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- W1555530497 abstract "Studying the problem of financial institutions in transition from an institutional point of view, the perspective is a twofold one (as has been pointed out in the paper by Colin Mayer): (a) the development of new, and the change of existing, types of financial services and governance structures; and (b) the adaptation of the legal framework as a response to new challenges. In order to take a closer look into the twofold structure of the problem, it might be helpful to clearly distinguish between private and public ordering. Private ordering has led to the development of new types of financial contracts (as has been discussed in the papers by Miller and Scott). Especially in the paper by Franke the substitution process between various forms of new institutional designs has been analyzed. It has been pointed out that new inventions (which are not always innovations) have been the result of circumventing old regulatory restrictions. These considerations have made clear that there is a continuous feedback process between private ordering developments and public ordering problems. The paper by Johannes Kondgen shows that even a clear distinction between the institutional design of financial products and the regulatory framework of the market is becoming more and more difficult. The players themselves are shaping the framework. Collective action is no longer a resort of public ordering, but private actors may reach results which are superior to public regulation. On the other hand, the discussion of monetary market mutual funds has raised the issue as to whether or not market failure problems may demand some sort of public regulation. The interplay between private institution building and public regulation thus does not automatically lead to deregulation but to a substitution process in the field of public regulation." @default.
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- W1555530497 date "1998-01-01" @default.
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- W1555530497 title "Financial Institutions in Transition: Banks and Financial Markets. Concluding Comment" @default.
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