The report also compares the U.S. perspective with that of other countries that have adopted or are in the process of adopting IFRS. For example, a previous ACCA study of IFRS adoption in Europe found that the benefits of adoption were greatest in countries with high institutional quality and where stock markets are more important to finance than bond markets or banking.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
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In addition, the mere incorporation of biometrics into the payment system is likely to deter criminals, says Mike Bond, an expert in banking security at Cambridge University.
If Brazil develops as expected, the derivatives, mortgage-securitisation and corporate-bond markets may become bigger, making investment banking a more balance-sheet-intensive affair.
Only six months ago, bookshelves were groaning with pessimistic titles, predicting bond-market crashes, more recession, banking crises and assorted other disasters.
Accordingly, the bond offering was vigorously opposed in two Senate Banking hearings within one week -- on October 30 and November 5, 1997, the latter at which I testified -- even though the ILSA legislation makes no reference to the private capital markets.
When insurance and banking regulators moved in, they made matters worse by dumping huge bond holdings before a new market mechanism had been established.
At current rates bond buyers are "paying a tax to recapitalize the banking system and make debt costs lighter for people and companies, " observes Daniel Dektar, chief investment officer at Smith Breeden Associates, a Durham, N.
He is widely expected to undertake aggressive action that may include "open-ended" asset-purchase programs designed to push bond yields down, boost the supply of money in the banking system and spur lending to businesses.
The speculation is driven by officials who some believe are sacrificing tiny so-called peripheral European economies like Greece, Ireland and Portugal, in an effort to stop the bond vigilantes before they get to a country that could really cause banking problems in Germany and France like Spain.
"Starting from last year, Chinese corporate bonds, which were mostly sold to emerging-market bond funds in the past, have become much more appealing to U.S.-based bond investors, " said Fang Fang, vice chairman of Asia investment banking and chief executive of China investment banking at J.
The rally may well have been driven by a lifting of the intense economic gloom that enveloped the markets in the autumn of 2011 and a sense that the European authorities had removed the immediate threat of a banking collapse, while simultaneously halting the rapid rise in Italian and Spanish government-bond yields.
Indian banking stocks surged after Moody's unified India's foreign and local currency government bond ratings at Baa3 and left ratings of government-related issuers unchanged.
The inadequacies of Asia's capital markets, where corporate-bond markets are even less developed than stockmarkets, are the flipside of a dominant banking sector that intermediates four-fifths of the region's investment, compared with just a quarter in America.
"No one can question the deterioration in the sovereign balance sheet or banking system, but it seems counterintuitive to cite possible financing gaps when a large, " bond issuance was about to close, said Richard Segal, emerging market strategist at Jefferies International.
In theory, the executive committee's task was to run all the group's investment-banking businesses--equities and corporate finance in London, which are Kleinwort's specialities, and bond and foreign-exchange trading, most of which is done by Dresdner in Frankfurt.
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