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Introduction and summary of findings and policy implications
1. Introduction
2. Key findings and policy implications
3. Extended summary
Chapter I. Patterns of consolidation
1. Introduction
2. Methods of consolidation
3. Patterns in transaction activity
4. Patterns in the structure of the financial sector
5. Conclusion
Annex I.1 Securities exchanges and consolidation
Chapter II. Fundamental causes of consolidation
1. Introduction
2. Framework
3. Forces encouraging consolidation
4. Forces discouraging consolidation
5. Future trendsTables and charts (Chapter II)
Annex II.1 Interviews - country synopses
Annex II.2 Interviews - technical appendix
Annex II.3 Chronological list of key regulatory changes
Chapter III. Effects of consolidation on financial risk
1. Introduction
2. A working definition of systemic risk
3. Effects of consolidation in the United States
4. Effects of consolidation in Europe
5. Effects of consolidation in Japan
Annex III.1 The effects of consolidation on managing systemic risk in Canada: the 1998 Bank Merger Decision
Annex III.2 Potential effects of strategic alliances on financial risk
Annex III.3 Consolidation and the liquidity of financial markets
Chapter IV. The impact of financial sector consolidation on monetary policy
1. Introduction
2. The impact of consolidation on the implementation of monetary policy
3. The impact of financial sector consolidation on the transmission of monetary policy
4. Some further possible consequences of consolidation for monetary policy
5. Some caveats and research challenges
6. Conclusions
Chapter V. The effects of consolidation on efficiency, competition and credit flows
1. Introduction
2. Consolidation and efficiency
3. Consolidation and competition
4. Consolidation and the availability of credit flows
5. Policy issues
Annex V.1 Antitrust rules and their implementation in specific countries
Annex V.2 Case studies
Chapter VI. The effects of consolidation on payment and settlement systems
1. Introduction
2. Types of consolidation
3. Causes of and obstacles to consolidation
4. The effects of consolidation
5. Conclusions
Annex VI.1: TARGET
Working Party on Financial sector consolidation
Data Annex A: Patterns in consolidation transactions
Data Annex B: Patterns in the structure of the financial sector
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