Banking Books

Book SynopsisThis book gives an overview of the most common techniques used by analysts and experts to assess and value banks in all phases of a Bank’s life, from licensing to resolution. These include licensing procedures, going concern market valuation techniques, liquidation, and resolution methodologies. The author sheds light on financial institutions’ reporting and financial statements and explains how to interpret the data. Special attention is given to the different valuation approaches for financial institutions ranging from the basic PE and PBV methodologies to the more sophisticated ones such Discount cash flow (DCF), Dividend discount model (DDM), excess return models (EVA), and their variant, the warranted equity value (WEV) method. The authors also illustrate how to build a sum-of-the-parts model (SOTP) and how to treat capital in the process as well as developing a bottom-up approach for the cost of equity. The book provides numerous real-world examples which will hopefully help practitioners build their own MS Excel models. Furthermore, this publication investigates some of the critical aspects of banking M&A and its valuation implications. This book also takes a deep dive into valuation for Banks in gone concern status, describing the basis for three different types of valuation of Banks in resolution: to inform a decision on whether to put a bank into resolution; to inform the choice of resolution tools and the extent of any bail-in of liabilities; and to determine whether any creditors would have been better off had the bank gone into insolvency. Special attention is given to the valuation of non-performing loans (NPLs) and financial assets focusing on some operational aspects of winding-down a bank’s loan and trading book portfolio.Table of ContentsChapter 1. Introduction.- Chapter 2. Main Features of the Banking Business Model.- Chapter 3. Valuing a Bank in Going Concern.- Chapter 4. Banks M&a: Strategy and Valuation.- Chapter 5. Valuation in Resolution.- Chapter 6. Valuation in Liquidation.- Chapter 7. Loan Valuation.- Chapter 8. Financial Assets Valuation.- Chapter 9. Solvent Wind Down.

Read more less

Book Synopsis

Read more less

Book SynopsisSimon Smiles was a Group Managing Director at UBS and the Chief Investment Officer for Ultra High Net Worth Clients, where he established and ran the wealth management sustainable and impact investing teams. An IIF Future Leader, WEF Young Global Leader and member of the Milken Institute's Young Leaders Circle, he appeared regularly in global financial media speaking about sustainability and investments. Before moving to Zurich, he worked in Sydney and Hong Kong and earned a PhD in economics from the Australian National University. James Purcell is the Group Head of Sustainable Frameworks at Credit Suisse. He and his team coordinate the firm's approach to sustainable investing and lending. Previously, he was the Group Head of Sustainable, Thematic and Impact Investing at Quintet Private Bank, a privately held bank operating out of 50 cities across Europe. Earlier in his career he was a managing director at UBS, where he spent more than a decade in roles based in London, HTrade Review"A thoughtful and visionary book authored by two of the most established leaders in sustainable investing. It is insightful and inspiring while witty and entertaining. A must-read!" * Mirjam Staub-Bisang, Country Manager, BlackRock Switzerland *"A compelling read for those interested in sustainable investing and how it can be implemented in practice." * Axel A. Weber, Former President, Deutsche Bundesbank *"A refreshing change from theoretical papers. The authors are seasoned practitioners." * Mark Haefele, Chief Investment Officer, UBS Global Wealth Management *Table of Contents Chapter - 00: Introduction; Chapter - 01: What is sustainable investing?; Chapter - 02: Sustainable data and ESG ratings; Chapter - 03: Sustainable public equity markets; Chapter - 04: Sustainable public debt markets; Chapter - 05: Sustainable private markets; Chapter - 06: Themes and the United Nations Sustainable Development Goals; Chapter - 07: Sustainable multi-asset portfolios; Chapter - 08: Conclusion;

Read more less

Book SynopsisSimon Thompson is the Managing Director of the Global Capacity Building Coalition (GCBC). He was previously Chief Executive of the Chartered Banker Institute, and Founding Chair of the UK Government's Sustainable Finance Education Charter.

Read more less

Book SynopsisTrade Review"A Financial Times Book to Read in 2023""This is a model of economic history, acute, profound and diverting."---Ferdinand Mount, London Review of Books"[Virtuous Bankers] is compelling and lively, and will please both academic and general readers. . . . Murphy’s thorough research sets a high standard for future work in this field."---Perry Gauci, Literary Review"Brilliant."---Jesse Norman, The Spectator"Fascinating. . . . [Murphy] makes the technicalities of financial history accessible and personal."---Martin Daunton, BBC History Magazine"Murphy turns what could have been a dry bureaucratic history into a fascinating and engaging read. Above all, her book highlights the value of approaching the big questions in economic history with a sensitivity to the routines and rhythms of everyday life."---James Taylor, History Today"The modus operandi of the Bank of England is described assiduously in [this] delightful new book." * Grant's Interest Rate Observer *"[Murphy] excels in putting this microhistory in the larger context of the bank's relationship with the British state and British economic history. . . . By situating the Bank of England in the contexts of London and Britain at large, Murphy paints it a lively, much-needed, and three-dimensional portrait that uncovers the unknown corners of this well-known bank."---Zhihui Zou, World History Encyclopedia"Well-researched. . . . Murphy’s history is unique."---Kofi Adjepong-Boateng, Financial Times"Murphy has produced an impressive historical study of the Old Lady of Threadneedle Street that makes a compelling case for why this particular period in its history is so important. Her book will be of interest not only to specialists, but also to anyone interested in how Britain’s financial system evolved."---Matthew Partridge, Money Week

Read more less

Book SynopsisFor almost a hundred years from the 1860s, the City of London''s overseas banks financed the global trade that lay at the core of the British Empire. Foremost among them from the beginning were two start-up ventures: the Standard Bank of South Africa, which soon developed a powerful domestic franchise at the Cape, and the Chartered Bank of India, Australia and China. This book traces their stories in the nineteenth century, their glory days before 1914 - and their remarkable survival in the face of global wars and the collapse of world trade in the first half of the twentieth century.The unravelling of the Empire after 1945 eventually forced Britain''s overseas banks to confront a different future. The Standard and the Chartered, alarmed at the expansion of American banking, determined in 1969 on a merger as a way of sustaining the best of the City''s overseas traditions. But from the start, Standard Chartered had to grapple with the fading fortunes of its own inherited franchise - badly dented in both Asia and Africa - and with radical changes in the nature of banking. Its British managers, steeped in the past, proved ill-suited to the challenge. By the late 1980s, efforts to expand in Europe and the USA had brought the merged Group to the brink of collapse.Yet it survived - and then pulled off a dramatic recovery. Standard Chartered realigned itself, just in time, with the phenomenal growth of Asia''s ''emerging markets'', many of them in countries where the Chartered had flourished a century earlier. In the process, the Group was transformed. Trebling its workforce, it brushed aside the global financial crisis of 2008 and by 2012 could look back on a decade of astonishing growth. Recent times have added an eventful postscript to a long and absorbing history.Crossing Continents recounts Standard Chartered''s story with a wealth of detail from one of the richest archives available to any commercial bank. The book also affords a rare and compelling perspective on the evolution of international trade and finance, showing how Britain''s commercial influence has actually worked in practice around the world over one hundred and fifty years.Trade Reviewexcellent ... Duncan Campbell-Smith's sparkling new account of Standard Chartered Bank ... is a door-stopping, desk-breaking heavyweight tome ... of patient text and brilliantly evocative photographs. Campbell-Smith, a former banker and journalist, had access to Standard Chartered's rich archive, and what emerges is work of painstaking scholarship. Multiple sources are woven together into a compelling record of imperial and post-imperial banking -- Philip Augar * Financial Times *

Read more less

Book SynopsisThe inside story of a case that illustrates the horrific perils of unchecked prosecutorial overreach, written by the man who experienced it firsthand.Raj Rajaratnam, the respected founder of the iconic hedge fund Galleon Group, which managed $7 billion and employed 180 people in its heyday, chose to go to trial rather than concede to a false narrative concocted by ambitious prosecutors looking for a scapegoat for the 2008 financial crisis. Naively perhaps, Rajaratnam had expected to get a fair hearing in court. As an immigrant who had achieved tremendous success in his adopted country, he trusted the system. He had not anticipated prosecutorial overreach—inspired by political ambition—FBI fabrications, judicial compliance, and lies told under oath by cooperating witnesses. In the end, Rajaratnam was convicted and sentenced to eleven years in prison. He served seven and a half. Meanwhile, not a single senior bank executive responsible for the financial crisis was even charged. Uneven Justice is the story of his bewildering and confounding prosecution by forces who, quite frankly, were looking for bigger game. When Rajaratnam refused to support the narrative that would make that happen, he and the Galleon Group became collateral damage. A cautionary tale with implications for us all, Uneven Justice is both a riveting page-turner and an eye-opening lesson in the vagaries of justice when an unscrupulous prosecutor is calling the shots.Trade Review“The book, "Uneven Justice," makes a persuasive case that this prosecution served to cover up the embarrassment of the Obama DOJ's malfeasance and advance the ambitious Bharara's career. But it's most important point is that the entire justice system is rigged against defendants. Obviously, few people are going to sympathize with a billionaire hedge fund manager. But that's the point. That's not the book's goal. His case is done. The book is a genuine, serious, in-depth study of all the ways federal prosecutors have unchecked power to destroy people. Federal prosecutors routinely threaten people's families, conceal exculpatory evidence, exploit the fact that almost anything is a crime, and in general have rigged the system to make acquittal almost impossible. If it takes Rajaratnam to help expose that, this book is welcomed.” -- Glenn Greenwald, Pulitzer Prize winning Journalist, NY Times Best Selling Author and former constitutional lawyer

Read more less

Book SynopsisIntegrating developments in credit markets with revised insights into making project finance deals, this book offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects.Trade Review"This book provides a concise, accurate, and updated context of project finance. Not only it is a favoured reference for project entrepreneurs, financial controllers and government regulators, but it is also a highly recommended reading for students in business and civil engineering." --Shiguang Ma, University of Wollongong "Yescombe’s book is the best compendium of project finance concepts I know of. Principles is a detailed 'cook-book' for organizing project financings, comprehensive in its description of risks, contracts, and project participants, including sponsors, capital providers, and public and multinational institutions." --Ray Hill, Emory University "This book is clear enough for the novice and comprehensive enough for the expert. It covers all areas in project finance and does so precisely. It is a must for anyone looking to get into project finance." --Alfonso Canella, Brandeis University "E.R. Yescombe’s new edition of Principles of Project Finance is a state-of-the-art, comprehensive overview, with detailed and balanced coverage of the economic, financial, and legal dimensions of project finance. The book is full of relevant case studies and practical advice to make project financing work in the post-financial crisis environment." --John S. Strong, College of William and MaryTable of Contents1. Introduction 2. What is Project Finance? 3. Project Development and Management 4. The Project-Finance Markets5. Working with Lenders 6. Types of Project Agreement 7. Common Aspects of Project Agreements 8. Sub-Contracts and Other Related Agreements 9. Commercial Risks 10. Macro-Economic Risks 11. Regulatory and Political Risks 12. Financial Structuring 13. The Financial Model 14. Project-Finance Loan Documentation 15. Public-Sector Financial Support 16. Export-Credit Agencies and Development-Finance Institutions 17. Recent Market Developments and Prospects for Project Finance

Read more less

Book SynopsisThis is the extraordinary story of Siegmund Warburg: the refugee from Nazi Germany who restored the Blitz-shattered City of London as the world''s preeminent international financial centre. In recounting how this brilliant, scholarly man brought wit, passion and, above all, high ethical standards to the world of finance, Niall Ferguson shows how his meticulous methods were the antithesis of the debt-fuelled, speculative banking of our times. ''A fascinating portrait ... Beautifully paced, dramatically subtle and psychologically shrewd ... Warburg is an emblem of money as it ought to be, and now isn''t'' Bryan Appleyard, New Statesman''Extensively researched and beautifully written'' Peter Stormonth Darling, Spectator''Ferguson''s account of Warburg''s life not only reveals a prophet of European unification and, later, globalization, but a banker from a more responsible (and civilised) era'' Peter Mandelson, Daily Telegraph,Trade ReviewBeautifully paced, dramatically subtle and psychologically shrewd, this is Ferguson at his finest -- Peter Stormonth Darling * Spectator *Ferguson is a talented writer, capable of grace and insight, but it is his ability as a historian that shows most strongly in High Financier -- T. J. Stiles * The Washington Post Sunday *Its many finance lessons aside, High Financier is a pleasure to read simply as a work of literary skill. It is not only prodigiously researched but also splendidly written-clear and vivid and precise, perhaps even of enough merit to satisfy a word-stickler like Siegmund Warburg * Wall Street Journal *A timely, original and engaging biography of Siegmund Warburg -- Sathnam Sanghera * The Times *This book is both a notable contribution to economic history and a fascinating portrait -- Geoffrey Owen * Telegraph *

Read more less

Book Synopsis

Read more less

Book SynopsisAn illuminating history of the Fed from its founding through the tumult of 2020. In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recessionincluding how these disastrous events could have been avoided. A critical volume for a critical moment in financial history, The Federal Reserveis an expert, sweeping account that promises to recast our understanding of the central bank in its secTrade Review"Robert Hetzel presents a historical narrative of how the Federal Reserve has responded to the state of the economy, exploring the evolution of monetary policy over time in terms of the consistency in its response to the economy’s behavior. The Federal Reserve [examines] the lead-up to and fallout from the Great Recession, the 2008 financial crisis, and the European debt crisis, [analyzes] Fed credit and monetary policy during the COVID-19 pandemic, [and considers] how to make the monetary standard explicit and determine the optimal monetary standard." * Journal of Economic Literature *"An ambitious history...[Hetzel's] book is a very important contribution to the literature on the history of U.S. monetary policy." * EH.Net *"Hetzel's book skillfully traces out the Fed's uneven history. He carefully identifies and explains the reasons for the Fed's major failures and successes and he covers the most recent episodes—the financial crisis, Great Recession, and the COVID-19 crisis—in great detail. Hetzel's own intellectual framework provides valuable nuances, resulting in a unified view of Fed policy, before and after 1980, with reference to a single model." -- Peter Ireland, Boston College"This book does for monetary policy what Doug Irwin's Clashing over Commerce did for trade policy. It is original in its historical coverage and in its ideas, and it offers a novel critique of classics in the field. Unlike many other monetary history books, this is written by a real insider, who has been active in monetary policy for decades. His points will be of interest to historians as well as economists. Through Hetzel's broad historical sweep, one can see both good monetary policy and bad monetary policy, and thereby learn from history." -- John B. Taylor, Stanford University"Robert Hetzel’s book provides a very informative and detailed history of the monetary policy conducted by the Fed. Readers interested in Fed history will enjoy reading the book and learn a great deal from it. Hetzel takes a sympathetic but also critical look at the Fed’s actions since its inception. The book testifies to the challenges and difficulties faced by central banks in charting an appropriate policy course." -- Georg Rich, retired director and chief economist of the Swiss National BankTable of ContentsList of Figures and Tables Chapter 1. In Search of the Monetary Standard Chapter 2. The Organization of the Book Chapter 3. What Causes the Monetary Disorder That Produces Real Disorder? Appendix: Tables of the Monetary Contraction Marker by Recession Chapter 4. The Creation of the Fed 4.1. Populist Opposition to a Central Bank 4.2. Reform of the National Banking System and the National Monetary Commission 4.3. The Real Bills Foundation of the Early Fed 4.4. A Gold Standard Mentality in a Regime of Fiat Money Creation 4.5. Concluding Comment Chapter 5. Why the Fed Failed in the Depression: The 1920s Antecedents 5.1. The Real Bills Ethos of the 1920s 5.2. Stopping Speculation without the Discipline of Real Bills and the International Gold Standard 5.3. The Controversy over Stabilizing the Price Level 5.4. Regulating the Flow of Credit: The “Tenth Annual Report” 5.5. Controversy over the Monetary Standard: The Eastern Establishment versus the Populists 5.6. Concluding Comment Chapter 6. A Fiat Money Standard: Free Reserves Operating Procedures and Gold 6.1. Changing the Monetary Standard with No Understanding of the Consequences 6.2. The Fed’s Primitive Free Reserves Procedures 6.3. Reserves Adjustment and the Call Loan Market 6.4. The Pragmatic Development of the New Procedures 6.5. Gold Convertibility and Free Gold: Frozen into a Gold Standard Mentality 6.6. The Fed’s Incomprehension of the Consequences of Its Operating Procedures 6.7. Concluding Comment Chapter 7. A Narrative Account of the 1920s 7.1. (Mis)Understanding a Paper Money Standard 7.2. Benjamin Strong 7.3. Adolph Miller—the Nemesis of Benjamin Strong 7.4. The 1920–21 Recession 7.5. Free Gold 7.6. Monetary Policy in Recession: 1923–24 and 1926–27 7.7. 1927 7.8. Eliminating Credit Diversion into Securities Speculation 7.9. Were the 1920s the “High Tide” of Federal Reserve Monetary Policy? 7.10. Concluding Comment Chapter 8. Attacking Speculative Mania 8.1. Liquidating Speculative Credit by Liquidating Total Credit 8.2. New York: Raise the Discount Rate and Banks Will Cut Back on Speculative Loans 8.3. The Board: Use “Direct Pressure” to Make Banks Cut Back on Speculative Loans 8.4. Marching toward the Great Depression 8.5. A Graphical Overview of the Transmission of Contractionary Monetary Policy 8.6. Identifying the Cause of the Depression as Contractionary Monetary Policy 8.7. Concluding Comment Chapter 9. The Great Contraction: 1929–33 9.1. An Overview of the Great Contraction 9.2. The Great Contraction and Unrelievedly Contractionary Monetary Policy 9.3. 1930: Why Did the Fed Back Off before Recovery Began? 9.4. Guarding against a Revival of Speculation by Keeping Banks in the Discount Window 9.5. 1931: Contractionary Monetary Policy Becomes Even More Contractionary 9.6. The Gold Standard Transmitted Contractionary US Monetary Policy 9.7. 1932: Open Market Purchases and What Might Have Been 9.8. 1932: Why Did the Fed Back Off? 9.9. Early 1933: The Collapse of the Banking System 9.10. What Made the Great Contraction So Deep and So Long? 9.11. Why Did Learning Prove Impossible? 9.12. Concluding Comment Chapter 10. The Roosevelt Era 10.1. Another Monetary Experiment 10.2. Ending Gold Convertibility in 1933: Setting Off and Killing the Boom 10.3. Return to a Gold Peg 10.4. Governor Marriner Eccles 10.5. The 1936–37 Recession 10.6. Keeping the Real Bills Faith 10.7. Concluding Comment Chapter 11. The Guiding Role of Governor Harrison and the NY Fed 11.1. Was Policy “Inept” Because Leadership Shifted Away from New York? 11.2. The Origin of the “New York View” 11.3. Assessing the Friedman-Schwartz View That Power Shifted from New York to the Board 11.4. 1930 11.5. 1931 11.6. 1932 11.7. The Political Economy of Open Market Purchases in 1932 11.8. 1933 11.9. The 1936–37 Increases in Required Reserves 11.10. Concluding Comment Chapter 12. Contemporary Critics in the Depression 12.1. H. Parker Willis 12.2. John Henry Williams 12.3. Charles O. Hardy 12.4. Joseph A. Schumpeter 12.5. Gottfried Haberler 12.6. Carl Snyder 12.7. Harold Reed 12.8. Lionel D. Edie 12.9. John R. Commons 12.10. Gustav Cassel 12.11. Ralph Hawtrey 12.12. T. Alan Goldsborough 12.13. Irving Fisher 12.14. Lauchlin Currie Chapter 13. From World War II to the 1953 Recession 13.1. The Post-Accord Grand Experiment 13.2. From the End of the War to the Accord 13.3. Explaining Recession with Prewar Inflationary Expectations 13.4. From Real Bills to Lean-against-the-Wind: The Crisis Leading to the Accord 13.5. What Did the Fed Borrow from and What Did It Abandon of Its 1920s Monetary Policy? Chapter 14. LAW (Lean-against-the-Wind) and Long and Variable Lags 14.1. Lean-against-the-Wind (LAW) 14.2. LAW with Trade-Offs and Long and Variable Lags 14.3. LAW with Credibility or LAW with Trade-Offs? 14.4. LAW with Credibility and LAW with Trade-Offs as Semicontrolled Experiments 14.5. Concluding Comments Chapter 15. The Early Martin Fed 15.1. The End of Real Bills 15.2. Free Reserves as the Intermediate Target and Bills Only 15.3. Concluding Comment Chapter 16. From Price Stability to Inflation 16.1. Back-to-Back Recessions: 1957Q3 to 1958Q2 and 1960Q2 to 1961Q1 16.2. How Did the Early Martin Fed Lose Its Way in the Second Half of the 1960s? 16.3. Martin’s Ill-Fated Bargain Chapter 17. The Burns Fed 17.1. The Political and Intellectual Environment 17.2. Burns’s View of the Business Cycle and Economic Stabilization 17.3. Burns as FOMC Chairman 17.4. Inflation as a Cost-Push Phenomenon 17.5. “Macroeconometric Failure on a Grand Scale” 17.6. Concluding Comment Chapter 18. Stop-Go and the Collapse of a Stable Nominal Anchor 18.1 The Complicated Politics of an Incomes Policy and Stop-Go Monetary Policy 18.2. Lean-against-the-Wind with Trade-Offs or Stop-Go Monetary Policy: A Taxonomy 18.3. Burns’s Juggling Act 18.4. G. William Miller 18.5. The Cost of Allowing Inflation to Emerge in Economic Recovery 18.6. Concluding Comment Appendix: Real Rate of Interest Chapter 19. The Volcker Fed and the Birth of a New Monetary Standard 19.1. Restoring a Stable Nominal Anchor 19.2. Creating a New Monetary Standard: LAW with Credibility 19.3. The Louvre Accord 19.4. A Graphical Overview of Monetary Policy in the Great Moderation 19.5. A New Monetary Standard Chapter 20. The Greenspan FOMC 20.1. Restoring a Stable Nominal Anchor 20.2. A Rocky Start with Louvre and the 1987 Stock Market Crash 20.3. The 1990 Recession, the Jobless Recovery, an Inflation Scare, and Finally Credibility 20.4. The Asia Crisis and the 2000 Recession 20.5. Balancing Price Stability with Cost-Push Pressures 20.6. Fear of Deflation 20.7. Did Expansionary Monetary Policy Cause a Housing Bubble? Chapter 21. The Great Recession 21.1. An Overview: This Time Was Not Different from Past Recessions 21.2. A Chronology of the Great Recession 21.3. Fall 2008, the Lehman Bankruptcy, and the Flight of the Cash Investors 21.4. Monetary Policy Takes a Back Seat 21.5. Bernanke and the Credit Channel 21.6. Reviving Real Bills Theories of the Collapse of Speculative Excess 21.7. Contractionary Monetary Policy Chapter 22. The 2008 Financial Crisis 22.1. The Financial Safety Net and Moral Hazard 22.2. The Cash Investors Run the SIVs in Summer 2007 22.3. From Bear Stearns to Lehman Brothers 22.4. After Lehman 22.5. Putting Out the Fires in Fall 2008 22.6. Bank Bailouts 22.7. The Political Economy of Credit Policy 22.8. Credit Policy Crowded Out Monetary Policy 22.9. Crossing the Rubicon to Allocating Credit 22.10. The Great Financial Crisis and Erosion of Support for Free Markets Chapter 23. The Eurozone Crisis 23.1. A Narrative Account of the Great Recession in the Eurozone 23.2. The Interaction of Financial Crisis and Contractionary Monetary Policy 23.3. The Quantitative Impact of a Monetary Shock 23.4. Concluding Comment Chapter 24. Recovery from the Great Recession 24.1. Monetary Policy Was Initially Moderately Contractionary in the Recovery 24.2. A Slow Start to the Recovery and Preemptive Increases in the Funds Rate 24.3. Secular Stagnation, Fear of Global Recession, and Central Banks Out of Ammunition 24.4. Quantitative Easing 24.5. What Accounts for the Near Price Stability in the Recovery from the Great Recession? 24.6. Concluding Comment Appendix: The FOMC’s QE Programs Chapter 25. Covid-19 and the Fed’s Credit Policy 25.1. Chair Powell Defines the Narrative 25.2. What Destabilized Financial Markets in March 2020? 25.3. What Calmed Financial Markets in March 2020? 25.4. Credit Policy Does Not Draw Forth Real Resources 25.5. Supporting Financial Markets While Avoiding Credit Allocation 25.6. Can the Fed Maintain Its Independence? 25.7. Concluding Comment Appendix: Program Definitions Appendix: The Political Economy of Credit Policy Chapter 26. Covid-19 and the Fed’s Monetary Policy: Flexible-Average-Inflation Targeting 26.1. FOMC Commentary 26.2. An Evolving Phillips Curve Sidelines Inflation 26.3. The Return of the Phillips Curve 26.4. Monetary Policy Becomes Expansionary Chapter 27. How Can the Fed Control Inflation? 27.1. Is Monetizing Government Debt by the Fed Inflationary? 27.2. The Control of Money Creation and Inflation with IOR (Interest on Reserves) 27.3. Restoring Money as an Indicator 27.4. Concluding Comment Chapter 28. Making the Monetary Standard Explicit 28.1. Why the FOMC Communicates the Way It Does 28.2. Rules versus Discretion as Seen by a Fed Insider 28.3. A Case Study in FOMC Decision-Making: The August 2011 Meeting 28.4. Using the SEP to Move toward Rule-Based Policy 28.5. Using a Model to Explain the Monetary Standard 28.6. Rules, Independence, and Accountability Chapter 29. What Is the Optimal Monetary Standard? 29.1. From Monetarism to the “Basic” New Keynesian DSGE Model 29.2. The NK Model 29.3. LAW with Credibility and LAW with Trade-Offs (Cyclical Inertia) 29.4. The Optimal Rule 29.5. Money and the NK Model 29.6. Concluding Comment Chapter 30. Why Is Learning So Hard? Acknowledgments Bibliography Index

Read more less

Book SynopsisGlen Arnold has deftly crossed the HE/professional/consumer divide and has had success at all levels. He's the author of Corporate Financial Management, now 4th edition; The FT Guide to Value Investing; The Handbook of Corporate Finance; the bestselling The FT Guide to Investing; The Great Investors; Get Started in Shares.Table of Contents Preface Part 1: An Overview Chapter 1 – Introduction to Bond and Money Markets Part 2: Bond Markets Chapter 2 – Government Bonds Chapter 3 – Government Bonds around the World Chapter 4 – Corporate Bonds Chapter 5 – Credit Ratings for Bonds Chapter 6 – High-yield and Hybrid Bonds Chapter 7 – International Bonds Part 3: Money Markets Chapter 8 – Interbank and Euro Currency Chapter 9 – Treasury Bills and Commercial Paper Chapter 10 – Repurchase Agreements and Certificates of Deposit Chapter 11 – Bills of Exchange and Banker’s Acceptances Part 4: Valuing Bonds and Money Market Instruments Chapter 12 – Financial Concepts and Mathematics Chapter 13 – Bond Valuation Chapter 14 – Money Market Securities Valuation Part 5: Some Variations on a Bond Theme Chapter 15 – Securitisation Chapter 16 – Central Banking Influences on Interest Rates

Read more less

Book SynopsisTable of Contents1. Introduction to Securities Trading and Markets 2. Securities Markets 3. Financial Market Utilities and Securities Trading Support 4. Institutional Trading 5. Regulation of Trading and Securities Markets 6. Adverse Selection, Trading, and Liquidity 7. Random Walks, Risk and Arbitrage 8. Arbitrage and Hedging with Fixed Income Instruments and Currencies 9. Arbitrage and Hedging with Options 10. Evaluating Trading Strategies and Performance 11. The Mind of the Investor 12. Market Efficiency 13. Trading Gone Awry

Read more less

Book SynopsisThe best-selling author of Naked Statistics takes us on a romp through the colourful world of monetary policy and history.

Read more less

Book Synopsis* Covers free banking monetary thought in a clear, accessible manner* Offers an effective balance between theory and practical applications* Combines plain text with formal explanations* Discusses models such as Diamond--Dybvig and seigniorage. .Trade Review"The Theory of Monetary Institutions is a thorough and insightful treatment of the emergence and evolution of money and banking regimes. Professor White's brilliant exposition of alternative regimes is innovative and sheds a great deal of light upon the crucial features of contemporary money and banking institutions. This tour-de-force is a 'must-read'." Steve H. Hanke, The John Hopkins University "Larry White's The Theory of Monetary Institutions provides a very clear, extremely readable and up-to-date overview of monetary theory. White provides a uniquely insightful perspective into a difficult and controversial area, and his arguments and analysis are unbeatable. All monetary economists should read it." Kevin Dowd, University of Sheffield "White has written an academically rigorous text covering the theory of money, banking, and monetary policy. The text stands out from others in the way it describes the evolution of economists' thinking about monetary institutions. White excels in combining the historic with the contemporary, the abstract with the tangible, and the theoretical with the practical. The chapters on alternative monetary regimes will no doubt challenge many widely-held views about the proper role of government within an economy's monetary system." James A. Overdahl "Lawrence H. White has emerged as one of the most thoughtful monetary economists of his generation, and The Theory of Monetary Institutions fills an important lacuna in the literature. The book is mature and balanced; its encyclopedic knowledge of the literature covers a far broader range of material than conventional texts. I am aware of no other book that does such a superb job of placing institutional arrangements in theoretical and historical perspective." Hugh Rockoff, Rutgers UniversityTable of ContentsList of Figures and Tables. Preface. Acknowledgments. Part 1: The Evolution of Market Monetary Institutions:. The Mystery of Money. Menger's Theory Restated. Some Implications of the Theory. From Simple Commodity Money to Coins. Bank-Issued Money. Regular Par Acceptance. Clearing Arrangements. The Path to Fiat Money. Spontaneous Separation Between the Media of Redemption and Account?. Questions. Part II: Commodity Money:. Determining the Price Level. The Simple Stock-Flow Analytics of Gold Supply and Demand. The Historical Sources of Gold Supply Disturbances. The Benefits of a Gold Standard. The Resource Costs of a Gold Standard. Is a Gold Standard Worth the Resource Cost?. Questions. Part III: Money Issue by Unrestricted Banks:. The Purchasing Power of Money. Bank Optimization and the Equilibrium Quantity of Bank-Issued Money. Correcting Over-Issue by an Individual Bank. Correcting Over-Issue by the System as a Whole. Responding to Shifts in Demand. Shifts Between Deposits and Currency. Questions. Part IV: The Evolution and Rationales of Central Banking:. Central Banking Roles and Clearinghouse Associations. The Origins of Government Central Banks. Historical Cases. Questions. Part V: Should Government Play a Role in Money?. Is Some Aspect of Money a Public Good?. Are There Relevant External Benefits in the Choice of Which Money to Use?. Are There Relevant External Benefits to the Choice of How Much Money to Hold?. iv. Is the Supply of Base Money a Natural Monopoly?. Questions. Part VI: Should Government Play a Role in Banking? . The Problem of Bank Runs. Inherent Vulnerability in Theory: The Diamond-Dybvig Model. The Fragility of the Diamond-Dybvig Bank: A Numerical Example. Deposit Insurance in the Diamond-Dybvig Model. Criticism of the Diamond-Dybvig Model. Are Deposit Contracts Inherently Fragile?. Historical Evidence on Inherent Vulnerability. Is There a Natural Monopoly in Bank-Issued Money?. Questions. Part VII: Seigniorage:. The Sources of Seigniorage. Maximizing the Take from Seigniorage. Reserve Requirements. Other Legal Restrictions. The Dynamics of Hyperinflation. The Transition Between Steady States: Is Honesty a Government's Best Policy?. How Well Does Seigniorage Explain Actual Governments' Behavior?. Questions. Appendix. Part VIII: Central Bank as Bureaucracy:. Bureaucratic Explanation of the Fed's Operating Procedures. Bureaucracy and "inflationary bias". Questions. Part IX: Political Business Cycle Hypotheses:. The Nordhaus-MacRae Model. The Rational Expectations Critique. An Alternative Formulation: Wagner's Political Seigniorage Cycle. The "Partisan" Political Business Cycle Theory. Questions. Part X: Discretion and Dynamic Inconsistency:. The Kydland-Prescott Model. Positive Implications: Using the Model to Explain Changes in Inflation. Policy Implications Under Discretion. Rules Versus Discretion. Subsequent Literature. Questions. Appendix. Part XI: Monetary Rules:. Benefits and Burdens of Counter-Cyclical Policy. Independence for the Central Bank. Arguments for Rules. Friedman's Proposals. McCallum's Case for a Feedback Rule. Simple Versus Complicated Rules. Questions. Part XII: Competitive Supply of Fiat-Type Money:. i. Klein's Model with Perfect Foresight. ii. Klein's Model with "Imperfect Foresight". Is the Equilibrium Rate of Inflation Bounded under Imperfect Foresight?. Conclusion. Questions. Part XIII: Cashless Competitive Payments and Legal Restrictions:. The Greenfield-Yeager Proposal. Is Bundles-Worth Redemption Workable?. Other Concerns About the GY Proposal. The Legal Restrictions Theory. Historical Evidence on the Non-Coexistence Prediction. Questions. References. Index.

Read more less

Book SynopsisAn exposé of how incredible wealth is funnelled through a country without benefiting its peopleTrade Review'Excellent insights and analysis showing how corporations and the rich are addicted to tax avoidance to the detriment of normal people. Informative and enjoyable to read' -- Prem Sikka, Professor of Accountancy at the University of Sheffield'An important book - it exposes industrial scale tax avoidance being organised by the Irish elites and enjoyed by the world's major corporations. It blends detailed research with impressive insight. It deserves a wide readership'. -- Richard Boyd Barrett: Member of Irish parliament for People Before Profit'An important book that deserves a wide readership. The claims that Ireland is a tax haven have been growing over recent years. This book adds important evidence to the claim and makes a passionate call for a more equal society' -- Professor Eoin Reeves, Head of the Department of Economics, University of Limerick, Ireland'A policy of consistent denial by the government, along with lazy media treatment of the issue, has meant that Ireland's status as a tax haven is an ongoing controversy. This book goes a long way in resolving this argument' -- Terrence McDonough, Emeritus Professor of Economics, NUI Galway, Ireland'A must read for anyone interested in understanding how global capitalism works in the 21st century' -- Dr Stewart Smyth, Birmingham Business School, University of Birmingham'An extremely important, and possibly the best, book to have been written about one of the world's biggest and most dangerous tax havens. It skewers the self-serving myths of crooked Irish elites to show how going down the tax haven route not only inflicts harm on other countries - it hurts its own population too' -- Nicholas Shaxson, author 'Treasure Islands: Tax Havens and the Men who Stole the World' (Vintage, 2011)Table of Contents1. Porn, Tax Dodging and Exploitation 2. Global Plunder 3. Making Treasure Ireland 4. Dirty Secrets 5. The Fixers 6. The Irish Financial Services Centre 7. Foreign Direct Avoiders 8. The Vultures Have Landed 9. The Case for the Defence 10. How Tax Dodging Harms Irish Society

Read more less

Book SynopsisIn today's world, characterized by volatility, uncertainty, complexity, and ambiguity (VUCA), traditional finance is no longer sufficient to meet the challenges of fast-paced and interconnected global markets. To thrive in this dynamic environment, financial institutions, professionals, and policymakers are increasingly turning to AI. AI-Driven Finance in the VUCA World explores how AI is becoming ever more critical in the financial industry.The book looks at the impact of AI on investment strategies. AI-powered algorithms exhibit the capacity to scrutinize extensive datasets to unveil masked patterns and investment opportunities. From quantitative trading algorithms adept at capitalizing on market inefficiencies to robot-advisors offering individualized investment counsel, AI profoundly reconfigures the investment landscape. In a VUCA world, risk management is paramount, and regulatory scrutiny is tighter than ever. AI's ability to assess risks in real-time is critical in identifying anomalies and predicting potential crises. The book examines how AI enhances risk assessment, fraud detection, and compliance to provide institutions with a proactive edge in safeguarding operations and assets. The book also looks at: AI-driven chatbots, virtual assistants, and recommendation engines that revolutionize customer interactions, enhance engagement, and improve retention rates. The ethical challenges surrounding AI in finance, including bias in algorithms, data privacy, and the responsible use of AI. Case studies on how AI can solve specific industry challenges and drive innovation. The future of finance is intertwined with AI, and the book looks to this future by discussing emerging trends and possibilities. It explores the potential of quantum computing in finance, the role of AI in sustainability and ESG investing, and the implications of AI-powered regulatory technologies. Seeking to provide valuable insights for financial professionals, the book is equally valuable to researchers, policymakers, and anyone interested in the future of finance. It bridges the gap between theory and practice, offering actionable insights that can be immediately applied in the real world.

Read more less

Book SynopsisThis book provides a robust argument for an upgrade of the financial system to enable a more sustainable approach. It explores the upcoming debate on a newly modified international financial architecture, facing serial ecological crisis and the advent of new technologies, and which operates in a multipolar world.Instead of business as usual (BAU) scenarios, it explores new, innovative, out of the box approaches in the following arenas: taxonomy and regulation, including capital flow management measures and taxations schemas; financial engineering such as hedging instruments private public partnerships; and polity frameworks e.g. IMF, World Bank, Multilateral development banks, voting quota. It addresses the new role of Central Bank Digital Currencies (CBDCs), the current and upcoming campaign on debt restructuring, as well as the role of new technologies - AI and Blockchain - to tackle illicit financial transactions and fraud, including predictive coding and big DATA correlations. The book focuses on the new role of monetary regulators and central bankers in providing conditioned, additional liquidity to finance, hedge and manage our global commons and to mobilize private capital at the same time, meaning that monetary policy will oversteer fiscal and credit policy in a Bretton Woods II process. The author argues that a new green Bretton Woods 2.0 will provide the agenda to transform our economy and our society, and a Green Transition plan is included in the book.This will serve as a comprehensive reader for students, scholars and activists in the fields of macroeconomics, international development policy, finance and sustainability. It will also appeal to policy makers and executives in the financial sector as well as informed monetary experts.

Read more less

Book SynopsisMonetary economics is concerned with the role of money in economic activities. The development of monetary theory and policy plays a significant role in the growth and development of various economies. This has far-reaching implications for various sectors of the economy through several channels including inflation, employment, interest rates, exchange rates, consumption, government spending, investment, and the level of economic activity. Much of the literature to-date has focused on developed economies. This book, however, is an essential guide to the monetary and economic systems of emerging and developing countries.The book contributes to the role of monetary policy in macroeconomic stabilization, examining the characteristics and recent developments in emerging and developing countries' monetary and economic systems, including lessons learned in monetary policy and the associated challenges, the role of building blocks of monetary theory, policy frameworks used in practi

Read more less

Book SynopsisThis book goes beyond traditional financial institutions textbooks, which tend to focus on mathematical models for risk management and the technical aspects of measuring and managing risk. It focuses on the role of financial institutions in promoting social and economic goals for the communities in which they operate for the greater good, while also meeting financial and competitive challenges, and managing risks. Cooperman divides the text into seven easily teachable modules that examine the real issues and challenges that managers of financial institutions face. These include the transformative changes presented by social unrest, climate change and resource challenges, as well as the changes in how financial institutions operate in light of the opportunities that rapid innovations and disruptive technologies offer. The book features: Up-to-date coverage of new regulations affecting financial institutions, such as Dodd Frank and new SEC regulations. Table of ContentsPreface Introduction Part 1: Overview Financial Services Industry & Its Environment Module I: The Financial Services Industry: Today and the Future Chapter 1: Financial Institutions as Social Value Creators & Financial Risk Takers Module II: Financial Markets, Interest Rates, & Their Regulatory Environment Chapter 2: Interest Rates: Theories & Duration as an Overall Risk Measure Chapter 3: The New Regulatory Environment & the Regulatory Dialectic Part 2: Performance & Risk Analysis for FIs & ESG Considerations Module III: Risk & Financial Analysis of Financial Institutions Chapter 4: Financial Performance & Risk Analysis Chapter 5: Capital Management Module IV: Environmental, Social, & Governance (ESG) for FIs Chapter 6: Social and Environmental Risks and Sustainable Financial Institutions Part 3: Managing FI Risks Module V: Managing Interest Rate & Foreign Exchange Risks Chapter 7: International Markets, Foreign FX Risks, & Hedging FX Risk Chapter 8: Hedging Interest Rate Risk with Derivatives Part 4: Asset & Liability Management Module VI: Asset & Liability Management and Innovations Chapter 9: Loan Analysis, Credit Risk Management & Loan Securitization Chapter 10: Liquidity & Liability Management Part 5: Overview Non-Depository FIs & New Forms of Financing Module VII: Contractual Financial Institutions & Mutual Funds Chapter 11: Insurance Companies: Overview, Operations, and Performance Analysis Chapter 12: Mutual Fund and Pension Management Module VIII: Securities Firms & Venture Capital & Crowd Funding Chapter 13: Investment Banks & Securities Firms & Dark Pools & High Frequency Trading Chapter 14: Shadow Banking, Finance Companies & Diversified Financial Firms, Venture Capital, Crowd Funding, & Microfinance Appendix A: Overview Liquidity Analysis Appendix B: Mini-Loan Analysis Cases Appendix C: Mini Financial Institution Analysis Cases Appendix D: Text Chapter Mapping: HBS Business School Publishing Cases Glossary

Read more less

Book SynopsisBanking Reform in India and China seeks to explore the ways in which banking reform is conditioned by a variety of institutional mechanisms. To uncover these dynamics, Saez draws primarily from analytical tools developed in modern game theory and institutional economics. He provides a multidimensional analysis that covers microeconomic, macroeconomic and institutional aspects of these two countries banking systems. It ties together three themes of corporate governance, financial deregulation and central bank independence to banking reform. These unique approaches make this an important contribution to the literature on comparative banking reform in transitional economies.Trade ReviewBanking reform is critical to the health of national economies and global financial markets alike. In this book, Saez achieves what few others have: a serious, sustained and comparative analyis of the political economy conditions that either stall or promote such reform. His findings should be read by policymakers, investors, and all concerned about economic development and globalization. - Kathleen R. McNamara, Associate Professor of Government, Georgetown University "Since globalization went into high gear in the wake of the Cold War, two giant countries have surged to the forefront of rapid economic development by opening to the outside world: India and (above all) China. While both have attracted their share of scholarly attention, comparisons have been rare and usually fairly general. This brilliant, pioneering book by Dr. Lawrence Saez is the first and best comparative analysis of the financial sectors of these two pace-making developers since both opted for economic globalization." - Lowell Dittmer, Professor of Political Science, University of California at Berkeley, and author of Informal Politics in East Asia. "Managing banking reform has been one of the most challenging tasks for bank policymakers and regulators in every country that has attempted to do so. India and China pose particular difficulties arising from entrenchment, China on account of its political structure and India on account of its poor, yet politically active, rural population. Saez's book provides a thorough and comprehensive analysis of these issues. Along the way, a useful history of the growth of the banking system is also presented, a must-read for the economic and political historian working in the area. Banking Reform in India and China is of further value given the unexpectedly sustained rise of China and the recent economic growth in India. The book, especially the discussion on central bank independence, brings out the importance of financial reform in a newly growing economy and thus provides a valuable conceptual perspective to students of institution-driven growth." - Dr. Rafiq Dossani, Senior Research Scholar, Asia/Pacific Research Center, Stanford University "Lawrence Saez has written a finely tuned, cogent and careful analysis of the banking systems in China and India, He is both informative, balanced and thorough while avoiding the rhetorical embellishments of some authors. Saez has given us in this compact book a solid introduction to the process in India and China. This is an important task and he has done it very well." - Joyce K Kallgren, University of California "Banking Reform in India and China is the most comprehensive comparative analysis of the two countries' banking systems that I have read thus far. Students of India and China will find the comparative approach helpful in elucidating why the content and outcomes of banking reform has differed substantially in the two countries - and readers interested in emerging market economies and financial crises more generally, will be interested to learn how the banking reform experience in India and China challenges conventional assumptions about the relationship between corporate governance and the banking system, and the relative importance of central bank independence." - Kellee Tsai, Department of Political Science, Johns Hopkins UniversityTable of ContentsIntroduction China's Banking Institutional Framework India's Banking Institutional Framework The Political Economy of Corporate Governance Repression and Reform of the Financial System in India and China Central Bank Independence: A Comparative Perspective Conclusions

Read more less

Book Synopsis

Read more less

Book Synopsis''A valuable exploration of the topic and a thought-provoking read.''Financial TimesAn insider''s look into how Generation Z''s focus on ethics, climate change and purpose will change capitalism forever. In the next ten years there will be an unprecedented wealth transfer from the so-called ''baby boomer'' generation to the young. Never before will so much money in housing, land, stocks and cash be shifted so suddenly from one generation to the next, and never before does the next generation feel so differently about the future of the planet and of capitalism.Ken Costa works with this new generation and shows how environmental concerns and anxiety about equality and diversity are more than mere slogans; instead they are driving the future of the markets. So many issues stem from the reality of the financial gap between age groups - from cancel culture and fears about wokeness, to generation rent, protest movements and re-evalTrade ReviewA valuable exploration of the topic and a thought-provoking read. * Financial Times *Everybody in finance and wealth management should read this book – as soon as possible. * Alec Marsh, Contributing Editor, Spear's Magazine *Ken Costa’s provocative and hope-filled book is for anyone who wants a more inclusive capitalism, but it is especially for the leaders who haven’t yet seen the great wealth transfer on the horizon, or who think it won’t affect them. Ken not only shows that we are facing the greatest shift in affluence, influence and values between generations that our world has ever seen. He also sets out a vision for capitalising on this moment in order to reset our economy, our societies and our future. It’s a manifesto for our times. * Paul Polman, former CEO of Unilever, business leader, campaigner, co-author of Net Positive *Ken Costa’s new book highlights the need for pragmatic cooperation between generations, if we are to shape the future that is already in our hands. The priority of Millennials and Gen Z is no longer amassing as much wealth as possible, but using their influence, values and newly acquired means to end poverty, tackle climate change and create a more equitable society. These may seem like ambitious goals, but I believe human beings are capable of extraordinary things – especially if they learn from the past to chart a clear path for the future with specific policy reform. Costa indicates a sustainable path towards a new form of capitalism, one in which the old and younger generations work in partnership, sharing knowledge and learning from each other, to save our planet. * Hugh Evans, co-founder and CEO of Global Citizen *“A generation without capital can never be capitalists.” This quote from the book captures well the generation gap that lies at the heart of this timely book that also importantly sets out what can be done about it. * Linda Yueh, author of The Great Crashes: Lessons from Global Meltdowns and How To Prevent Them *Ken’s insights challenge us to realise the huge wealth shifts, value shifts, technology shifts, and age shifts before us as we face up to the enormous inter-generational transfers from Boomers to Zennials. This book helps us bridge these generational gaps. What really matters is ‘CO’, as we co-lead our co-llectives to co-create generational trust towards a shared prosperity and destiny that spans generations. * Professor Michael Mainelli, Chairman, Z/Yen Group, and Sheriff of the City of London 2019-2021 *Ken Costa argues that the great wealth transfer of trillions of dollars from one generation (the Boomers) to the next (the Zennials) may become the defining movement of the 21st century. His book beautifully describes the characteristics of these two generations, and the tensions that have arisen between them and for society. The book is vital reading for anyone who wants to understand more about this momentous financial shift and the dramatic economic and social changes it may trigger. Ken Costa’s insights, arising from years of relevant experience, provide not only incisive commentary and thorough analysis, but also fresh and creative ways that we can (indeed he argues, must) work together to solve these huge societal problems. Many of these creative ideas reflect themes which Ken developed while Professor of Commerce at Gresham College. I wholeheartedly recommend this book as a razor-sharp yet compassionate attempt to resolve the clash of generations and to pave the way for what Ken terms a socially energised capitalism fit for the times in which we live. * Professor Martin Elliott, Provost, Gresham College *As an experienced leader, as well as a trailblazer in forging relationships with younger generations, Ken Costa is uniquely positioned to comment, advise and warn on the historic wealth transfer we’ve already begun to see. An illuminating and prophetic exploration, this book convincingly shows how leaders from across the generations must really come together, if we are to thrive as a society as well as a global economy. As Ken Costa shrewdly points out, CO is clearly the way ahead; collaboration, compassion and community are more than just buzzwords – they are the pillars upon which our newly socially energised capitalism must be founded. * John C. Maxwell – NYT Best Selling Author, Leadership Expert and Coach *The 100 Trillion Dollar Wealth Transfer is a gripping and insightful testimony of how intergenerational harmony and wisdom is essential for a thriving world. Ken Costa understands, as younger generations do, that you can create value in a market economy without abandoning your values. A powerful financial, societal and generational transition is occurring. For it to be successful, generations cannot navigate it on their own. In this book, Ken shows that uniting the spiritual hunger and ethical commitment of Zennials with the wisdom and experience of Boomers will guide us all to a more purposeful and prosperous future. * Rick Warren – author of the New York Times international bestseller The Purpose Driven Life *[Ken Costa] makes a convincing case on the need for a change in attitudes and working practices and has some practical advice for how business leaders can adapt their management style and organisations, all backed up with a wealth of data and anecdotes. The arguments considered in this book need to be taken seriously by business leaders, executives and managers who are having problems understanding their younger workers. * MoneyWeek *Table of ContentsIntroduction 1 The Generation Game 2 The Crisis in Capitalism 3 The Tech Fissure 4 The Challenge of Individualism 5 The End of Truth 6 Understanding CO 7 CO-Leading 8 CO-Working 9 CO Compassion 10 CO-Creating Conclusion Notes Index

Read more less

Book SynopsisIs money precious and scarce, necessitating iron fiscal discipline? Must the government always balance the books or risk ruin? Or is money, in fact, a flexible tool that can be used to mobilize our collective resources to serve those who need them? In this book, leading Modern Money Theory (MMT) advocate Randy Wray explains that the only real constraints on public policy are physical resources, technological capacity and political will: but never money. He shows how modern sovereign governments spend by keystroking money to bank accounts. While taxes serve other important purposes, they do not – contrary to popular belief – fund spending. If we recognize this, and totally reframe how we think about money and debt, we can marshal our national wealth to make us all richer, eliminate unemployment and “look after our own.” We can make money work for us – the US. This book's account shows how MMT can become a new American political and economic orthodoxy, replacing the dominant conservative framework forever. It is essential reading for all progressives.Trade Review“Neoliberal economics does not have the answers to dealing with multi-generational collective action problems but MMT holds many nuggets of wisdom … Perhaps the most important contribution of Wray’s latest writings is to stress that MMT is not a carte blanche call for government to spend without restriction but it can nonetheless shed light on how to formulate a progressive economic agenda to face the problems of today.”The Society of Professional EconomistsTable of ContentsAcknowledgementsPreface Chapter 1. What is Money? Chapter 2. Where does Money Come From?Chapter 3: Can We Have Too Much Money ?Chapter 4. Balances BalanceChapter 5 : Life is Full of Trade-offs Chapter 6. The MMT Alternative Framework for PolicyChapter 7. MMT and Policy

Read more less

Book SynopsisMurder for hire. Drug trafficking. Embezzlement. Money laundering... These might sound like plot lines of a thriller, but they are true stories from the short history of cryptocurrencies - digital currencies conceived by computer hackers and cryptographers that represent a completely new sort of financial transaction that could soon become mainstream. The most famous - or infamous - cryptocurrency is bitcoin. But look beyond its tarnished reputation and something much shinier emerges. The technology that underlies bitcoin and other cryptocurrencies - the blockchain - is hailed as the greatest advancement since the invention of the internet. It is now moving away from being the backbone for a digital currency and making inroads into other core concepts of society: identity, ownership and even the rule of law.The End of Money is your essential introduction to this transformative new technology that has governments, entrepreneurs and forward-thinking people from all walks of life sitting up and taking notice.ABOUT THE SERIESNew Scientist Instant Expert books are definitive and accessible entry points to the most important subjects in science; subjects that challenge, attract debate, invite controversy and engage the most enquiring minds. Designed for curious readers who want to know how things work and why, the Instant Expert series explores the topics that really matter and their impact on individuals, society, and the planet, translating the scientific complexities around us into language that's open to everyone, and putting new ideas and discoveries into perspective and context.

Read more less

Book SynopsisIt is abundantly clear that our world is divided into two very different economies. The real one, for the average worker, is based on productivity and results. It behaves according to traditional rules of money and economics. The other doesn't. It is the product of years of loose money, poured by central banks into a system dominated by financial titans. It is powerful enough to send stock markets higher even in the face of a global pandemic and threats of nuclear war. This parting from reality has its roots in an emergency response to the financial crisis of 2008. "Quantitative Easing" injected a vast amount of cash into the economy-especially if you were a major Wall Street bank. What began as a short-term dependency became a habit, then a compulsion, and finally an addiction. Nomi Prins relentlessly exposes a world fractured by policies crafted by the largest financial institutions, led by the Federal Reserve, that have supercharged the financial system while selling out regular citizens and leading to social and political reckonings. She uncovers a newly polarized world of the mega rich versus the never rich, the winners and losers of an unprecedented distortion that can never return to "normal."

Read more less

Book SynopsisDo the Fed’s efforts to stabilize the economy worsen inequality? The Federal Reserve, the U.S. central bank, was built for a monetary system composed primarily of investor-owned, government-chartered banks. But over the years, the erosion of banking law and the rise of alternative forms of money created outside of the banking system have pushed the Fed to take on more and more responsibilities to keep the economy out of recession, as it did during the 2008 crisis, and again during the first months of the COVID-19 pandemic, when it created $3 trillion to stop another financial panic. Legal scholar and former Treasury official Lev Menand explains how the Fed did this, and argues that it is time to cure the disease that has plagued the American economy for decades, and not just rely on the Fed to treat its symptoms. The Fed Unbound is an urgent appeal to Congress to reform the U.S. economic and financial infrastructure.Trade Review“The best book ever on the Federal Reserve system.” —Project Syndicate “On a monetary-policy bookshelf weighed down with thick, self-congratulatory tomes from big-name practitioners who too often obscure more than they explain, Menand delivers a minor miracle of sorts: a short, crisp, nuanced volume that will help you understand what the Fed is up to.” —The Wall Street Journal “A clear, textbook-style history of the founding of the Fed and an explanation of what it actually does in the money markets.” —The Washington Post “In a refreshingly quick read, Lev Menand takes a deep look at the history of the Federal Reserve, its recent actions in times of crisis, and its future possibilities.” —Porchlight Books, editor’s choice “Lev Menand’s The Fed Unbound is an important and provocative book that deserves to be read by anyone interested in the Fed’s role in the financial system and the economy.” —Business Economics “A clear and cogent assessment of how the nation’s central bank might be reformed.” —Kirkus Reviews “A fascinating and deep analysis of what has gone wrong with the American financial system. Lev Menand peels back the layers of mythology and hagiography surrounding the Federal Reserve, to reveal just another government agency that fell in love with deregulation and now struggles with the consequences. The rise and rise of the repo market is central to how a stable and well-functioning financial system became so precarious. This is a must read for anyone who cares about macroeconomic policy and the future of the global economy.” —Simon Johnson, professor at MIT Sloan, and co-author of 13 Bankers “No American institution is more important, or more opaque to the outsider, than the Fed. Now, Lev Menand has somehow, magically, made its functioning, its history, its limitations, and its possible futures completely lucid, even for the non-mathematically inclined, and, along the way, managed to sound several alarms about the risks even the most well-meaning opaque institution presents to democracy.” —Adam Gopnik, author of A Thousand Small Sanities: The Moral Adventure of Liberalism “Born out of the need to govern the private money supply in a democracy, the Federal Reserve System manages a marriage between the state and the banks it is designed to regulate. As Menand shows, neither partner has been able to effectively contain the other. The outcome of this ‘quixotic dance’ is The Fed Unbound. A crucial read for anybody interested in the structural causes of today’s monetary policy.” —Katharina Pistor, professor at Columbia Law School and author of The Code of Capital: How Law Creates Wealth and Inequality “Over the past century, the Federal Reserve has grown massively in power, size and influence. Yet the reasons for this evolution, and the myriad consequences that flow from it, have often remained shrouded from view. In The Fed Unbound, Menand provides a provocative and fresh account of the Fed’s rise to one of the most important institutions of our time. The book is a must-read for anyone interested in how the government or financial markets actually work.” —Kathryn Judge, professor at Columbia Law School and author of Direct: The Rise of the Middleman Economy and the Power of Going to the Source “Lev Menand explains that shadow banking and some newer innovations should be treated as within the private part of the monetary system, while the Fed should not be treated as an all-purpose substitute for the elected Congress. These profound propositions need urgent attention given U.S. world leadership depends on the effectiveness, integrity, and legitimacy of the Fed. Read this book.” —Paul Tucker, author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State “The Fed Unbound is a wonderfully lucid and provocative account of the Fed’s ever-expanding role in the U.S. and global economies. Everyone who reads Menand’s account will rethink their understanding of the Fed’s place in the U.S. economy and in the government. This book will be a landmark in the growing field of law and macroeconomics.” —Yair Listokin, professor at Yale Law School and author of Law and Macroeconomics: Legal Remedies to Recessions ”Lev Menand’s incisive analysis of the Fed’s authorities could not be timelier. The Fed Unbound demonstrates how our chronic dependency on the central banking system—and thus, private banks—has failed to benefit the broader public, even in times of crises. In a rare feat, Menand’s work not only interrogates the Fed’s power on a technical level, but points toward the reconstruction of power that should not be.” —Raúl Carrillo, Deputy Director, Law & Political Economy Project

Read more less

Book SynopsisNothing Ventured, Nothing Gained: Rewiring the DNA in Banking explains how one bank overcame this juxtaposition to leverage the benefits of fintech to change the banking DNA for the better. There are lessons in here for all established industries and stories to inspire new ventures looking for those crucial rounds of funding.

Read more less

Book SynopsisThis is the story of Giles Darby, a former British banker who was extradited and jailed on account of his entanglement in a $7m wire-fraud case. In 2001, Giles and his co-defendants — branded the ‘NatWest Three’ — became the subject of extensive media coverage when the US government demanded their extradition in regards to the financial collapse of energy giant Enron, noted as one of the biggest bankruptcy filings in history. They found themselves the centre of national debate which sought to question why three British citizens accused of defrauding a British bank should be tried in America — a question that found itself in the hands of Prime Minister at the time, Tony Blair. However, after 10 gruelling years of appeal, they each pled guilty to one count of wire fraud, facing up to 37 months in a US prison. Focusing on the emotional aftermath of extradition and his life in prison, Inside Allenwood is an eye-opening appraisal of the American justice system, and one man’s profound story of how he managed to keep his health and sanity intact during the drudgery of lockdown, the dangers of routine violence and the agony of being separated from his young family in UK.Trade ReviewFascinating, dark and sometimes grotesquely comic * The Daily Mail *This intriguing look at the American justice system will appeal to true crime fans as well as those who enjoy a good fish-out-of-water story. * Publishers Weekly *

Read more less

Book SynopsisFrom the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great DepressionOn 26 January, 2009, during the depths of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F. Geithner was sworn in by President Barack Obama as the seventy-fifth Secretary of the Treasury of the United States. Now, in a strikingly candid, riveting, and historically illuminating memoir, Geithner takes readers behind the scenes during the darkest moments of the crisis. Swift, decisive, and creative action was required to avert a second Great Depression, but policy makers faced a fog of uncertainty, with no good options and the risk of catastrophic outcomes.Stress Test: Reflections on Financial Crises takes us inside the room, explaining in accessible and forthright terms the hard choices and politically unpalatable decisions that Geithner and others in the Obama administration made during the crisis and recovery. He discusses the most controversial moments of his tenures at the Federal Reserve Bank of New York and at the Treasury, including the harrowing weekend Lehman Brothers went bankrupt; the searing crucible of the AIG bonuses controversy; the development of his widely criticized but ultimately successful plan in early 2009 to end the crisis; the bracing fight for the most sweeping financial reforms in seventy years; and the lingering aftershocks of the crisis, including high unemployment, the fiscal battles, and Europe’s repeated flirtations with the economic abyss. Geithner also shares his personal and professional recollections of key players such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and policy that have come to dominate discussions of the U.S. economy. An insider’s account of how the Obama administration saved the economy but lost the American people, Stress Test reveals a side of Timothy Geithner that only few have seen.Trade ReviewSensational ... Tim's book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur. -- Warren BuffettDeals with issues far bigger than anything on the Man Booker long list. -- Anne Ashworth * The Times *Stress Test is an absolutely compelling account of the financial crisis, written in a clear, graceful style with striking honesty at every step along the way. -- Doris Kearns GoodwinThis is a lucid, fascinating, and extremely important book … Geithner does something unusual: he engages in substance. With both insight and humility, plus a good dose of wry humor, he explains what really happened during the financial crisis. No matter your political persuasion, you will find this book educational, enlightening, and interesting. -- Walter IsaacsonA fascinating memoir about life in the maelstrom of the financial crisis … Earlier books have described much of what happened that September, but Geithner was present for all the frantic meetings, the thousands of phone calls — and in the case of Lehman, the failure to find a buyer that could keep it alive. New problems cropped up almost weekly, if not daily. He explains each in easy-to-understand language and what the issues were that shaped the responses… There could be another crisis someday, of course, but what Geithner and his colleagues did has made one far less likely. * USA Today *

Read more less

Book SynopsisA report from the Club of Rome - EU Chapter to Finance Watch and the World Business Academy. Foreword by Dennis Meadows, co-author of the 1972 Club of Rome report The Limits to Growth. Pioneering new research from the Club of Rome: In 1972, the first Report for the Club of Rome - The Limits to Growth - famously spelled out the unsustainable consequences of an economic system that demands infinite growth in a finite world. Just as The Limits to Growth exposed the catastrophic flaws in our economic system, this new Report from the Club of Rome exposes the systemic flaws in our money system and the wrong thinking that underpins it. It describes the ongoing currency and banking crises we must expect if we continue with the current monopoly system - and the vicious impact of these crises on our communities, our society as a whole and our environment. It finishes by setting out clear, practical proposals for creating a money 'ecosystem' with complementary currencies to support and stabilize the current money system.

Read more less

Book SynopsisThis open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry. Table of Contents1. Deciphering Crowdfunding1.1. The Crowdfunding Phenomenon: an Overview 1.1.1. The European Market 1.1.2. The US market 1.1.3. The Asia-Pacific Market 1.2. Crowdfunding State-of-the-Art 1.2.1. Investment Models 1.2.2. Non-investment Models 1.3. New Research Trends: The language of Crowdfunding 1.4. References 2. Addressing Information Asymmetries in Online Peer-to-Peer Lending 2.1. Introduction 2.2. Online Peer-to-Peer Lending Platforms 2.3. Information Asymmetries and Peer to Peer Lending Platforms 2.4. Conclusions and Future Directions for Research 2.5. References 3. Machine learning and AI for risk management 3.1. Introduction 3.2. Machine Learning and AI Techniques for Risk Management 3.3. Machine Learning and AI Applications for Risk Management 3.3.1. Application to Credit Risk 3.3.2. Application to Market Risk 3.3.3. Application to Operational Risk 3.3.4. Application to RegTech 3.4. The Challenges and Future of Machine Learning and AI for Risk Management 3.5. References 4. What Fintech Can Learn from High-Frequency Trading: Economic Consequences, Open Issues and Future of Corporate Disclosure 4.1. Introduction 4.2. High Frequency Trading: Definition and Data 4.2.1. Methodology 4.2.2. Descriptive Statistics 4.3. Results 4.3.1. Thematic Analysis 4.3.2. Impact of HFT 4.3.2.1. Effects on Market Quality 4.3.2.2. HFT’s Trading Strategies and Speed 4.3.2.3. Market Structure, Co-location and Regulation after the Flash Crash 4.3.3. HFT Reaction to Corporate Disclosure 4.4. Conclusion and Future Research Directions 4.5. References 5. InsurTech 5.1. Introduction 5.2. How Does Insurance Work? 5.3. The Big Data Paradigm 5.3.1. Telematics 5.3.2. Wearables 5.3.3. Smart Homes and the Internet of Things (IoT) 5.3.4. Big Data: Trustworthiness and Privacy Concerns 5.4. Artificial Intelligence 5.4.1. Machine Learning and AI in the Underwriting Process 5.4.2. AI in Claims Management Process 5.4.3. AI in Customer Interaction 5.5. Distributed Ledger Technologies 5.5.1. Improving Current Processes Using DLTs 5.5.2. P2P Insurance 5.6. Conclusion 5.7. References 6. Understanding RegTech for Digital Regulatory Compliance 6.1. Introduction 6.2. Business Drivers of RegTech 6.3. RegTech in Focus: Digital Regulatory Reporting 6.3.1. Phase 1 Digital Regulatory Alerts 6.3.2. Phase 2 Making Regulations Digital 6.3.3. Phase 3 Performing Digital Regulatory Reporting 6.3.4. Phase 4 Creating Meta-Data Models for Semantic Interoperability 6.4. Discussion and Implications 6.5. Conclusion 7. Payment Service Directive II and its Implications 7.1. Introduction 7.2. Background 7.3. EU Initiated Review of the Effectiveness of PSD I 7.3.1. Main Findings of Impact Study 7.4. Payment Services Directive II 7.4.1. Scope of the Directive and the Removal of Exclusions 7.4.2. Authorisation of Payment Institutions 7.4.3. Innovation 7.4.4. Confirmation of Availability of Funds 7.4.5. Enhancing Competition 7.4.6. Customer Protection 7.4.7. Security 7.4.8. Complaints Handling 7.5. European Banking Authority (EBA) Work on PSD II 7.6. Strong Customer Authentication (SCA) 7.6.1. Exemptions for SCA 7.7. Commentary 7.8. References 8. From Transactions to Interactions: Social Considerations for Digital Money 8.1. Introduction 8.2. Affordances of Digital Money 8.3. Opportunities for Interaction 8.3.1. Negotiating Payment 8.3.2. Effects of Intermediation 8.3.3. Collaborative Value Creation 8.4. Social Impacts of Digital Transactions 8.4.1. Sensitive Data Generation and Sharing 8.4.2. Choice Proliferation 8.4.3. Untangling Money and Payment System 8.5. Conclusion 8.6. References 9. Token-based Business Models 9.1. Introduction 9.2. Native Digital Assets 9.3. Crypto Tokens 9.4. Token-based Business Models 9.5. Driving Forces behind the Token-based Business Models 9.6. Crypto Tokens to enhance the Sharing Economy 9.7. References 10. Blockchain beyond Cryptocurrencies 10.1. Introduction 10.2. What is Blockchain? 10.3. Payments and Remittance 10.4. Credit and Lending 10.5. Trading and Settlements 10.6. Compliance 10.7. Conclusion and Avenues for Future Research 10.8. References

Read more less

Book Synopsis This book provides unique information to prepare graduates and newly hired corporate and investment banking professionals for a career in the global markets environment of large universal and international investment banks. It shows the interrelationship between the three specific business functions of sales, trading, and research, as well as the interaction with corporate and institutional clients. The book fills a gap in the available literature by linking financial market theory to the practical aspects of day-to-day operations on a trading floor and offers a taxonomy of the current banking business, providing an in-depth analysis of the main market participants in the global markets ecosystem. Engaging the reader with case studies, anecdotes, and industry color, the book addresses the risks and opportunities of the global markets business in today’s global financial markets both from a theoretical and from a practitioner’s perspective and focuses on the most important fixed-income financial instruments from a pricing, risk-management, and client-marketing perspective.Table of Contents1. Introduction.- 2. A Taxonomy of the Banking Business.- 3. Fundamentals of the Banking Business.- 4. Sales.- 5. Trading.- 6. Research.- 7. Derivatives.- 8. Exercises.

Read more less

Book SynopsisThis report explores how regional cooperation and integration (RCI) can be enhanced in Asia and the Pacific to help the region build back resiliently and sustainably from the coronavirus disease (COVID-19) pandemic.The report reflects on lessons learned from efforts to tackle the pandemic through regional cooperation and integration. It provides insights on how region-wide solidarity can be enhanced with the support of multilateral development banks in areas such as trade and investment, connectivity infrastructure, people's mobility, regional public goods, and policy cooperation. The report was jointly prepared by the ADB, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank, and the World Bank Group.

Read more less

Book SynopsisBlockchain and artificial intelligence are perhaps the two most significant disruptive technologies this century and both will significantly rewire the world of global financial markets and the world in which we live. While blockchain offers a number of significant advantages over traditional forms of finance including lower cost and massive increases in operational efficiencies of traded markets, property records and a whole host of transaction processes, artificial intelligence is moving fast from basic structured machine learning doing menial yet important big data tasks like credit card fraud detection to predictive analysis and real-time real-world risk management and investment decision making. There is still a lot of confusion in the market about cryptocurrencies, bitcoin and the underlying blockchain technology. Blockchain and Artificial Intelligence highlights the underlying technologies of blockchain and the differences between cryptocurrencies and blockchain financial applications. It explores the current AI offerings and gives a vision of the fast-moving developments in this area including the many solutions that are expected to revolutionize the way financial and commodity markets will operate in the future.

Read more less

Book SynopsisJanthana Kaenprakhamroy, based in London, UK, is founder of multiple award-winning insurtech Tapoly, the first on-demand insurance platform for the gig economy in Europe. Recognized as a trailblazer working at the intersection of insurance and technology, she was named one of Forbes' Top 100 Women Founders to Watch (no.6), one of the Insurtech Institute's Top Ten InsurTech Influencers, one of the Most Influential Women in Tech, the winner of Elite Women in 2021 and an Insurance Leader of the Year.

Read more less

Book SynopsisMaha El Dimachki is the Centre Head for the Bank for International Settlements Innovation Hub in Singapore which works to support central banks in the digital economy using novel ideas and emerging technologies. Prior to this, Maha was Head of Department for Early and High Growth Oversight leading the Financial Conduct Authority's response to the Kalifa review of UK fintech. El Dimachki has held leadership roles in multiple geographies with a focus on risk management, regulation, strategic direction, delivering change and a passion for diversity and inclusion.

Read more less

Book SynopsisThe 2008 global financial crisis and the concurrent rise of the platform economy have had profound effects on the banking sector. Over the past decade and a half, banking leaders have had to contend with rapidly evolving regulatory, technological, and competitive forces. The pace of technological change has been formidable with advances in artificial intelligence, cloud computing, and blockchain technology. These forces have brought to the forefront new managerial imperatives that banking leaders have to make sense of as they strategise in light of these unfolding new realities. Banking in the Age of the Platform Economy explores the strategies that managers and leaders at banks and other financial institutions have adopted in response to the rise of the platform economy, the new forces of interdependence that it entails, and the risks/opportunities involved in cocreating value with external stakeholders. With its discussion of the strategies of interdependence and value cocreation that the top twenty banks in Europe adopted between 2008 and 2019, this book is essential reading for academics, banking and fintech professionals, and management consultants that advise banks and fintechs.

Read more less

Book SynopsisNamed as the best overall book on banking of 2022 by Investopedia. The finance industry is currently going through a digital revolution, with new and developing technology transforming the world of banking and financial services beyond recognition. Banks and financial institutions worldwide recognize the pressing need to innovate to avoid disruption or displacement by highly agile and often smaller fintech companies. Reinventing Banking and Finance is an essential guide for finance professionals to current trends in fintech, innovation frameworks, the challenges of outsourcing or embedding innovation, and how to effectively collaborate with other organizations. Beginning with the history and background of how banking got to the era of fintech, the book provides a thorough overview of the global fintech ecosystem and the drivers behind innovation in technologies, business models and distribution channels. Examples of key institutions and interviews with innovators and experts shine a light on key financial innovation hubs in UK, US, China, Israel and more, and offer advice for institutions looking to choose the right market for their needs. Covering genuine innovations in AI, machine learning, blockchain and digital identity, Reinventing Banking and Finance offers expert insight into navigating the complex and multi-layered finance industry.Trade Review"A compelling narrative of the history, forces, threats and opportunities that are reshaping the financial industry. The experience of the authors shines through in their confident and accessible writing, as well as in their cross-continental overview of the key institutions and people that are enabling better ways for all of us to manage our money in the mobile and data-centred world we live in." * Josh Bottomley, Global Head of Digital, HSBC *"With the emergence of fintech the banking industry is being dragged into the digital age kicking and screaming. This book describes how this transformation is taking place and how different parts of the globe are responding differently to the change. The authors' perspectives, derived from their first-hand knowledge of digital transformation in banking, make it a compelling read." * Paolo Zaccardi, Co-Founder & CEO FABRICK, President HYPE *"A must read for every forward thinking banking executive. The radically simple neo bank model outlined is one all banks should consider as part of their transformation to a customer centric organization, while the thorough global review of fintech hubs will bring any seasoned innovator right up to date. What makes the sharp perspective shared in this book so credible is the industry experience both authors bring. Developed through extensive first-hand knowledge running banks and advising a whole host of fintechs the rigorous point of view is rare in a book like this." * James Haycock, General Manager UK, idean Capgemini *"In this book the authors describe the impact digital adoption is having on banking and financial services across the globe. A must read for anyone seeking to know more about how a fundamental industry is transforming." * Matthew Chen, Group CEO, Sunline Holding *"Provides an insider's perspective on how technology is transforming financial services, I particularly enjoyed the historical context, the concept of the ideal Neobank and the profiles on the fintech hubs across the globe." * Elias A. Baltassis, Partner and Director, Data & Analytics, Boston Consulting Group *"Delivers great insight on the global fintech ecosystem with the profiles of both the fintech hubs and what they call the fintech tribes. An enjoyable and thoughtful book for anyone looking for an insider's perspective on banking innovation." * Shachar Bialick, Founder, CEO, Curve *"If you want to understand why 'digital banking' is not just a buzzword and how this movement is changing finance this is the book for you. Fintechs are powering a disruption that takes us back to the origins of banking, where personal outcomes and tailored services were the norm. In this book the authors do an exemplary job of explaining the banking revolution of our time, placing it within the historical context of the industry and showing how new ideas are helping to recover foundational concepts." * Prof Deeph Chana, Centre for Financial Technology, Imperial College London *"This book provides some fascinating insights into why there has never been a more exciting time to be innovating in the banking industry. Regulators and financial institutions are paving the way for a new digital-based economy - a faster, more transparent and secure banking industry!" * Diana Paredes, Chief Executive Officer and Co-Founder, Suade *"Thanks to the authors' experience, this book provides an insider view on what's next and an extensive analysis of how technology, data and a new approach can reshape banking services." * Paola Papanicolaou, Executive Director - Group Head of Innovation, Intesa Sanpaolo SpA *"A compelling book looking at how banking is being transformed at its core by technology, changing customer expectations and evolving regulation. It provides a global perspective on fintech, explaining how - unlike other tech innovations - it is not a US-centric phenomenon, with Europe and Asia being home to some of the more innovative businesses in the sector. A good book to read if you are keen to understand what is happening to banking around the world and how it will affect you." * Laurent Nizri, CEO Paris Fintech Forum and Chairman ACSEL *"This book could not be timelier as our financial institutions and economic models are severely disrupted and tested due to the COVID-19 outbreak. As digitized operations are forcibly accelerated and new tools integrated, the authors help us rethink traditional models and share a blueprint of the bank of the future, Neobank. This book is an important guide for understanding what to focus on going forward shaped by customer needs, technology capabilities, and business realities." * Sophie Wade, CEO Flexcel Network and Published Writer *Table of Contents Chapter - 01: The History of Banking; Chapter - 02: The Digital Threat; Chapter - 03: The Shape of the Perfect Neobank; Chapter - 04: The Journey from Bricks and Mortar to Digital; Chapter - 05: The Fintech Hubs; Chapter - 06: The Fintech Tribes; Chapter - 07: London; Chapter - 08: The Gulf; Chapter - 09: Paris; Chapter - 10: New York City; Chapter - 11: Tel Aviv; Chapter - 12: Shenzhen; Chapter - 13: Final Thoughts; Chapter - 14: Further reading

Read more less

Book SynopsisInspiring stories and actionable advice from highly successful women in fintech Through a thematic table of contents, Fintech Feminists: Increasing Inclusion, Redefining Innovation, and Changing the Future for Women Around the World takes readers on a journey that unveils the profound impact of the fintech industry on our global economy, fueled by the inspiring stories of women leaders who play an integral role in reshaping the financial landscape. Written by Nicole Casperson, an award-winning journalist and leading figure in the fintech sector, this book delivers actionable strategies and insights to navigate the fintech industry, drive positive change, and contribute to the ongoing transformation of the digital era. In this book, readers will find stories from women such as: Shivani Siroya, Founder and CEO of Tala, showing how she communicated her vision to investors effectively, emphasizing its market potential, social impact, and alignment with emerg

Read more less

Book SynopsisThe inside story of what really happened at Lehman Brothers and why it failed In The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers, investigative writer and Vanity Fair contributing editor Vicky Ward takes readers inside Lehman's highly charged offices.Table of ContentsCast of Characters. Prologue. Part One: The Ponderosa Boys. Chapter 1. A Long, Hot Summer. Chapter 2. The Beginning. Chapter 3. The Captain. Chapter 4. The “Take-Under”. Chapter 5. Slamex. Chapter 6. The Phoenix Rises. Chapter 7. Independence Day. Chapter 8. The Stiletto. Chapter 9. The Ides of March. Chapter 10. Eulogies. Part Two: The Echo Chamber. Chapter 11. Russian Winter. Chapter 12. Lehman’s Desperate Housewives. Chapter 13. The Young Lions. Chapter 14. 9/11. Chapter 15. No Ordinary Joe. Chapter 16. The Talking Head. Chapter 17. The Sacrificial Ram. Chapter 18. Korea’s Rising Sum. Chapter 19. The Wart on the End of Lehman’s Nose. Chapter 20. Damned Flood? Chapter 21. Closing the Books. Epilogue. A Note About the Sources. Notes. References. Acknowledgments. Index.

Read more less

Book SynopsisTable of Contents1. Introduction: Environmental, Social and Governance (ESG) Investing2. Socially Responsible Investing, Impact Investing, Religious Values Investing: Defining and Contrasting the Alternative Investing Styles3. ESG at a Firm Level: Theories of the Firm4. Fiduciaries: Making Investment Decisions for Beneficiaries5. Overview of Financial Markets6. Financial Markets: Equities7. Financial Markets: Bonds8. Shareholder Activism9. Defining and Measuring ESG Performance10. ESG in Managing Institutional Investor Funds11. ESG in Managing University Endowments12. ESG in Managing Sovereign Wealth and Government Sponsored Funds13. ESG in Managing Family Offices14. ESG in Religious Values Investing15. ESG in Impact Investing16. Conclusions and Outlook for the Future

Read more less

Book SynopsisThis edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in the context of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailed analysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight on macroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberaliTable of ContentsPART I: WHY CARE ABOUT CAPITAL FLIGHT?; PART II: ECONOMIC DIMENSIONS; PART III: INSTITUTIONAL DIMENSIONS; PART IV: CONCLUSION

Read more less

Book SynopsisSince banking systems play a crucial role in maintaining the overall health of the economy, the adverse effects of poorly supervised systems may be quite severe. This text examines the state of prudential supervision, focusing on fundamental issues and key pragmatic concerns.

Read more less

Book SynopsisGavin Daly is a reporter with the Sunday Times. Ian Kehoe is a reporter with the Sunday Business Post.Trade ReviewFor all those intrigued by by a small Cavan farmer's son came to be one of the richest men in the world, and then lost it all, Citizen Quinn is a must-read * Sunday Business Post *Gripping and well-researched ... paints a picture of a man who is delusional about hat has happened and the extent to which he is to blame * Irish Times *The book chronicles this truly compelling story, and the story of a compelling man * Irish Mail on Sunday *A gripping story told in language that people without an MBA can follow * Irish Independent *A great read -- Sean O'Rourke * RTE Radio One *

Read more less

Book SynopsisIndonesia is the most populous Muslim country in the world. Taking into account also its endowment and potential economic resources, the Islamic banking industry in Indonesia was expected to take on an important role in facilitating more financial resources and to contribute to the internationalization of the Islamic mode of financing particularly in the Asia-Pacific region. However, the reality is far from the expectation. This book aims to clarify the causes and fundamental constraints leading to the extraordinarily low level of Indonesia's Islamic financial deepening.The authors draw on the traditions of Institutional Economics which are concerned with the rules or mechanisms of creating the ''incentive'' and ''threat'' for economic players because the rules (institutions) would matter as the determinant for economic development and economic efficiency. This book offers a fairly new analytical lens by hypothesizing that Islamic banks must earn additional profit the authorsTrade Review"This important book assesses the factors affecting the growth of Indonesia’s Islamic banking sector from 2004 to 2018. Even though there is much research published in academic journals addressing this issue, the book incorporates various aspects, such as eco- nomics, finance, society, politics, government, and Sharia (religion). In addition, it compares the development and growth of Indonesia’s Islamic banking sector with that of Malaysia, Indonesia’s closest neighbor and the most developed in the field. It also investigates Asian banks more widely to gain a broader perspective.Finally, this book is highly recommended for regulators, market players, customers, suppliers, depositors, and all stakeholders because it delivers very important assessments and results on factors affecting the slower growth of Islamic banking in Indonesia. Despite some limitations in its scope and analysis, the book is quite comprehensive in answering the two puzzles noted earlier, from both economic and noneconomic perspec- tives, and both locally and internationally. International Islamic finance stakeholders can also benefit from the book, especially from its assessment of Malaysian, Bangladeshi, and other Asian banks." The Developing Economies, Volum 59, Issue 2, June 2020Table of Contents1 Introduction 2 Indonesia’s Islamic banking: Shari’ah implementation, genesis, and socio-political context 3 Recent development of Indonesia’s Islamic banking: The economic realities 4 Theoretical background and review of related literature 5 Comparative study of Islamic banking regulation frameworks in Indonesia and Malaysia 6 Analyses of financial performance and stability of Asian Islamic banks 7 Analyses of the dynamic concentration and competition level of the Islamic banking sector in Indonesia 8 Comparative analysis of the operational efficiency of conventional and Islamic banks 9 Structural dilemma of Indonesia’s Islamic banking 10 A hypothesis of explaining the low penetration of Indonesia’s Islamic banks; Shari’ah-compliant benchmark and Shari’ah-based 'raf' al-haraj' benchmark on prohibition of riba 11 Epilogue – A Quarter-century journey of Islamic banking development in Indonesia: A revisited

Read more less

Book SynopsisTHE RATIONALE OF CENTRAL BANKING was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup. This book provides a scholarly review and judicious assessments of the experience and theory that bear on the issues of free banking and central banking. Its wide-ranging discussion identifies both the fallacies in the arguments for central banks and the influential fallacies in the arguments against free banking. Vera Smith''s work should play a prominent role in any reappraisal of our monetary institutions.

Read more less

Book Synopsis

Read more less