106-7; financial system 16-19; London Stock Exchange 18-19, 26; monetary policy 113-25; stock market 296-8, 302-4

SA YE indexed instruments 93-4 Securities and Investments

Board 303 securitisation 21-2, 267 small firms 126-38 sterling commercial paper 106, 123 sterling/dollar exchange rate 122 stock markets see London Stock

Exchange Third Market 137-8, 183 Treasury bills 122-4 Unlisted Securities Market 130--5,

137-8, 183 wages indexation 91-2 Wilson Committee 129-31, 134--5

United Nations Conference on Trade and Development 208, 214

United States banking: automated teller

machines 283-92; bank failures 175; banknotes 55-6; bank runs 56-9, 340--4; branch banking 228, 283-4, 292; capital adequacy 315, 323, 324-6, 328-8, 377, 378; competition 151, 173; confidence 57; customers and A TMs 283-92; daylight overdrafts 62; deposit insurance 57-9, 60, 64--5, 66, 336-48; diversification 16; economies of scale 264; economies of scope 271; Federal Reserve System 56-66; financial innovation 59-60, 65-6; international banking 65-6, 172, 174, 235, 274; interstate banking 187, 188; investment banking 189; payment systems 60-6; profitability 16; regulation 51-66, 144, 297, 301-2, 336-48; savings and loan associations 57-8, 341-8;

Index 401

securitisation 53-4; thrifts 57-8, 341-8

Brady Report 299-300 capital instruments 321 Chicago Mercantile Exchange

Report 299-300 Competitive Equality Banking Act

1987 344, 346-7 Deposit Institutions Deregulation

and Monetary Control Act 1980 344

discount houses in UK 111 dollar/sterling exchange rate 122 Federal deposit insurance 57-9, 60,

64-5, 66, 336-48 Federal Deposit Insurance

Corporation 347 Federal Home Loan Bank

Board 346 Federal Savings and Loan Insurance

Corporation 344-7 Gam-St Germain Depository

Institutions Act 1982 344-7 Glass-Steagall Act 1933 188, 301-2 insurance industry 208, 212, 213 interest rates 341-5 MacFadden Act 187, 188 'May Day' effects 185 mortgages 342-4 New York Stock Exchange 26 New York Stock Exchange

Report 299-301 payment systems 51-66 Proxmire-Gam Bill 302-3 regulation: payment

systems 51-66; stock markets 296-8, 301-2, 304

savings and loan associations 57-8, 59, 341-8

Securities and Exchange Commission Report 299-300

securities firms 271 securitisation 53-4 stock markets: regulation 296-8,

301-2, 304 thrifts 57-8, 59, 341-8

Universal banks 258 Unlisted Securities Market, United

Kingdom 130-5, 137-8, 183 Uruguay, bank competition 151

Venezuela, insurance industry 211 Volatility

interest rates 250-2 stock markets 298-301

Volcker, Paul 315

Wages, indexation 91-2 Wales, University College of

North 3, 7, 9-10 Warburg, S. G., and Company 261,

273, 275 Wedd Durlacher 112 Wells Fargo Bank 170 West Germany see Germany Wilson Committee 129-31, 134-5 Winters, Alan 10 Wolpertinger Club 8 Wood Mackenzie 112 Workers see Employees World Banking Abstracts 8

Yamaichi Securities 297 Zambia, insurance industry 211