2006 Fiscal Year Final Research Report Summary
INFLUENCE OF FINANCIAL CONGLOMERATE ON FINANCIAL SERVICE
| Project/Area Number |
17530277
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | SAITAMA UNIVERSITY |
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Principal Investigator |
ITO Osamu SAITAMA UNIVERSITY, Faculty of Economics, PRO., 経済学部, 教授 (40312912)
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| Co-Investigator(Kenkyū-buntansha) |
AIZAWA Koetsu SAITAMA UNIVERSITY, Faculty of Economics, PRO., 経済学部, 教授 (40284666)
OKUYAMA Tadanobu JOB UNIVERSITY, PRESIDENT, 学長 (40185559)
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| Project Period (FY) |
2005 – 2006
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| Keywords | financial conglomerate / universal bank / alfinanz / financial innovation / securitization / financial reform in EU |
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| Research Abstract |
This research aims to analyze how the recent acceleration of industry liberalization and technological innovations in the financial industry, including those leading-edge financial services and operations being offered beyond traditional business boundaries, has been affecting the financial industry itself and the overall economy.
This research mainly covers European financial markets, in particular focus on that of Germany. While the "universal banking" system - where single financial institutions are allowed to offer both banking and securities services -has already been common in Europe, financial institutions there are accelerating moves to create "alfinanz"or "bancassuarance" business models that offer a one-stop-shop type of financial services all at one institution.
The EU's adoption in April 2004 of the "The Markets in Financial Instruments Directive" prompted reorganization of a broad range of financial services institutions, and paved the way for creating financial conglomerates that offer banking, securities and insurance -services. Although the creation of such financial conglomerates has increased risk in management and corporate governance at those large and complex financial institutions, regulators there are seeking best ways to supervise those entities.
The recent acceleration of industry consolidation and rope's financial markets has also stimulated changes in Germany's financial industry, for example by prompting more deregulations and expanding markets for securitization. In summary, this research aims to analyze how the recent liberalization and consolidation of financial markets has taken place in Europe, and how regulators there have tried to cope with these changes.
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