Banking Books
Random House USA Inc Why Wall Street Matters
Book SynopsisA timely, counterintuitive defense of Wall Street and the big banks as the invisible—albeit flawed—engines that power our ideas, and should be made to work better for all of us Maybe you think the banks should be broken up and the bankers should be held accountable for the financial crisis in 2008. Maybe you hate the greed of Wall Street but know that it’s important to the proper functioning of the world economy. Maybe you don’t really understand Wall Street, and phrases such as “credit default swap” make your eyes glaze over. Maybe you are utterly confused by the fact that after attacking Wall Street mercilessly during his campaign, Donald Trump has surrounded himself with Wall Street veterans. But if you like your smart phone or your widescreen TV, your car or your morning bacon, your pension or your 401(k), then—whether you know it or not—you are a fan of Wall Street. William D. Cohan is no knee-jerk advocate for
£20.00
Elsevier Science & Technology Handbook of Income Distribution Vol 2A
Book SynopsisTrade Review"Thirteen papers explore advances made in the past fifteen years in understanding the extent, causes, and consequences of inequality." --Journal of Economic Literature, Handbook of Income Distribution, Vol 2A "The literature on income distribution has undergone transformative change in the decade and a half since the first Handbook appeared. These timely new volumes by recognized scholars provide a comprehensive review of our current state of understanding and the challenges that inequality poses." --Robin Boadway, Queens University "Few issues are more topical, in both the academic and policy debates, than the distribution of income and wealth. This handbook takes the reader to the frontier of all aspects of these debates: its superb contributions, by the foremost experts in the field, cover historical developments, data issues, statistical methods, theoretical approaches, and policy implications. A must for academics and interested general readers alike." --Roberto Perotti, Università Bocconi "The increase in inequality is a pressing problem. Too often it is addressed with uninformed, oversimplified ideological slogans. If you want to go beyond those and really learn about this complicated topic, this is the essential and most complete book to read. A gem." --Alberto Alesina, Harvard University "In every academic discipline, fads come and fads go. But in economics the very core of our subject is the study of the distribution of income and well-being across the population. From this analysis stems all our best theories and our best empirical research. This Handbook distills that wisdom and presents the latest findings by those who happen to be giants in our discipline. Its chapters will provide the platform from which will emerge the most exciting and important research for decades to come." --Danny Quah, London School of EconomicsTable of ContentsPart I: Concepts and approaches 1. Income distribution in the history of economic thought Agnar Sandmo 2. Inequality, income and well-being Marc Fleurbaey, Erik Schokkaert and Koen Decancq 3. Multi-dimensional inequality and poverty Andrea Brandolini and Rolf Aaberge 4. Equality of opportunity John E. Roemer and Alain Trannoy 5. Polarization Jean-Yves Duclos 6. Statistical methods for distributional analysis Frank Cowell and Emmanuel Flachaire Part II Evidence 7. Long-run trends in the distribution of income and wealth Daniel Waldenstrom and Jesper Roine 8. Post-1970 trends in within-country inequality and poverty Timothy Michael Smeeding, Jeffrey Thompson and Salvatore Morelli 9. Post-1970 trends in inequality and poverty in developing and emerging countries Facundo Alvaredo and Leonardo Gasparini 10. Income mobility Markus Jantti and Stephen Jenkins 11. The Global distribution of income Sudhir Anand and Paul Segal 12. Gender inequality Dominique Meurs and Sophie Ponthieux 13. Experimental and survey evidence about attitudes to inequality Andrew Clark and Conchita d'Ambrosio
£96.30
Edinburgh University Press Bank of Scotland
Book SynopsisA history of the Bank of Scotland.Trade ReviewOne of the most important books on Scottish economic and banking history. This is a fine book. ! Savile has performed a tremendous task to produce a readable, authoritativetome. -- Michael Collins, University of Leeds Savile has told a story of great complexity with a lightness of touch that will be envied by others in the business. -- Forrest Capie One of the most important books on Scottish economic and banking history. This is a fine book. ! Savile has performed a tremendous task to produce a readable, authoritativetome. Savile has told a story of great complexity with a lightness of touch that will be envied by others in the business.
£85.50
Edinburgh University Press Product Development in Islamic Banks
Book SynopsisThis book systematically studies the process of developing Islamic financial products for banks.Table of ContentsAcknowledgements; List of Tables; List of Figures; List of Abbreviations; Note on Arabic Terms and Veneration; 1. Introduction; 2. Islamic Law and Finance: Concepts and Principles; 3. Islamic Banking: Institutional Environment, Organizational Design and Product Features; 4. Innovation and Product Development: Strategy, Structure and Process; 5. Product Development Practices in Islamic Banks; 6. Islamic Financial Products: Categories and Controversies; 7. Shari'ah Based Islamic Finance: The Way Forward; Conclusion; Glossary of Arabic Words; References.
£95.00
Edinburgh University Press Product Development in Islamic Banks
Book SynopsisThis book systematically studies the process of developing Islamic financial products for banks.Table of ContentsAcknowledgements; List of Tables; List of Figures; List of Abbreviations; Note on Arabic Terms and Veneration; 1. Introduction; 2. Islamic Law and Finance: Concepts and Principles; 3. Islamic Banking: Institutional Environment, Organizational Design and Product Features; 4. Innovation and Product Development: Strategy, Structure and Process; 5. Product Development Practices in Islamic Banks; 6. Islamic Financial Products: Categories and Controversies; 7. Shari'ah Based Islamic Finance: The Way Forward; Conclusion; Glossary of Arabic Words; References.
£29.45
Harriman House Publishing A Blueprint for Better Banking
Book SynopsisTakes a fresh look at the financial crisis. This title sets out to answer specifically what the mistakes were that banks made and how this could have been avoided. It provides insights into how a more resilient, post-credit crunch banking system should look.Table of ContentsTable of Figures Acknowledgements Foreword by Hilmar Kopper Introduction PART I: Explanations for the Financial Crisis 1. General Explanations 2. Bank-Specific Explanations 3. Banks' Seven Deadly Sins PART II: The Handelsbanken Way of Banking 4. History 5. Strategy and Business Focus 6. Culture and Incentives 7. Risk Management 8. Capital Markets Communication 9. Reaping the Benefits PART III: Lessons Learnt 10. Is Handelsbanken Inimitable? 11. Implications for Other Banks 12. Implications for Bank Regulation Epilogue Bibliography Index
£32.00
Hurtwood Press David Kynaston Banker and philanthropist
Book SynopsisAnthony de Rothschild: Banker and Philanthropist tells the story of the man who influenced modern history. De Rothschild was at the helm of international banking, steering the system from the chaos after the First World War into the modern world. In this evocative new book, historian David Kynaston tells the fascinating story of Anthony de Rothschild (18871961). Through access to never previously consulted diaries and letters, a three-dimensional picture emerges of a complex and thoughtful man guiding the City's most famous merchant bank through the turbulent years between the 1920s and 1950s. In politics he was open-minded and constructive whilst in his philanthropy, not least through his leading role in helping Jewish refugees (especially children) to leave Nazi Germany for England, he was thoughtful and generous. Austere on the surface but warm beneath, impatient equally of fools and idealogues, always searching for how he could contribute to make a better world Anthony de Rothsc
£18.00
Bold Type Books Collusion: How Central Bankers Rigged the World
Book SynopsisIn this searing exposÃformer Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles -- with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar''s hegemony. She explains how China''s retaliation against the Fed''s supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy -- from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde -- Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
£14.39
Bloomsbury Publishing PLC The Democratic Accountability of Central Banks: A
Book SynopsisThe signing of the Treaty on European Union (TEU) propelled the Member States into the European Monetary Union (EMU) leading directly to the transfer of authority over monetary policy to the European System of Central Banks (ESCB),leaving Central Banks in the Member States to implement its decisions. This vital shift has led to calls for a fresh assessment of the independence status of the ECB. The question of central bank independence and its impact on economic performance has been extensively studied, but the equally important question of democratic accountability has been largely ignored. The study offers an explanation of what the concept means in the context of central banks, and suggests criteria by which the democratic accountability can be evaluated. The present system of democratic accountability in a number of central bank systems is scrutinized, and contrasted against possible future models for the ECB. The author asks whether and to what extent the ECB will be democratically accountable, to what extent reinforcement might be required, what influence will this have on monetary policy, and the extent to which existing democratic mechanisms in the Member States are likely to remain applicable. In the course of this study six national central bank systems are analysed, including the Bank of England, the Banque de France, the Deutsche Bundesbank, the Nederlandsche Bank, the Reserve Bank of New Zealand, and the Federal Reserve System (Fed), and the ESCB and ECB. Fabian Amtenbrink is a Lecturer in European and Economic Law, and an associate of the CRBS at the University of Groningen.Trade ReviewAn invaluable contribution to fill a gap existing in this branch of EC Law. Europarttslig Tidskrift July 2001 ... exceptionally interesting work Robin Mackenzie, University of Kent European Law Review February 2003Table of ContentsPart 1 Introduction: context; objective; approach; structure. Part 2 Democratic accountability and central bank independence and theoretical background: central bank independence - the evaluation of central bank independence, conclusions; the democratic accountability of central banks - the case for democratic accountability, defining democratic accountability for central banks, conclusions; on the relationship between central bank independence and democratic accountability. Part 3 The central banks - an overview: Bank of England - historic development, institutional structure, tasks; Banque de France - historic development, institutional structure, tasks; Deutsche Bundesbank - historic development, institutional structure, tasks; De Nederlandsche Bank NV - historic development, institutional structure, tasks; the European system of central banks and the European Central Bank: historic development, institutional structure, tasks; the Reserve Bank of New Zealand - historic development, institutional structure, tasks; Federal Reserve system - historic development, institutional structure, tasks. Part 4 Evaluating the democratic accountability of central banks: legal bias - constitutional recognition of central banks, act of parliament, a constitutional recognition of member states' central banks in ESCB?; monetary objectives - central banks with an indistinct monetary objective; central banks with a primary monetary objective, central banks with a statutory quantified monetary objective; the relationship with the executive branch of government - central bank statutes with an explicit reference to independence, central bank statues without an explicit reference to independence; appointment and dismissal procedures - appointment and reappointment, dismissal; override-mechanism - central bank systems precluding an override mechanism, the limited override mechanism of the Bundesbank, central bank systems incorporating a full override mechanism; relationship with parliament - institutionalised relationship between the central bank and parliament, central banks without an institutionalised relationship with parliament; transparency - transparency in the decision-making procedures of the central banks, transparency through publicity; budgetary accountability - budgetary independence, limited budgetary independence. Part 5 Democratic accountability - quo vadis?: conditions for democratic accountability - introducing a yardstick, creating an arena; instruments of democratic accountability - threat of change - the constraining effect of the legal basis, collegiate principle v. personal responsibility - the (re-) appointment and dismissal procedures, the stick behind the back - the override mechanism, checking where the money goes -budgetary accountability; the status quo and the future of the democratic accountability of the ECB - the subsidiary role of democratic accountability, a new approach for a democratically accountable ECB (Part Contents).
£180.50
Little, Brown Book Group Messrs Hoare Bankers: A history of the Hoare
Book SynopsisOf the many family banks founded in Restoration England, Hoare's Bank is the only one that continues - by adapting to the new circumstances of every generation - as an independent partnership. Three centuries of unaltered ownership provide an engrossing portrait of the world that shaped both it and the Hoare family. This is the history of a family-run business over several generations. It reflects the changing face of England over three centuries through the story of a single family.
£19.00
Taylor & Francis Ltd US Credit and Payments 18001935 Part I
Book SynopsisThe volumes in this collection are organized thematically and examine the history of key financial institutions before and after the establishment of the Federal Reserve.
£380.00
Taylor & Francis Ltd US Credit and Payments 18001935 Part II
Book SynopsisThe volumes in this collection are organized thematically and examine the history of key financial institutions before and after the establishment of the Federal Reserve.
£451.25
The Social Market Foundation Financial Crises
Book Synopsis
£9.50
LID Publishing Naked Banking: The Truth About Banks and You
Book SynopsisWe all depend on banks. They help us save and they help us spend. Yet for many they represent everything that's wrong with the world of finance. Poor service, high fees, creaking IT infrastructure and a market controlled by just a few providers have combined in recent years to create a personal banking crisis every bit as severe as the global financial crisis. How have things got so bad? Why are banks unable to balance providing good customer service with making a profit? And what can we do to protect ourselves from the tricks banks play to part us with our hard-earned money? This ground-breaking book, written by three insiders, reveals why banks do the things they do. From designing products they know will rip customers off to cutting branches they know their customers rely on, they explain how many banks' failing business models force them to make the wrong choices again and again. They make a rallying call for us all to be better informed about how everyday banking products actually work and to be wary of the many tricks and techniques product managers devise to make money.
£8.99
LID Publishing Reimagining Financial Inclusion: Tackling the
Book SynopsisTo live in today's world, you need money; yet the majority of people do not have access to it. The formal financial system is taken for granted, but it also represents the barrier to financial inclusion. This book highlights 13 game changers who are thinking outside of the financial box. These organizations are acting on behalf of the excluded people that are unable to live their lives to the fullest. They are seeking to revolutionize the financial sector and aiming for financial inclusion for all. In analysing the innovative and inclusive solutions of these game changers, the book delivers vital lessons through a framework of five key levers for change in order to reimagine our financial system. Awareness and support for a more sustainable and inclusive world has never been higher and financial inclusion is a key element of this global issue facing modern society today.
£11.69
de Gruyter Financial Engineering
Book Synopsis
£67.96
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG BaFin-Sonderprüfungen gemäß § 44 KWG: Gut
Book SynopsisDieses Buch hilft den Verantwortlichen in Banken, Sparkassen, Leasing- und Fondsgesellschaften dabei, ihr Institut optimal auf eine Sonderprüfung vorzubereiten. Sie werden mit dem Prüfungsablauf vertraut und erhalten taktische Handlungsempfehlungen für einen optimalen Verlauf. Der Aufbau des Buchs ist an den realen Schritten einer Sonderprüfung gemäß § 44 KWG ausgerichtet und enthält vielen praxisnahe Textbausteine und andere Veranschaulichungen aus tatsächlichen Prüfungen. Christian Glaser macht zudem auf die häufigsten "Findings" der Aufsicht aufmerksam, um die Leser zu sensibilisieren und um einen effizienten und effektiven Prüfungsablauf aus Sicht des Instituts zu ermöglichen. Trade Review“... Das Buch darf demzufolge also eine Pflichtlektüre für jedes regulierte Institut im Bereich Leasing, Factoring sowie im Bankenumfeld betrachtet werden. Wenn nur einer der zahlreichen Tipps umgesetzt wird und dafür sorgt, dass ein bestimmtes Finding nicht oder nicht so gravierend schlagend wird, hat sich die Lektüre des Buchs bereits gelohnt.” (die bank, Heft 10, 2020)Table of ContentsEinordnung von Sonderprüfungen in den Wirkungskreis der Bankenaufsicht.- Rechtlicher Hintergrund.- Hinweise zur Prüfungsvorbereitung.- Idealtypischer Ablauf einer Sonderprüfung.- Nachbereitung der Sonderprüfung.
£37.99
Springer Fachmedien Wiesbaden Ideas, Interests and the Development of the
Book SynopsisWhat are the grand dynamics that drive the history of economies? The laws of supply & demand, most economists would argue. For the history of European banking, this book offers an alternative explanation: Rather than market forces, the coincidence and coalitions of charismatic ideas and powerful interests is what shaped banking in Europe! In “Ideas, Interests and the Development of the European Banking Systems”, Florian Brugger traced decisive moments in the history of the European Banking Sector: from the time of the Italian City-States to the post World War I period, he shows how coalitions of ideas and interests built the tracks along which the European Banking Sector developed. Inspired by Max Weber he argues that economic organizations and institutions, like the Banking Sector, are embedded into three fundamental orders: the economic, the cultural and the political order. Enforced and institutionalized by vested interests, ideas of the cultural order legitimate and empower interests of the economic and political order. What is more, decisive moments were frequently characterized by coalitions of ideas and interests between parties that in normal times had nothing in common or were even confronting each other in a hostile way. Table of ContentsIntroduction.- Ideas, interests, institutions and banking revolutions.- Italian financial capitalism: The birth of modern banking.- Absolutism, mercantilism and banking revolutions.- The development of the European banking sector as we know it.- Conclusion.
£61.74
Duncker & Humblot GmbH Strategievergleich internationaler Großbanken
Book Synopsis
£79.92
£28.90
The University of Chicago Press The Great Inflation
Book SynopsisControlling inflation is among the most important objectives of economic policy. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits.
£106.40
University of Chicago Press A History of the Federal Reserve Volume 2 Book 2
Book SynopsisSpanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.Trade Review"The definitive history of the central bank and monetary policy in the United States.... Every student of the American economy during the period of this account will find something of interest here, and anyone seeking to fathom the 'big picture' of economic policy during these years will be greatly enlightened by reading this extraordinary work of scholarship." (Business History Review) "Monumental." (Barron's) "A seminal work that anyone interested in the inner workings of the US central bank should read." (Washington Post) "To understand why the Fed acted as it did-at these critical moments and many others-would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Meltzer." (Wall Street Journal)"
£31.00
The University of Chicago Press Better Bankers Better Banks Promoting Good
Book SynopsisTaking financial risks is an essential part of what banks do, but there's no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks' risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn't there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior-dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street-came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people's money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced w
£23.00
The University of Chicago Press A History of the Federal Reserve Volume 2 Book 1
Book SynopsisSpanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.Trade Review"The definitive history of the central bank and monetary policy in the United States... Every student of the American economy during the period of this account will find something of interest here, and anyone seeking to fathom the 'big picture' of economic policy during these years will be greatly enlightened by reading this extraordinary work of scholarship." (Business History Review) Praise for Volume 1 "Monumental." (Barron's) "A seminal work that anyone interested in the inner workings of the US central bank should read." (Washington Post) "To understand why the Fed acted as it did-at these critical moments and many others-would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Meltzer." (Wall Street Journal)"
£31.00
The University of Chicago Press The Power Structure of American Business Emersion
Book Synopsis
£34.20
The University of Chicago Press Beyond Debt Islamic Experiments in Global Finance
Book SynopsisRecent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. This realization has led to cries for changeyet there is little popular awareness of possible alternatives. Beyond Debt describes efforts to create a transnational economy free of debt. Based on ethnographic fieldwork in Malaysia, Daromir Rudnyckyj illustrates how the state, led by the central bank, seeks to make the country's capital Kuala Lumpur the New York of the Muslim worldthe central node of global financial activity conducted in accordance with Islam. Rudnyckyj shows how Islamic financial experts have undertaken ambitious experiments to create more stable economies and stronger social solidarities by facilitating risk- and profit-sharing, enhanced entrepreneurial skills, and more collaborative economic action. Building on scholarship that reveals the impact of financial devices on human activity, he illustrates how Islamic finance is deployed to fashion subjects who are at once more pious Muslims and more ambitious entrepreneurs. In so doing, Rudnyckyj shows how experts seek to create a new geoeconomicsa global Islamic alternative to the conventional financial network centered on New York, London, and Tokyo. A groundbreaking analysis of a timely subject, Beyond Debt tells the captivating story of efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance.
£24.00
Columbia University Press The Restructuring of Capitalism in Our Time
Book SynopsisTrade ReviewOf all the many books on the economic crisis, this is the best. William K. Tabb has absolute command of his subject and provides the clearest account yet of the financial folly that has brought the United States to its knees. Eminently readable and reasonable, his book cuts through the clouds of obfuscation by politicians and economists alike to draw a clear lesson: financialization is a cancer running through the American economy, one that continues to suck the life out of industry, corrupt capitalists, and Congress, generating more froth than real growth or jobs. A wonderful book and a real pleasure to read. -- Richard Walker, University of California, Berkeley, and author of The Capitalist Imperative: Territory, Technology, and Industrial Growth Tabb...makes a valuable contribution to the proliferating literature on the ongoing financial crisis with this well-written, carefully researched account of the great recession. Choice It isn't an easy read like the latest Michael Lewis best seller, but those who perserve will be rewarded. -- Fred Block Pacific Standard ... Tabb strives to offer an analytically deep account of real-world developments, not a theory for its own sake... He offers his readers a wealth of empirical evidence and secondary references to substantiate his claims, and he opts for nuance instead of hyperbole where appropriate. This reviewer for one has not seen another crisis-book that manages so wellto fuse big picture thinking with attention to detail. -- Daniel Mugge, University of Amsterdam Review of International Political Economy William Tabb has written an excellent account of the causes of the 2007-2008 credit crunch - and what in 2009 became the first global recession since the 1930s. -- Jonathan Michie, Oxford University International Review of Applied EconomicsTable of ContentsAcknowledgments 1. The Centrality of Finance 2. Financialization and Social Structures of Accumulation 3. Realism in Financial Markets 4. The Shadow of the Financial System 5. The Coming Apart 6. Rescue and the Limits of Regulation 7. Nations, Globalization, and Financialization 8. The Present in History References Index
£38.25
Columbia University Press Banking on Freedom
Book SynopsisShennette Garrett-Scott explores black financial innovation and its transformative impact on U.S. capitalism through the story of the St. Luke Bank in Richmond, Virginia: the first and only bank run by black women. Banking on Freedom offers an unparalleled account of how black women carved out economic, social, and political power.Trade ReviewGarrett-Scott’s extensively researched and documented study is the first history of U.S. finance that puts African American women at the center. Banking on Freedom makes a tremendously monumental contribution to African American banking history, and it substantially enriches our understanding of U.S. finance and capitalism. -- Juliet E. K. Walker, author of The History of Black Business in America: Capitalism, Race, EntrepreneurshipShennette Garrett-Scott’s compelling and highly original account demonstrates that, for black people, banks were more than financial institutions. In the hands of black women, capital accumulation, credit, and insurance became community building practices, mutual aid, strategies for collective survival, and sources of contestation. Banking on Freedom offers a new perspective on the entire community and the nation. -- Robin D. G. Kelley, author of Thelonious Monk: The Life and Times of an American OriginalMoving fluidly from the change purse to the bank vault, Banking on Freedom offers the first full accounting of the financial sector, womanhood, and Afro-America simultaneously transformed. Rich and brilliant. -- N. D. B. Connolly, author of A World More Concrete: Real Estate and the Remaking of Jim Crow South FloridaRecovering the important and active role black women have played in the development of modern American capitalism, Shennette Garrett-Scott’s Banking on Freedom is a paradigm-shifting work that stands to make a monumental contribution to the field and is certain to inspire future generations of scholars. -- Tiffany Gill, author of Beauty Shop Politics: African American Women’s Activism in the Beauty IndustryGarrett-Scott reclaims the stories of black women who—as bank founders and clerks, investors, aspiring home owners, loan seekers, and, yes, as those denied loans—asserted their own economic ethos. A compelling account of black women’s ideas about money, savings, lending, obligation, and economic well-being. -- Elsa Barkley Brown, University of MarylandA beautifully written, comprehensive, and highly original study of black women’s savvy business acumen in the aftermath of slavery through the early twentieth century. Garrett-Scott should be commended for boldly modeling just how gender and race shape capitalism and finance in ways few scholars have addressed. -- Daina Ramey Berry, author of The Price for Their Pound of Flesh: The Value of the Enslaved, from Womb to the Grave, in the Building of a NationThis recovery of one aspect of black women’s history will appeal to scholars as well as those with a serious interest in the history of finance and women’s history. * Publishers Weekly *Garrett-Scott’s accounting is a work of economic history, but it reads less as a description of 20th century Black capitalism, and more as a rendering of what is possible when women and people of color can effectively channel their own money for personal and collective economic development. * Scalawag Magazine *Banking on Freedom is a major contribution to the history of US capitalism. It will undoubtedly inspire new scholarship. It pushes readers to reframe black women’s fight for economic justice in the most expansive ways. -- Keona K. Ervin * Journal of African American History *Garrett-Scott strikes a careful balance with a narrative that brings together a cross-section of fields, including social, economic, political, labor, and business history with significant depth for a fresh perspective. Banking on Freedom will stand as a groundbreaking piece of scholarship that offers a useable framework — a model —for historians interested in Black banking history. * Black Perspectives *This exploration of gender and race in the making of modern US finance represents an important historiographical intervention. Banking on Freedom is also an engaging and accessible read that is ripe for the current political and economic moment. * Journal of American Ethnic History *Table of ContentsAcknowledgmentsIntroduction1. “I Am Yet Waitin”: African American Women and Free Labor Banking Experiments in the Emancipation-Era South, 1860s–19002. “Who Is So Helpless as the Negro Woman?”: The Independent Order of St. Luke and the Quest for Economic Security, 1856–19023. “Let Us Have a Bank”: St. Luke Penny Savings Bank, Economic Activism, and State Regulation, 1903 to World War I4. Rituals of Risk and Respectability: Gendered Economic Practices, Credit, and Debt to World War I5. “A Good, Strong, Hustling Woman”: Financing the New Negro in the New Era, 1920–1929EpilogueAppendixNotesSelected BibliographyIndex
£27.00
Columbia University Press The Dead Pledge
Book SynopsisToday, the federal government underwrites a financial system built around mortgage lending. In The Dead Pledge, Judge Glock reveals the surprising origins of this entanglement in forgotten economic ideas and policies that held sway from the early twentieth century through the Great Depression.Trade ReviewAmerica's farmers and home buyers long suffered from limited access to mortgage credit. In this engaging book, Glock aptly shows how federal interventions to boost mortgage lending fostered powerful special interests, which subsequently created new imbalances in the economy. That's why we continue to have housing bubbles and crashes. -- Richard Sylla, coauthor of Alexander Hamilton on Finance, Credit, and DebtFrom one of the finest in a growing generation of historians writing at the intersection of finance and politics, we learn about the passions and the interests of financiers, politicians, intellectuals, reformers, and farmers who created the system of government-backed finance that has dominated the modern era. The Dead Pledge provides a new history that will guide our ongoing debates about the appropriate role of government in finance and finance in society. -- Peter Conti-Brown, author of The Power and Independence of the Federal ReserveJudge Glock's fascinating book, The Dead Pledge, provides a new perspective on the evolution of American capitalism and the development of modern financial institutions by exploring the intriguing theme of "economic balance" and its allure to a wide range of economic actors, academics, and policy makers from the Progressive Era through the New Deal. -- Walter Friedman, author of American Business History: A Very Short Introduction and Fortune Tellers: America's First Economic ForecastersIn this sweeping narrative, Glock brings together the histories of American finance, economic thought, and policy making. Glock reframes our conventional understanding of when and how the “financialization” of American capitalism took place, defining it as an early twentieth-century phenomenon. The modern mortgage market, he explains with lucid prose, developed in tandem with—and inseparably from—the modern American state. An engaging read, sure to provoke debate. -- Laura Phillips Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890-1940Table of ContentsAcknowledgmentsIntroduction1. Making the Land Liquid: The Roots of Land Banking2. The Special Privileges of the Federal Banks3. The Federal Land Banks and Financial Distress, 1916–19264. Falling Prices and Mortgage Crisis, 1926–19335. Herbert Hoover and the Urban-Mortgage Crisis in the Great Depression6. A New Deal for Farm Mortgages7. Housing, Heavy Industry, and the Forgotten New Deal Banking Act8. An Economy Balanced by MortgagesConclusionNotesReferencesIndex
£96.80
Columbia University Press The Dead Pledge
Book SynopsisToday, the federal government underwrites a financial system built around mortgage lending. In The Dead Pledge, Judge Glock reveals the surprising origins of this entanglement in forgotten economic ideas and policies that held sway from the early twentieth century through the Great Depression.Trade ReviewAmerica's farmers and home buyers long suffered from limited access to mortgage credit. In this engaging book, Glock aptly shows how federal interventions to boost mortgage lending fostered powerful special interests, which subsequently created new imbalances in the economy. That's why we continue to have housing bubbles and crashes. -- Richard Sylla, coauthor of Alexander Hamilton on Finance, Credit, and DebtFrom one of the finest in a growing generation of historians writing at the intersection of finance and politics, we learn about the passions and the interests of financiers, politicians, intellectuals, reformers, and farmers who created the system of government-backed finance that has dominated the modern era. The Dead Pledge provides a new history that will guide our ongoing debates about the appropriate role of government in finance and finance in society. -- Peter Conti-Brown, author of The Power and Independence of the Federal ReserveJudge Glock's fascinating book, The Dead Pledge, provides a new perspective on the evolution of American capitalism and the development of modern financial institutions by exploring the intriguing theme of "economic balance" and its allure to a wide range of economic actors, academics, and policy makers from the Progressive Era through the New Deal. -- Walter Friedman, author of American Business History: A Very Short Introduction and Fortune Tellers: America's First Economic ForecastersIn this sweeping narrative, Glock brings together the histories of American finance, economic thought, and policy making. Glock reframes our conventional understanding of when and how the “financialization” of American capitalism took place, defining it as an early twentieth-century phenomenon. The modern mortgage market, he explains with lucid prose, developed in tandem with—and inseparably from—the modern American state. An engaging read, sure to provoke debate. -- Laura Phillips Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890-1940Table of ContentsAcknowledgmentsIntroduction1. Making the Land Liquid: The Roots of Land Banking2. The Special Privileges of the Federal Banks3. The Federal Land Banks and Financial Distress, 1916–19264. Falling Prices and Mortgage Crisis, 1926–19335. Herbert Hoover and the Urban-Mortgage Crisis in the Great Depression6. A New Deal for Farm Mortgages7. Housing, Heavy Industry, and the Forgotten New Deal Banking Act8. An Economy Balanced by MortgagesConclusionNotesReferencesIndex
£27.00
University of Texas Press The Best Way to Rob a Bank is to Own One
Book SynopsisNow updated with an extensive afterword that reveals how the bank failures of 2008 resulted from the lack of regulatory oversight discussed in this book, here is the acclaimed insider's account of how financial super predators brought down an industry byTrade Review"This is an extraordinary book... No other account gives a complete picture of the control fraud that occurred in the S & L crisis... There is no one else in the whole world who understands so well exactly how these lootings occurred in all their details and how the changes in government regulations and in statutes in the early 1980s caused this spate of looting... This book will be a classic." George A. Akerlof, University of California, Berkeley, winner of the 2001 Nobel Prize for EconomicsTable of Contents Abbreviations Preface Acknowledgments Chapter 1. Theft by Deception: Control Fraud in the S&L Industry Chapter 2. “Competition in Laxity” Chapter 3. The Most Unlikely of Heroes Chapter 4. Keating’s Unholy War against the Bank Board Chapter 5. The Texas Control Frauds Enlist Jim Wright Chapter 6. “The Faustian Bargain” Chapter 7. The Miracles, the Massacre, and the Speaker’s Fall Chapter 8. M. Danny Wall: “Child of the Senate” Chapter 9. Final Surrender: Wall Takes Up Neville Chamberlain’s Umbrella Chapter 10. It’s the Things You Do Know, But Aren’t So, That Cause Disasters Afterword Appendix A. Keating’s Plan of Attack on Gray and Reregulation Appendix B. Hamstringing the Regulator Appendix C. Get Black ... Kill Him Dead Notes Names and Terms References Index
£17.99
WW Norton & Co Bagehot
Book SynopsisThe definitive biography of a banker, essayist and editor of the Economist, by an acclaimed financial historian.Trade Review"The most perceptive and brilliant economic and political writer of his time deserves a biographer of equal literary merit. In James Grant, Walter Bagehot has found him." -- Mervyn King, former governor of the Bank of England and author of The End of Alchemy"James Grant [is] one of the most influential contemporary commentators on Wall Street... in Grant’s hands, Bagehot’s life and career provide a superb prism through which to observe the extraordinary revolution in the British economy during the 19th century." -- Simon Nixon - The Times"The book makes a convincing case that Bagehot deserves credit for being a progenitor of a wider political tradition..." -- Moneyweek"A gem of a book: entertaining, wry, and gloriously eccentric." -- Sebastian Mallaby - Foreign Affairs"... excellent... biography" -- Benjamin Schwarz - The International New York Times"... engaging new biography of Bagehot... In this very enjoyable book, Grant demonstrates that he has the measure of a fascinating—and great—Victorian. " -- Financial Times"... his [James Grant's] book is excellent—built on a lot of study (including time in the archives) and written in a gripping style. Mr Grant is at his best when writing about Bagehot’s financial journalism and indeed his career as a banker. His accounts of the collapse of Overend Gurney, supposedly the Rock of Gibraltar of Victorian finance, and of “Lombard Street”, Bagehot’s book about that debacle, are exemplary." -- The Economist
£22.79
John Wiley & Sons Inc The Mathematics of Banking and Finance
Book SynopsisThroughout banking, mathematical techniques are used. Some of these are within software products or models; mathematicians use others to analyse data. The current literature on the subject is either very basic or very advanced.Table of ContentsIntroduction. 1 Introduction to How to Display Data and the Scatter Plot. 2 Bar Charts. 3 Histograms. 4 Probability Theory. 5 Standard Terms in Statistics. 6 Sampling. 7 Probability Distribution Functions. 8 Normal Distribution. 9 Comparison of the Means, Sample Sizes and Hypothesis Testing. 10 Comparison of Variances. 11 Chi-squared Goodness of Fit Test. 12 Analysis of Paired Data. 13 Linear Regression. 14 Analysis of Variance. 15 Design and Approach to the Analysis of Data. 16 Linear Programming: Graphical Method. 17 Linear Programming: Simplex Method. 18 Transport Problems. 19 Dynamic Programming. 20 Decision Theory. 21 Inventory and Stock Control. 22 Simulation: Monte Carlo Methods. 23 Reliability: Obsolescence. 24 Project Evaluation. 25 Risk and Uncertainty. 26 Time Series Analysis. 27 Reliability. 28 Value at Risk. 29 Sensitivity Analysis. 30 Scenario Analysis. 31 An Introduction to Neural Networks. Appendix Mathematical Symbols and Notation. Index.
£66.50
John Wiley & Sons Inc Modern Banking
Book SynopsisLooks at the theory and practice of modern banking, and at the prospects for the future. This text is devoted to micro issues of banking, including competition, structure, performance, risk, and regulation.Table of ContentsACKNOWLEDGEMENTS. PREFACE. CHAPTER 1: What are Banks and What Do They Do? 1.1 Introduction. 1.2 The Meaning of Banking. 1.3 Organisational Structures. 1.4 Banking Structures. 1.5 Financial Conglomerates. 1.6 Central Banking. 1.7 Summary: Why are Banks Special? 1.8 Conclusion. CHAPTER 2: Diversification of Banking Activities. 2.1 Introduction. 2.2 The Expansion of Banks into Non-banking Financial Services. 2.3 The Effect of Non-interest Income on Banks’ Total Income. 2.4 Global Markets and Centres. 2.5 International Banking. 2.6 Banking Issues in the 21st Century. 2.7 Conclusion. CHAPTER 3: Management of Risks in Banking. 3.1 Introduction. 3.2 Key Financial Risks in the 21st Century. 3.3 Approaches to the Management of Financial Risks. 3.4 Financial Derivatives and Risk Management. 3.5 Management of Market Risk. 3.6 Management of Credit Risk. 3.7 Risk Management by Major Global Bank. 3.8 Conclusion. CHAPTER 4: Global Regulation of Banks. 4.1 Introduction. 4.2 Why Regulate? 4.3 International Regulation. 4.4 Basel 2 – The Three Pillar Approach. 4.5 Alternative or Complementary Approaches to Basel. 4.6 International Financial Architecture. 4.7 Conclusion. CHAPTER 5: Bank Structure and Regulation: UK, USA, Japan, EU. 5.1 Introduction. 5.2 Bank Structure and Regulation in the UK. 5.3 Bank Structure and Regulation in the USA. 5.4 Bank Structure and Regulation in Japan. 5.5 Bank Structure and Regulation in the EU. 5.6 Conclusions: Structure and Regulation of Banks. CHAPTER 6: Banking in Emerging Economies. 6.1 Introduction. 6.2 Financial Repression and Evolving Financial Systems. 6.3 Banking Reforms in Russia, China and India. 6.4 Islamic Banking. 6.5 Sovereign and Political Risk Analysis. 6.6 Conclusion. CHAPTER 7: Bank Failures. 7.1 Introduction. 7.2 Bank Failure – Definitions. 7.3 Case Studies on Bank Failure. 7.4 The Determinants of Bank Failure: A Qualitative Review. 7.5 Bank Failure: Quantitative Models. 7.6 Conclusion. CHAPTER 8: Financial Crises. 8.1 Introduction. 8.2 Definitions and Controversies. 8.3 The South East Asian Financial Crisis, 1997–99. 8.4 The Japanese Banking Crisis. 8.5 Scandinavian Banking Crises. 8.6 Long Term Capital Management (LTCM). 8.7 Lender of Last Resort. 8.8 Conclusions. Appendix 8.1 Japanese Financial Reforms (Big Bang, 1996). Appendix 8.2 Reform of the Regulators. CHAPTER 9: Competitive Issues in Banking. 9.1 Introduction. 9.2 Measuring Bank Output. 9.3 X-efficiency, Scale Economies and Scope Economies. 9.4 Empirical Models of Competition in Banking. 9.5 Consolidation in the Banking Sector. 9.6 Conclusion. CHAPTER 10: Case Studies. 10.1 Introduction. 10.2 Goldman Sachs. Appendix. 10.3 Kidder Peabody Group. 10.4 From Sakura to Sumitomo Mitsui Financial Group. 10.5 Bancomer: A Study of an Emerging Market Bank. 10.6 Credit Lyonnais. 10.7 Continental Illinois Bank and Trust Company. 10.8 Bankers Trust: From a Commercial/Investment Bank to Takeover by Deutsche Bank. REFERENCES/BIBLIOGRAPHY. INDEX.
£37.99
John Wiley & Sons Inc RiskAdjusted Lending Conditions
Book SynopsisIn order to operate their lending business profitably, banks must know all the costs involved in granting loans. In particular, all the expenses they incur in covering losses must be included. Provided loan risks can be calculated, it is possible in each case to charge a price that is appropriately adjusted for risk, thus making it possible to make high-risk loans. In Risk-adjusted Lending Conditions the author presents a model, to measure and calculate loan risks, showing how it functions and how it may be applied. His approach has its origins in the ideas put forward by Black/Scholes in 1973, and thus owes much to option price theory. From this the author has succeeded in developing a solution such that, whatever a company''s debt position and however its balance sheet may be structured, any situation can be individually assessed. Building on this, he demonstrates how combinations of loans with the lowest possible interest costs can be tailor-made for any company. The boTable of ContentsPreface 1. Preface 2. Part I: Outline. Introduction. Rating system. Part II: Mathematical Foundations of the Model. Probability model: Development of ψj. Calculation of the shortfall risk hedging rate in the special case of shortfall risks being constant. Calculation of the shortfall risk hedging rate in the general case of variable shortfall risk. Shortfall risk on uncovered loans on the basis of statistics. Part III: Option-Theory Loan Risk Model. Shortfall risk on uncovered loans to companies on the basis of an option-theory approach. Loans covered against shortfall risk. Calculation of the combination of loans with the lowest interest costs. Part IV: Implementation in practice. Procedure – according to the model – for assessing the risk in lending to a company. Applications. Final considerations. Appendix 1: Notation. Appendix 2: Excel worksheet. Appendix 3: Property price index. Appendix 4: Chapter 3 – Derivations. Appendix 5: Chapter 4 – Derivations. Appendix 6: Chapter 5 – Derivations. Bibliography. Index.
£95.00
John Wiley & Sons Inc Capital Instincts
Book SynopsisAn insider''s view of the investment banking world from someone who is actually shaping it Powerful, controversial and determined, Thomas Weisel is known for his unwavering focus on winning the race, whether he is competing in a national cycling championship, sponsoring Tour de France winner Lance Armstrong or negotiating with business competitors. For twenty-seven years he ran one of the major investment banks on the West Coast, bringing public companies such as Applied Materials, Siebel Systems and Yahoo! and was instrumental in establishing San Francisco as an alternative financial center to Wall Street. In 1997 he sold his company to NationsBank, which later merged with Bank of America. Unhappy with his treatment after the merger, Weisel trumped Bank of America by negotiating a separation package that included $500 million in stock options and the ability to hire away crucial Bank of America management. Within two years, the investment bank he started, Thomas Weisel PartTrade ReviewSan Francisco investment boutique Thomas Weisel Partners just offloaded another 100 employees (spurring more rumors the firm will be sold), but its 62-year-old founder is busy charging up other hills. Weisel, a renowned cyclist, has been promoting his new autobiography, Capital Instincts: Life as an Entrepreneur, Financier, and Athlete, and doling out the tome to clients. The book isn't exactly flying off the shelves (Amazon rank: 9,136), but it's packed with testosterone-charged tales of Weisel's athletic, business, and art-collecting exploits--including his recent $40 million sale of abstract impressionist art. Chapter 1: "Never Underestimate Thom Weisel." (Fortune Magazine, March 31,2003)Table of ContentsForeword. Acknowledgments. Introduction. Never Underestimate Thom Weisel. Life on the Edge of a Precipice. Of Midget Boys and Men. Breaking Away. A Goof Place to Be. Passion Is Good. Skiing, Cycling, Selling Stocks. Postal Services. The Buildup. Politics and Art. The Big Sale. The Big Boom. Conflicted. The New Age and Old Age. Endnotes. Timeline. Index.
£36.00
John Wiley & Sons Inc Expert Financial Planning Investment Strategies
Book SynopsisPraise for J.K. Lasser Pro Expert Financial Planning "A gem of a personal financial planning guide. Dr. Arffa has prepared many of the chapters himself and his highly readable and accessible overviews are presented with grace and clarity. Included also are discussions by industry professionals and leading investment thinkers.Table of ContentsAbout the Contributors. Preface. TAKING CONTROL. Developing a Financial Plan (J. Meredith & R. Arffa). Achieving Financial Security (S. Arffa & R. Arffa). INVESTING-- GENERAL. Investment Vehicles: Description and Historic Performance (R. Arffa). Earning Interest on Cash (J. Mueller). STOCK SELECTION. Fundamental Stock Analysis (R. Arffa). Growth Investing (R. Driehaus). Value Investing: A Philosophy for Life (D. Winters). Other Stock Selection Strategies (R. Arffa). The Efficient Markets Hypothesis (J. Clarke, et al.). MUTUAL FUNDS. Stock Mutual Funds (R. Arffa). Index Funds and Managed Funds: Echoes of Archilochus (J. Bogle). Evaluating Mutual Fund Performance (E. Fama & W. Wellington). When to Sell Your Fund (R. Arffa). Guidance Gleaned from the Gurus (P. Tanous). International Investing (R. Arffa). Hedge Funds (L. Hennessee & C. Gradante). OTHER INVESTMENTS. Private Investment Management (L. Blonkvist). The Impact of Taxes and Other Costs on Total Returns (L. Swedroe). Debt in the U.S. Capital Markets (G. Guild). Real Estate Investment Trusts (R. Deckey). Venture Capital (D. Hillman). Asset Allocation (G. Curtis). FINANCIAL PLANNING. Retirement Planning (G. Weinstein & B. Newman). Estate Planning (H. Apolinsky). Insurance (P. Katt). Glossary. Index.
£39.38
John Wiley & Sons Inc Structured Equity Derivatives
Book SynopsisFocusing on the structuring and practical applications of derivatives, this book introduces the reader to a flexible approach, emphasizing 'financial architecture'. It explains the reasons why derivatives exist and why there is such a large variety.Trade Review"...there is no question that many industry participants will learn from and enjoy reading his book." (Risk, March 2002)Table of ContentsPreface. The General Framework. Stocks and Stock Market Indices. Special Contract Features. Index-Linked Cash Flows. Pricing and Hedging. Improved Efficiency. Risk Management. Reducing the Costs of Buying Options. Equity-Linked Bull Notes. Raising the Participation Rate. Market Timing and Non-Bullish Views. Digital and Coupon Bearing Notes. Equity-Linked Saving. Appendix A. Appendix B. Appendix C. Bibliography. Index.
£94.50
John Wiley & Sons Inc Bank Marketing for the 90s
Book SynopsisHaving spent 38 years in banking, including 21 as a CEO, the author believes that marketing is the foundation of the banking business and the key to its survival. Profound changes have occurred in the use and influence of marketing in the banking industry. Contains the best marketing ideas for financial institutions in the 1990''s, developed by some of the top and most respected marketers in banking.Table of ContentsThe New World of Banking. Marketing for Survival and Progress. 55 Ideas from Some of Banking's Best Marketers. Removing the Barriers to Good Marketing. Keep Looking for Great Ideas. Index.
£220.50
John Wiley & Sons Inc Treasury Operations and the Foreign Exchange
Book SynopsisPresents a complete introduction to modern exchange markets and what to know in order to operate them effectively using trading systems, computer-based models and other analytical tools. Contains an in-depth explanation of the emerging structure of new international financial markets including insights into current electronic and global markets.Table of ContentsThe New World of Treasury Functions. The Treasurer's Responsibility for Risk Management. Problems in Risk Control: How the Japanese Face theChallenge. Transacting Foreign Exchange Deals. Foreign Exchange Operations. Swaps, Hedging, Bond Dealing, and Currency Management. Dealing in Currencies. West European Currency, Political Union, and the FinancialInfrastructure. The ECU, the German Mark, and the Dollar. Economic Planning and the East European Transformation. Commodities and Futures Trading. Dealing in Options. Arbitrage, Spread Management, and Gap Analysis. A Financial Advisor System Project. Looking Forward: Treasury Operations in the Year 2000. Index.
£43.12
University of California Press Busting the Bankers Club
Book SynopsisTrade Review"Gerald Epstein has done something that has needed doing since 2008 -- he has written a book that explains our complex, captured financial system to the lay reader. In simple, clear prose, he outlines why we are still fighting financial fires, and what we can do to bridge the Wall Street-Main Street divide. A wonderful way to understand how finance became the tail that wags the dog of our economy. " -- Rana Foroohar, Associate Editor, Financial Times"In this incisive chronicle, Epstein (The Political Economy of Central Banking) . . . surveys how deregulating banking turned the financial institutions into engines of inequality and liabilities to the economy. . . . Epstein’s skill in describing financial matters plainly is a boon. Epstein convinces with this potent plan for ending the era of 'too big to fail.'” * Publishers Weekly *"A cleareyed view of the financial system’s woes, all addressable if only the political and economic will is there." * Kirkus Reviews *"Clear-eyed and hopeful, Busting the Bankers' Club centers the individuals and groups fighting for a financial system that will better serve the needs of the marginalized and support important transitions to a greener, fairer economy. . . . [the book] is an extraordinary and timely study that will have immense value to readers with an interest in the relationship of banks, the U.S. economy, and the methods used by the banking industry to influence governmental policy makers. Exceptionally well written, organized and presented." * Midwest Book Review *"Exposes the banking cartel that has hijacked U.S. democracy." * Wall Street On Parade *Table of ContentsContents Acknowledgments Preface Abbreviations SECTION I FROM BORING TO ROARING BANKING 1. The Jekyll and Hyde of Finance 2. Boring Banking and the “Golden Age” of Capitalism 3. Roaring Banking: The World the Bankers Made 4. Are Bankers Essential Workers? SECTION II THE BANKERS' CLUB AND THE POWER OF FINANCE 5. The Anatomy of the Bankers’ Club 6. Lobbyists and Politicians versus the Club Busters 7. The Federal Reserve: Chairman of the Club 8. Financial Regulators and Their Lawyers 9. Nonfinancials Flip: The Financialization of the CEOs 10. Bankers’ Club Economics SECTION III FINANCE FOR THE REST OF US 11. Financial Regulation for All 12. Banks without Bankers: Finance to Meet Social Needs 13. Busting the Bankers’ Club and Restoring Democracy Appendix: The Bankers’ Club Assault on the New Deal Regulatory Structure Notes References Index
£22.50
John Wiley and Sons Ltd The Economics of the Financial System
Book SynopsisThis second edition of an already widely-used textbook presents an up-to-date analysis of the roles played by financial institutions and markets in the working of the UK economy. The book assumes only a basic grounding in economics and will be widely recommended to students of macroeconomics, monetary economics and finance.Table of ContentsList of Tables. Preface to the Second Edition. Preface to the First Edition. Part I: Introduction. 1. The Financial System. 2. Finance in Britain. Part II: Theory of the Financial System. 3. Mobilizing Saving. 4. Asset Transformation. 5. Interest Rates. 6. Interest Rates: Further Development. Part III: The Users of the System. 7. Personal Saving and Investment. 8. Company Financial Behaviour. 9. Public Sector Investment and Financing. 10. The Overseas Sector and the UK Financial System. Part IV: Financial Institutions and Markets. 11. Banks and Building Societies. 12. Investing Institutions. 13. Specialized Financial Institutions. 14. Financial Markets. Part V: The Control and Efficiency of the System. 15. Regulation and Control. 16. The Efficiency of the Financial System. Select Bibliography and Further Reading. Index.
£55.05
Harvard University Press Gentlemen Bankers
Book SynopsisGentlemen Bankers focuses on the social and economic circles of one of America’s most renowned and influential financiers, J. P. Morgan, to tell a closely focused story of how economic and political interests intersected with personal rivalries and friendships among the Wall Street aristocracy during the first half of the twentieth century.Trade ReviewGentlemen Bankers is a window into a world that, for one fleeting moment, dominated American finance. By concentrating on the nonfinancial aspects of that world Pak greatly enriches our understanding of the entire era. -- John Steele Gordon * Wall Street Journal *Pak writes clearly and makes a strong case that the Morgan bank should be considered in its social as well as its economic context. -- Lawrence Maxted * Library Journal *This fascinating book presents the social history of America’s leading private banking house and analyzes the sources of its prestige and influence. Pak has written a persuasive and engaging volume and an excellent work of business history. -- Eric D. Hilt, Wellesley CollegeIn an era when anti-Semitism was widespread, why did WASP and Jewish bankers, who didn’t really like one another, often cooperate in investment banking syndicates? The answer, according to Susie Pak, is that they worked well together so long as their social lives were totally separate. She explores these and other aspects of the economic and social networks of these bankers in this provocative book. -- Richard Sylla, New York University
£49.26
Harvard University Press The Banks Did It
Book SynopsisTo understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages—originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the economy.Trade ReviewNeil Fligstein’s new book reads like a financial crime novel, but with a twist. Instead of asking ‘who done it?’ we are told up front that the banks did it, and the real mystery concerns why they did it, when they did it, and how it produced a global crisis in 2008. Why did US banks become so deeply involved in industrial-scale origination and securitization of home mortgages? Who would loan money to borrowers that almost certainly couldn’t repay? Why didn’t banks change course when it became clear that the bubble was about to burst? Fligstein weaves together a huge amount of evidence as he identifies key turning points, refutes simplistic explanations, and presents a coherent and sophisticated account of an extraordinarily consequential sequence of events. -- Bruce G. Carruthers, Northwestern UniversityFligstein is the most influential economic sociologist at work today. Hands down. He is also one of the most successful sociological discipline-spanners, with wide influence outside of sociology. This eminently readable book will be of great interest beyond sociology, to historians, political scientists, and economists. The Banks Did It is erudite, carefully researched, and powerfully argued. It does not disappoint. -- Frank Dobbin, Harvard UniversityWell-structured, well-evidenced, attractively written, and based on over a decade of research, The Banks Did It is a brilliant work by a scholar who has reshaped how we should think about markets. -- Donald MacKenzie, University of EdinburghIn this incisive and exceptionally clear book, Neil Fligstein describes how government action unwittingly helped shift the business model of American banks from long-term customer relations towards fee-based activities anchored in mortgage origination and securitization. By the mid-2000s, every part of US financial organizations was oriented to maintaining this pipeline, at the cost of considerable risk-taking and even fraud. By offering a long-term view of the lead-up to the 2008 financial crisis, Fligstein shows exactly how the banks, really, ‘did it’—and also lays blame at the feet of monetary experts and authorities, who never saw it coming. -- Marion Fourcade, University of California, BerkeleyA rich, deep, and comprehensive account of the financial crisis, arguing that the world the banks constructed and how they profited from it are at the core of what happened…Represents an important advance in our understanding of the financial crisis of 2007–2008. Readers, be they organizational theorists or anyone who has a stake in preventing the next financial crisis, will walk away better informed of how the crisis was produced, why it spread so fast and so deeply, and how regulators missed what was happening. -- Lori Yue * Administrative Sciences Quarterly *
£32.36
Princeton University Press The Subprime Solution
Book SynopsisThe subprime mortgage crisis wreaked havoc on the lives of millions of people and threatened to derail the US economy and economies around the world. This book calls for a restructuring of the institutional foundations of the financial system that can allow people once again to buy and sell homes with confidence.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2009 Bronze Medal in Finance/Investment/Economics, Independent Publisher Book Awards Honorable Mention for the 2008 PROSE Award in Business, Finance, and Management, Association of American Publishers "One man who does have some ideas is the Yale economist Robert Shiller, who would merit attention if only for the fact that he predicting the bursting of the Internet bubble, in 2000, with his book Irrational Exuberance, then discussed at length the dangers of systematic risk in his next, The New Financial Order. Now, in The Subprime Solution--published in August, after the start of the meltdown, but before the full scale of the disaster had become manifest--he comes up with a set of startlingly counterintuitive suggestions about what to do next."--John Lanchester, The New Yorker "With The Subprime Solution, Robert J. Shiller offers his formula to protect us from repeating such disasters: more financial engineering. It would be easy to sneer at this idea, but Mr. Shiller, an economics professor at Yale University, always deserves a hearing... In what he describes as a 'brief manifesto,' Mr. Shiller argues that bailouts of distressed borrowers are inevitable to avoid wrecking our economy and shredding our social fabric--even though bailouts may punish the prudent (say, through higher taxes) while comforting those who gambled on real estate and lost."--James R. Hagerty, Wall Street Journal "Irrational exuberance, or the 'social contagion of boom thinking,' is ... the subject of Shiller's new book, The Subprime Solution, a slim but valuable addition to the growing literature on the ongoing collapse of the housing market."--Max Fraser, The Nation "[The Subprime Solution is] a lucid primer on how we slipped into this money pit and what it might take to clamber out of it... Shiller is sometimes called a Cassandra, and his prophesies about the dot-com and housing bubbles did come true. Yet in these pages he sounds more like a visionary optimist who considers today's emergency to be a grand opportunity."--James Pressley, Bloomberg News "In The Subprime Solution, [Shiller] briskly sketches out his views on both short-term and long-term strategies for dealing with a housing meltdown that's left millions of Americans a lot less wealthy--and an unfortunate number at risk for losing their homes... The book's most compelling discussion centers on the long-term opportunities that lie in this crisis. Shiller describes how key parts of America's financial system--the Federal Reserve, the Securities and Exchange Commission, and the FDIC, to name only three--were created in the reforms after earlier bank crises or the Great Depression... Shiller suggests that political leaders should look at the current crisis as an opportunity to rethink the homebuying process and add new protections to keep homeowners from getting in over their heads during a future bubble."--Daniel McGinn, Newsweek.com "What sets Shiller apart--brilliantly apart--from other analysts of the housing bubble are the sharpness of his diagnoses and the creativity of his solutions. These are the core of his excellent new book, The Subprime Solution... [A] brilliant and radical--but not implausible--perspective on putting the Humpty Dumpty that is American finance together again."--Arvind Subramanian, Forbes.com "Yale University's Robert Shiller is one of the world's outstanding economic thinkers and intellectual innovators, with a record of foresight that is the envy of his profession... His short, snappy and surprisingly far-reaching book on the subprime crisis is as interesting and indispensible as you would expect... The Subprime Solution is an ambitious little volume... It covers a remarkable amount of ground in less than 200 pages... [T]he book's broad framing of the issues is novel and valuable, and its arguments are always stimulating... Shiller ... is an ardent financial-technology optimist, and his book is a torrent of fascinating ideas. Anybody interested in the subject must profit from reading it."--Clive Crook, Financial Times "Robert J. Shiller explains how trillions of dollars of mortgage debt, based on dubious loans to doubtful borrowers, were forfeited and how it can be fixed. An influential economist, he offers insights into the growth of the credit bubble and solutions for curing the ensuing chaos... Shiller's reputation in economics, his majestic prose style, his statistical proofs and his vast coterie of admirers suggest that at least some of his recommendations will become part of U.S. mortgage regulation... For those who want to figure out how to fix the global credit crisis that has developed as a result of Americans' inability or unwillingness to read their mortgage contracts, The Subprime Solution is vital reading. It is advocacy built on faith that government does good, that intervention never produces unintended results and that there is no other way to fix the mortgage mess."--Andrew Allentuck, The Globe & Mail "In his new book, The Subprime Solution, the Yale University professor sounds an alarm that the credit crunch, now early in its second year, poses a dire risk. His text is a stimulating, rapid response to current events--and a forceful demand for dramatic action from Washington, where, he says, the White House and Congress have been 'totally inadequate' to the task... [A] storehouse of valuable, provocative ideas awaits the reader of The Subprime Solution."--Christopher Farrell, BusinessWeek "In The Subprime Solution, he argues that what united the missteps by the Federal Reserve, mortgage brokers, Wall Street bankers, and home buyers that together brought on the current financial mess was a shared belief that house prices never go down. What's the antidote to that kind of mass delusion? Shiller seems to have no interest in substituting his judgment, or the government's, for the market's. Instead, he sees information and innovation as the counter to group think."--Justin Fox, Time "Robert J. Shiller's clear-eyed look at what happened in the U.S. housing market--and what might be done about it--is not keen to attribute blame to the actors in the drama. He explains that the development of subprime mortgages in the Nineties was welcomed as a way of extending home ownership to those once locked out of the market, and it was not the dishonesty of the mortgage lenders, or the greed of bankers, that led to the bubble. There was dishonesty and greed, but these were the result of the bubble, not its cause."--Tim Worstall, The Telegraph "American optimism: Is there any investment bubble it can't fuel? Consider the excesses of the housing market, the effects of which are roiling the global economy. As Yale University economist Robert Shiller demonstrates in his short, whip-smart new book The Subprime Solution, there was a contagion at work that helped pushed home prices to unsustainable levels... Shiller's views are grounded in exhaustive research and penetrating analysis. The Subprime Solution should be read by anyone with assets at risk in the global financial crisis and a desire to fix things ahead of the next crisis. Which is to say, all of us."--Robert Elder, Austin American-Statesman "Robert Shiller's got an argument that will make some peoples' heads explode in his new book The Subprime Solution--we need more speculation in the housing market... I said above that this solution will make some peoples' heads explode, that the solution to an excess of speculation is to create a market in yet more speculation. Yet in this case ti is indeed true, this is a valid solution."--Tim Worstall, The Register "[The Subprime Solution] is short, punchy and political. Shiller is a top-flight academic economist who has often warned of the tendency of markets towards irrational exuberance, and of the harmful consequences that follow. He is rightly scathing towards the 'boosters' who kept assuring us that house prices only rise, and he gains authority for having spoken out during the boom, when it was an unpopular position to hold... Shiller's debunking of house price myths is masterful. Especially important is his rubbishing of the concept of scarcity ... Shiller's explanations are sophisticated and intelligent, and they are also admirably clear."--Michael Savage, Fund Strategy "The Subprime Solution, his postmortem on irrational exuberance in the real estate market, is superb, even for general-interest readers otherwise confused by the whole mess. Though his introduction reads a bit like an arid position paper, his insistence on the fundamentally psychological, rather than economic, basis of the boom is supple and fascinating."--Andrew Rosenblum, New York Observer "If you're unfamiliar with Robert Shiller then understand that he is perhaps the most eminent and considered examiner of modern investment bubbles... Shiller's new book, The Subprime Solution, is a concise attempt to elaborate in just seven short chapters the genesis of the housing bubble, explode its myths, explore its scale and the dangers of its deepening impact, assert the need to maintain confidence in our economic and financial institutions by aggressive action, and then explore longer-term, more fundamental reforms and innovations that will create a population much more attuned to economic risk... There are many more recommendations, but if this book has the ambition of Keynes' earlier work, and the scale of the problem is as suggested, I'd argue that the book is as accessible as you are going to get from such a modern behavioural economics guru. It's a book that everyone who lives in a house should own; just don't buy ten and try to rent them out to friends."--The Knackered Hack "In his latest work, The Subprime Solution, Shiller explains that greater financial 'democracy' and a 'contagion of ideas' led many to conclude a 'new era' had been reached in real estate. The public expected prices to rise continually. Worse, Shiller wrote: 'The very people responsible for oversight were caught up in the same high expectations for future prices.'... Shiller's The Subprime Solution is well worth the read for individuals and private enterprise looking to understand current real estate bubble. It should be required reading for public policy makers who need to take immediate action to solve the subprime crisis."--John Fout, TheStreet.com "Like the financial bubble in technology stocks that exploded in 2000, real estate investors acted on unrealistic assumptions that prices could only go up. In the aftermath, Shiller's recommendation to policy makers is 'Mend It, Don't End It.' He advises regulatory modifications and greater financial disclosure from all players in the complex mortgage-banking process."--Kevin G. Hall, McClatchy Newspapers "In [The Subprime Solution], he provides the ignoramuses on Wall Street, asleep-at-the-switch regulators and dumbfounded investors worried about their savings with a stark insight to digest over the last two weeks of summer: 'We as a society do not understand or know how to deal with speculative bubbles.'"--Robert Lenzner, Forbes.com " [I]t's an interesting book... [S]hiller convinced me ... that bailing out banks and borrowers who've been clobbered might be the right thing to do."--Dan Pink, danpink.com "In his now-famous 2005 book, Irrational Exuberance, Second Edition, Yale professor and economist Robert Shiller predicted a boom and bust in real estate would have terrifying global ramifications. He was mocked by realtors, but global bank failures and the bailout of Fannie Mae and Freddie Mac have proved him dead on. Now Shiller strikes again with The Subprime Solution, his suggestion for sweeping economic reform to get us out of this mess."--Katie Benner, Fortune "While initially providing a short and concise understanding of the subprime fiasco, Shiller goes on to investigate the various financial collapses over the years and the history of recent housing arrangements, searching for clues that might inspire a universal remedy to our current predicament... Along the way, the narrative, which skips along without being fussy or intrusive, also emphasises the characteristics, psychology and lifespan of the bubble--be it financial, IT or housing--and how the way we've changed the way we think 'is the deepest cause' of the current variant of the malignancy."--Paul O'Doherty, The Investor "[Shiller] offers a primer on the history of home prices, roots of subprime lending and a road map of what to do now. The book is at its best when explaining how so few in authority imagined what has come to pass. Shiller says they were filled with same housing boom faith held by the public."--Jim Wasserman, The Sacramento Bee "In his latest book, The Subprime Solution, he briefly but deftly dissects how easy credit, lack of government oversight and human behavior allowed the subprime bubble to inflate. Shiller's understanding of human behavior is the book's genius, both in the diagnosis and the proposed cures."--Robert Frick, Kiplinger's "For a closer examination of the crisis, there's The Subprime Solution by Yale University economist Robert J. Shiller, the bestselling author of Irrational Exuberance. In his new book, Shiller focuses more tightly on the stock market bubble of the 1990s and the housing bubble of the last seven years, which led lenders to loosen requirements for loans and resell these questionable loans in the subprime market. He shows how the bubble, when overheated housing prices cooled and asset values fell, burst and led directly to the subprime mortgage crisis that torpedoed the credit markets and with them stock markets worldwide."--Geeta Sharma-Jensen, Milwaukee Journal-Sentinel "In this slim volume, Shiller not only describes the problem but also places equal emphasis on various proposals to correct it. Rather than viewing the subprime meltdown and credit contraction as a handwringing crisis, he sees it as an opportunity to initiate institutional reforms that will ensure against repeat failures and extend opportunities for home ownership... An important, timely book."--E.L. Whalen, Choice "Reading Shiller also makes me optimistic. Ever the contrarian, he's convinced that, used properly, the new financial technologies that have such a bad name right now will make us all much better off in the long run. In particular, he's working on ways ordinary folk can get out from under the now standard but truly bizarre investment custom in which most of us sink most of our net worth into a single piece of real estate. What kind of sensible diversification is that? What Shiller proposes is the market-led 'democratization of finance.' Coming from anyone else you'd think it was a scam. But read his book and you'll end up feeling strangely optimistic, despite the enveloping gloom."--William Watson, Montreal Gazette "The Subprime Solution is an easy read at less than 200 pages. People seeking to understand the cause of the housing bubble, and those wanting to consider short- and long-term solutions would be well-served reading it."--Bill Freehling, Fredricksburg Free Lance-Star "In The Subprime Solution, which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction...He also sees government intervention as vital to channel animal spirits and innovation...In essence, Shiller is laying the intellectual groundwork for the next financial revolution."--Zachary Karabell, Newsweek "The book is not so much an analysis of the subprime crisis as an essay that ruminates on the genesis and evolution of financial bubbles in general and housing bubbles in particular. Shiller believes correctly that economists, in their emphasis on rational decision-making, have confused desired outcomes with actual outcomes--and have paid far too little attention to the reality of swings in social sentiments that can move market prices far from sustainable levels."--Richard N. Cooper, Foreign Affairs "This is an important book from a distinguished academic... The book offers a coherent alternative to policy makers. They should consider its recommendations very seriously."--Shamik Dhar, The Business Economist "[T]his is an exciting book that is to be read under the current market condition. It provides us some hope of correcting the existing problems, so as to have a brighter future."--Ye Xu, Journal of Property Investment & Finance "Policymakers, and students of financial history, money and macroeconomics, will find much of value in Shiller's assessment of the subprime debacle."--Oscar T. Brookins, Eastern Economic JournalTable of ContentsAcknowledgments ix Chapter 1: Introduction 1 Chapter 2: Housing in History 29 Chapter 3: Bubble Trouble 39 Chapter 4: The Real Estate Myth 69 Chapter 5: A Bailout by Any Other Name 87 Chapter 6: The Promise of Financial Democracy 115 Chapter 7: Epilogue 171 Index 179
£13.29
Princeton University Press Plight of the Fortune Tellers
Book SynopsisArgues that we must restore genuine decision-making to our financial planning. Presenting a financial model that uses probability, experimental psychology, and decision theory, this title challenges us to rethink the standard wisdom about risk management.Trade Review"[Plight of the Fortune Tellers] is timely... [I]t provides a relatively accessible guide to annoyingly influential statistical theories, and it makes you think."--Financial World "A fascinating read... Rebonato writes in an engaging prose that is free of mathematics, yet intellectually rigorous. He provides a top-level view of risk management, founded on real-world situations."--Philippe Jorion, Journal of Economic Literature "[Plight of the Fortune Tellers] was written to appeal to a wide audience. Stylistically, Rebonato is an engaging writer who uses analogies and interesting examples...I'm confident you'll enjoy this book and that, after reading it, you will join in the dialog that Rebonato has started."--Garp Risk Review "In his new book, Plight of the Fortune Tellers, Rebonato shows... why Merrill Lynch and Citigroup shareholders are right to be concerned. Nowhere have I read a better account of how a conscientious, intellectually disciplined market risk manager approaches his work in today's complex world. Well known to Risk readers as a master of interest rate modeling, Rebonato has written an accessible, non-technical book."--Nicholas Dunbar, Risk "In Plight of the Fortune Tellers, Rebonato analyzes and offers solutions to problems related to quantitative risk management strategies and the value-at-risk (VAR) methodology currently used by financial managers. Through stories, examples, theory, and practical methods, he first provides a critical review of the current state of affairs in investment risk management. Then, he proposes how we should 'revisit our ideas about probability in financial risk management' and 'put decision making back at center stage.' In Plight of the Fortune Tellers contains valuable insights into the development of VAR methodology and problems associated with its use in the present financial management arena... In Plight of the Fortune Tellers is a book recommended for practitioners currently involved in quantitative methods and for students of investments and risk management at the graduate school level."--James Jackson, CFA Digest "This is an enjoyable, approachable book that may be read by anyone with an analytical mind. It is free of mathematics, yet it makes no concessions when it comes to explaining the complexities of a problem...I found a flowing prose that was a pleasure to read...[P]light of the Fortune Tellers is a great wake-up call for the industry. It deserves to be widely read since we all would like to be able to rely on the stability of the financial sector. It would be nice to get the risk management right."--Jessica James, Physics World "Remember that feeling of bewilderment after your first few weeks in your first job after university? That wrenching realization that, while the theories that you had laboured to understand may have been illuminating, they were too abstract to be applied to the real world? Reading Riccardo Rebonato's intriguing book brings those memories flooding back. For while Rebonato well understands, approves of, and writes about quantitative probability and risk theory, his day job involves actually managing financial risk. Hence he appreciates the limits both of theory and of applying it to real world situations... There is considerably more meat in this wise, practical, yet unpretentious book than can be summarized in a short review."--John Llewellyn, The Business Economist "Riccardo Rebonato is a better fortuneteller than the risk analysts he writes about. He has read the palms of the 'quants' who revel in developing ever more complex risk models and found that their 'real life' line is rather short. But apart from confirming the prejudices of a financial journalist with no statistical training, is this book worth reading? The answer is yes. It is timely; the subject--financial risk management--matters hugely; it provides a relatively accessible guide to annoyingly influential statistical theories; and it makes you think."--Financial World online "Plight of the Fortune Tellers is insightful and entertaining. It provides a non-technical yet sophisticated introduction to the perils of modern risk management and it has the potential to lead us in a better direction. Don't miss it."--Lisa R. Goldberg, Journal of Investment Management "This book should be on the reading list of experienced risk managers in the financial services industry as well as students who are contemplating a career in the field. It provides a thoughtful qualitative companion to more equation-laden texts on modern risk management."--Moshe A. Milevsky, Journal of Pension Economics and Finance "Plight of the Fortune Tellers is the best non-specialist introduction to quantitative financial risk management I have found."--Danny Reviews "This is an interesting book for managers or regulators whose responsibilities include oversight of finance."--Wan Lixin, Shanghai DailyTable of ContentsPreface to the Paperback Edition ix Preface xxxi Acknowledgments xlix Chapter 1: Why This Book Matters 1 Chapter 2: Thinking about Risk 22 Chapter 3: Thinking about Probabilities 40 Chapter 4: Making Choices 67 Chapter 5: What Is Risk Management For? 107 Chapter 6: VaR & Co: How It All Started 117 Chapter 7: Looking Beneath the Surface: Hidden Problems 139 Chapter 8: Which Type of Probability Matters in Risk Management? 182 Chapter 9: The Promise of Economic Capital 199 Chapter 10: What Can We Do Instead? 223 Endnotes 259 Index 267
£19.80
Princeton University Press The Subprime Solution
Book SynopsisThe subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the US economy and economies around the world. In this book, the author reveals the origins of this crisis and puts forward bold measures to solve it.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2009 Bronze Medal in Finance/Investment/Economics, Independent Publisher Book Awards Honorable Mention for the 2008 Award for Excellence in Business, Finance and Management, Association of American Publishers "One man who does have some ideas is the Yale economist Robert Shiller, who would merit attention if only for the fact that he predicting the bursting of the Internet bubble, in 2000, with his book Irrational Exuberance, then discussed at length the dangers of systematic risk in his next, The New Financial Order. Now, in The Subprime Solution--published in [2008], after the start of the meltdown, but before the full scale of the disaster had become manifest--he comes up with a set of startlingly counterintuitive suggestions about what to do next."--John Lanchester, The New Yorker "With The Subprime Solution, Robert J. Shiller offers his formula to protect us from repeating such disasters: more financial engineering. It would be easy to sneer at this idea, but Mr. Shiller, an economics professor at Yale University, always deserves a hearing... In what he describes as a 'brief manifesto,' Mr. Shiller argues that bailouts of distressed borrowers are inevitable to avoid wrecking our economy and shredding our social fabric--even though bailouts may punish the prudent (say, through higher taxes) while comforting those who gambled on real estate and lost."--James R. Hagerty, Wall Street Journal "Irrational exuberance, or the 'social contagion of boom thinking,' is ... the subject of Shiller's new book, The Subprime Solution, a slim but valuable addition to the growing literature on the ongoing collapse of the housing market."--Max Fraser, The Nation "In The Subprime Solution, [Shiller] briskly sketches out his views on both short-term and long-term strategies for dealing with a housing meltdown that's left millions of Americans a lot less wealthy--and an unfortunate number at risk for losing their homes... The book's most compelling discussion centers on the long-term opportunities that lie in this crisis. Shiller describes how key parts of America's financial system--the Federal Reserve, the Securities and Exchange Commission, and the FDIC, to name only three--were created in the reforms after earlier bank crises or the Great Depression... Shiller suggests that political leaders should look at the current crisis as an opportunity to rethink the homebuying process and add new protections to keep homeowners from getting in over their heads during a future bubble."--Daniel McGinn, Newsweek.com "Yale University's Robert Shiller is one of the world's outstanding economic thinkers and intellectual innovators, with a record of foresight that is the envy of his profession... His short, snappy and surprisingly far-reaching book on the subprime crisis is as interesting and indispensible as you would expect... The Subprime Solution is an ambitious little volume... It covers a remarkable amount of ground in less than 200 pages... [T]he book's broad framing of the issues is novel and valuable, and its arguments are always stimulating... Shiller ... is an ardent financial-technology optimist, and his book is a torrent of fascinating ideas. Anybody interested in the subject must profit from reading it."--Clive Crook, Financial Times "In his new book, The Subprime Solution, the Yale University professor sounds an alarm that the credit crunch, now early in its second year, poses a dire risk. His text is a stimulating, rapid response to current events--and a forceful demand for dramatic action from Washington, where, he says, the White House and Congress have been 'totally inadequate' to the task... [A] storehouse of valuable, provocative ideas awaits the reader of The Subprime Solution."--Christopher Farrell, BusinessWeek "[The Subprime Solution is] a lucid primer on how we slipped into this money pit and what it might take to clamber out of it... Shiller is sometimes called a Cassandra, and his prophesies about the dot-com and housing bubbles did come true. Yet in these pages he sounds more like a visionary optimist who considers today's emergency to be a grand opportunity."--James Pressley, Bloomberg News " [I]t's an interesting book... [S]hiller convinced me ... that bailing out banks and borrowers who've been clobbered might be the right thing to do."--Dan Pink, danpink.com "Robert J. Shiller explains how trillions of dollars of mortgage debt, based on dubious loans to doubtful borrowers, were forfeited and how it can be fixed. An influential economist, he offers insights into the growth of the credit bubble and solutions for curing the ensuing chaos... Shiller's reputation in economics, his majestic prose style, his statistical proofs and his vast coterie of admirers suggest that at least some of his recommendations will become part of U.S. mortgage regulation... For those who want to figure out how to fix the global credit crisis that has developed as a result of Americans' inability or unwillingness to read their mortgage contracts, The Subprime Solution is vital reading. It is advocacy built on faith that government does good, that intervention never produces unintended results and that there is no other way to fix the mortgage mess."--Andrew Allentuck, The Globe & Mail "What sets Shiller apart--brilliantly apart--from other analysts of the housing bubble are the sharpness of his diagnoses and the creativity of his solutions. These are the core of his excellent new book, The Subprime Solution... [A] brilliant and radical--but not implausible--perspective on putting the Humpty Dumpty that is American finance together again."--Arvind Subramanian, Forbes.com "In The Subprime Solution, which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction...He also sees government intervention as vital to channel animal spirits and innovation...In essence, Shiller is laying the intellectual groundwork for the next financial revolution."--Zachary Karabell, Newsweek "In The Subprime Solution, he argues that what united the missteps by the Federal Reserve, mortgage brokers, Wall Street bankers, and home buyers that together brought on the current financial mess was a shared belief that house prices never go down. What's the antidote to that kind of mass delusion? Shiller seems to have no interest in substituting his judgment, or the government's, for the market's. Instead, he sees information and innovation as the counter to group think."--Justin Fox, Time "Robert J. Shiller's clear-eyed look at what happened in the U.S. housing market--and what might be done about it--is not keen to attribute blame to the actors in the drama. He explains that the development of subprime mortgages in the Nineties was welcomed as a way of extending home ownership to those once locked out of the market, and it was not the dishonesty of the mortgage lenders, or the greed of bankers, that led to the bubble. There was dishonesty and greed, but these were the result of the bubble, not its cause."--Tim Worstall, The Telegraph "American optimism: Is there any investment bubble it can't fuel? Consider the excesses of the housing market, the effects of which are roiling the global economy. As Yale University economist Robert Shiller demonstrates in his short, whip-smart new book The Subprime Solution, there was a contagion at work that helped pushed home prices to unsustainable levels... Shiller's views are grounded in exhaustive research and penetrating analysis. The Subprime Solution should be read by anyone with assets at risk in the global financial crisis and a desire to fix things ahead of the next crisis. Which is to say, all of us."--Robert Elder, Austin American-Statesman "Robert Shiller's got an argument that will make some peoples' heads explode in his new book The Subprime Solution--we need more speculation in the housing market... I said above that this solution will make some peoples' heads explode, that the solution to an excess of speculation is to create a market in yet more speculation. Yet in this case ti is indeed true, this is a valid solution."--Tim Worstall, The Register "[The Subprime Solution] is short, punchy and political. Shiller is a top-flight academic economist who has often warned of the tendency of markets towards irrational exuberance, and of the harmful consequences that follow. He is rightly scathing towards the 'boosters' who kept assuring us that house prices only rise, and he gains authority for having spoken out during the boom, when it was an unpopular position to hold... Shiller's debunking of house price myths is masterful. Especially important is his rubbishing of the concept of scarcity ... Shiller's explanations are sophisticated and intelligent, and they are also admirably clear."--Michael Savage, Fund Strategy "The Subprime Solution, his postmortem on irrational exuberance in the real estate market, is superb, even for general-interest readers otherwise confused by the whole mess. Though his introduction reads a bit like an arid position paper, his insistence on the fundamentally psychological, rather than economic, basis of the boom is supple and fascinating."--Andrew Rosenblum, New York Observer "If you're unfamiliar with Robert Shiller then understand that he is perhaps the most eminent and considered examiner of modern investment bubbles... Shiller's new book, The Subprime Solution, is a concise attempt to elaborate in just seven short chapters the genesis of the housing bubble, explode its myths, explore its scale and the dangers of its deepening impact, assert the need to maintain confidence in our economic and financial institutions by aggressive action, and then explore longer-term, more fundamental reforms and innovations that will create a population much more attuned to economic risk... There are many more recommendations, but if this book has the ambition of Keynes' earlier work, and the scale of the problem is as suggested, I'd argue that the book is as accessible as you are going to get from such a modern behavioural economics guru. It's a book that everyone who lives in a house should own; just don't buy ten and try to rent them out to friends."--The Knackered Hack "In his latest work, The Subprime Solution, Shiller explains that greater financial 'democracy' and a 'contagion of ideas' led many to conclude a 'new era' had been reached in real estate. The public expected prices to rise continually. Worse, Shiller wrote: 'The very people responsible for oversight were caught up in the same high expectations for future prices.'... Shiller's The Subprime Solution is well worth the read for individuals and private enterprise looking to understand current real estate bubble. It should be required reading for public policy makers who need to take immediate action to solve the subprime crisis."--John Fout, TheStreet.com "Like the financial bubble in technology stocks that exploded in 2000, real estate investors acted on unrealistic assumptions that prices could only go up. In the aftermath, Shiller's recommendation to policy makers is 'Mend It, Don't End It.' He advises regulatory modifications and greater financial disclosure from all players in the complex mortgage-banking process."--Kevin G. Hall, McClatchy Newspapers "In [The Subprime Solution], he provides the ignoramuses on Wall Street, asleep-at-the-switch regulators and dumbfounded investors worried about their savings with a stark insight to digest over the last two weeks of summer: 'We as a society do not understand or know how to deal with speculative bubbles.'"--Robert Lenzner, Forbes.com "In his now-famous 2005 book, Irrational Exuberance, Second Edition, Yale professor and economist Robert Shiller predicted a boom and bust in real estate would have terrifying global ramifications. He was mocked by realtors, but global bank failures and the bailout of Fannie Mae and Freddie Mac have proved him dead on. Now Shiller strikes again with The Subprime Solution, his suggestion for sweeping economic reform to get us out of this mess."--Katie Benner, Fortune "While initially providing a short and concise understanding of the subprime fiasco, Shiller goes on to investigate the various financial collapses over the years and the history of recent housing arrangements, searching for clues that might inspire a universal remedy to our current predicament... Along the way, the narrative, which skips along without being fussy or intrusive, also emphasises the characteristics, psychology and lifespan of the bubble--be it financial, IT or housing--and how the way we've changed the way we think 'is the deepest cause' of the current variant of the malignancy."--Paul O'Doherty, The Investor "[Shiller] offers a primer on the history of home prices, roots of subprime lending and a road map of what to do now. The book is at its best when explaining how so few in authority imagined what has come to pass. Shiller says they were filled with same housing boom faith held by the public."--Jim Wasserman, The Sacramento Bee "In his latest book, The Subprime Solution, he briefly but deftly dissects how easy credit, lack of government oversight and human behavior allowed the subprime bubble to inflate. Shiller's understanding of human behavior is the book's genius, both in the diagnosis and the proposed cures."--Robert Frick, Kiplinger's "For a closer examination of the crisis, there's The Subprime Solution by Yale University economist Robert J. Shiller, the bestselling author of Irrational Exuberance. In his new book, Shiller focuses more tightly on the stock market bubble of the 1990s and the housing bubble of the last seven years, which led lenders to loosen requirements for loans and resell these questionable loans in the subprime market. He shows how the bubble, when overheated housing prices cooled and asset values fell, burst and led directly to the subprime mortgage crisis that torpedoed the credit markets and with them stock markets worldwide."--Geeta Sharma-Jensen, Milwaukee Journal-Sentinel "In this slim volume, Shiller not only describes the problem but also places equal emphasis on various proposals to correct it. Rather than viewing the subprime meltdown and credit contraction as a handwringing crisis, he sees it as an opportunity to initiate institutional reforms that will ensure against repeat failures and extend opportunities for home ownership... An important, timely book."--E.L. Whalen, Choice "Reading Shiller also makes me optimistic. Ever the contrarian, he's convinced that, used properly, the new financial technologies that have such a bad name right now will make us all much better off in the long run. In particular, he's working on ways ordinary folk can get out from under the now standard but truly bizarre investment custom in which most of us sink most of our net worth into a single piece of real estate. What kind of sensible diversification is that? What Shiller proposes is the market-led 'democratization of finance.' Coming from anyone else you'd think it was a scam. But read his book and you'll end up feeling strangely optimistic, despite the enveloping gloom."--William Watson, Montreal Gazette "The Subprime Solution is an easy read at less than 200 pages. People seeking to understand the cause of the housing bubble, and those wanting to consider short- and long-term solutions would be well-served reading it."--Bill Freehling, Fredricksburg Free Lance-Star "The book is not so much an analysis of the subprime crisis as an essay that ruminates on the genesis and evolution of financial bubbles in general and housing bubbles in particular. Shiller believes correctly that economists, in their emphasis on rational decision-making, have confused desired outcomes with actual outcomes--and have paid far too little attention to the reality of swings in social sentiments that can move market prices far from sustainable levels."--Richard N. Cooper, Foreign Affairs "This is an important book from a distinguished academic... The book offers a coherent alternative to policy makers. They should consider its recommendations very seriously."--Shamik Dhar, The Business Economist "[T]his is an exciting book that is to be read under the current market condition. It provides us some hope of correcting the existing problems, so as to have a brighter future."--Ye Xu, Journal of Property Investment & Finance "Policymakers, and students of financial history, money and macroeconomics, will find much of value in Shiller's assessment of the subprime debacle."--Oscar T. Brookins, Eastern Economic JournalTable of ContentsPreface to the Paperback Edition ix Acknowledgments xxv Chapter 1 Introduction 1 Chapter 2 Housing in History 29 Chapter 3 Bubble Trouble 39 Chapter 4 The Real Estate Myth 69 Chapter 5 A Bailout by Any Other Name 87 Chapter 6 The Promise of Financial Democracy 115 Chapter 7 Epilogue 171 Index 179
£12.34
Princeton University Press ContinuousTime Models in Corporate Finance
Book SynopsisTrade Review"The authors’ focused and practical approach manages to make demanding mathematical tools and continuous-time stochastic methods accessible to a wide audience, without sacrificing mathematical rigor."---Andrianos E. Tsekrekos, Journal of Economics
£38.25
