Suchergebnisse

This report discusses auction-rate securities (ARSs), which most are long-term bonds, although some ARS are structured as preferred shares and so have no maturities.

Japanese securities exchanges, which were closed at the beginning of the Allied Force occupation in 1945, were permitted to reopen in 1949. During the following two decades, the Japanese economy displayed vigorous growth. An expansion of the operations of the securities markets accompanied the expansion of the economy, but the expansion did not progress evenly. The development of the securities markets in the post-War period can be divided into a number of stages: (1) the period of confusion and frustration (August 1945 to August 1949); (2) the period of reorganization (May 1949 to January 1954); (3) the period of high growth (January 1954 to June 1961);(4) the period of stagnation (July 1961 to January 1968); and (5) the period of internationalization (January 1968 to the present). A. The Period of Confusion and Frustration (1945-1949) The defeat in World War II left the Japanese economy in a state of near breakdown. Termination of the War disrupted the control mechanism of the economy and for a while created a chaotic condition. The rate of price increases was alarming. In order to counteract the sharp spiraling of inflation, occupation authorities (SCAP) in 1946 directed the Japanese Government to enforce emergency financial measures. One of these measures was the issuance of a new currency, while old currency in excess of specified amounts was frozen in "blocked" accounts. Since it was permissible to use frozen funds to purchase corporate stocks, there was a notable increase in securities transactions.

This book provides a detailed and comprehensive synthesis of the literature on growth-linked securities, which are an equity-like method of financing for sovereigns. Based on an idea introduced by Shiller (1993), these securities enjoy growing intellectual support. Momentum in favour of them in policy circles has increased since the global financial crisis of 2007-9 and the subsequent debt crisis in Europe in 2010. This book covers many issues on the topic. After surveying the history of the idea and past experiences of countries that issued growth-linked warrants, chapters examine the pros and cons of this financial instrument from the point of view of issuers and investors. The book also discusses technical issues preventing the broad issuance of growth-linked securities and provides solutions to foster their acceptance by market participants. .--

This article discusses the ways in which efficient securities markets benefit society, how Norwegian securities market legislation is being modernised to be in line with European standards, and in addition issues related to changes in Norwegian securities market infrastructure. In the first section the social usefulness of securities markets is explained. The most important aspect of this is that smoothly functioning securities markets, together with a well developed financial sector, promote growth throughout the economy. Through the direct transmission of funding from investor to projects, securities markets also contribute to financial stability. The second section deals with amendments to Norwegian securities markets legislation that are under way. Special attention is paid to the European Economic Area and its implications, including the requisite transposition of EU legislation into Norwegian law. The third section discusses the specific tasks performed by the stock exchange and comments on whether the infrastructure organisations of securities markets need to be domestic in order to reap the social benefits of securities markets.

As we enter the early 1990s, the second phase of global deregulation gains momentum and cross-border activity in the securities markets has never been greater. Securitised funds are crossing borders at the rate of $12 trn per annum. As pressure on margins increases, there is a new emphasis on trading and settlement systems - as important as the innovation of financial products was in the 1980s.