Banking Books

Book SynopsisIn March 2005, Morgan Stanley, one of the most prestigious and, the most successful investment bank on Wall Street exploded when a group of eight retired executives ignited a revolt. This 'Group of Eight' - an Ivy League cohort that included a former chairman and president - called for the removal of CEO Philip Purcell.

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Book SynopsisSHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEARThe term “Libor” is obscure, but it determines a good deal of our financial lives-the interest rate on our credit card; our student loans; our mortgages; our car payments. How did a math genius, a handful of outrageous confederates, and a deeply corrupt banking system conspire to pickpocket you? They were in your wallet to already. In 2006, an oddball group of bankers, traders and brokers from some of the world’s largest financial institutions made a startling realization: Libor—the London interbank offered rate, which determines interest rates on trillions in loans worldwide—was set daily by a small group of easily manipulated functionaries. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a shadowy team that used hook and crook to take over the process and set rates that made them a fortune, no ma

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Book SynopsisTrade Review“This book convincingly shows—through fascinating investigative reporting of 200 years of history—how connections between government and Citi grew closer over time and became the ultimate cause of bailouts, detested by so many Americans, and even of the market conditions that led to the financial crisis.” — John Taylor, Mary and Robert Raymond Professor of Economics, Stanford University “At the next banking crisis, Citi likely will be there, once again. Borrowed Time explains why.” — Bartly Dzivi, Special Counsel, Financial Crisis Inquiry Commission “If you think the 200-year history of an American bank sounds dry, think again. Borrowed Time is a highly entertaining and informative run through a long list of the crises faced by Citibank.” — The Financial Times

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Book SynopsisTrade Review“Can’t recommend this joint enough. It is extremely hard to translate what is happening in our society right now. … Aaron Glantz does a great job moving through the jungle of jargon. But most importantly he implicitly raises a question that has been quietly dogging me for years: What does it mean to tell your children that their success is ultimately a matter of discipline, education, hard work, and citizenship, and then see that those factors have almost no power to explain the (financial) success of the Titans of America. ... An illuminating and discomfiting read.” — Ta-Nehisi Coates (via Instagram) "Essential reading." — New York Review of Books “Glantz skillfully tells a bigger story about American housing that’s tortuous, confounding and ultimately enraging.” — New York Times “With prose that is as plainspoken as it is propulsive, Glantz explains how homeownership propelled the American Dream until 1986 only to fall, one financial scheme at a time, at the hands of billionaire money-grabbers and the failing regulators and gutless politicians who enable them.” — Beth Macy, author of Dopesick: Dealers, Doctors, and the Drug Company that Addicted America “In case there was ever any doubt that the world of high finance affects American households, Aaron Glantz lays it to rest in this gripping narrative of how the foreclosure machine became a grand mechanism to convert America’s historic wealth building asset—its homes—into a commodity for financiers.” — Sarah Bloom Raskin, former deputy secretary of the US Treasury and former governor of the Federal Reserve Board “An eye-opening account of how a cast of characters from Wall Street to Hollywood enriched themselves at the expense of American families. Glantz weaves together personal stories, historical context, and sharp and insightful analysis of how financiers created predatory products that wreaked devastation on the US economy and… countless families.” — Mehrsa Baradaran, professor of law at the University of California, Irvine School of Law “Glantz, through exemplary journalism, reveals the new corporate landlords’ relationship to Donald Trump and their exploitation of loopholes in public policy, in combination with the endless resources of greedy bankers, to transform the 2008 foreclosure crisis into predatory renting schemes and cash in on widespread housing insecurity.” — Keeanga-Yamahtta Taylor, author of Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership “This is a story that needs to be told, and Glantz tells it beautifully. Homewreckers reads like a novel, but it carries an important message: We must never let this happen again.” — Alan S. Blinder, Gordon S. Rentscher Professor of Economics and Public Affairs, Princeton University, former member of the Council of Economic Advisers, Vice Chairman of the Board of the Federal Reserve System “In this remarkable book, Aaron Glantz provides a well-researched, highly readable look at one of the nation’s most underreported stories…a must-read for anyone who wants to understand the Great Recession and the role of the voracious financial interests who would go on to put Donald Trump in the White House.” — Gwenda Blair, author of The Trumps: Three Generations of Builders and a President “A tale of greed and corruption...A solid, useful exploration of a system that ‘needs substantial, systemic change.’” — Kirkus Reviews “[A] cogent, infuriating exposé… lucid prose and impressive research make this an essential account of an under-the-radar housing crisis.” — Publishers Weekly “Glantz does an excellent job explaining the financial complexities of the housing crisis and its fallout. But the real strength of his book comes from the personal stories he weaves in to illustrate his points…the most surprising stories are those of the homewreckers themselves.” — BookPage "A shocking investigation into America's housing crisis. ... A tale of greed and corruption." — Christiane Amanpour "Smart, engrossing... chronicles how a few vulture capitalists scored big paydays on the backs of beleaguered middle-class homeowners, exploiting government largesse to cover their losses - and positioning themselves for top Trump administration jobs." — San Francisco Chronicle

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Book SynopsisDespite financial turmoil, Goldman Sachs remain the leading investment bank in their field. They are notorious for their unique management culture, unorthodox recruiting techniques - and for their secrecy. In The Partnership Charles Ellis reveals their story. With unparalleled access to the leadership of this famously close-knit firm, Ellis investigates the brilliant individuals who turned a marginal family business into a global powerhouse, weathering recession, scandal and disaster on the way. Among them are high school dropout and financial genius Sidney Weinberg, maverick reinventor John Whitehead, former US treasury secretary Hank Paulson and working-class New Yorker turned current CEO, Lloyd Blankfein. The Partnership reveals the shared values of intensive recruitment, discipline and talent that have tied Goldman Sachs''s people together - and made it a survivor.

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Book SynopsisWhat happens in the City has never affected us moreIn this excellent guide, now fully revised and updated, leading financial journalist Philip Coggan cuts through the headlines, the scandals and the jargon to explain the nuts and bolts of the financial system.What causes the pound to rise or interest rates to fall? Which are the institutions that really matter? Why is it we need the Money Machine - and what happens when it crashes? Coggan provides clear and concise answers and shows why we should all be more familiar with a system we so intimately depend upon.

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Book SynopsisIf you like your smartphone or your widescreen TV, your car or your pension, then, whether you know it or not, you are a fan of Wall Street.William D. Cohan, bestselling author of House of Cards, has long been critical of the bad behaviour that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and, as an ex-banker, he is an expert on its inner workings as well. But in recent years he has become alarmed by the vitriol directed at the bankers, traders and executives who keep the wheels of our economy turning. Why Wall Street Matters is a timely and trenchant reminder of the dire consequences for us all if the essential role these institutions play in making our lives better is carelessly curtailed.

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Book Synopsis''A brilliantly readable account, based on exceptional access, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer ... both a thriller and a reminder that business is fascinating because all human life is there'' John Plender, Financial TimesBased on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain''s biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays'' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank''s traditions, cost three chief executives their jobTrade ReviewHe tells the financial story of our age -- Alec Russell * Financial Times *A brilliantly readable account, based on exceptional access to most of those involved, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer. ... Philip Augar's book is both a thriller and a reminder that business is fascinating because all human life is there. -- John Plender * Financial Times *A riveting and revealing account of how a bank of high moral character with Quaker origins ended up in the sewer thanks to ambition and greed. -- Iain Martin * The Times *Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector. -- Vicky Pryce * Literary Review *

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Book SynopsisFINALIST FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2022 THE TIMES BOOKS OF THE YEAR 2021 ''A complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic'' The Times From the author of Crashed comes a gripping short history of how Covid-19 ravaged the global economy, and where it leaves us now When the news first began to trickle out of China about a new virus in December 2019, risk-averse financial markets were alert to its potential for disruption. Yet they could never have predicted the total economic collapse that would follow in COVID-19''s wake, as stock markets fell faster and harder than at any time since 1929, currencies across the world plunged, investors panicked, and even gold was sold. In a matter of weeks, the world''s economy was brought to an abrupt halt by governments trying to contain a spiralling public health catastrophe. Flights were grounded; supply chains broken; industries from tourism to oil to hospitality collapsed overnight, leaving hundreds of millions of people unemployed. Central banks responded with unprecedented interventions, just to keep their economies on life-support. For the first time since the second world war, the entire global economic system contracted. This book tells the story of that shutdown. We do not yet know how this story ends, or what new world we will find on the other side. In this fast-paced, compelling and at times shocking analysis, Adam Tooze surveys the wreckage, and looks at where we might be headed next.''A seriously impressive book, both endlessly quotable and rigorously analytical'' Oliver Bullough, The GuardianTrade ReviewA complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic. * The Times *Shutdown is a seriously impressive book, both endlessly quotable and rigorously analytical. Tooze synthesises a huge volume of information to argue that we must prepare for a new wave of crises or risk being sunk by them. Hopefully, governments everywhere will heed his warning. -- Oliver Bullough * The Guardian *Mr Tooze displays a remarkable ability to master the detail ... This is truly a picture of the global impact of the crisis; it covers the disruption in the financial markets, as well as the ins and outs of government policy. * The Economist *Fascinating, informative and wise. * Times Literary Supplement *An admirable work of synthesis and original analysis from the pre-eminent diagnostician of our age of discontents. * New Statesman *What sets [Shutdown] apart is Tooze's ability to keep his eye on the big picture - and the long view ... There will be plenty more books to come on the global economy of 2020. Few will be as timely, as wide-ranging or as clear as Shutdown. -- Duncan Weldon * Prospect *[A] brilliant, bracing account of the Covid pandemic and its protracted political aftermath ... Nuanced and wide-ranging. Tooze has the impressive ability, as a writer, to contextualise historical events as they unfold. -- Jamie Maxwell * The Herald *To read Shutdown feels like sitting alongside the great professor while he feverishly collates an array of data and anecdotes, attempts to chronicle what is going on, his head fizzing with ideas about what it might all mean and where it might be leading ... a fine use of one's time. -- Bill Emmott * Financial Times *Of all the instant histories spawned by the pandemic, this is the closest we'll get to a thriller ... it's a story that bears rereading ... a survival guide for the next man-made cataclysm that Adam Tooze warns will surely come soon. -- Patrick Maguire * The Times *A comprehensive history of an unprecedented year ... Readers will find this deeply informed parsing of the pandemic to be illuminating and thought-provoking. * Publishers Weekly *Tooze examines the unprecedented decision of governments around the world to shutter their economies in the face of pandemic ... As the pandemic hopefully continues to fade, other crises remain. This book is a valuable forecast of future problems. * Kirkus *

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Book SynopsisFinancing the Future explains how the unique governance arrangements and financial models of multilateral development banks shape their behavior, and uses that framework to show how different sets of Multilateral Development Banks (MDBs) are grappling with the challenges of the 21st century.Trade Reviewthis book is a must-have addition to the bookshelves of development policymakers and academics interested in international organizations and development. * Bernhard Reinsberg, Global Policy Journal *The analysis... sheds light on the financial model of MDBs. Recommended. Advanced undergraduates through faculty and professionals. * Choice *Table of Contents1: Follow the Money: The Financial Machinery of MDBs 2: Who's In Charge? Governance Across MDBs 3: The Legacy MDBs: World Bank and Major Regionals 4: Borrower-led MDBs: Developing Countries In Charge 5: New MDBs Step Onto the Stage: Asian Infrastructure Investment Bank and New Development Bank References Index

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Book SynopsisJointly sponsored by the American Council of Learned Societies and the Academy of Sciences of the USSR, this book brings together experts from each of the countries covered: Belgium, Brazil, Canada, Denmark, France, Germany, Hong Kong, Hungary, Italy, Japan, Sweden, UK, USA, and the former USSR. Together, they provide a comprehensive survey of this critical period in the emergence of the modern world economy.Contributors: B. V. Anan''ich, Hubert Bonin, V. I. Bovykin, Albert Broder, Rondo Cameron, Fred V. Carstensen, Vincent P. Carosso, P. L. Cottrell, Ian M. Drummond, A. A. Fursenko, Martine Goossens, Peter Hertner, Kanji Ishii, Hans Christian Johansen, Frank H. H. King, Gyorgy Kover, Maria Barbara Levy, Ragnhild Lundstrom, Ruth AmEnde Roosa, Richard Sylla, Jacques Thobie, Richard Tilly, Herman Van der Wee, Ulrich Wengenroth, and Mira Wilkins.Trade Review`Cameron and Bovykin have put together an important volume. In the impoverished context of banking history, the book stands out as a key work which will form the basis of much future study.' Andrew Freeman, Financial Times`Rondo Cameron and V.I. Bovykin must be congratulated for performing so well the herculean task of assembling such a group of talented academics, and steering them safely towards the publication of this most useful volume.' Business History`Historians of multinational business will be amongst those most interested in the material presented here. There are fascinating discussions of the different institutional and contractual choices made by different countries when engaging in international banking and finance ... Rondo Cameron and V.I. Bovykin must be congratulated for performing so well the herculean task of assembling such a group of talented academics, and steering them safely towards the publication of this most useful volume.' Business History'This volume is the outcome of an unusually extensive effort of international collaboration ... this collection provides a feast of data and information which will be welcomed particularly for areas otherwise little known to English-speaking scholars. The value of the essays lies in the detailed assembly of data which, and this is their great merit, do dovetail well to form a persuasive general picture. They offer the opportunity of a firm jumping-off ground for further dtailed regional and national research. Meanwhile, they also represent a splendid example of the possibilities of fruitful international collaboration, for which the editors and organisers deserve our respect and gratitude.' Sidney Pollard, University of Sheffield,Table of ContentsList of Contributors: B.V. Anan'ich, Hubert Bonin, V.I. Bovykin, Albert Broder, Rondo Cameron, Fred V. Carstensen, Vincent P. Carosso, P.L. Cottrell, Ian M. Drummond, A.A. Fursenko, Martine Goossens, Peter Hertner, Kanji Ishii, Hans Christian Johansen, Frank H.H. King, György Köver, Maria Bárbara Levy, Ragnhild Lundström, Ruth AmEnde Roosa, Richard Sylla, Jacques Thobie, Richard Tilly, Herman Van der Wee, Ulrich Wengenroth, and Mira Wilkins Rondo Cameron: Introduction Part I: International Factors in the Formation of Banking Systems P.L. Cottrell: Great Britain Vincent P. Carosso and Richard Sylla: U.S. Banks in International Finance Hubert Bonin: The Case of the French Banks Richard Tilly: International Aspects of the Development of German Banking Herman Van der Wee and Martine Goossens: Belgium V.I. Bovykin and B.V. Anan'ich: The Role of International Factors in the Formation of the Banking System in Russia H.C. Johansen: Banking and Finance in the Danish Economy Ragnhild Lundström: Sweden Ian M. Drummond: Banks and Banking in Canada and Australia Kanji Ishii: Japan Part II: Foreign Banks and Foreign Investment Mira Wilkins: Foreign Banks and Foreign Investment in the United States B.V. Anan'ich and V.I. Bovykin: Foreign Banks and Foreign Investment in Russia Ruth AmEnde Roosa: Banks and Financial Relations between Russia and the United States György Köver: The Austro-Hungarian Banking System Peter Hertner: Foreign Capital in the Italian Banking Sector M.B. Levy: The Banking System and Foreign Capital in Brazil Frank H.H. King: Extra-Regional Banks and Investments in China Jacques Thobie: European Banks in the Middle East Part III: International Banking and Multinational Enterprise The Oil IndustryA.A. Fursenko: Albert Broder: Banking and the Electrotechnical Industry in Western Europe Ulrich Wengenroth: Iron and Steel Fred V. Carstensen: International Harvester and its Competitors V.I. Bovykin and Rondo Cameron: Conclusions

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Book SynopsisThis book provides a compendium to the empirical work investigating the hypotheses generated by recent banking theory. Such a compendium is overdue. Since the publication of the The Microeconomics of Banking by Xavier Freixas and Jean Charles Rochet, work in empirical banking has further blossomed, not only in sheer volume but also in the variety of questions being tackled, datasets becoming available, and methodologies being introduced. This book follows the structure in Freixas and Rochet''s book and arranges the relevant methodologies, applications, and results according to each of their original chapters in order to have a coherent synthesis between available theory and supporting empirics. Each chapter in Microeconometrics of Banking contains a modest introduction (where possible and appropriate), a concise methodology section with one or more relevant methodologies, and several illustrative applications. In a muscular results section the authors summarize the main robust and semiTrade ReviewThis is the perfect companion to the popular Freixas and Rochet theory book on the microeconomics of banking. Degryse, Kim, and Ongena do a superb job in linking recent advances in the empirical literature to existing theory of banking, offering students of financial intermediation a unique overview of the range of available econometric methods to analyze the behavior of financial institutions and their customers. The material is enriched by well-chosen applications and examples. The book fills a major gap in the literature and is a must read for anyone interested in the subject. * Luc Laeven, Senior Economist, International Monetary Fund *Table of ContentsINTRODUCTION ; WHY DO FINANCIAL INTERMEDIARIES EXIST? ; THE INDUSTRIAL ORGANIZATION APPROACH TO BANKING ; THE LENDER-BORROWER RELATIONSHIP ; EQUILIBRIUM AND RATIONING IN THE CREDIT MARKET ; THE MACROECONOMIC CONSEQUENCES OF FINANCIAL IMPERFECTIONS ; INDIVIDUAL BANK RUNS AND SYSTEMIC RISK ; MANAGING RISKS IN THE BANKING FIRM ; THE REGULATION OF BANKS ; CONCLUSION ; EPILOGUE: THE BANKING CRISIS OF 2007-2008

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Book SynopsisPrivate bankers have been defined as owner-managers of their bank, irrespective of their type of activity, which could be in any field of banking, sometimes in conjunction with another one, especially commerce in the earlier periods. Analysing the experiences of European private bankers from the early modern period to the early twenty-first century, this book starts by examining the slow emergence of specialist private bankers, largely from amongst those who provided commercial credit. This initial consideration culminates in a focus upon the roles that they played, both during the onset of the continent''s industrialization, and in orchestrating the finances of the emerging world economy. Its second theme is private banking''s waning importance with the rise of joint-stock competitors, which became increasingly apparent in Britain during the mid-nineteenth century, and elsewhere within Europe some decades later. Lastly, attention is paid to the decline of private bankers in the twentiTable of ContentsIntroduction ; 1. . Instruments, institutions, centres and networks: developing the structural framework, c.1300-1700 ; 2. Public and private markets for capital and credit, 1688-1793 ; 3. War and economic transformation, 1793-185 ; 4. Golden age, 1815-1870 ; 5. The onset of the corporate economy, 1870-1914 ; 6. Indian summer, 1914-1931 ; 7. Decline and renaissance, 1931-c.2000 ; Conclusion

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Book SynopsisThe deregulation and disintermediation process, the globalization of financial markets, the emergence of new competitors, and the introduction of new information technologies have brought about profound changes in the banking industry. Banks have lost market share and show decreasing economic performance. In the wake of this Professor Canals addresses several important questions: are universal banks bound to disappear? What is the role of universal banks in modern financial markets? What should banks'' strategic reactions be to those changes in the industry?Table of Contents1. THE TRANSFORMATION OF THE BANKING INDUSTRY AND THE THEORY OF FINANCIAL INTERMEDIATION ; 2. CAPITAL MARKETS VERSUS BANK INTERMEDIATION ; 3. THE SEPARATION BETWEEN COMMERCIAL AND INVESTMENT BANKING: THE CASE OF THE UNITED STATES ; 4. UNIVERSAL BANKS VERSUS SPECIALIZED BANKS ; 5. UNIVERSAL BANKS AND BANK/NON-FINANCIAL COMPANY GROUPS ; 6. GERMANY: THE RELATIONSHIP BETWEEN BANKS AND NON-FINANCIAL COMPANIES ; 7. THE JAPANESE MAIN BANK SYSTEM AND ITS INFLUENCE ON INDUSTRY ; 8. THE SPANISH FINANCIAL MODEL ; 9. THE INTERNATIONALIZATION OF BANKING ; 10. NEW ORGANIZATIONAL PATTERNS IN BANKING ; 11. UNIVERSAL BANKS, SPECIALIZED BANKS, AND THE REGULATION OF FINANCIAL SERVICES ; 12. THE FUTURE OF BANKING: SOME FINAL IDEAS

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

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Book SynopsisThis book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin''s work has shed light on the global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamics that follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial arcTrade ReviewIn the Great Recession, the world has looked for leading economists to offer a new and better understanding of macroeconomic instability, as Keynes did in the Great Depression. In this book, Hyun Song Shin delivers what was needed. Step by step, he develops a new comprehensive understanding of how macroeconomic booms and busts can be derived from microeconomic forces in the banking system. This book should be recognized as a major contribution to macroeconomic theory * Roger Myerson, Nobel Laureate in Economics 2007, Glen A. Lloyd Distinguished Service Professor Department of Economics, University of Chicago *This book is a must-read for students, scholars and policy makers who would like to decipher the subprime crisis. Hyun Shin has an extraordinary talent for designing simple models that explain complicated phenomena. * Jean Charles Rochet, Professor of Economics, Toulouse School of Economics (TSE) *Hyun Song Shin is one of the leading scholars on financial stability in the world. This book provides a very accessible summary of this work. It is essential reading for all academics and practitioners interested in financial crises. * Franklin Allen, Professor of Finance and Economics and Executive Director of the Brevan Howard Centre at Imperial College London *Table of Contents1: Nature of Financial Risk 2: Value-at-Risk Capital 3: Boom and Bust Driven by Value-at-Risk 4: Dynamic Hedging 5: Asset-Liability Management 6: Financial System 7: Lending Booms 8: The Case of Northern Rock 9: Securitisation and the Financial System 10: A Fresh Start

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Book SynopsisWhat causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory ofTrade ReviewReview from previous edition Allen and Gale have been at the frontier of theoretical thinking about crises for over a decade ... a one-stop-shop for the many important contributions made to the theoretical modelling of financial crises by these two prominent authors * Central Banking Vol 18 No 1 *This is, for me, the book's real selling point: it is accessible to a graduate level audience - indeed, would make an excellent lecture series - but at the same time easily contains enough state-of-the-art modelling to be of interest to the academic or policymaker. * Andrew G. Haldane *Table of Contents1. History and institutions ; 2. Time, uncertainty and liquidity ; 3. Intermediation ; 4. Asset markets ; 5. Financial fragility ; 6. Intermediation and markets ; 7. Optimal regulation ; 8. Money and the prices ; 9. Bubbles and crises ; 10. Contagion

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Book SynopsisConnections among different assets, asset classes, portfolios, and the stocks of individual institutions are critical in examining financial markets. Interest in financial markets implies interest in underlying macroeconomic fundamentals. In Financial and Macroeconomic Connectedness, Frank Diebold and Kamil Yilmaz propose a simple framework for defining, measuring, and monitoring connectedness, which is central to finance and macroeconomics. These measures of connectedness are theoretically rigorous yet empirically relevant. The approach to connectedness proposed by the authors is intimately related to the familiar econometric notion of variance decomposition. The full set of variance decompositions from vector auto-regressions produces the core of the ''connectedness table.'' The connectedness table makes clear how one can begin with the most disaggregated pair-wise directional connectedness measures and aggregate them in various ways to obtain total connectedness measures. The authorTrade ReviewDiebold and Yilmaz's timely book develops powerful new network tools for understanding the inter-dependence of risks in large-scale financial systems. These tools shed important new light on past financial crises and will fill an important gap in the monitoring of systemic risk going forward. * Peter Christoffersen, Professor of Finance, Rotman School of Management, University of Toronto. *The aftermath of the Lehman bankruptcy revealed that economists lacked understanding of the linkages within the financial industry and across the different sectors of the economy. The book by Frank Diebold and Kamil Yilmaz has many fresh ideas and new tools to study this very important topic. It is a must-read for anybody interested in this burgeoning area of research. * Eric Ghysels, Bernstein Distinguished Professor of Economics and Professor of Finance, University of North Carolina, Chapel Hill *We live in a highly integrated world economy with much stronger cross-border connections today than any other time in history. We need to have a better grasp of these connections as they are now at the heart of everyday macroeconomics and finance. Diebold and Yilmaz provide a masterful framework that greatly enhances our understanding of these connections. They also open new research avenues by showing practical applications of their framework in different contexts. And all of these make their book a classical reference on the topic. * Ayhan Kose, Director, Development Prospects Group, The World Bank *Table of ContentsChapter 1: Measuring and Monitoring Connectedness ; Chapter 2: U.S. Asset Classes ; Chapter 3: Major U.S. Financial Institutions ; Chapter 4: Global Stock Markets ; Chapter 5: Sovereign Bond Markets ; Chapter 6: Foreign Exchange Markets ; Chapter 7: Assets Across Countries ; Chapter 8: Global Business Cycles

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Book SynopsisAfter 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance.In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks-Child''s, Gosling''s, Freame and Gould, Hoare''s, and Duncombe and Kent. The excellent records from Hoare''s, founded by Sir Richard Hoare in 1672, offer particular insight.Numerous entrants into the Trade ReviewA major contribution to economic history, business history, social history, and economics, Prometheus Shackled resolves a great enigma about the Industrial Revolution by explaining why economic growth was so slow despite massive technical change. * Philip T. Hoffman, California Institute of Technology *Table of ContentsAcknowledgments ; Introduction ; Chapter 1 - Earning and Spending in Eighteenth-century London ; Chapter 2 - The Financial Revolution ; Chapter 3 - Goldsmith Banks ; Chapter 4 - Borrowers, Investors and Usury Laws ; Chapter 5 - The South Sea Bubble ; Chapter 6 - The Triumph of Boring Banking ; Chapter 7 - Finance and Slow Growth During the Industrial Revolution ; Chapter 8 - Conclusions ; Notes ; References ; Index

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Book SynopsisControlling inflation is among the most important objectives of economic policy. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits.

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Book SynopsisSpanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.Trade Review"The definitive history of the central bank and monetary policy in the United States.... Every student of the American economy during the period of this account will find something of interest here, and anyone seeking to fathom the 'big picture' of economic policy during these years will be greatly enlightened by reading this extraordinary work of scholarship." (Business History Review) "Monumental." (Barron's) "A seminal work that anyone interested in the inner workings of the US central bank should read." (Washington Post) "To understand why the Fed acted as it did-at these critical moments and many others-would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Meltzer." (Wall Street Journal)"

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Book SynopsisTaking financial risks is an essential part of what banks do, but there's no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks' risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn't there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior-dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street-came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people's money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced w

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Book SynopsisSpanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.Trade Review"The definitive history of the central bank and monetary policy in the United States... Every student of the American economy during the period of this account will find something of interest here, and anyone seeking to fathom the 'big picture' of economic policy during these years will be greatly enlightened by reading this extraordinary work of scholarship." (Business History Review) Praise for Volume 1 "Monumental." (Barron's) "A seminal work that anyone interested in the inner workings of the US central bank should read." (Washington Post) "To understand why the Fed acted as it did-at these critical moments and many others-would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Meltzer." (Wall Street Journal)"

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

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Book SynopsisRecent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. This realization has led to cries for changeyet there is little popular awareness of possible alternatives. Beyond Debt describes efforts to create a transnational economy free of debt. Based on ethnographic fieldwork in Malaysia, Daromir Rudnyckyj illustrates how the state, led by the central bank, seeks to make the country's capital Kuala Lumpur the New York of the Muslim worldthe central node of global financial activity conducted in accordance with Islam. Rudnyckyj shows how Islamic financial experts have undertaken ambitious experiments to create more stable economies and stronger social solidarities by facilitating risk- and profit-sharing, enhanced entrepreneurial skills, and more collaborative economic action. Building on scholarship that reveals the impact of financial devices on human activity, he illustrates how Islamic finance is deployed to fashion subjects who are at once more pious Muslims and more ambitious entrepreneurs. In so doing, Rudnyckyj shows how experts seek to create a new geoeconomicsa global Islamic alternative to the conventional financial network centered on New York, London, and Tokyo. A groundbreaking analysis of a timely subject, Beyond Debt tells the captivating story of efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance.

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

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Book SynopsisMaking a Killing explores the often-overlooked world of terrorist financing and the involvement of the international banking system. Ian Oxnevad seeks to assess how effective new laws and regulations have been, as well as to identify best practices for future attempts to counter the financing of terrorism.Trade Review“Making a Killing is an essential read for scholars, policymakers, and private-sector professionals looking to understand the shadowy business of terrorist financing and its relation to the international banking system. This book offers a clear and concise overview of the evolution of counterterrorist finance laws, policies, and institutions since 9/11, and comprehensively evaluates their successes and failures in preventing terrorists and terrorist groups from moving money through the licit financial system.” Colin P. Clarke, the Soufan Group

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Book SynopsisThis dictionary covers the terminology of the international financial marketplace. It provides concise and rigorous definitions of over 5,000 terms used in the accounting, banking, corporate finance, investment management and insurance disciplines. It also includes formulae and diagrams, as well as commonly used acronyms and colloquialisms.Trade Review'This practical, easy-to-use reference will be a valuable resource for academic libraries supporting financial courses and for public libraries supporting the financial sector of the business world.' - Choice ReviewsTable of ContentsAcknowledgements The Author Summary of Colloquialisms, Foreign Terms, and Acronyms Introduction Numeric Entries A-Z Selected References

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Book SynopsisTrade ReviewOf all the many books on the economic crisis, this is the best. William K. Tabb has absolute command of his subject and provides the clearest account yet of the financial folly that has brought the United States to its knees. Eminently readable and reasonable, his book cuts through the clouds of obfuscation by politicians and economists alike to draw a clear lesson: financialization is a cancer running through the American economy, one that continues to suck the life out of industry, corrupt capitalists, and Congress, generating more froth than real growth or jobs. A wonderful book and a real pleasure to read. -- Richard Walker, University of California, Berkeley, and author of The Capitalist Imperative: Territory, Technology, and Industrial Growth Tabb...makes a valuable contribution to the proliferating literature on the ongoing financial crisis with this well-written, carefully researched account of the great recession. Choice It isn't an easy read like the latest Michael Lewis best seller, but those who perserve will be rewarded. -- Fred Block Pacific Standard ... Tabb strives to offer an analytically deep account of real-world developments, not a theory for its own sake... He offers his readers a wealth of empirical evidence and secondary references to substantiate his claims, and he opts for nuance instead of hyperbole where appropriate. This reviewer for one has not seen another crisis-book that manages so wellto fuse big picture thinking with attention to detail. -- Daniel Mugge, University of Amsterdam Review of International Political Economy William Tabb has written an excellent account of the causes of the 2007-2008 credit crunch - and what in 2009 became the first global recession since the 1930s. -- Jonathan Michie, Oxford University International Review of Applied EconomicsTable of ContentsAcknowledgments 1. The Centrality of Finance 2. Financialization and Social Structures of Accumulation 3. Realism in Financial Markets 4. The Shadow of the Financial System 5. The Coming Apart 6. Rescue and the Limits of Regulation 7. Nations, Globalization, and Financialization 8. The Present in History References Index

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Book SynopsisShennette Garrett-Scott explores black financial innovation and its transformative impact on U.S. capitalism through the story of the St. Luke Bank in Richmond, Virginia: the first and only bank run by black women. Banking on Freedom offers an unparalleled account of how black women carved out economic, social, and political power.Trade ReviewGarrett-Scott’s extensively researched and documented study is the first history of U.S. finance that puts African American women at the center. Banking on Freedom makes a tremendously monumental contribution to African American banking history, and it substantially enriches our understanding of U.S. finance and capitalism. -- Juliet E. K. Walker, author of The History of Black Business in America: Capitalism, Race, EntrepreneurshipShennette Garrett-Scott’s compelling and highly original account demonstrates that, for black people, banks were more than financial institutions. In the hands of black women, capital accumulation, credit, and insurance became community building practices, mutual aid, strategies for collective survival, and sources of contestation. Banking on Freedom offers a new perspective on the entire community and the nation. -- Robin D. G. Kelley, author of Thelonious Monk: The Life and Times of an American OriginalMoving fluidly from the change purse to the bank vault, Banking on Freedom offers the first full accounting of the financial sector, womanhood, and Afro-America simultaneously transformed. Rich and brilliant. -- N. D. B. Connolly, author of A World More Concrete: Real Estate and the Remaking of Jim Crow South FloridaRecovering the important and active role black women have played in the development of modern American capitalism, Shennette Garrett-Scott’s Banking on Freedom is a paradigm-shifting work that stands to make a monumental contribution to the field and is certain to inspire future generations of scholars. -- Tiffany Gill, author of Beauty Shop Politics: African American Women’s Activism in the Beauty IndustryGarrett-Scott reclaims the stories of black women who—as bank founders and clerks, investors, aspiring home owners, loan seekers, and, yes, as those denied loans—asserted their own economic ethos. A compelling account of black women’s ideas about money, savings, lending, obligation, and economic well-being. -- Elsa Barkley Brown, University of MarylandA beautifully written, comprehensive, and highly original study of black women’s savvy business acumen in the aftermath of slavery through the early twentieth century. Garrett-Scott should be commended for boldly modeling just how gender and race shape capitalism and finance in ways few scholars have addressed. -- Daina Ramey Berry, author of The Price for Their Pound of Flesh: The Value of the Enslaved, from Womb to the Grave, in the Building of a NationThis recovery of one aspect of black women’s history will appeal to scholars as well as those with a serious interest in the history of finance and women’s history. * Publishers Weekly *Garrett-Scott’s accounting is a work of economic history, but it reads less as a description of 20th century Black capitalism, and more as a rendering of what is possible when women and people of color can effectively channel their own money for personal and collective economic development. * Scalawag Magazine *Banking on Freedom is a major contribution to the history of US capitalism. It will undoubtedly inspire new scholarship. It pushes readers to reframe black women’s fight for economic justice in the most expansive ways. -- Keona K. Ervin * Journal of African American History *Garrett-Scott strikes a careful balance with a narrative that brings together a cross-section of fields, including social, economic, political, labor, and business history with significant depth for a fresh perspective. Banking on Freedom will stand as a groundbreaking piece of scholarship that offers a useable framework — a model —for historians interested in Black banking history. * Black Perspectives *This exploration of gender and race in the making of modern US finance represents an important historiographical intervention. Banking on Freedom is also an engaging and accessible read that is ripe for the current political and economic moment. * Journal of American Ethnic History *Table of ContentsAcknowledgmentsIntroduction1. “I Am Yet Waitin”: African American Women and Free Labor Banking Experiments in the Emancipation-Era South, 1860s–19002. “Who Is So Helpless as the Negro Woman?”: The Independent Order of St. Luke and the Quest for Economic Security, 1856–19023. “Let Us Have a Bank”: St. Luke Penny Savings Bank, Economic Activism, and State Regulation, 1903 to World War I4. Rituals of Risk and Respectability: Gendered Economic Practices, Credit, and Debt to World War I5. “A Good, Strong, Hustling Woman”: Financing the New Negro in the New Era, 1920–1929EpilogueAppendixNotesSelected BibliographyIndex

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Book SynopsisShennette Garrett-Scott explores black financial innovation and its transformative impact on U.S. capitalism through the story of the St. Luke Bank in Richmond, Virginia: the first and only bank run by black women. Banking on Freedom offers an unparalleled account of how black women carved out economic, social, and political power.Trade ReviewGarrett-Scott’s extensively researched and documented study is the first history of U.S. finance that puts African American women at the center. Banking on Freedom makes a tremendously monumental contribution to African American banking history, and it substantially enriches our understanding of U.S. finance and capitalism. -- Juliet E. K. Walker, author of The History of Black Business in America: Capitalism, Race, EntrepreneurshipShennette Garrett-Scott’s compelling and highly original account demonstrates that, for black people, banks were more than financial institutions. In the hands of black women, capital accumulation, credit, and insurance became community building practices, mutual aid, strategies for collective survival, and sources of contestation. Banking on Freedom offers a new perspective on the entire community and the nation. -- Robin D. G. Kelley, author of Thelonious Monk: The Life and Times of an American OriginalMoving fluidly from the change purse to the bank vault, Banking on Freedom offers the first full accounting of the financial sector, womanhood, and Afro-America simultaneously transformed. Rich and brilliant. -- N. D. B. Connolly, author of A World More Concrete: Real Estate and the Remaking of Jim Crow South FloridaRecovering the important and active role black women have played in the development of modern American capitalism, Shennette Garrett-Scott’s Banking on Freedom is a paradigm-shifting work that stands to make a monumental contribution to the field and is certain to inspire future generations of scholars. -- Tiffany Gill, author of Beauty Shop Politics: African American Women’s Activism in the Beauty IndustryGarrett-Scott reclaims the stories of black women who—as bank founders and clerks, investors, aspiring home owners, loan seekers, and, yes, as those denied loans—asserted their own economic ethos. A compelling account of black women’s ideas about money, savings, lending, obligation, and economic well-being. -- Elsa Barkley Brown, University of MarylandA beautifully written, comprehensive, and highly original study of black women’s savvy business acumen in the aftermath of slavery through the early twentieth century. Garrett-Scott should be commended for boldly modeling just how gender and race shape capitalism and finance in ways few scholars have addressed. -- Daina Ramey Berry, author of The Price for Their Pound of Flesh: The Value of the Enslaved, from Womb to the Grave, in the Building of a NationThis recovery of one aspect of black women’s history will appeal to scholars as well as those with a serious interest in the history of finance and women’s history. * Publishers Weekly *Garrett-Scott’s accounting is a work of economic history, but it reads less as a description of 20th century Black capitalism, and more as a rendering of what is possible when women and people of color can effectively channel their own money for personal and collective economic development. * Scalawag Magazine *Banking on Freedom is a major contribution to the history of US capitalism. It will undoubtedly inspire new scholarship. It pushes readers to reframe black women’s fight for economic justice in the most expansive ways. -- Keona K. Ervin * Journal of African American History *Garrett-Scott strikes a careful balance with a narrative that brings together a cross-section of fields, including social, economic, political, labor, and business history with significant depth for a fresh perspective. Banking on Freedom will stand as a groundbreaking piece of scholarship that offers a useable framework — a model —for historians interested in Black banking history. * Black Perspectives *This exploration of gender and race in the making of modern US finance represents an important historiographical intervention. Banking on Freedom is also an engaging and accessible read that is ripe for the current political and economic moment. * Journal of American Ethnic History *Table of ContentsAcknowledgmentsIntroduction1. “I Am Yet Waitin”: African American Women and Free Labor Banking Experiments in the Emancipation-Era South, 1860s–19002. “Who Is So Helpless as the Negro Woman?”: The Independent Order of St. Luke and the Quest for Economic Security, 1856–19023. “Let Us Have a Bank”: St. Luke Penny Savings Bank, Economic Activism, and State Regulation, 1903 to World War I4. Rituals of Risk and Respectability: Gendered Economic Practices, Credit, and Debt to World War I5. “A Good, Strong, Hustling Woman”: Financing the New Negro in the New Era, 1920–1929EpilogueAppendixNotesSelected BibliographyIndex

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Book SynopsisToday, the federal government underwrites a financial system built around mortgage lending. In The Dead Pledge, Judge Glock reveals the surprising origins of this entanglement in forgotten economic ideas and policies that held sway from the early twentieth century through the Great Depression.Trade ReviewAmerica's farmers and home buyers long suffered from limited access to mortgage credit. In this engaging book, Glock aptly shows how federal interventions to boost mortgage lending fostered powerful special interests, which subsequently created new imbalances in the economy. That's why we continue to have housing bubbles and crashes. -- Richard Sylla, coauthor of Alexander Hamilton on Finance, Credit, and DebtFrom one of the finest in a growing generation of historians writing at the intersection of finance and politics, we learn about the passions and the interests of financiers, politicians, intellectuals, reformers, and farmers who created the system of government-backed finance that has dominated the modern era. The Dead Pledge provides a new history that will guide our ongoing debates about the appropriate role of government in finance and finance in society. -- Peter Conti-Brown, author of The Power and Independence of the Federal ReserveJudge Glock's fascinating book, The Dead Pledge, provides a new perspective on the evolution of American capitalism and the development of modern financial institutions by exploring the intriguing theme of "economic balance" and its allure to a wide range of economic actors, academics, and policy makers from the Progressive Era through the New Deal. -- Walter Friedman, author of American Business History: A Very Short Introduction and Fortune Tellers: America's First Economic ForecastersIn this sweeping narrative, Glock brings together the histories of American finance, economic thought, and policy making. Glock reframes our conventional understanding of when and how the “financialization” of American capitalism took place, defining it as an early twentieth-century phenomenon. The modern mortgage market, he explains with lucid prose, developed in tandem with—and inseparably from—the modern American state. An engaging read, sure to provoke debate. -- Laura Phillips Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890-1940Table of ContentsAcknowledgmentsIntroduction1. Making the Land Liquid: The Roots of Land Banking2. The Special Privileges of the Federal Banks3. The Federal Land Banks and Financial Distress, 1916–19264. Falling Prices and Mortgage Crisis, 1926–19335. Herbert Hoover and the Urban-Mortgage Crisis in the Great Depression6. A New Deal for Farm Mortgages7. Housing, Heavy Industry, and the Forgotten New Deal Banking Act8. An Economy Balanced by MortgagesConclusionNotesReferencesIndex

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Book SynopsisToday, the federal government underwrites a financial system built around mortgage lending. In The Dead Pledge, Judge Glock reveals the surprising origins of this entanglement in forgotten economic ideas and policies that held sway from the early twentieth century through the Great Depression.Trade ReviewAmerica's farmers and home buyers long suffered from limited access to mortgage credit. In this engaging book, Glock aptly shows how federal interventions to boost mortgage lending fostered powerful special interests, which subsequently created new imbalances in the economy. That's why we continue to have housing bubbles and crashes. -- Richard Sylla, coauthor of Alexander Hamilton on Finance, Credit, and DebtFrom one of the finest in a growing generation of historians writing at the intersection of finance and politics, we learn about the passions and the interests of financiers, politicians, intellectuals, reformers, and farmers who created the system of government-backed finance that has dominated the modern era. The Dead Pledge provides a new history that will guide our ongoing debates about the appropriate role of government in finance and finance in society. -- Peter Conti-Brown, author of The Power and Independence of the Federal ReserveJudge Glock's fascinating book, The Dead Pledge, provides a new perspective on the evolution of American capitalism and the development of modern financial institutions by exploring the intriguing theme of "economic balance" and its allure to a wide range of economic actors, academics, and policy makers from the Progressive Era through the New Deal. -- Walter Friedman, author of American Business History: A Very Short Introduction and Fortune Tellers: America's First Economic ForecastersIn this sweeping narrative, Glock brings together the histories of American finance, economic thought, and policy making. Glock reframes our conventional understanding of when and how the “financialization” of American capitalism took place, defining it as an early twentieth-century phenomenon. The modern mortgage market, he explains with lucid prose, developed in tandem with—and inseparably from—the modern American state. An engaging read, sure to provoke debate. -- Laura Phillips Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890-1940Table of ContentsAcknowledgmentsIntroduction1. Making the Land Liquid: The Roots of Land Banking2. The Special Privileges of the Federal Banks3. The Federal Land Banks and Financial Distress, 1916–19264. Falling Prices and Mortgage Crisis, 1926–19335. Herbert Hoover and the Urban-Mortgage Crisis in the Great Depression6. A New Deal for Farm Mortgages7. Housing, Heavy Industry, and the Forgotten New Deal Banking Act8. An Economy Balanced by MortgagesConclusionNotesReferencesIndex

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Book SynopsisFree banking is an historic term to describe a system in which banks issue their own notes – without the presence of a central bank (such as the Bank of England in the UK). Free banking has already been explored in many countries around the world, and this second edition expands the list of countries studied.

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