Banking Books

Book SynopsisThis book provides first-hand insights on the modern considerations governing official reserve holdings and investment in different asset classes. Tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Leading experts from central banks, investment banks and the academic community elucidate on this and related issues.The expert contributors adopt a unique approach in their explicit linkage of the increased focus on return by central banks and the implications of new accounting rules (IFRS) for income recognition and profit distribution. They also address the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system, as well as: asset and currency diversification changing reserve management practices in the face of steeply growing official reserve holdings new risk management techniques profit distribution agreements. Central Bank Reserve Management will prove a valuable information resource for researchers and academics with an interest in central banking issues and asset management, financial sector, government and central bank officials, and representatives of international financial institutions.Table of ContentsContents: Preface 1. Central Bank Reserve Management: Trends and Issues Age F.P. Bakker and Ingmar R.Y. van Herpt PART I: THE SIZE OF CENTRAL BANK RESERVES 2. Assessing the Benefits and Costs of Official Foreign Exchange Reserves Robert N. McCauley 3. The Politics and Micro-Economics of Global Imbalances Avinash Persaud 4. The Cost–Benefit Approach to Reserve Adequacy: The Case of Chile Esteban Jadresic 5. Foreign Reserve Adequacy from the Asian Perspective Hidehiko Sogano 6. Dealing with Reserve Accumulation: The Case of Korea Heung Sik Choo 7. Reserve Accumulation: A View from the United States Matthew Higgins PART II: RESERVE MANAGEMENT: RETURN VERSUS LIQUIDITY 8. Trends in Reserve Management by Central Banks Jennifer Johnson-Calari, Robert Grava and Adam Kobor 9. Implications of Growing Reserves of Central Banks for Asset Allocation Amy Yip 10. Setting the Strategic Benchmark Duration and Currency Allocation: A Developing Country Case Study Vinod Kumar Sharma 11. Observations on the Return versus Liquidity Debate: The Canadian Perspective Donna Howard 12. A European View on Return versus Liquidity Pentti Hakkaraïnen and Mika Pösö 13. The Composition of Central Bank Reserves: The Market Perspective Joachim Fels 14. Central Bank Risk Management: The Case of the Czech National Bank Ludek Niedermayer 15. Returns from Alpha and Beta: An Equilibrium Approach to Investing Robert Litterman 16. The Conservative Approach to Central Bank Reserve Management Hans-Helmut Kotz and Isabel Strauss-Kahn PART III: IMPLICATIONS FOR CENTRAL BANK BALANCE SHEETS 17. Central Bank Balance Sheets: Comparisons, Trends and Some Thoughts Francesco Papadia and Flemming Würtz 18. Governance Aspects of Central Bank Reserve Management Age F.P. Bakker 19. Too Much of a Good Thing: Reserve Accumulation and Volatility in Central Bank Balance Sheets Hervé Ferhani References Index

Read more less

Book SynopsisThe financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players.This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.Trade Review'Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book.' -- Mario Draghi, Governor of the Banca d'Italia and Chairman of the Financial Stability ForumTable of ContentsContents: Preface Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grünwald PART I: ACHIEVEMENTS AND CHALLENGES IN EUROPEAN FINANCIAL INTEGRATION 1. Financial Integration and Financial Deepening in the EU: Mind the Gap Klaus Liebscher 2. Benefits and Risks of Financial Integration Cesare Calari 3. Financial Globalization, Corporate Governance and Eastern Europe René M. Stulz PART II: EUROPEAN FINANCIAL STRUCTURES YESTERDAY, TODAY AND TOMORROW 4. Does the Financial Sector Need Europe? Gertrude Tumpel-Gugerell 5. The Central and Eastern European Financial Sector: Current State and Prospects Irmfried Schwimann and Kristin Vandenbergen 6. CEEC Financial Sector Issues and Macroeconomic Policy: A Perspective from Across Countries Cristian Popa 7. The Financial System of the EU-25 Franklin Allen, Laura Bartiloro and Oskar Kowalewski 8. Meeting the Need for a Regulatory Framework for EU Financial Markets Alexandre Lamfalussy PART III: THE EUROPEAN FINANCIAL SYSTEM AS AN ECONOMIC DRIVING FORCE 9. Finance and Growth: The Legacy of Schumpeter to be Rediscovered? Peter Mooslechner 10. The Impact of the Euro on Investment: Sectoral Evidence Tomas Dvorak 11. Importance of Financial Sectors for Growth in Accession Countries Gerhard Fink, Peter Haiss and Goran Vukšić 12. Financial Sector Development in South-Eastern Europe: Quality Matters Arnaud Mehl, Cristina Vespro and Adalbert Winkler PART IV: CREDIT GROWTH IN CENTRAL AND EASTERN EUROPE: A CAUSE FOR CONCERN? 13. Happy, Sad and Open Endings: A Comparison of Credit Growth in CEECs with Past Experiences and Ongoing Developments in Austria, Finland and Spain Doris Ritzberger-Grünwald 14. Is Lending in Central and Eastern Europe Developing Too Fast? Frédéric Boissay, Oscar Calvo-Gonzalez and Tomasz Koźluk 15. Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania and Ukraine Christoph Duenwald, Nikolay Gueorguiev and Andrea Schaechter 16. The ‘New Europe’ Household Lending Market Fabrizio Coricelli, Fabio Mucci and Debora Revoltella PART V: FOREIGN BANK ENTRY AND CORPORATE OWNERSHIP STRUCTURES: IMPLICATIONS FOR BUSINESS, COMPETITION AND PROFITABILITY 17. Foreign Banks in Eastern Europe: Mode of Entry and Effects on Bank Interest Rates Sophie Claeys and Christa Hainz 18. Ownership Structures and Investment in Transition Economies Dennis C. Mueller and Evgeni Peev 19. Ownership Competition in the European Transition Arena: Towards a Viable Restructuring? Diana Pop and Julien Le Maux PART VI: BANKING AND FINANCIAL STABILITY: POTENTIAL PITFALLS 20. Deposit Interest Rates, Asset Risk and Bank Failure in Croatia Evan Kraft and Tomislav Galac 21. Investigating the Early Signals of Banking Sector Vulnerabilities in Central and East European Emerging Markets Kadri Männasoo and David G. Mayes 22. Financial Integration Through the Interbank Market: Stability and Welfare Implications Falko Fecht and Hans Peter Grüner 23. Contagion Risk in Financial Networks Ana Babus 24. Does Corporate Mobility Enhance Corporate Governance? Zsuzsanna Fluck and Colin Mayer PART VII: CAPITAL MARKET INTEGRATION AND CAPITAL MOBILITY IN NEW EU MEMBER STATES 25. Equity Market Integration of New EU Member States Lorenzo Cappiello, Bruno Gérard, Arjan Kadareja and Simone Manganelli 26. The Integration of Czech, Hungarian and Polish Bond Markets with the Euro Area Bond Market – A Déjà-vu of the Club-Med Convergence Plays? Thomas Reininger and Zoltan Walko 27. International Capital Mobility and Current Account Targeting in Central and Eastern European Countries Matthias Köhler PART VIII: COMPLEMENTING THE ACADEMIC VIEW: PERSPECTIVES FROM KEY FINANCIAL MARKET PLAYERS 28. Financial Institutions as a Driving Force of Integration Josef Christl 29. UniCredit's Strategy in Central and Eastern Europe Alessandro Profumo 30. Banking Consolidation Reinhard Ortner 31. Building a Central European Exchange Alliance Stefan Zopotocky Index

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 SynopsisZafar Iqbal and Mervyn K. Lewis examine, from an Islamic perspective, some central issues in public, economic and corporate governance. Amongst topics analysed are theories of justice, taxation, budget deficits, Islamic financing modes, public and private accountability, and corruption.The authors' starting point is that the Islamic perspective on governance and its differences from Western approaches requires an understanding of the basic tenets, philosophy and legal traditions of Islam. They develop the Islamic position on matters widely acknowledged as being under-researched in Islamic social enquiry, bringing a fresh and contemporary slant to governance issues by drawing insights from modern theory and practice, and combining them with classical and modern Muslim interpretations. Their analysis explicitly acknowledges self-interested behaviour, adding a public choice dimension to the limitations and workability of any governance arrangements.This unique and highly innovative book will have strong appeal for those with an interest in Islamic economics, public policy, banking, and Asian and Middle Eastern studies.Trade Review'. . . an innovative and carefully constructed attempt to set forth a theory of justice, taxation, public finance and accountability, governance and corruption grounded in Islamic teachings. . . This book by Iqbal and Lewis is undoubtedly a valuable contribution in its field' -- Abul Hassan, The Muslim World Book Review'The book makes a valuable contribution to the topic of governance, greatly enriching the existing literature on governance from an Islamic perspective. It will be much appreciated and encourage further research and scholarly reflection on a very important matter that has for too long been neglected.' -- Zulkifli Hasan, Review of Islamic Economics'The authors have undertaken innovative research to examine the Islamic and contemporary western concepts, institutions, processes and traditions about governance: public, corporate, financial and fiscal. This study breathes fresh air into the debate on some of the critical issues of positive economics by exploring new linkages of governance with normative goals, ethical frameworks and egalitarian policy initiatives.' -- Khurshid Ahmad, Member Senate of Pakistan'This book is a major contribution to governance under an Islamic System; thoroughly researched, very clearly written and organised, it is an extremely significant contribution particularly in the context of current turmoil in financial markets and the possible means of assisting financial and economic stabilisation from an Islamic perspective.' -- John Presley, Loughborough University, UK and Recipient of the 2002 Islamic Development Bank prize in Islamic FinanceTable of ContentsContents: Preface 1. Perspectives on Governance 2. The Methodology of Islamic Economics 3. Justice: The Inner Core of Governance 4. An Islamic Perspective on Taxation 5. Problems of Implementing Taxation in Islamic Countries 6. Islamic Position on Budget Deficits 7. Financing Methods for Government Bodies 8. Accountability and Governance 9. Governance and Corruption 10. Conclusion References Index

Read more less

Book SynopsisMoney laundering is a problem of some magnitude internationally and has long term negative economic impacts. Brigitte Unger argues that today, money laundering is largely linked to fraud and that it is not only small islands and tax havens which launder, but increasingly, industrialized countries like the US, Australia, The Netherlands and the UK. Well established financial markets and growing economies with sound political and social structures attract launderers in the same way as they attract honest capital.The book gives an interdisciplinary overview of the state-of-the-art of money laundering as well as describing the legal problems of defining and fighting money laundering. It then goes on to present a number of economic models designed to measure money laundering and applies these to measuring the size of laundering in The Netherlands and Australia. The book also gives an overview of techniques and potential effects of money laundering identified and measured so far in the literature. It adds to this debate by calculating the effects of laundering on crime and economic growth.This book will be of great interest to lawyers, financial experts, economists, political scientists, as well as to government ministries, international and national organizations and central banks.Trade Review'. . . a comprehensive analysis that can be used by policy- and law-makers in their unremitting fight against money laundering.' -- Fadi Moghaizel, International Company and Commercial Law ReviewTable of ContentsContents: Foreword 1. Introduction 2. Defining Money Laundering with Elena Madalina Busuioc 3. Ways of Quantifying Money Laundering 4. Measuring Money Laundering for Australia and the Netherlands with Melissa Siegel and Joras Ferwerda 5. How Money is Being Laundered with Madalina Busuioc 6. Short Term Effects of Money Laundering 7. Long Term Effects of Money Laundering 8. Conclusions Bibliography Index

Read more less

Book SynopsisThe role of directors of financial institutions has changed significantly in the aftermath of the recent corporate governance scandals. Subsequent changes in regulation to protect shareholder and public interests have created new challenges for directors. This Handbook provides useful advice from existing directors and regulators about what directors of financial institutions worldwide need to know to perform their duties.The authors include an international roster of current directors of banks, credit unions, insurance companies and other organizations, bank regulators, lawyers and academics. They provide unique insights and advice about corporate social responsibility, legal risks, starting a new bank, D&O insurance, sub prime lending, Islamic banking, and other timely issues.Boards of directors and regulators of all types of financial institutions throughout the world will find this essential reading. Scholars in the areas of banking, finance, corporate governance, ethics and management will also find it of interest.Table of ContentsContents: Preface 1. Introduction to Financial Institutions Benton E. Gup 2. Forces of Change Benton E. Gup 3. Starting a New Bank Laurence Pettit 4. Improving Director Oversight of Compliance: A Bank Regulator’s View Cathy Lemieux and Steven VanBever 5. The Risks of Directing a Financial Institution Ben S. Branch and Robin Russell 6. Corporate Social Responsibility: Renegotiating Corporate Citizenship Barbara Parker 7. Quiet Turbulence: Advice for Financial Officers of Not-for-Profit Financial Institutions Ronald Dulek 8. Advice for New Directors Benton E. Gup, David L. Bickelhaupt and Irv Burling 9. Bank Directors and the Information Problem with Special Regard to Subprime Markets Júlia Király and Katalin Mérö 10. Bank Governance: Perceptions from Experiences Warren Hogan and Rowan Trayler 11. A Simple Guide to Islamic Banking and Finance Mohamed Ariff Index

Read more less

Book SynopsisProfound transformations have taken place both in the US and the global economy, especially in the realm of finance. Financial markets and transactions have been growing continuously in size and in importance while finance in general has acquired an increasingly prominent position in the economy. ozgur Orhangazi brings together a comprehensive analysis of financialization in the US economy that encompasses the historical, theoretical, and empirical sides of the issues. He explores the origins and consequences of the dramatic rise of financial markets in the US economy and focuses on the impacts of this process of 'financialization' on the operations of the non-financial corporate sector.The book starts with a brief review of the meaning of financialization, then documents its factual context, before moving on to provide a historical perspective on its evolution and proximate causes. Next, the book compares various theoretical and empirical perspectives in an attempt to clarify the limits of our knowledge and outline what we know about the phenomenon and what we do not. In the second part, the author further explores the relationship between the financial and nonfinancial sectors of the economy and focuses on the effects of financialization on capital accumulation. The author provides a framework for analyzing this relationship and offers evidence that the increase in nonfinancial corporations' (NFCs) financial investment rates and payments to financial markets have had negative effects on the real investment rates of NFCs.Scholars and students working on the issues of financialization or interested in financial markets, investment, and capital accumulation will find this a valuable addition to their collection, as will the serious general reader who wants to learn more about the causes and effects of the transformation of financial markets.Table of ContentsContents: Foreword by James Crotty Part I: Understanding Financialization 1. Introduction 2. Stylized Facts 3. Historical Context 4. Perspectives on Financialization Part II: Financialization and Capital Accumulation 5. Financial Markets and NFCs: A Theoretical Discussion 6. Financialization and Investment: Aggregate Analysis 7. Financialization and Investment: Firm-level Analysis 8. Conclusion Bibliography Index

Read more less

Book SynopsisIn 2006 the Nobel Peace Prize was awarded to Muhammad Yunus for his work on microfinance, dramatically changing attitudes towards capital markets. Suresh Sundaresan has assembled an impressive set of scholars and practitioners in this book to bring together recent practical innovations and policy questions in the realm of microfinance. The contributions emphasize practical solutions to problems facing the field by examining capital markets, providing a framework for thinking about regulation, and raising questions about gender empowerment. They examine recent developments in the field, research findings, and the challenges that lie ahead. This book takes a solid step toward a systematic analysis of the implications of microfinance for the role and regulation of capital markets. The authors address integration of capital markets with microfinance, technological innovations such as the use of mobile phone technology, the consequences of women's access to micro-loan borrowings, and the regulatory challenges and opportunities emerging as the landscape of microfinance dramatically evolves.Practitioners, policy makers, and academics in the fields of developmental economics, finance, gender studies and public and development policy will enjoy this analytically rigorous work.Trade Review'. . . a valuable resource that traces the changes in the microfinance sector from its origin until now. . . The book will serve as a good reference point for future debate in these areas.' -- Microfinance InsightsTable of ContentsContents: Preface 1. Changing Landscape of Micro Finance Suresh Sundaresan 2. The Role of International Capital Markets in Microfinance Brad Swanson 3. Securitization and Micro-credit Backed Securities (MCBS) Ray Rahman and Saif Shah Mohammed 4. Cell Phones for Delivering Micro-loans Anand Shrivastav 5. How Should Governments Regulate Microfinance? Richard Rosenberg 6. Gender Empowerment in Micro-finance Beatriz Armendariz and Nigel Roome Index

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 Synopsis‘Eloquent, entertaining and accessible.’ FT AdviserWhen Kevin Rodgers embarked on his career in finance, dealing rooms were filled with clamouring traders and gesticulating salesmen. Nearly three decades later, the bustle has gone and the loudest noise you’re likely to hear is the gentle tapping of keyboards. Why Aren’t They Shouting? is one banker’s chronicle of this silent revolution, taking us from an age of shouted phone calls and alpha males right up to today’s world of computer geeks and complex derivatives. Along the way, Rodgers offers a masterclass in how modern banking actually works, exploring the seismic changes to the global financial industry over the last thirty years. Above all, his story raises a deeply troubling question: could it be that the technology that has transformed banking – and that continues to do so – is actually making it ever more unstable?‘A welcome addition to the panoply of must-read titles about banking before, during and after the crisis … by someone who was actually at the centre of the industry at the time.’ Euromoney‘An animated first-person narrative about the reality of banking … lively and engaging.’ LSE Review of BooksTrade ReviewAn animated, first-person narrative about the reality of banking … lively and engaging … Rodgers takes your hand and walks you through the history of finance. * LSE Review of Books *A welcome addition to the panoply of must-read titles about banking before, during and after the crisis … by someone who was actually at the centre of the industry at the time. * Euromoney *A rip-roaring ride through the dealing floors of the world’s financial market … the storyline is eloquent, right up there with the calibre of the master of the genre, Michael Lewis. * Financial Advisor *This is an enjoyable, fast-paced yet informative book … readers will be absorbed and fascinated by the inner workings of an industry that is essential to all our lives. * International Investment *A truly insightful look into the history of technology and what it could mean for banking’s future * Small Business Trends *

Read more less

Book Synopsis'If you feel you should understand how economists think but have no idea where to start, this book is the answer' Financial TimesWhy are all my clothes made in Asia?How do I get a pay-rise?And what even is money?Join Britain's most venerable financial institution for a rip-roaring crash-course on economics. From financial crises to Freddo prices, it will help you make sense of your job, your life and maybe your world._'A well-written treat . . . Using examples including the Bank of England canteen, The Simpsons and Beanie Babies, the authors encourage us all to understand, and even challenge, what economists do' Professor David Spiegelhalter, author of The Art of Statistics'A well-timed attempt to show the public what goes on inside the Bank of England - and familiarise them with some basic economic concepts . . . Punctuated with jaunty anecdotes and neat examples' Guardian'An entertaining and essential read at a time when understanding how our money, governments and banks interact has never felt more important' Laura Whateley, author of Money: A User's GuideTrade ReviewIf you feel you should understand how economists think but have no idea where to start, this book is the answer . . . The Bank should be congratulated on this effort at education. Buy this book for the inquiring person, young, old or in between. -- Martin Wolf, Summer Books * Financial Times *A well-written treat . . . Using examples including the Bank of England canteen, The Simpsons and Beanie Babies, the authors encourage us all to understand, and even challenge, what economists do. -- Professor David Spiegelhalter, author of THE ART OF STATISTICSAn enjoyable introduction to the so-called dismal science . . . Patel and Meaning have done an admirable job in simplifying and popularising some of the key elements of their subject. * The Times *A great place to start your economic journey. With the Bank of England as your guide, this accessible book shows how economics affects so many aspects of our daily lives. -- Dr Linda Yueh, author of THE GREAT ECONOMISTSA well-timed attempt to show the public what goes on inside the Bank of England - and familiarise them with some basic economic concepts . . . Punctuated with jaunty anecdotes and neat examples. * Guardian *

Read more less

Book SynopsisThis valuable book discusses in detail, through a blend of theory and empirical research, the processes of innovation and the diffusion of new financial instruments. The contributors explore theoretical issues such as the relationship between financial innovation and market structure and the legal protection of financial innovation. They examine various topics on retail banking, from payment services and procedures, trading online, internet banking and profitability of retail banking to microfinance. This comprehensive book also focuses on innovation in corporate banking, such as credit derivatives and their implications for the relationship between banks and markets in financial systems.This book will be invaluable to postgraduate students, researchers and academics with an interest in economics and finance and financial innovation in particular.Trade Review'. . . the heterogeneous collections of papers ensure that an engaged reader will find something of interest. . . The authors' critical review of innovation from a scientific perspective will undoubtedly serve as a guide to others, and the topics covered in the book will continue to be studied in the future in an attempt to improve the efficiency, accessibility and attractiveness of world financial markets.' -- Orestes Pasparakis, Journal of International Banking Law and Regulation'The book. . . gives us a lot of new information. . . and that is its most important contribution. . . Rich and comprehensive coverage of financial innovations that I tried to present earlier makes it a very interesting reading. Moreover, practically all studies included there are heavily supported with empirical research, what makes the book even more valuable to any student of the subject. . .' -- Ryszard Kokoszczynski, SUERFTable of ContentsContents: Preface Paolo Mottura 1. Financial Innovation and the Economics of Banking and the Financial System David T. Llewellyn 2. Is Financial Innovation Still a Relevant Issue? Luisa Anderloni and Paola Bongini 3. Microfinance, Innovations and Commercialisation Reinhard H. Schmidt 4. Technological Innovation in Banking: The Shift to ATMs and Implicit Pricing of Network Convenience Santiago Carbó Valverde and David B. Humphrey 5. Financial Innovation in Internet Banking: A Comparative Analysis Francesa Arnabodi and Peter Claeys 6. How do Internet Payments Challenge the Retail Payment Industry? David Bounie and Pierre Gazé 7. Intellectual Property Rights and Standard Setting in Financial Services: The Case of the Single European Payments Area Robert M. Hunt, Samuli Simojoki and Tuomus Takalo 8. The Regulatory and Market Developments of Covered Bonds in Europe Giuseppina Chesini and Monica Tamisari 9. Credit Derivatives versus Loan Sales: Evidence from the European Banking Market Mascia Bedendo and Brunella Bruno 10. On the Required Regulatory Support for Credit Derivative Markets Rym Ayadi and Patrick Behr 11. Innovation in Trading Activity: Should Stock Markets be More Transparent? Caterina Lucarelli, Camilla Mazzoli and Merlin Rothfeld Index

Read more less

Book Synopsis'Randall Wray's two volumes provide a bright beacon in a darkening night of turmoil, confusion and ignorance. By bringing together classics from both the mainstream and heterodox approaches to monetary theory and policy, Wray provides a fundamental resource for the urgently needed rethink on how the interrelated world of monetary production economies functions or misfunctions, and also a basis for the development of a sound theory on how to erect effective policies for tackling major, potentially disastrous problems.'- Geoffrey Harcourt, University of New South Wales, AustraliaThis authoritative two-volume collection brings together the most important contributions to theories of money and banking written over the past century. Professor Wray covers a number of key topics including the historical debates about the nature of money, the role money and financial institutions play in the economy and monetary policy formation. A wide variety of approaches to money and banking are featured, among which are Monetarist, Keynesian, Marxian, Post-Keynesian and Institutionalist, and the New Monetary Consensus. Also included are a number of chapters presenting General Equilibrium, Chartalist or State Money, and Circuitiste views. In addition to the views of economists, this well-rounded set incorporates historical, sociological and anthropological approaches to money as well as theoretical topics such as interest rate, inflation rate, and exchange rate determination. This collection, along with an original introduction by the editor, will be of immense value to anyone with an interest in the field of money and banking.Trade Review‘This is an edited, two-volume collection of articles with the focus on questions of the emergence of money, the role of money, monetary policy, and the importance of financial institutions. Overall, the collection provides interesting insights on ideas in various heterodox monetary research programs, particularly the ones following a post-Keynesian agenda, and I can see it as a useful reference for those who want to learn and write about these research programs.’Table of ContentsContents: Volume I: Development of Heterodox Approaches to Money and Banking Acknowledgements Introduction An Overview of Heterodox Approaches to Money and Financial Institutions L. Randall Wray PART I HISTORICAL DEBATES ON THEORIES OF MONEY 1. Charles A.E. Goodhart (1998), ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’ 2. John Maynard Keynes (1979), ‘The Distinction Between a Co-Operative Economy and an Entrepreneur Economy’ PART II HISTORICAL, SOCIOLOGICAL AND ANTHROPOLOGICAL APPROACHES TO MONEY 3. Philip Grierson (1977), ‘The Origins of Money’ 4. Geoffrey Ingham (2000), ‘“Babylonian Madness”: On the Historical and Sociological Origins of Money’ 5. Mark S. Peacock (2006), ‘The Origins of Money in Ancient Greece: The Political Economy of Coinage and Exchange’ 6. Viviana A. Zelizer (1989), ‘The Social Meaning of Money: “Special Monies”’ PART III KEYNESIAN AND INSTITUTIONALIST APPROACHES TO MONEY 7. John Maynard Keynes (1973), ‘A Monetary Theory of Production’ 8. Dudley Dillard (1980), ‘A Monetary Theory of Production: Keynes and the Institutionalists’ 9. Éric Tymoigne (2003), ‘Keynes and Commons on Money’ 10. Paul Davidson (1974), ‘A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis’ 11. J.A. Kregel (1988), ‘The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand’ PART IV ENDOGENOUS MONEY 12. Basil J. Moore (1979), ‘The Endogenous Money Stock’ 13. Marc Lavoie (1985), ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post-Keynesian Economics’ 14. L. Randall Wray (2006), ‘When are Interest Rates Exogenous?’ 15. Scott T. Fullwiler (2006), ‘Setting Interest Rates in the Modern Money Era’ PART V MONEY AND THE CIRCUIT 16. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The Monetary Circuit Approach’ 17. Giuseppe Fontana (2000), ‘Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality’ 18. Eladio Febrero (2008), ‘The Monetization of Profits in a Monetary Circuit Framework’ 19. Wynne Godley (2004), ‘Weaving Cloth from Graziani’s Thread: Endogenous Money in a Simple (but Complete) Keynesian Model’ 20. Wynne Godley and Marc Lavoie (2007), ‘Fiscal Policy in a Stock-Flow Consistent (SFC) Model’ PART VI MARX’S APPROACH TO MONEY 21. David Levine (1983), ‘Two Options for the Theory of Money’ 22. Duncan K. Foley (1983), ‘On Marx’s Theory of Money’ 23. Riccardo Bellofiore (2004), ‘“As if its Body were by Love Possessed”. Abstract Labour and the Monetary Circuit: A Macro-Social Reading of Marx’s Labour Theory of Value’ 24. L. Randall Wray (1999), ‘Theories of Value and the Monetary Theory of Production’ PART VII THE MODERN MONEY OR NEOCHARTALIST APPROACH 25. Abba P. Lerner (1947), ‘Money as a Creature of the State’ 26. Stephanie Bell (2000), ‘Do Taxes and Bonds Finance Government Spending?’ 27. Stephanie Bell (2001), ‘The Role of the State and the Hierarchy of Money’ 28. Mathew Forstater (2006), ‘Tax-Driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy’ 29. Alain Parguez (2002), ‘A Monetary Theory of Public Finance’ 30. Jan A. Kregel (2010), ‘Keynes’s Influence on Modern Economics: Some Overlooked Contributions of Keynes’s Theory of Finance and Economic Policy’ Volume II: Alternative Approaches to Money, Financial Institutions and Policy Acknowledgements Introduction An introduction to both volumes by the editor appears in Volume I PART I MONETARIST AND “KEYNESIAN” APPROACHES TO MONEY AND BANKS 1. Milton Friedman (1948), ‘A Monetary and Fiscal Framework for Economic Stability’ 2. Karl Brunner (1968), ‘The Role of Money and Monetary Policy’ 3. Milton Friedman (1968), ‘The Role of Monetary Policy’ 4. James Tobin (1963), ‘Commercial Banks as Creators of “Money”’ 5. David Romer (2000), ‘Keynesian Macroeconomics without the LM Curve’ PART II MONEY AND GENERAL EQUILIBRIUM MODELS 6. Nobuhiro Kiyotaki and Randall Wright (1989), ‘On Money as a Medium of Exchange’ 7. Joseph Aschheim and George S. Tavlas (1997), ‘Money’ 8. Dror Goldberg (2009), ‘The Tax-Foundation Theory of Fiat Money’ 9. Frank H. Hahn (1987), ‘The Foundations of Monetary Theory’ PART III THE NEW MONETARY CONSENSUS 10. Laurence H. Meyer (2001), ‘Does Money Matter?’ 11. Ben S. Bernanke (2004), ‘Gradualism’ 12. Giuseppe Fontana (2009), ‘Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics’ 13. Edwin le Herron and Emmanuel Carre (2006), ‘Credibility Versus Confidence in Monetary Policy’ 14. Philip Arestis and Malcolm Sawyer (2006), ‘The Nature and Role of Monetary Policy when Money is Endogenous’ PART IV INTEREST RATE THEORY AND POLICY 15. John Maynard Keynes (1937), ‘The Theory of the Rate of Interest’ 16. J.A. Kregel (1988), ‘Irving Fisher, Great-Grandparent of the General Theory: Money, Rate of Return Over Cost and Efficiency of Capital’ 17. J. Tobin (1958), ‘Liquidity Preference as Behavior Towards Risk’ 18. L. Randall Wray (1992), ‘Alternative Theories of the Rate of Interest’ 19. John Smithin (2006), ‘A Real Interest Rate Rule for Monetary Policy?’ PART V MONEY, INFLATION AND EXCHANGE RATES 20. Frederic S. Mishkin (1999), ‘International Experiences with Different Monetary Policy Regimes’ 21. R.E. Rowthorn (1977), ‘Conflict, Inflation and Money’ 22. Paul Davidson (2006), ‘The Declining Dollar, Global Economic Growth, and Macro Stability’ 23. John T. Harvey (1996), ‘Orthodox Approaches to Exchange Rate Determination: A Survey’ 24. John T. Harvey (1991), ‘A Post-Keynesian View of Exchange Rate Determination’ PART VI MONEY AND FINANCE 25. Andrea Terzi (1986-87), ‘The Independence of Finance from Saving: A Flow-of-Funds Interpretation’ 26. J.A. Kregel (1998), ‘Aspects of a Post Keynesian Theory of Finance’ 27. J. Patrick Raines and Charles G. Leathers (1996), ‘Veblenian Stock Markets and the Efficient Markets Hypothesis’ 28. Robert J. Shiller (2005), ‘Behavioral Economics and Institutional Innovation’ PART VII FINANCIAL INSTABILITY AND THE GREAT CRASH 29. Hyman P. Minsky (1994), ‘Financial Instability Hypothesis’ 30. Lance Taylor and Stephen A. O’Connell (1985), ‘A Minsky Crisis’ 31. Domenico Delli Gatti and Mauro Gallegati (1997), ‘At the Root of the Financial Instability Hypothesis: “Induced Investment and Business Cycles”’ 32. Christopher Brown (2007), ‘Financial Engineering, Consumer Credit, and the Stability of Effective Demand’ 33. Hyman P. Minsky (1993), ‘Finance and Stability: The Limits of Capitalism’ 34. L. Randall Wray (2009), ‘The Rise and Fall of Money Manager Capitalism: A Minskian Approach’ 35. Robert Wade (2009), ‘From Global Imbalances to Global Reorganisations’

Read more less

Book SynopsisThe number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth.Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution.This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.Trade Review'Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written - a must for everybody with an interest in central banking and monetary policy.' -- Torben M. Andersen, University of Aarhus, DenmarkTable of ContentsContents: Preface Introduction 1. Monetary Beliefs and the Power of Central Banks André Orléan 2. Monetary Policy in Germany Since 1948: National Tradition, International Best Practice or Ideology? Carl-Ludwig Holtfrerich 3. What Objectives for Monetary Policy? Benjamin M. Friedman 4. Financial Stability and Monetary Policy: A Framework Gerhard Illing 5. Coordinating Expectations in Monetary Policy Stephen Morris and Hyun Song Shin 6. Central Bank Transparency: Where, Why and With What Effects? Nazire Nergiz Dincer and Barry Eichengreen 7. Global imbalances: Origins, Consequences and Possible Resolutions Takatoshi Ito 8. Global Imbalances: A Contemporary ‘Rashomon’ Saga Nouriel Roubini 9. Round Table Discussion: Monetary Policy in the New International Environment Patrick Artus, Alan S. Blinder, Willem Buiter, Otmar Issing and Robert M. Solow Index

Read more less

Book SynopsisThe number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth.Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution.This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.Trade Review'Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written - a must for everybody with an interest in central banking and monetary policy.' -- Torben M. Andersen, University of Aarhus, DenmarkTable of ContentsContents: Preface Introduction 1. Monetary Beliefs and the Power of Central Banks André Orléan 2. Monetary Policy in Germany Since 1948: National Tradition, International Best Practice or Ideology? Carl-Ludwig Holtfrerich 3. What Objectives for Monetary Policy? Benjamin M. Friedman 4. Financial Stability and Monetary Policy: A Framework Gerhard Illing 5. Coordinating Expectations in Monetary Policy Stephen Morris and Hyun Song Shin 6. Central Bank Transparency: Where, Why and With What Effects? Nazire Nergiz Dincer and Barry Eichengreen 7. Global imbalances: Origins, Consequences and Possible Resolutions Takatoshi Ito 8. Global Imbalances: A Contemporary ‘Rashomon’ Saga Nouriel Roubini 9. Round Table Discussion: Monetary Policy in the New International Environment Patrick Artus, Alan S. Blinder, Willem Buiter, Otmar Issing and Robert M. Solow Index

Read more less

Book SynopsisThe many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D'Arista, among others. Now, writing in the tradition of D'Arista's extensive work, the internationally renowned contributors to this thought-provoking book discuss research carried out on various indicators of the crisis and illustrate how these perspectives can contribute to productive thinking on monetary and financial policies.Topics addressed include monetary policy, financial markets, financial history, liquidity, institutions and global finance, with an emphasis on the ways in which theory and policy can be applied toward the goal of a more equitable and civilized society. The book s contributors hail from across the globe and offer a range of both academic and policy-making perspectives.This fascinating book will appeal to students and scholars of economics, particularly those with an interest in international finance and banking, financial regulation, and political economy.Contributors: R.A. Blecker, P. Bond, J. Crotty, G.A. Dymski, G.A. Epstein, K. Ertürk, J.K. Galbraith, R.N. McCauley, P. Mehrling, D.H. Nielson, G. Özgür, T. Palley, E. Pérez Caldentey, C. Rada, E.D. Russell, T. Schlesinger, M. Seccareccia, L. Taylor, M. Vernengo, R.H. Wade, M.H. WolfsonTrade Review'Jane D'Arista is one of those towering figures who thinks way ahead of the conventional understandings. A generation ago she recognized the distorted architecture of finance and banking and described in lucid detail the reform agenda for restoring a stable and equitable system. Written in the tradition of D'Arista, the essays in this important collection point the way toward overcoming the recurrent financial disorders of our gilded age. Like Jane D'Arista's work, this timely volume demands the attention of both policy experts and the politicians who must do the reconstruction.' -- William Greider, author of Secrets of the Temple: How the Federal Reserve Runs the CountryTable of ContentsContents: PART I: APPRECIATION AND INTRODUCTION 1. Jane D’Arista: An Appreciation Tom Schlesinger 2. Introduction Gerald A. Epstein, Tom Schlesinger and Matías Vernengo PART II: FEDERAL RESERVE POLICY 3. From Milton Friedman to Jane D’Arista: The Financial Crisis and the Dilemma Facing the Central Banks James K. Galbraith 4. Federal Reserve Priorities and the Influence of Capital: The Evolution of Monetary Policy in the Postwar Period Martin H. Wolfson 5. Heterodox Central Bankers: Eccles, Prebisch and Financial Reform Matías Vernengo and Esteban Pérez Caldentey PART III: FINANCIAL HISTORY AND INSTITUTIONS 6. Nurturing US Securities Firms: A Century of Public Policy Robert N. McCauley 7. Lessons from the Glass-Steagall Act Ellen D. Russell 8. The Financial Trilemma and the Future of American Banking Gary A. Dymski 9. Boulevard to Broken Dreams: The Standards-Surveillance-Compliance System in the Run-up to the Crash of 2008 Robert H. Wade PART IV: GLOBAL FINANCE 10. Would a North American Monetary Union Protect Canada and Mexico Against the Ravages of ‘Dutch Disease’? A Post-Financial Crisis Perspective Robert A. Blecker and Mario Seccareccia 11. Rethinking the Economics of Capital Mobility and Capital Controls Thomas Palley 12. Global Economic Volatility and Slap-Dash Repairs to the International Financial Architecture Patrick Bond PART V: THEORETICAL CONSIDERATIONS 13. Liquidity, Leverage, and Financial Instability Lance Taylor 14. The Decline of Traditional Banking and Endogenous Money Korkut Ertürk and Gökçer Özgür 15. A New Measure of Liquidity Premium Perry Mehrling and Daniel H. Nielson 16. The Last Refuge of Scoundrels: Keynes-Minsky Perspectives on the Uses and Abuses of the ‘Liquidity Defense’ James Crotty and Gerald A. Epstein 17. A Note on Growth and Distribution Dynamics in an Economy with Population Ageing Codrina Rada Index

Read more less

Book SynopsisThe Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field.From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience.Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization.M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.Table of ContentsContents: 1. Islamic Banking: An Introduction and Overview M. Kabir Hassan and Mervyn K. Lewis PART I: FOUNDATIONS OF ISLAMIC FINANCING 2. Development of Islamic Economic and Social Thought Masudul Alam Choudhury 3. Islamic Critique of Conventional Financing Latifa M. Algaoud and Mervyn K. Lewis 4. Profit-and-loss Sharing Contracts in Islamic Finance Abbas Mirakhor and Iqbal Zaidi 5. Comparing Islamic and Christian Attitudes to Usury Mervyn K. Lewis PART II: OPERATIONS OF ISLAMIC BANKS 6. Incentive Compatibility of Islamic Financing Humayon A. Dar 7. Operational Efficiency and Performance of Islamic Banks Kym Brown, M. Kabir Hassan and Michael Skully 8. Marketing Islamic Financial Products Said M. Elfakhani, Imad J. Zbib and Zafar U. Ahmed 9. Governance of Islamic Banks Volker Nienhaus 10. Risk Management in Islamic Banking Habib Ahmed and Tariqullah Khan PART III: INSTRUMENTS AND MARKETS 11. Islamic Money Market Instruments Sam R. Hakim 12. Trade Financing in Islam Ridha Saadallah 13. Securitization in Islam Mohammed Obaidullah 14. Islamic Project Finance Michael J.T. McMillen 15. Islam and Speculation in the Stock Exchange Seif El-Din Tag El-Din and M. Kabir Hassan 16. Islamic Mutual Funds Said M. Elfakhani, M. Kabir Hassan and Yusuf M. Sidani PART IV: ISLAMIC SYSTEMS 17. Islamic Banks and Economic Development Monzer Kahf 18. Islamic Methods for Government Borrowing and Monetary Management M. Fahim Khan 19. Accounting Standards for Islamic Financial Services Simon Archer and Rifaat Ahmed Abdel Karim 20. Mutualization of Islamic Banks Mahmoud A. El-Gamal 21. Challenges Facing the Islamic Financial Industry M. Umer Chapra PART V: GLOBALIZATION OF ISLAMIC BANKING 22. International Islamic Financial Institutions Munawar Iqbal 23. Islamic Financial Centres Ricardo Baba 24. Islamic Banking and the Growth of Takaful Mohd Ma’sum Billah 25. Islamic Banking in the West Rodney Wilson Index

Read more less

Book SynopsisThis multi-faceted analysis of institutional investment defines `fiduciary finance' institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis, and provides an unashamedly critical review of the business disciplines which can dominate investment practices. It clarifies the economic significance of the investment industry (circa $60 trillion in assets) and the features which differentiate fiduciary finance from traditional financial institutions such as banks and insurers. Martin Gold reviews the intellectual foundations of the investment discipline and synthesizes the literature into the principal `scientific paradigms'. He explores the legal frameworks (prudential investment standards) that govern mainstream portfolio management practices which, combined with the commercial imperatives of the investment industry, can create marked differences from textbook depictions of investment management. Recent events have again called into question the worth of the now ubiquitous collective investments such as pension funds and mutual funds, and the integrity of the financial markets. Given the trillions of government funds which have been committed to financial bailouts, and the volatility experienced by investors, the author asserts that a critical analysis of fiduciary finance must question whether better outcomes can be achieved. Tellingly, most fiduciary finance institutions remain outside the perimeter of macro-prudential regulations. This challenging and multidisciplinary work promises to provide a fascinating read for academics focusing on economics and finance, money and banking, as well as for investment and financial services practitioners, policymakers and market regulators.Table of ContentsContents: Preface Part I: Institutional Investment and the Industrial Organization of Fiduciary Finance 1. An Introduction to Fiduciary Finance 2. The Investment Business 3. Investment in its Institutional Setting Part II: The Intellectual Underpinnings of Institutional Investment 4. The Science of Investment 5. The Active versus Passive Debate Part III: Fiduciary Finance and the Stability of Financial Markets 6. The Gatekeepers of Fiduciary Finance 7. The Rise of Sovereign Wealth Funds 8. Sustainable Investment Strategies and Fiduciary Activism 9. Future Financial Crises: What Role for Investment Funds? Appendix: A Mathematical Analysis of Fund Manager Performance References Index

Read more less

Book SynopsisThe volumes in this collection are organized thematically and examine the history of key financial institutions before and after the establishment of the Federal Reserve.

Read more less

Book SynopsisThe volumes in this collection are organized thematically and examine the history of key financial institutions before and after the establishment of the Federal Reserve.

Read more less

Book SynopsisThe deregulation of developed countries' financial markets, the reshaping of the traditional boundaries of commercial and investment banking activities, and the development of banking systems in emerging markets in recent times has seen an evolution of the roles performed by banks. This volume publishes original papers that examine the issues concerning challenges and opportunities for international banks in the rapidly changing global environment. It looks at financial markets and banking, examines the role of banks and lawyers in the global financial crisis, explores post-crisis financial regulation and highlights determinants of international banking. Truly international in coverage, specific articles focus on: bank fragility and the financial crisis with evidence from the U.S. dual banking system; Asia-Pacific perspectives on the financial crisis 2007-2009; bankers and scapegoats; lawyers and the meltdown; perspectives from the developing world on reforming international standards for bank capital requirements; Australian regulators and bank risk managers; the effects of underwriting practices on loan losses; and comparisons of banking efficiency in Europe.Table of ContentsList of Contributors. Introduction to international banking in the new era: Post-crisis challenges and opportunities. The subprime mortgage crises: how the market was failed and manipulated. Bank fragility and the financial crisis: Evidence from the U.S. dual banking system. Asia-Pacific perspectives on the global financial crisis 2007–2009. Bankers and scapegoats. The lawyers and the meltdown: The role of lawyers in the current financial crisis. The global financial crisis: Causes, effects and issues to consider in the reform of financial regulation. Reforming international standards for bank capital requirements: A perspective from the developing world. Financial fragility and securitisation: the discussions with Australian regulators and bank risk managers. The effects of underwriting practices on loan losses: Evidence from the FDIC survey of bank lending practices. Banks, ABS's and CDS's: Information production, risk bearing, and incentive compatibility. Distress resolution strategies in the banking sector: Implications for global financial crises. Comparison of banking efficiency in Europe: Islamic versus conventional banks. The economic determinants and behavior of foreign banks in emerging countries during a period of global economic downturn. Does distance affect the performance of foreign banks? Evidence from multinational banking in developing countries. International finance review. International finance review. Copyright page.

Read more less

Book SynopsisHas the economic and financial crisis changed the way we conduct monetary policy? Is quantitative easing consistent with the endogeneity of money? These are but two of the questions this new book explores. The various contributors offer interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank policies in the US and Europe. Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis. Monetary Policy and Central Banking is a must read for all those interested in the critical analysis of monetary policy. Students and scholars of post-Keynesian economics, banking, and financial crises will find this book of particular relevance. Contributors: A. Asensio, J. Bibow, R. Dimand, R. Guttmann, E. Kam, R. Koehn, M. Lavoie, E. Le Heron, N. Levy-Orlik, W. Mosler, S. Olawoye, L.-P. Rochon, M. Seccareccia, M. Setterfield, J. Smithin, D. Tropeano, K. von SeekammTable of ContentsContents: Introduction Louis-Philippe Rochon and Salewa ’Yinka Olawoye PART I: CENTRAL BANKING AND MONETARY POLICY 1. Between the Cup and the Lip: On Post Keynesian Interest Rate Rules and Long-term Interest Rate Management Angel Asensio 2. Stabilization Policy with an Endogenous Commercial Bank Mark Setterfield and Kurt von Seekamm 3. Capitalism in One Country? A Re-examination of Mercantilist Systems from the Financial Point of View Eric Kam and John Smithin 4. Proposals for the Banking System, the FDIC, the Fed, and the Treasury Warren Mosler 5. Financial Market Organizations, Central Banks and Credits: The Experience of Developing Economies Noemi Levy-Orlik PART II: CENTRAL BANK POLICY IN TIMES OF CRISIS 6. Financial Crisis, State of Confidence, and Economic Policies in a Post Keynesian Stock-flow Consistent Model Edwin Le Heron 7. Central Bank Responses to Financial Crises: Lenders of Last Resort in Interesting Times Robert Dimand and Robert Koehn 8. Central Banking in a Systemic Crisis: The Federal Reserve’s ‘Credit Easing’ Robert Guttmann 9. Monetary Policy in a Period of Financial Chaos: The Political Economy of the Bank of Canada in Extraordinary Times Marc Lavoie and Mario Seccareccia 10. The Euro and its Guardian of Stability: Fiction and Reality of the 10th Anniversary Blast Jörg Bibow 11. Quantitative Easing in the United States After the Crisis: Conflicting Views Domenica Tropeano Index

Read more less

Book SynopsisThis edition brings together the most important English language tracts and pamphlets and other material on the origins and development of private banking, joint stock banking, central banking and other important related questions.

Read more less

Book SynopsisThe role of banks and banking systems in facilitating and shaping the pattern of economic growth has been much explored in an attempt to understand differing levels of economic success in industrializing and mature economies. This is a collection of contributions to the understanding of this role.

Read more less

Book SynopsisMultinational Investment in Modern Europe addresses the theoretical explanations for increased multinational investment and activity comparing Europe, Japan and America. It then focuses upon the consequences of cross-investment and strategic interaction between multinationals operating within the EC, paying particular attention to the impact on the competitiveness and technological capacity of selected countries and firms. It is suggested that the restructuring of the European networks of multinationals is affecting the geographical division of labour between EC countries.In conclusion, it examines patterns of national specialization by trade within the EC and changing business-government relationships.Containing new work by an international group of leading economists, this stimulating and instructive book will be invaluable to all those interested in multinational investment and the future of the European economies after the completion of the single market.Table of ContentsContents: 1. Introduction (J. Cantwell) 2. Cross-Investments between Japan and the EC: Income Similarity, Technological Congruity and Economies of Scope (T. Ozawa) 3. Direct Investment between the United States and the European Community Post-1986 and Pre-1992 (E.M. Graham) 4. Intra-Industry Direct Investment in the European Community: Oligopolistic Rivalry and Technological Competition (J. Cantwell and F. Sanna-Randaccio) 5. The Belgian Metalworking Industries and the Large European Internal Market: the Role of Multinational Investment (D. van den Bulcke and P. de Lombaerde) 6. Cross-Investments between France and Italy and the New European Strategies of Industrial Groups (J. Savary) 7. Trade and Direct Investment within the EC: the Impact of Strategic Considerations (N. Acocella) 8. Cross-Direct Investment and Technological Capacity in Spanish Domestic Firms (J.J. Durán Herrera) 9. European Integration and the Pattern of FDI Inflow in Portugal (V.C. Simões) 10. Cross-Investment in the EC Banking Sector (P.A. Campayne) 11. Multinational Corporations and the Single European Market (G.N. Yannopoulos) 12. Multinational Investment in the EC: Some Policy Implications (J.H. Dunning)

Read more less

Book SynopsisThis important volume focuses on the origins, growth and impact over time of multinational banks. Why have banks established branches in foreign countries? What do such banks do? How have they performed? What has been the developmental impact of international banking? How has multinational banking changed over time? Why have banking activities clustered in international financial centres such as New York, Tokyo and London? The articles in this selection cover a wide range of national experiences including those of the United States, Canada, Europe, Latin America and the Middle East. The volume brings together literature from a range of disciplines, including banking, economics and business history in a comprehensive collection of the best articles published on the development of multinational banks.Trade Review'Every good library should have a copy.'Table of ContentsContents Introduction Part I. Concepts 1. Herbert G. Grubel (1977), ‘A Theory of Multinational Banking.’ 2. Jean.M. Gray and H. Peter Gray (1981), ‘The Multinational Bank: A Financial MNC?’ 3. Robert Z. Aliber (1984), ‘International Banking: a Survey.’ 4. Adrian E. Tschoegl (1987), ‘International Retail Banking as a Strategy: an Assessment.’ 5. Inglo Walter and H. Peter Gray (1983), ‘Protectionism and International Banking.’ 6. Manijeh Sabi (1987), ‘An Application of the Theory of Foreign Direct Investment to Multi-National Banking in LDCs.’ Part II. Growth of Multinational Banking 7. Charles P. Kindleberger (1983), ‘International Banks as Leaders or Followers of International Business: An Historical Perspective.’ 8. Albert Baster (1934), ‘The Origins of British Banking Expansion in the Near East.’ 9. P.L. Cottrell (1969), ‘London Financiers and Austria 1863-1875: The Anglo-Austrian Bank.’ 10. Neil C. Quigley (1989), ‘The Bank of Nova Scotia in the Caribbean.’ 11. Thomas F. Huertas (1990), ‘US Multinational Banking: History and Prospects.’ 12. Adrian E. Tschoegl (1982), ‘Foriegn Bank Entry into Japan and California.’ 13. Laurence G. Goldberg and Anthony Saunders (1980), ‘The Cause of U.S. Bank Expansion Overseas: The Case of Great Britain.’ 14. James W. Dean and Ian H. Giddy (1981), ‘Strangers and Neighbors: Cross-Border Banking in North America.’ Part III. Strategy and Performance in Multinational Banking. 15. Charles Jones (1983), ‘The Transfer of Banking Techniques from Britain to Argentina, 1862-1914.’ 16. Manfred Pohl (1988), ‘Deutsche Bank London Agency Founded 100 Years Ago.’ 17. D. T. Merrett (1990), ‘Paradise Lost? British Banks in Australia.’ 18. Geoffrey Jones (1982), ‘Lombard Street on the Riveria: The British Clearing Banks and Europe 1900-1939.’ 19. Stuart Jones (1988), ‘The Apogee of the Imperial Banks in South Africa: Standard and Barclays, 1919-1939.’ Part IV. The Impact of Multinational Banks 20. Robert Vicat Turrell with Jean-Jacques Van Helten (1986), ‘The Rothschilds, the Exploration Company and Mining Finance.’ 21. Eric Bussière (1983), ‘The Interests of the Banque de l'Union Parisienne in Czechoslovakia, Hungary and the Balkans.’ 22. Rodney Wilson (1987), ‘Financial Development of the Arab Gulf: The Eastern Bank Experience.’ 23. Geoffrey Jones (1987), ‘The Imperial Bank of Iran and Iranian Economic Development, 1890-1952.’ 24. Y. C. Jao (1983), ‘Financing Hong Kong's Early Postwar Industrialization: The Role of the Hong Kong and Shanghai Banking Corporation.’ 25. P.W.Daniels (1986), ‘Foreign Banks and Metropolitan Development: A Comparison of London and New York.’ 26. Jayshree Sengupta (1988), ‘Internationalization of Banking and the Relationship Between Foreign and Domestic Banks in the Developing Countries.’ V. International Banking Services and Location. 27. Edwin J. Perkins (1974), ‘Managing a Dollar-Sterling Exchange Account: Brown, Shipley and Co. in the 1850s.’ 28. H.W. Arndt (1988), ‘Comparative Advantage in Trade in Financial Services.’ 29. Howard Curtis Reed (1983), ‘Appraising Corporate Investment Policy: A Financial Center Theory of Foreign Direct Investments.’ 30. Sang-Rim Choi, Adrian E. Tschoegl and Chow-Ming Yu (1986), ‘Banks and the World's Major Financial Centers, 1970-1980.’

Read more less

Book SynopsisThe role and performance of central banks has always been of critical concern to economists and politicians alike. The post-War concensus that viewed central banks as engaging in discretionary economic management has been replaced by controversy over the best means of controlling monetary growth and stopping inflation. This important reference collection provides essential historical perspective to the whole issue of the most appropriate means of constituting and operating a central bank. Drawing on contributions from the 17th century to the present, it highlights the different approaches adopted by bankers, economists and politicians. The wide range of selected essays and papers draw on varying experience in a number of countries (including the US, the UK, Japan, Germany and Canada) and embraces two centuries of debate on the role of the central bank as the government's bank, as lender of last resort and as arbiter of monetary growth.Trade Review'This fascinating reference collection provides a valuable historical perspective on the question of the most appropriate means of constituting and operating a central bank.' -- Banking WorldTable of ContentsVolume I CENTRAL BANK FUNCTIONS Acknowledgements Introduction PART I: THE GOVERNMENT'S BANK 1. Michael Godfrey (1695), A Short Account of the Bank of England, pp 1-8. 2. W. Lexis (1910), ‘Concerning the Renewal of the Reichsbank Privilege.’ 3. Baron Sakatani, S. Naruse and O.M.W. Sprague (1911), ‘The Banking System of Japan.’ 4. John Maynard Keynes (1913), ‘Indian Banking’. PART II: MONETARY MANAGEMENT 5. Henry Thornton (1939), An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, (1802), edited with an introduction by F.A. v. Hayek, pp 103-16, 122-4, 227-9, 286-94. 6. R.S. Sayers (1957), ‘The Bank of England in 1953.’ 7. E.P. Neufeld (1958), ‘The Bank of Canada's Approach to Central Banking.’ PART II: LENDER OF LAST RESORT 8. Sir Francis Baring, Bart. (1797), Observations on the Establishment of the Bank of England and on the Paper Circulation of the Country. 9. Thomson Hankey (1876), ‘Banking in Connection with the Currency and the Bank of England.’ 10. Walter Bagehot (1866), ‘What a Panic is and How it Might be Migrated.’ 11. Walter Bagehot (1919), ‘The Bank's Administration of the Reserve.’ 12. David Kinley (1910), ‘Conclusions as to Treasury Relief in Crises’ and ‘Summary.’ 13. O.M.W. Sprague (1910), ‘The Treasury and the Panic.’ 14. Maurice Patron (1910), ‘The Bank of France and Crises.’ 15. Pierluigi Ciocca and Gianni Toniolo (1984), ‘Industry and Finance in Italy, 1918-1940.’ 16. Vera C. Smith (1936), ‘Discussions in America Prior to the Foundation of the Federal Reserve System.’ 17. Vera C. Smith (1936), ‘The Arguments in Favour of Central Banking Reconsidered.’ 18. Lawrence H. White (1984), ‘The Relevance of Free Banking Today.’ 19. Dr Alexander Erdély (1910), ‘The New Swiss Central Note Bank.’ 20. Fred Hirsch (1977), ‘The Bagehot Problem.’ 21. Harry G. Johnson (1968), ‘Problems of Efficiency in Monetary Management.’ 22. C.A.E. Goodhart (1987), ‘Why do Banks Need a Central Bank?’ Name Index Volume II PERFORMANCE Acknowledgements PART I: CONFLICTS OF INTEREST 1. Charles A. Conant (1896), ‘The Bank of the United States.’ 2. Walter Bagehot (1919), ‘The Principles Which Should Regulate the Amount of Banking Reserve To Be Kept By The Bank of England.’ 3. J.W. Gilbart (1907), ‘The Baring Crisis and its Lessons.’ 4. L.S. Pressnell (1968), ‘Gold Reserves, Banking Reserves, and the Baring Crisis of 1890.’ PART II: MACROECONOMIC PERFORMANCE 5. Carl-Ludwig Holtfrerich (1986), ‘The Credit Policies of the Reichsbank.’ 6. John Maynard Keynes (1925), ‘The Economic Consequences of Mr. Churchhill.’ 7. Irving Fisher (1927), ‘The Activities of the Federal Reserve System.’ 8. Milton Friedman and Anna Jacobson Schwartz (1963), ‘The Great Contraction, 1929-33.’ 9. R.S. Sayers (1949), ‘Central Banking in the Light of Recent British and American Experience.’ 10. Hyman P. Minsky (1957), ‘Central Banking and Money Market Changes.’ Name Index Volume III DISCRETION AND AUTONOMY Acknowledgements 1. William Paterson (1694), A Brief Account of the Intended Bank of England, pp 1-18. 2. R. Torrens (1837), A Letter to the Right Honourable Lord Viscount Melbourne on the Causes of the Recent Derangement in the Money Market, and on the Bank Reform. 3. Thomas Tooke (1844), ‘Review of the Currency Principle in its Application to our Banking System.’ 4. F.M. Taylor (1896), ‘Do we want an Elastic Currency?’ 5. Paul M. Warburg (1911), ‘A United Reserve Bank of the United States.’ 6. Lloyd W. Mints (1945), ‘A Brief Survey of Banking Literature Since 1913.’ 7. R.S. Sayers (1957), ‘The Theoretical Basis of Central Banking.’ 8. Irving Brecher (1957), ‘The End of the Central Bank Controversy.’ 9. Irving Fisher (1934), ‘How to Stabilize: The Equation of Exchange.’ 10. Henry C. Simons (1936), ‘Rules Versus Authorities in Monetary Policy.’ 11. Milton Friedman (1948), ‘A Monetary and Fiscal Framework for Economic Stability.’ 12. Milton Friedman (1962), ‘Should there be an Independent Monetary Authority?’ 13. Milton Friedman (1982), ‘Monetary Policy: Theory and Practice.’ 14. Jacob Viner (1962), ‘The Necessary and Desirable Range of Discretion to be Allowed to a Monetary Authority.’ Name Index

Read more less

Book SynopsisThe question of free banking - or laissez-faire in money - raises fundamental theoretical, historical and normative issues. Discussions of free banking contemplate the consequences of abolishing government central banks, and allowing unrestricted money issue by private banks.Research on free banking questions has expanded tremendously in the past two decades. These three volumes collect the most important modern articles on the theory, history and policy implications of free banking. The literature is marked by a number of sharp intellectual controversies, and the editor has included both sides of the most important debates. The editor's introduction provides a fresh perspective on the developments in monetary theory and in the real world that have stimulated the several strands of research represented here.Trade Review'The three volume of White's anthology. . . . should be regarded as a highly welcome and extremely valuable help for all those who are looking for a reliable and easily accessible source of information.' -- Manfred Neldner, Weltwirtschaftliches ArchivTable of ContentsContents: 1. The British Free Banking School 2. American Free Banking Thought 3. Later British Writers 4. Secondary Accounts of Free Banking Thought 5. The ‘Free Banking’ Era in the United States 6. Other Experiences 7. Private Clearing Houses 8. Free Banking with a Distinct Base Money 9. Competing Non-Commodity Base Monies 10. Competitive Payments Systems without Base Money 11. The Legal Restrictions Theory 12. Policy Implications

Read more less

Book SynopsisThis volume brings together some of the most important articles on the topic of financial intermediaries. Financial Intermediaries puts recent developments into an appropriate historical setting, with seminal works by Edgeworth, Arrow, Gurley, Shaw, Baumol, Tobin and Stigler combined with more recent ones by Fischer, Black, Weiss and Stiglitz.Table of Contents1. Philippon, T. and A. Reshef (2013), ‘An International Look at the Growth of Modern Finance’, Journal of Economic Perspectives, 27 (2), 73–96. 2. Greenwood, R. and D. Scharfstein (2013), ‘The Growth of Finance’, Journal of Economic Perspectives, 27 (2), 3–28. 3. Cetorelli, N., B.H. Mandel and L. Mollineaux (2012), ‘The Evolution of Banks and Financial Intermediation: Framing the Analysis’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 21–34. 4. Asmundson, I. (2011), ‘What Are Financial Services?’, Finance & Development, 48 (1), 46–7. 5. Carter, R.L. (1979), Reinsurance, Dordrecht: Kluwer Publishing. 6. Lewis, M.K. and K.T. Davis (1987), Domestic and International Banking, Oxford: Philip Allan. Reprinted Cambridge, Mass: MIT Press, 1993. 7. Lewis, M.K. (1990), ‘Banking as Insurance’, in E.P.M. Gardener (ed.), The Future of Financial Systems and Services, London: Macmillan, 225–42. 8. Gurley, J.G. and E.S. Shaw (1956), ‘Financial Intermediaries and the Saving-Investment Process’, Journal of Finance, 11, 257–76. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 9. Tobin, J. (1963), ‘Commercial Banks as Creators of “Money”’, Banking and Monetary Studies, ed. D. Carson for the Comptroller of the Currency, Homewood, Illinois: R.D. Irwin, 408–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 10. International Monetary Fund (2014), ‘Global Financial Stability Report’, https://www.imf.org/external/pubs/ft/gfsr/, accessed 13 October 2014. 11. Cochrane, J.H. (2013), ‘Finance: Function Matters, Not Size’, Journal of Economic Perspectives, 27 (2), 29–49. 12. Stutchbury, O.P. (1964), The Management of Unit Trusts, Nottingham: Thomas Skinner & Co. 13. Fama, E.F and K.R. French (2010), ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’, Journal of Finance, 65 (4), 1915–47. 14. Gennaioli, N., A. Schleifer and R. Vishny (2012), ‘Money Doctors’, NBER Working Paper 18174, Cambridge, MA: National Bureau of Economic Research. 15. French, K.R. (2008), ‘Presidential Address: The Cost of Active Investing’, Journal of Finance, 63 (4), 1537–73. 16. Baumol, W.J. (1965), ‘The Specialist: Operator of the Automatic Mechanism’, in W.J. Baumol, The Stock Market and Economic Efficiency, New York: Fordham University Press, 9–34. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 17. Demsetz, H. (1968), ‘The Cost of Transacting’, Quarterly Journal of Economics, LXXXII (1), February, 33–53. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 18. Kirilenko, A.A. and A.W. Lo (2013), ‘Moore’s Law versus Murphy’s Law: Algorithmic Trading and Its Discontents’, Journal of Economic Perspectives, 27 (2), 51–72. 19. Hendershott, T., C.M. Jones and A.J. Menkveld (2011), ‘Does Algorithmic Trading Improve Liquidity?’, Journal of Finance, 66 (1), 1–33. 20. Tabb, L. (2012), ‘Written Testimony to the United States Senate Committee on Banking, Housing and Urban Affairs by Larry Tabb, CEO, TABB Group’, 30 September, http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Testimony&Hearing_ID=f8a5cef9-291d-4dd3-ad3-10b55c86d23e&Witness_ID=f52000faa2-1cfe-48a5-b373-60bde009d3a3, accessed 20 January 2013. 21. Kirilenko, A.A., A.S. Kyle, M. Samadi and T. Tuzun (2011), ‘The Flash Crash: The Impact of High Frequency Trading on an Electronic Market’, http://papers.ssrn.comn/so13/papers.cfm?abstract_id=1686004, accessed 5 April 2013. 22. Vigna, P. and T. Lauricella (2012), ‘Sawtooth Trading Hits Coke, IBM, McDonald’s, and Apple Shares’, Wall Street Journal, 19 July, http://blogs.wsj.com/marketbeat/2012/07/19/sawtooth-trading-hits-coke-ibm-mcdonalds-and-apple-shares/, accessed 25 July 2012. 23. Khandani, A.E. and A.W. Lo (2007), ‘What Happened to the Quants in August 2007?’, Journal of Investment Management, 5 (4), 5–54. 24. Lehmann, B.N. (1990), ‘Fads, Martingales, and Market Efficiency’, Quarterly Journal of Economics, 105 (1), 1–28. 25. Lo, A. and C. MacKinlay (1990), ‘When Are Contrarian Profits Due to Stock Market Over-reaction?’, Review of Financial Studies, 3 (2), 175–205. 26. Goldman Sachs Asset Management (2007), ‘The Quant Liquidity Crunch’, Goldman Sachs Global Quantitative Equity Group, August. Proprietary document for Goldman Sachs clients; not available to the general public. 27. Rothman, M.S. (2007a), ‘Turbulent Times in Quant Land’, US Equity Quantitative Strategies, 9 August, Lehman Brothers Equity Research, http://dealbreaker.com/_old/images/pdrf/quant.pdf, accessed 19 August 2007. 28. Rothman, M.S. (2007b), ‘View from QuantLand: Where Do We Go Now?’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public. 29. Rothman, M.S. (2007c), ‘Rebalance of Large Cap Quant Portfolio’, US Equity Quantitative Strategies, Lehman Brothers Research. Proprietary document for Lehman clients only; not available to the general public. 30. Edgeworth, F.Y. (1888), ‘The Mathematical Theory of Banking’, Journal of the Royal Statistical Society, LI, 113–27. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 31. Haubrich, J.G. and R.G. King (1984), ‘Banking and Insurance’, Working Paper 1312, National Bureau of Economic Research. 32. Orr, D. and W.G. Mellon (1961), ‘Stochastic Reserve Losses and Expansion of Bank Credit’, American Economic Review, LI (4), 614–23. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 33. Friedman, M. (1969), ‘The Optimal Quantity of Money’, in M. Friedman, The Optimal Quantity of Money and Other Essays, Chicago: Aldine Publishing Co., 1–50. 34. Keister, T. and J.J. McAndrews (2009), ‘Why Are Banks Holding So Many Excess Reserves?’, Current Issues in Economics and Finance, Federal Reserve Bank of New York, 15 (8), 1–11. 35. Iley, Richard A. and M.K. Lewis (2013), Global Finance After the Crisis: The United States, China and the New World Order, Cheltenham, UK and Northampton, MA, USA: Edward Elgar. 36. Bank for International Settlements (2010), ‘The Future of the Financial Sector’, BIS 80th Annual Report, Basel, Switzerland: Bank for International Settlements, 74–88. 37. Gurley, J.G. and E.S. Shaw (1960), Money in the Theory of Finance, Washington, DC: The Brookings Institution, 1995. 38. Keynes, J.M. (1936), General Theory of Employment, Interest and Money, London: Macmillan. 39. Leland, H.E. and D.H. Pyle (1977), ‘Information Asymmetries, Financial Structure and Financial Intermediation’, Journal of Finance, 32, 371–87. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 40. Diamond, D. (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (166), 393–414. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 41. Fama, E.F. (1985), ‘What’s Different About Banks?’, Journal of Monetary Economics, 15, 23–39. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 42. Arrow, K.J. (1964), ‘The Role of Securities in the Optimal Allocation of Risk-Bearing’, Review of Economic Studies, 31, 91–6. 43. Arrow, K.J. (1974), ‘Insurance, Risk and Resource Allocation’, in K.J. Arrow, Essays in the Theory of Risk-Bearing, Amsterdam: North Holland, 134–43. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 44. Swary, I. and G.F. Udell (1985), ‘The Role of Collateral in Commercial Lending’, Working Paper No. 359, Salomon Brothers Center for the Study of Financial Institutions, New York University. 45. Dowd, K. (1992a), ‘Models of Banking Instability: A Partial Review of the Literature’, Journal of Economic Surveys, 6 (2), 107–32. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 46. Dowd, K. (1996), Competition and Finance. A Reinterpretation of Financial and Monetary Economics, London: Macmillan. 47. Modigliani, F. and M.H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’, American Economic Review, 48, 261–97. 48. Flannery, M.J. (1985), ‘A Portfolio View of Loan Selection and Pricing’, in R. Aspinwall and R. Eisenbeis (eds), Handbook for Banking Strategy, Hoboken, NJ: John Wiley, 457–72. 49. Bernanke, B. and M. Gertler (1986), ‘Banking and General Equilibrium’, Discussion Paper No. 108, Woodrow Wilson School of Public and International Affairs, Princeton University. 50. Dowd, K. (1992b), ‘Optimal Financial Contracts’, Oxford Economic Papers, 44, October, 672–93. 51. Benink, H.A. and D.T. Llewellyn (1994), ‘Deregulation and Financial Fragility: A Case Study of the UK and Scandinavia’, in D.E. Fair and R.J. Raymond (eds), The Competitiveness of Financial Institutions and Centres in Europe, on behalf of the Société Universitaire Européenne de Recherches Financières, Dordrecht: Kluwer Academic Publishers, 443–63. 52. Lewis, M.K. (1994), 'Banking on Real Estate', in D.E. Fair and R. Raymond (eds), The Competitiveness of Financial Institutions and Centres in Europe, on behalf of the Société Universitaire Européenne de Recherches Financières, Dordrecht: Kluwer Academic Press, 47–71. 53. Lewis, M.K. (2000), 'The Next Property Cycle: A Survival Kit for Banks', in B. Green (ed.), Risk Behaviour and Risk Management in Business Life, Dordrecht: Kluwer Academic Publishers, 98–110. 54. Bentick, B.L. and M.K. Lewis (2004), ‘Real Estate Speculation as a Source of Banking and Currency Instability: Some Different Lessons from the Asian Crisis’, The Economics and Labour Relations Review, 14 (2), 256–75. 55. Lewis, M.K. (2009), ‘The Origins of the Sub-prime Crisis: Inappropriate Policies, Regulations, or Both?’, Accounting Forum, 33 (2), 114–26. 56. Calomiris, C.W. and C. Kahn (1989), ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’, mimeo, Northwestern University. 57. Diamond, D. and P. Dybvig (1983), ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy, 91 (3), 401–19. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 58. Jacklin, C.H. (1987), ‘Demand Deposits, Trading Restrictions, and Risk Sharing’, in E.C. Prescott and N. Wallace (eds), Contractual Arrangements for Inter-temporal Trade, Minnesota Studies in Macroeconomics, vol. 1, Minneapolis: University of Minnesota Press, 26–47. 59. Wallace, N. (1988), ‘Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model with Sequential Service Taken Seriously’, Federal Reserve Bank of Minneapolis Quarterly Review, Fall, 3–16. 60. Diamond, D. and P. Dybvig (1986), ‘Banking Theory, Deposit Insurance, and Bank Regulation’, Journal of Business, 59 (1), 55–68. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 61. White, L.J. (1989), ‘The Reform of Federal Deposit Insurance’, Journal of Economic Perspectives, 3 (4), 11–29. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 62. Litan, R. (2011), The World in Crisis: Insights from Six Shadow Financial Regulatory Committees From Around the World, Philadelphia, PA: FIC Press. 63. Gorton, G. and A. Merrick (2012), ‘Securitized Banking and the Run on Repo’, Journal of Financial Economics, 104 (3), 425–51. 64. King, M. (2010), ‘Banking: From Bagehot to Basel, and Back Again’, New York: Buttonwood Gathering, 25 October. 65. Ashcraft, A. and T. Schuermann (2008), ‘Understanding the Securitization of Subprime Mortgage Credit’, Foundations and Trends in Finance, 2 (3), 191–309. 66. Kacperczyk, M. and P. Schnabl (2010), ‘When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007–2009’, Journal of Economic Perspectives, 24 (1), 29–50. 67. Pozsar, A., T. Adrian, A. Ashcraft and H. Boesky (2010, revised 2012), ‘Shadow Banking’, Federal Reserve Bank of New York Staff Reports, no. 458. 68. Mollenkamp, C. and S. Ng (2007), ‘How Wall Street Wizards Conjured Up Sub-prime’s Hurricane Norma’, Wall Street Journal in The Australian, 28 December, 23. 69. Financial Stability Board (2013), ‘Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities’, Consultative Document, Financial Stability Board, Basel, http://www.financialstabilityboard.org/publications/r_130929c.htm, accessed 20 January 2014. 70. Gorton, G. (2009), ‘The Subprime Panic’, European Financial Management, 15 (1), 10–46. 71. Nyberg, L., M. Persson and M.W. Johansson (2008), ‘The Financial Market Turmoil: Causes and Consequences’, Sveriges Riksbank Economic Review, 1, 38–48. 72. Goodhart, C.A.E. (2008), ‘Lessons from the Crisis for Financial Regulation: What We Need and What We Do Not Need’, Review, 78, Financial Markets Group Research Centre, 3–4. 73. Calomiris, C.W., R.A. Eisenbeis and R.E. Litan (2011), ‘US Financial Crisis in the US and Beyond’, in R. Litan (ed.), The World in Crisis: Insights from Six Shadow Financial Regulatory Committees from Around the World, Philadelphia, PA: FIC Press, 32–90. 74. Bord, V.M. and J.A.C. Santos (2012), ‘The Rise of the Originate-to-Distribute Model and the Role of Banks in Financial Intermediation’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 21–34. 75. Cetorelli, N. and S. Peristiani (2012), ‘The Role of Banks in Asset Securitization’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 47–63. 76. Mandel, B.H., D. Morgan and C. Wei (2012), ‘The Role of Bank Credit Enhancements in Securitization’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 35–46. 77. Uren, D. (2014), ‘Regulators Put Shadow Banking in the Spotlight’, The Australian, 17 November, 19. 78. Paletta, D. (2010), ‘Volcker Shoots from the Hip’, Wall Street Journal, 25–6 June, 31. 79. Poole, W. (2010), ‘Principles for Reform’, Finance and Development, 47 (2), 28–9. 80. Brennan, S., A. Haldane and V. Madouros (2010), ‘The Contribution of the Financial Sector: Miracle or Mirage?’, in The Future of Finance: The LSE Report, London School of Economics, http://www.bankofengland.co.uk/publications/speeches/2010/speech442. pdf, accessed 17 November 2010. 81. Zamil, S. Raihan (2009), ‘Too Big to Ignore’, Finance and Development, 46 (4), 41–4. 82. Friedman, M. (1960), A Program for Monetary Stability, New York: Fordham University Press. 83. Hart, A.G. (1935), ‘The Chicago Plan of Banking Reform’, Review of Economic Studies, 2, 104–16. 84. Davis, B. (2010), ‘Volcker Plan Gains Support as Rules are Rewritten’, Wall Street Journal in The Australian, 3 May, 35. 85. The Economist (2010), ‘Easy-Money Riders’, The Economist, 17 July, 70. 86. Kotlikoff, E.J. (2010), Jimmy Stewart is Dead: Ending the World’s Ongoing Financial Plague with Limited Purpose Banking, Hoboken, NJ: John Wiley & Sons. 87. Goodhart, C.A.E. (1995), The Central Bank and the Financial System, London: Macmillan. 88. Bradley, C., S. Burhouse, H. Gratton and R.A. Miller (2009), ‘Federal Reserve Board Academic Consultants Meeting on Non-traditional Financial Services, 16 April 2008, FDIC Quarterly, 3 (1), http://fdic.gov/bank/analytical/quarter/;2009_vol3_1/AltFinServicesprimer.html, accessed 30 July 2012. 89. Benston, G.J. (1965), ‘Branch Banking and Economies of Scale’, National Banking Review, 2, 507–49. 90. Benston, G.J. (1968), ‘Are Larger Banks More Efficient?’, The Banker, 118, 605, 607, 609, 611. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 91. Humphrey, D. (1987), ‘Cost Dispersion and the Measurement of Economies in Banking’, Federal Reserve Bank of Richmond Economic Review, 73 (May/June), 24–38. 92. Humphrey, D.B. (1990), ‘Why Do Estimates of Bank Scale Economies Differ?’, Federal Reserve Bank of Richmond Economic Review, 76 (5), 38–50. Reprinted in M.K. Lewis (ed.), Financial Intermediaries. The International Library of Critical Writings in Economics, 43, Aldershot, UK and Brookfield, VT, USA: Edward Elgar, 1995. 93. Avraham, D., P. Selvaggi and J. Vickery (2012), ‘A Structural View of US Bank Holding Companies’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 65–81. 94. Copeland, A. (2012), ‘Evolution and Heterogeneity among Larger Bank Holding Companies: 1994 to 2010’, Federal Reserve Bank of New York Economic Policy Review, 18 (2), 83–93. 95. Ross, S. (1973), ‘The Economic Theory of Agency: The Principal’s Problem’, American Economic Review, 63 (2), 134–9. 96. Mirrlees, J. (1974), ‘Notes on Welfare Economies, Information, and Uncertainty’, in M.S. Balch, D.L. McFadden and S.Y. Wu (eds), Contributions to Economic Analysis, Amsterdam: North-Holland, 243–58. 97. Mirrlees, J. (1976), ‘The Optimal Structure of Incentives and Authority within an Organisation’, Bell Journal of Economics, 7 (1), 105–31. 98. Stiglitz, J.E. (1974), ‘Risk Sharing and Incentives in Sharecropping’, Review of Economic Studies, 61, 219–55. 99. Stiglitz, J.E. (1975), ‘Incentives, Risk and Information: Notes towards a Theory of Hierarchy’, Bell Journal of Economics, 6 (2), 552–79. 100. Campbell, D.E. (1995), Incentives, Motivation and the Economics of Information, Cambridge: Cambridge University Press. 101. Markowitz, H.M. (1959), Portfolio Selection: Efficient Diversification of Investments, Hoboken, NJ: John Wiley. 102. Harrod, R.F. (1969), Money, London: Macmillan, St Martin’s Press. 103. McCulley, P.A. (2007), ‘Teton Reflections’, Global Central Bank Focus Series, PIMCO, August/September, https://www.pimco.com/insights/economic-and-market-commentary/global-central-bank-focus/teton-reflections, accessed 20 January 2014.

Read more less

Book SynopsisThis important new volume addresses the many aspects of banking in European market economies in the twentieth century, making innovative and authoritative research available to historians, economists, financiers and business analysts. The distinguished group of authors examines the historic role of banks in utilizing domestic and foreign financial resources. Their contributions show that from the 1880s onwards banks became an integral part of the capital market in continental Europe. In the course of this development the banks played a crucial part in financing industry in North and Central Europe. This symbiotic relationship between banks and industry is analysed and is shown to have had a decisive impact on the inflation and crisis-prone interwar period. The comparative and quantitative methods applied in these papers reveal differences between the countries of North and Central Europe, especially with regard to the degree of state intervention in individual economies. Other topics discussed include the networks of interlocking directorships, the effectiveness of banking legislation and the impact of the national question on banking in central and Southeast Europe.Universal Banking in the Twentieth Century illustrates both striking similarities and marked differences in the role of universal banking across Europe in terms of the level of industrialization and the pace of economic growth.Trade Review'. . . the overall standard of historical research and exposition is high and the volume represents a significant addition to our knowledge of how universal banks operate the main countries of Europe.' -- Michael Collins, Business History'It covers ground of great interest to students of European economic history, particularly concerning the role of financial institutions in relatively late cases of industrialization.' -- John Hassan, The Manchester SchoolTable of ContentsPart 1 Continuity and discontinuity in historical perspective: continuity and change in Swedish banking, Ragnhild Lundstrom; the Norwegian banking system before and after the interwar crises, Even Lange; origins of the banking system in interwar Czechoslovakia, Jan Hajek; banking and nationality in Hungary, 1867-1914, Zoltan Szasz; universal banking in the Slovene region, 1900-1945, Franjo Stiblar. Part 2 Central banks, the state and universal banks: production versus currency - the Danish Central Bank in the 1920s, Per H. Hansen; Norwegian banks and the legacy of the interwar years, Sverre Knutsen; the establishment of the Anglo-Czechoslovak Bank - conflicting interests, Charlotte Natmessnig; the failure of crisis management - banking laws in interwar Austria, Gertrude Enderle-Burcel. Part 3 Universal banks and industry: banking system changes in the new Independent Czechoslovak Republic, Vlastislav Lacina; bank-industry relations in interwar Slovakia, Jozef Faltus; "mushrooms and dinosaurs" - Sieghart and the Boden-Credit-Anstalt in the 1920s, P.L. Cottrell; "for better, for worse ..." - the Credit-Anstalt and its customers in 1931, Dieter Stiefel; the Wiener Bank-Verein and its customers in the 1920s and 1930s, Desiree D. Verdonk; financing industrial companies in interwar Austria - working capital and liquidity, Alois Mosser; the industrial clientele of the Hungarian General Credit Bank, 1920-26, Agnes Pogany. Part 4 Bankers and bank-industry networks: networks of bankers and industrialists in interwar Greece, Margarita Dritsas; interlocking dictatorships between banks and industry in interwar Sweden, Jan Ottosson; interlocking directorships between commercial banks and industry in interwar Vienna, Peter Eigner.

Read more less

Book SynopsisCentral bank independence is a key issue for political and monetary authorities in many countries. In Institutions and Monetary Policy, Eric Schaling looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.After introducing and surveying the rules versus discretion debate in monetary policy, Eric Schaling then investigates the relationship between domestic monetary institutions and macroeconomic performance. The author compares central bank independence in twelve industrial countries - Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Sweden and Switzerland - and prepares an index of his results. The relationship between central bank independence, inflation and output growth is extensively discussed and a series of propositions tested for the same set of countries over the period from 1972 to 1991. Normative issues are investigated in the later part of the book including the optimal degree of central bank independence in relation to, first, the inflation rate and, second, wage formation in a totally unionized economy.Institutions and Monetary Policy will be welcomed by scholars and policymakers concerned with the increasingly important role of institutions in monetary policy and the relation between degrees of central bank independence and political and economic outcomes.Trade Review'. . . a rigorous and scholarly analysis of the nature of central bank independence (CBI). Luckily for the non-mathematical reader, there are clear explanations, laying out the argument that is developed in fully worked mathematical models: but much is strictly for the technically competent.' -- Central BankingTable of ContentsContents: Acknowledgements Part I: Introduction Part II: A History of the Rules versus Discretion Debate A: Institutions and Macroeconomic Performance Part III: Central Bank Independence in Twelve Industrial Countries Part IV: Central Bank Independence: Theory and Evidence Part V: Central Bank Independence, Monetary Accommodation and Inflation Persistence B: Optimal Commitment in Monetary Policy Part X: Inflation, Growth and the Optimal Degree of Central Bank Independence Part XI: Wage Formation, Monetary Targeting and the Optimal Degree of Central Bank Independence Part XII: Summary and Concluding Remarks References Summary in Dutch

Read more less

Book SynopsisBanking, Politics and Global Finance presents an innovative, micro-political examination of the US banking system's response to the ongoing globalization of financial markets. This approach contrasts sharply with earlier studies which have emphasized the macro-structural aspects of politics through concentrating on elements of stability and consistency in the policy responses by advanced industrial countries to external economic pressures. By micro-political analysis of policy making, this book reveals a multitude of changes in the interests, coalitions and power constellations among private and public sector actors and institutions in the US financial system, in the absence of any macrostructural adjustment. These changes have opened alternative channels for policy making leading to substantial adjustments in the regulatory framework governing US financial markets. Using detailed discussion of the unsuccessful attempts to repeal the law that separates commercial from investment banking - the Glass-Steagall Act - and the successful raising of the capital standards of US commercial banks, Dr Reinicke's book also explains why the same policy network can respond very differently to an external economic challenge - a phenomenon usually neglected in the literature on comparative political economy.Trade Review'Accessible to all audiences; most useful to upper-division undergraduates and graduate students. -- R. Grossman, ChoiceTable of ContentsContents: 1. Introduction 2. The Politics of Domestic Response to External Economic Pressure 3. The U.S. Banking System: Structure and Regulation 4. The Global Integration of Financial Markets 5. Glass-Steagall and the Politics of Gridlock 6. Glass-Steagall and the Politics of Change 7. The Domestic Politics of Capital Adequacy Regulation 8. Capital Adequacy and the Politics of Change 9. Conclusions: Defending the National Interest: U.S. Comparative Responses to External Economic Shocks

Read more less

Book SynopsisCentral bank intervention in foreign currency markets is widely regarded as ineffective by economists, policy makers and financiers, yet many central banks continue to enter the market in periods of turbulence. In Foreign Exchange Intervention, Geert Almekinders explains why central banks continue to carry out foreign exchange interventions despite their poor track record.Using confidential daily intervention data from the Bundesbank and the Federal Reserve for the period 1985 to 1990, the author shows how both banks were unable, despite repeated attempts, to reverse unwanted currency movements successfully. Dr Almekinders develops a positive theory of intervention - drawing on game theory - to show how central banks which lack political independence are sometimes forced to engage in surprise interventions which are rendered ineffective by rational speculators who anticipate their moves. The author also makes extensive use of modern statistical models of exchange rates to examine the decision making process of central banks. The book includes comprehensive surveys of existing theoretical and empirical investigations of foreign exchange intervention.Foreign Exchange Intervention will be welcomed by academic researchers and students, as well as economists and analysts in the financial sector, for its comprehensive surveys of previous scholarship, the use of hitherto unavailable data from the Bundesbank and the Federal Reserve, and the policy conclusions which derive from the book’s theoretical and empirical insights.Trade Review’The subject matter of this book is timely and the information contained in this book is indispensable for academicians, practitioners, and policymakers. It is welcomed addition to the literature on foreign exchange interventions.’ -- Kashi Nath Tiwari, Southern Economic JournalTable of ContentsContents: 1. Introduction 2. Theories on the Scope for Foreign Exchange Intervention 3. Empirical Investigations into the Objectives and Effectiveness of Intervention: A Survey 4. Objectives of Daily Bundesbank and Federal Reserve Intervention in the DM/$ Market – Part I 5. Objectives of Daily Bundesbank and Federal Reserve Intervention in the DM/$ – Market – Part II 6. Effectiveness of Daily Bundesbank and Federal Reserve Intervention in the DM/$ Market 7. A Positive Theory of Central Bank Intervention 8. Summary and Concluding Remarks References Index

Read more less

Book SynopsisThis volume contains a collection of the most important articles on independent central banks and economic performance. The collection is comprehensive and divided into four parts: theoretical foundation of central banks independence, central bank independence, empirical evidence on central bank independence and determinants of central bank independence. The editor has prepared a new introduction discussing the main developments in this field. The volume will be a basic reference source for professors, lecturers, researchers, central bankers and other policymakers interested in studying the fundamental articles on central bank autonomy.Table of ContentsContents: Part I: Theoretical Foundations of Central Bank Independence Part II: Measures of Central Bank Independence Part III: Empirical Evidence on Central Bank Independence Part IV: Determinants of Central Bank Independence Index

Read more less

Book SynopsisThis volume presents a collection of the most important published articles in the field, including influential papers by key economists on terms of primary products, commodity price instability, stabilization programmes, trade shocks, futures markets and sectoral studies.The Economics of Commodity Markets will be an essential reference guide for students and researchers specializing in international trade and development.Table of ContentsContents: Acknowledgements • Introduction Part I: Terms of Trade of Primary Products 1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems 2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’ 3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’ 4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’ 5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’ 6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’ 7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’ Part II: Commodity Price Instability 8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’ 9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’ 10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’ 11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’ 12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’ Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’ 14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’ 15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’ 16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’ 17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’ 18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’ Part IV: Trade Shocks 19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’ 20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’ 21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’ 22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’ Part V: Futures Markets 23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’ 24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’ 25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’ Part VI: Sectoral Studies 26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’ 27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’ 28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’ 29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’ 30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’ 31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’ Name Index

Read more less

Book SynopsisManaging Public Debt combines a theoretical and empirical analysis of the advantages of issuing index-linked bonds and potential problems that may arise and how sovereign issuers should deal with them. International in its approach, this book will be especially welcomed in those countries where index-linked programmes are in operation or being discussed. It considers the experiences of the UK, Sweden and Italy, providing new insights which will be of special interest to economists and officials in the US Treasury who will shortly begin issuing index-linked bonds. Other issues discussed include the impact of index-linked bonds on the cost of public debt of sovereign issuers and the advantages of such bonds compared to conventional bonds; the market perspective on index-linked bonds in view of the European Monetary Union and alternative uses and strategic aspects of index-linked bonds.This important book will be invaluable to policymakers, government institutions, academics and postgraduate students as well as market practitioners.Trade Review'. . . many sovereign debt managers will find Managing Public Debt very useful.' -- Finance and Development'The book is international in its approach which should be particularly welcomed in those countries where index-linked programmes are in operation or being discussed.'– International Review of Administrative SciencesTable of ContentsContents: Introduction 1. Index-linked Government Securities: The UK Experience and Perspective (J. Townend) 2. Index-linked Bonds: The Swedish Experience (M. Persson) 3. Inflation-protected Retirement Plans (Z. Bodie) 4. Tax Smoothing with Price-index-linked Bonds: A Case Study of Italy and the United Kingdom (A. Missale) 5. Reducing the Cost of Government Debt: The Role of Index-linked bonds (S. Foresi, A. Penati, G. Pennacchi) 6. Index-linked bonds from an Academic, Market and Policy-making Standpoint (E. Barone, R.S. Masera) 7. Real Interest Rates and Inflation: An Ex-ante empirical Analysis (S. Kandel, A.R. Ofer, O. Sarig) 8. Who’s Afraid of Index-linked Bonds? (L. Pecchi, G. Piga) 9. Differences and Anologies Between Index-linked and Foreign-currency Bonds: A Theoretical and Empirical Analysis (F. Drudi, A. Prati) Index

Read more less

Book SynopsisBanking in Transition Economies is a modern analysis of banking in the transition economies of Central and Eastern Europe and includes a detailed examination of banking in the first five years of transition as well as policy recommendations for banking reform in the region.This authoritative book presents an extensive investigation of changes in the structure of the banking industry and the progress of privatization, particularly in Hungary, Poland and the Czech Republic. Privatization and the restructuring of 'problem banks' are analysed as well as the strategy for re-capitalization and bank failure, and the role of foreign banks in bringing reform to the region. The book offers policy prescriptions for the transition from a passive banking structure to an active financial sector supporting the development of the industrial sector, and for the role of the state after privatization.This book will be of great importance to bankers in Central and Eastern Europe and economists interested in the process of transition, as well as financial and monetary economists.Trade Review'. . . the book by Bonin, Mizsei, Szekely and Wachtel gives a very detailed and informed account of four policy areas highly relevant to banking in transition economies . . . The rather selective nature of the book makes it a valuable source of information and input for the work of both policymakers in the region and academic researchers.'Table of ContentsContents: 1. Towards Market-Oriented Banking for the Economies in Transition: A Summary of Policy Recommendations 2. Bank Privatization in Hungary, Poland and the Czech Republic 3. The Role of Foreign Banks in Economies in Transition 4. Regulation of Bank Failures 5. Retail Banking in Central and Eastern Europe Index

Read more less

Book SynopsisDoes Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation. Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman's monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment.This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.Trade Review'To regulate or not to regulate has been one of the most vexing issues of the century. . . . Does Financial Deregulation Work? is a welcome addition to this complex debate. . . . Coggins does a convincing and painstaking job of presenting the case for strict regulation of the financial system.'Table of ContentsContents: 1. An Introduction to the Deregulation Controversy 2. The Deregulationist Program 3. The Deregulationist Assumptions 4. Six Alternative Assumptions for Firms 5. Six Alternative Assumptions for Financial Markets 6. Performance of the Deregulationist Program under the Alternative Assumptions 7. Two Case Studies 8. A New Approach to Regulation Suggested by the Alternative Assumptions Index

Read more less

Book SynopsisMoney and Banking provides an original and comprehensive interpretation of the debate on banking and the nature of money in Keynes's time from a post Keynesian point of view. The book traces the pre-history of monetary circuit theory and its challenge to mainstream analysis in the first four decades of the century, contrasting the neoclassical approach with the monetary theory of production. The author comprehensively examines and reconstructs the contributions of both well-known and more neglected authors to the debate on the nature of money and the function of the banks, from the viewpoint of a circuit theorist. He concludes with a comprehensive account of heterodox analyses of the creation of money by banks, beginning with Wicksell and ending with British and American proponents of 'free banking'.Trade Review'Realfonzo's book is wide-ranging and well documented. It usefully traces back the historical origins of the monetary circuit and analyses a number of themes that are still central to the contemporary theoretical debate.'Table of ContentsContents: 1. The Neoclassical Model and the Monetary Theory of Production 2. The Nature of Money 3. Banks as Pure Intermediaries 4. Banks and the Deposit Multiplier 5. The ‘Flexible’ Multiplier and Potential Bank Credit 6. Creation of Money by the Banks 7. Concluding Remarks

Read more less

Book SynopsisThe prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. To Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. The book explores the intricacies of Islamic law and the religious and ethical principles underpinning Islamic banking. It then considers the analytical basis of Islamic banking and financing in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome. Following case studies of the operations of Islamic banks in Bahrain, Bangladesh, Egypt, Jordan, Malaysia and Australia, along with Iran, Pakistan and Sudan, the volume concludes that many of the criticisms of their activities seem misplaced. It argues that the factors governing success are the distinctive system of corporate governance and continued product innovation. The book ends by considering four such innovations - Islamic investment banking and project finance, Islamic insurance, Islamic securities and the formation of a pan-Islamic international financial centre.This pathbreaking volume - the first to consider Islamic banking and finance from a global perspective - will be of great interest to scholars of money and banking, international finance and Middle Eastern studies.Trade Review'Islamic Banking is an outstanding example of collaboration among Muslim and non-Muslim scholars interested in integrating 'Western-based literature with that developed in the Islamic tradition.' . . . The book is a noteworthy addition to the literature on Islamic banking and finance, for its inclusion of modern intermediation and corporate governance analysis in Islamic banking sets it apart from other available books.' -- Muhammad Anwar, The American Journal of Islamic Social Studies'. . . the authors are outstanding in contextualizing the evolution of and demand for Islamic banking on its path through our common history. Careful explanation and detailed development help Western audiences understand the Arabic Islamic cultural perspective.' -- Wendy Carlton, Monthly Labor Review'Lewis and Algaoud present a comprehensive survey of Islamic banking . . . Recommended for anyone interested in the theory and practice of Islamic banking.' -- H. Zangeneh, Choice'This is an excellent book for any student seeking a comprehensive and well written introduction to Islamic banking. It covers both the theory and the practice of Islamic banking in just the right amount of detail to make it easy to read and interesting. Difficult concepts are clearly explained without the text being overpowered by mathematics as in so many other books these days. For anyone seeking a wide knowledge of Islamic banking, this book provides a "one-stop shop". Every aspect of Islamic banking is explained in a straightforward and readily digestible fashion, from financial instruments, to financial systems, to the theory of financial intermediation and corporate governance. With case studies taken from fully Islamic to mixed systems the development of Islamic banking is thoroughly explored, with history and analysis complementing the more theoretical issues like the prohibition of interest. This book will certainly remain on my desk as an instant source of information on Islamic banking; I can commend it to all teachers, students and practising bankers interested in Islamic banking as indispensable.' -- John R. Presley, Loughborough University, UK'People are too inclined to regard their current institutions as the inevitable outcome of a natural evolutionary process. In respect of banking, it is salutary to note that Islamic banking works on a quite different, non-interest-bearing, basis from Western banking; and that several major religions, including Christianity, were in earlier times ethically opposed to interest/usury, but only Islam now keeps that faith. Professor Mervyn Lewis is a highly respected authority on (Western) banking and finance, and Latifa Algaoud is a senior official in Bahrain with a deep knowledge of Islamic banking institutions. Between them they present a highly readable assessment of Islamic banking from both (East/West) viewpoints, with a clear account of its history and principles, and its current position and state.' -- Charles Goodhart, London School of Economics, UK'Islamic banking has become a significant part of global banking. This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking. By linking theory and practice, and setting Islamic banking in a wider analytical framework, the book will be invaluable to anyone with a theoretical, practical or regulatory interest in Islamic banking.' -- David T. Llewellyn, Loughborough University, UKTable of ContentsContents: Foreword 1. An Introduction to Islamic Banking 2. Islamic Law 3. The Basis of Islamic Banking 4. Islamic Banking and Financial Intermediation 5. Islamic Financial Systems 6. Islamic Banking in Mixed Systems 7. Corporate Governance in Islamic Banking 8. Islamic and Christian Attitudes to Usury 9. Directions in Islamic Finance 10. Conclusions References Index

Read more less

Book SynopsisMax Hall offers a thoroughly revised and updated edition of his classic handbook on the evolution and structure of UK banking supervision. He examines the major developments at the national and international level which have transformed the conduct of banking supervision in this country. New issues explored in depth include: the collapse of BCCI the collapse of Barings and its impact on domestic policy the Arthur Andersen review the creation of the Financial Services Authority reforms of the famous Basle Concordat and capital accord implementation of the European Commission's Single Market programme for financial services This book will prove indispensable to those concerned with the evolution and conduct of domestic supervisory policy in the area of banking.Trade Review'This new edition of the Handbook of Banking Regulation and Supervision in the United Kingdom is a timely and welcome addition to the literature. Its review of the major events in the history of supervision provide a context for our current system and its clear explanation of how banking supervisors currently go about their work is valuable to anybody with an interest in financial supervision.' -- From the foreword by Howard Davies, The Financial Services Authority, UKTable of ContentsContents: Preface Part I: The Evolution of Supervisory Practice 1. Regulation and Supervision in the Early Post-war Years (1945–73) 2. The UK ‘Secondary Banking Crisis’ (1973–75) 3. The Basle Concordat 4. Supervision under the Banking Act 1979 5. The Johnson Matthey Bankers Affair and its Aftermath 6. Reforms Instituted under the Banking Act 1987 7. International Harmonization of Banking Supervision 8. Implications of the Financial Services Act 1986 9. Requirements Arising from Membership of the European Community 10. The British and Commonwealth Bank Affair 11. The Bank of Credit and Commerce International Affair 12. The Barings Affair Part II: The Structure of UK Banking Supervision 13. An Overview of the Bank’s Supervisory Approach 14. The Role of Auditors and Reporting Accountants in the Supervisory Process 15. Relationships Between the Bank and other Supervisory Bodies 16. Authorization Procedures under the Banking Act 1987 17. The Assessment of Capital Adequacy 18. The Assessment of Liquidity Adequacy 19. The Treatment of Foreign Currency Operations 20. The Treatment of Large Exposures 21. The Assessment of the Adequacy of Provisions 22. The Assessment of Country Risk 23. Ownership Rules 24. Deposit Protection Arrangements 25. The Supervision of Banking Groups/Financial Conglomerates 26. Miscellaneous Index

Read more less

Book SynopsisBanking, foreign exchange, bonds, equities and insurance services are now provided through an increasingly global marketplace. In financial services, as in other activities, globalization can be seen as a process opening up national economies and markets, widening the extent and form of cross-border transactions, deepening the international character of productive activity. As such, globalization is propelled by liberalization of trade and deregulation of capital markets, underpinned by technological change which is lowering communication and transport costs and enhancing the international tradeability of services.This volume brings together a range of articles examining the nature of globalization in financial services and the implications of the internationalization process for financial and regulatory policies. Contributions range from early analyses by Milton Friedman of the Eurodollar market, Harry Johnson of regional financial centres and Herbert Grubel of multinational banking to more recent studies examining the stock market crash of 1987, the globalization of payment systems and the financial collapse of BCCI and Barings.The 38 articles are divided into six sections covering trade in financial services, multinational banking, Eurocurrency banking, offshore services, exchange and securities and regulatory issues.Table of ContentsContents: Acknowledgments Part I: Trade in Financial Services 1. H.W. Arndt (1984), ‘Measuring Trade in Financial Services’ 2. H.W. Arndt (1988), ‘Comparative Advantage in Trade in Financial Services’ 3. Fariborz Moshirian (1994), ‘Trade in Financial Services’ 4. Ingo Walter and H. Peter Gray (1983), ‘Protectionism and International Banking: Sectorial Efficiency, Competitive Structure and National Policy’ 5. Sydney J. Key (1990), ‘Is National Treatment Still Viable? US Policy in Theory and Practice’ 6. Robert Carter (1990), ‘Obstacles to International Trade in Insurance’ Part II: Multinational Banking 7. Herbert G. Grubel (1977), ‘A Theory of Multinational Banking’ 8. Jean M. Gray and H. Peter Gray (1981), ‘The Multinational Bank: A Financial MNC?’ 9. Charles P. Kindleberger (1983), ‘International Banks as Leaders or Followers of International Business: An Historical Perspective’ 10. Robert Z. Aliber (1984), ‘International Banking: A Survey’ 11. Barry Williams (1997), ‘Positive Theories of Multinational Banking: Eclectic Theory versus Internalisation Theory’ Part III: Eurocurrency Banking 12. Henry C. Wallich (1979), ‘The Eurocurrency Market’ 13. Milton Friedman (1969), ‘The Euro-Dollar Market: Some First Principles 14. Jürg Niehans and John Hewson (1976), ‘The Eurodollar Market and Monetary Theory’ 15. M.K. Lewis and K.T. Davis (1987), ‘Multipliers and the Portfolio Approach: A Geometric Exposition’ 16. R.B. Johnston (1979), ‘Some Aspects of the Determination of Euro-currency Interest Rates’ 17. Laurie S. Goodman (1980), ‘The Pricing of Syndicated Eurocurrency Credits’ 18. M.K. Lewis (1986), ‘The Future of Banking’ 19. T.J. Allen (1990), ‘Developments in the International Syndicated Loan Market in the 1980s’ Part IV: Offshore Services 20. Henry C. Wallich (1979), ‘Offshore Financial Centers’ 21. Milka Casanegra de Jantscher (1976), ‘Tax Havens Explained’ 22. Ian McCarthy (1979), ‘Offshore Banking Centers: Benefits and Costs’ 23. K. Alec Chrystal (1984), ‘International Banking Facilities’ 24. Harry G. Johnson (1976), ‘Panama as a Regional Financial Center: A Preliminary Analysis of Development Contribution’ 25. Zoran Hodjera (1978), ‘The Asian Currency Market: Singapore as a Regional Financial Center’ 26. Herbert G. Grubel (1982), ‘Towards a Theory of Free Economic Zones’ 27. Mark P. Hampton (1996), ‘Exploring the Offshore Interface: The Relationship Between Tax Havens, Tax Evasion, Corruption and Economic Development’ Part V: Exchange and Securities 28. Gavin Bingham (1991), ‘Foreign Exchange Market: Structure, Intervention and Liquidity’ 29. Alan Kirman (1995), ‘The Behaviour of the Foreign Exchange Market’ 30. Richard Roll (1988), ‘The International Crash of October 1987’ 31. Brian Scott-Quinn (1990), ‘US Investment Banks as Multinationals’ 32. Charles Lucas (1994), ‘Financial Innovation’ 33. Charles S. Sanford, Jr. (1994), ‘Financial Markets in 2020’ Part VI: Regulatory Issues 34. Yoshiharu Oritani (1991), ‘Globalization of Payment Network and Risks’ 35. Richard Dale (1991), ‘Regulating Banks’ Securities Activities: A Global Assessment’ 36. Richard Dale (1994), ‘International Banking Regulation’ 37. Brian Quinn (1995), ‘Derivatives and Risk Management: Insight from the Barings Experience’ 38. Mervyn K. Lewis (1997), ‘Counteracting Fraud: The Case of BCCI Revisited’ Index

Read more less

Book SynopsisRobert W. Clower has had a profound effect on the theory and practice of economics. The distinguished group of contributors to this book celebrates his seminal contribution to economic methodology and theory by providing key accounts of important themes in the area of money, markets and method.The volume begins with a number of papers dealing with Robert Clower's work and his views on methodology. The contributors then discuss Keynes's General Theory and its relationship to conventional Keynesian macroeconomic theory as well as the origins of the General Theory itself, a subject that has been central to Clower's writings. The analysis is then expanded to concentrate on how institutions matter in thin markets. Finally, the authors analyse ways in which adaptive behaviour influences the stability of markets in the context of trading relationships, repeated games and retail stores.Trade Review'What [this book] has, to a greater degree than most conference volumes or Festschrifts, are pieces that provoke thought, stimulate further research, make one wish to read more works by these authors, and reminds one how much insight, stimulus, and pleasure is to be gained by re-reading Robert Clower's essays.' -- Robert W. Dimand, History of Economic Ideas'The volume is well edited and clearly organized, and includes an informative list of contributors, noting their affiliations and a brief description of their work. . . . This volume succeeds as a fine and fitting tribute to the birthday honoree. Its essays present a significant development of this family of arguments.' -- Ross M. Starr, Journal of Economic LiteratureTable of ContentsContents: Introduction Part I: Monetary Theory and Methodology 1. Clower’s Intellectual Voyage: The ‘Ariadne’s Thread’ of Continuity Through Changes 2. Microfoundations: Adaptive or Optimizing? 3. Clower on Axiomatics 4. New Tools for Making Economics as Inductive Science Part II: Keynes’s General Theory 5. From Keynes to Hicks – An Aberration? IS–LM and the Analytical Nucleus of the General Theory 6. Variations on a Two-Interest-Rate Theme 7. Thick Markets and Thin Theories: R.W. Clower and the Economics of J.M. Keynes Part III: Market Behaviour 8. Price Formation and Exchange in Thin Markets: A Laboratory Comparison of Institutions 9. Conformism and Multiple Sycophantic Equilibria 10. Asymmetric Contests: A Resolution of the Tullock Paradox Part IV: Market Stability 11. The Institutional Foundations of the Multiplier Process 12. Learning and the Stock-Flow Model 13. Price Setting in a Schematic Model of Inductive Learning Index

Read more less

Book SynopsisThis book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided.This book will appeal to researchers, academics and policymakers in the fields of monetary policy, financial economics, money and banking and political economy.Trade Review'Lippi's book offers a number of very interesting extensions of the literature on central bank independence and credibility of monetary policy. The author combines a good knowledge of this topic with interesting new insights. No doubt, this book will be very useful for scholars in this rapidly developing research area.' -- Jakob de Haan, University of Groningen, The NetherlandsTable of ContentsContents: Preface 1. Central Bank Independence, Targets and Credibility: Motivation and Overview Part I: Extensions of the Credibility Model 2. Credibility and Imperfect Monetary Control 3. Rules versus Discretion with Two Policy Instruments 4. Distributional Motives and the Inflationary Bias 5. Policy Delegation and Elections Part II: Central Bank Independence and Targets 6. On Central Bank Independence and the Stability of Policy Targets 7. Central Bank Independence and Conservatism Part III: Some Evidence 8. Policy Targets, Economic Performance and Central Bank Independence References Index With W. Letterie and O.H. Swank

Read more less

Book SynopsisThis four-volume reference work presents more than 100 articles on the significant developments and issues of the 400-year history of the City of London. The coverage includes the City's early history and growth, its heyday, its decline, and its subsequent recovery to its current position - London being unique in having recovered its status as one of the world's major financial centres. Among the activities explored in detail are banking, foreign exchange, insurance and commodity broking, and the final volume discusses recent changes and developments, including deregulation and the City's increasing emphasis on financial services. Each volume contains a critical introduction.

Read more less

Book Synopsis

Read more less