Banking Books

Book SynopsisIn the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.Trade Review"A highly useful travelogue written by acclaimed experts in an easy-going manner that nevertheless serves to deepen awareness and understanding. After a survey of concepts and how conduct regulation is evolving, Culture Audit opens a window on using behavioural science to frame 'better questions' and introduces straightforwardly the benefits of some advanced technology. These elements weave together to explain where thought leadership has been and points to areas for further exploration like purpose, individual character development and the excitement that awaits firms who are not quite prepared for their first earnest discussion of culture with a regulator." * Ted MacDonald, Technical Specialist, Wholesale Banking Supervision, UK Financial Conduct Authority *"Roger Miles has brought together a stellar group of experts in conduct risk and fashioned a unique resource for the financial services industry and beyond. The authors and Dr Miles himself have been there, done that and have the t-shirt when it comes to conduct risk management. Oozing with practical wisdom, this book brings concepts from psychology and behavioural science to a financial services audience, to help address the seemingly intractable challenge of workplace misconduct. Culture change programmes fail at least as often as they succeed, but Culture Audit contains many insights that will enhance the chances of success. As a business school professor teaching post-experience, post-graduate programs, I'm often looking for material that is evidence-based but accessible; that avoids bland motherhood statements and excites interests; that presents solutions that are seen as feasible and not utopian. This book has all those qualities and I expect it will help the industry chart a new course, consistent with its recent aspirations. A must-have for financial services leaders and regulators, and those who aspire to such roles." * Elizabeth Sheedy, Professor of Risk Governance, Macquarie University *"Culture Audit fills a welcome gap between procedural "how to" manuals which can be dull and conceptually empty, and academic research, which is often brilliant but difficult to translate into real organizational programs and initiatives. This book takes many of the best ideas out there from behavioral science, then sets them within a framework with action points making it genuinely useful for practitioners. The lively writing and provocative examples really help overcome the difficulty of making culture a practical consideration for companies without losing important nuances. This work deserves to make a big positive impact." * Alison Taylor, Executive Director, Ethical Systems; Professor, NYU Stern School of Business *"Just what the finance industry wants, and more importantly, what it needs. A definitive "How to" guide to understanding your firm's culture, its strengths and weaknesses, and, most importantly, how to systematically and thoroughly set about improving it throughout your workforce and firm. Packed with helpful real-life anecdotes from finance experts, academics' and regulators' perspectives, helpful history, insightful psychology, and pithy "sidebars" which neatly illustrate key points. A clear-sighted, up-to-the-minute view on progress made and what's left to do. This will long be seen as the magnum opus on this critical topic - and it is compelling reading at that. If the industry follows even half of the good advice here it will be in a much better place a few years from now." * Sean Carney, COO/CFO, Telemos Capital *"I really like the multiple-author approach, and what a list of co-authors! There's huge value in just being able to read insights from this remarkable group of people all in one place. Their different perspectives throughout, and their evident sense of fun, make Culture Audit really engaging and thought-provoking. A set of 'Interlude' stories also brings the theory to life, such as the hugely enjoyable account of how a central bank supervisor went on to 'rebrand' an investment bank's compliance department as behaviour-aware - a mindset shift that would benefit many firms. Culture Audit's view of the genesis of conduct regulation, and robust predictions for its future, ground our understanding of why it's now so vital for firms to focus on culture and behaviour. The book is always engaging - it's as if the reader is enjoying a chat with the authors - and thankfully avoids getting bogged down in regulatory small print. With so much still to be done to improve financial sector culture, here's a book which really will spark timely conversations in firms: importantly around purpose, psychological safety, diversity and inclusion. These are vital foundations for any firm to set out, then act on to start a lasting culture change. Culture Audit jump-starts these conversations in a friendly, understandable way. It's a great addition to the discourse." * Olivia Fahy, Head of Culture, TCC Group; Culture Team lead - Supervision, UK Financial Conduct Authority 2016-21 *"This masterful book gives the reader an easy lens to get familiar with the latest thought and regulatory agenda for supervising financial firms' conduct and culture. Following to the global financial crash and numerous scandals such as LIBOR rigging and mis-selling, we have seen a shift from a consumer protection regime based on disclosure, towards a new focus on the root cause of misconduct: firms' culture. Culture Audit answers many questions that will be on the minds of firms' executives and compliance professionals, as well as regulators. Uniquely, this book addresses head-on the controversial topic of how people opt for different roles at different career stages, moving between regulatory agencies and commercial roles. This brings a fresh perspective so we can reflect in a new way on how regulators and firms interact. A summary condensed from years of research, empirical experience, hundreds of real life talks and sharing by firms' executives, this book is a joy to read, for its clear setting out of theory and its practical action points. Dr Miles is a fascinating guide as he unlocks a door to the secrets of human minds, group dynamics and applying behavioural science to financial services. With an impressive group of colleagues, he addresses the big questions: What is culture and conduct? Why do regulators care about culture and conduct, as opposed to codified laws and regulations?, and more importantly: What shall we (the firms) do in response to the call? Arguing for a clear difference between conventional audit and culture assessment, it rightly also questions even whether the term culture audit is broad enough to yield the "better questions" that firms now need to ask themselves." * Davis Tsui, JD, CPA, Insurance Conduct Supervisor, Hong Kong Insurance Authority; former Treasury Markets Association Secretariat, Hong Kong Monetary Authority *"An all-round excellent reading experience: crisply written, with sharp graphics and pithy fact boxes. Culture Audit is packed with clear, current and bright insight - which is no less than we'd expect from the world-leading practitioner experts behind it. Even more impressively, they address it all in a way that's engaging, easily readable and (who'd have expected this?) frequently entertaining. Every regulated finance professional with any leadership responsibilities should read this book." * Robert Ellison, Co-Founder, Finance Unlocked *"So many books have only one idea; this one has so many from Roger Miles and his co-authors. A broadly useful book with all kinds of lessons for all kinds of practitioners. As well as efficiently tapping into key high-level research findings, readers will discover how in practice to match culture and conduct principles with the needs to their organisation's stakeholders - including regulators of course. The UK and international context is thoroughly current and well evidenced with real life examples, a full glossary and plentiful references. Everything you need is in one place. A thoroughly worthwhile read!" * Bryan Foss, serial iNED; Council member, Financial Reporting Council; Co-Founder, The Risk Coalition *"What a timely book! Plenty here to interest financial services regulation practitioners. It seems extraordinary that we are still talking about culture, more than twelve years after the global financial crisis exposed such huge problems in financial institutions. With great clarity, the authors have explained why these problems persist and if this book can help to improve culture then they've done a fine job. Culture Audit contains a wealth of knowledge including a topical chapter on the behavioural science techniques that supervisors have adapted in recent years. A vast amount of research and analysis from leading industry thinkers has clearly gone on behind the scenes to enlighten the reader, yet the authors keep the tone straight-talking, lucidly unpacking complex and technical topics without compromising the quality of the analysis. For those whose interest is piqued, a list of further reading is provided in the appendix and there's a properly helpful glossary. Culture Audit is very likely to achieve its aim of starting a wider conversation about conduct and culture across the regulated financial sector and beyond." * Alexander Robson, Managing Editor, Thomson Reuters Regulatory Intelligence *"It isn't very often that I would recommend to my book club what appears from the title to be an academic read - but this one breaks the mould. The team of writers has delivered an insightful and practical book that manages to be both strategic and operational, as needed, besides often letting the reader pause to reflect and consider how this all supports their own personal development. The 'story' interludes bring the chapters together in that really useful, involving way that storytelling has, of leading the reader towards understanding and applying the concepts in real life. A thoroughly worthwhile read." * Ann McFadyen, Director, UK Finance *Table of Contents Chapter - 01: A culture quest for ‘better behaviour; Chapter - 02: ‘How regulators’ ‘behavioural approach’ went global – with culture its latest focus; Chapter - 03: ‘The house is on fire - How regulators own research has pointed to ‘culture reset’; Chapter - 04: What’s the big idea? (1) - How conduct regulators use behavioural science; Chapter - Interlude One: From poacher to gamekeeper to poacher… to scientist - A supervisor’s tale; Chapter - 05: What’s the big idea? (2) - Regulators’ challenge to firms - framing ‘purposeful culture’; Chapter - 06: A ‘behaviour-at-risk’ agenda emerges - Questioning purpose, lost trust and cultural coercion; Chapter - 07: The new mindset and language of culture - Assessing financial and non-financial conduct; Chapter - 08: Audit basics - How the practice of culture audit differs from conventional auditing; Chapter - 09: The new management reporting information (MI) for culture Part 1 - Getting past the old MI; Chapter - 10: The new reporting Part 2 - Developing the framework - from culture models to better questions and indicators; Chapter - Interlude Two: Case example - Culture rating in a retail bank; Chapter - 11: Interventions and enforcements - How regulators have responded to a ‘culture crisis’; Chapter - 12: Intelligence gathering versus surveillance - Tried and failed methods; putting the latest research tools to work; Chapter - Interlude Three: A sector-wide group seeks culture ‘tells’ - (Observing indications of good and poor conduct); Chapter - 13: Putting respected research tools to work, example 1 - Tools for cultural transformation - Barrett Analytics; Chapter - 14: Putting respected research tools to work, example 2 - Using the CultureScope ‘combined analytic’ to deliver measurably better culture; Chapter - 15: What regulators really want - Wrap-up and look ahead; Chapter - 16: Glossary; Chapter - 17: Recommended reading;

Read more less

Book SynopsisBanks have a special position in the financial system. Their exclusive link to the central bank puts them at the top of the financial system and enables banks to offer liquidity to the wider economy. They also provide loans and payment services to firms and households. This multifaceted nature of banking makes the economics of banking exciting. This Research Review assembles the best 'banking' papers on all these dimensions and will be invaluable for banking scholars and practitioners.Table of ContentsContents: Introduction Dirk Schoenmaker PART I THEORY OF BANKING 1. Michael A. Klein (1971), ‘A Theory of the Banking Firm’, Journal of Money, Credit and Banking, 3 (2) (Part 9), May, 205–18 2. Douglas W. Diamond and Philip H. Dybvig (1983), ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy, 91 (3), June, 401–19 3. Franklin Allen and Douglas Gale (1998), ‘Optimal Financial Crises’, Journal of Finance, 53 (4), August, 1245–84 4. Charles W. Calomiris and Charles M. Kahn (1991), ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’, American Economic Review, 81 (3), June, 497–513 5. Douglas W. Diamond (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (3), July, 393–414 6. Joseph E. Stiglitz and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’, American Economic Review, 71 (3), June, 393–410 7. Anil K. Kashyap, Raghuram Rajan and Jeremy C. Stein (2002), ‘Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking’, Journal of Finance, 57 (1), February, 33–73 PART II STRUCTURE AND EFFICIENCY 8. Allen N. Berger and David B. Humphrey (1997), ‘Efficiency of Financial Institutions: International Survey and Directions for Future Research’, European Journal of Operational Research, 98 (2), April, 175–212 9. Arnoud W. A. Boot (2017), ‘The Future of Banking: From Scale & Scope Economies to Fintech’, European Economy – Banks, Regulation and The Real Sector, 2, 77–95 10. Wolf Wagner (2010), ‘Diversification at Financial Institutions and Systemic Crises’, Journal of Financial Intermediation, 19 (3), July, 373–86 11. Franklin Allen and Douglas Gale (2004), ‘Competition and Financial Stability’, Journal of Money, Credit and Banking, 36 (3) (Part 2), June, 453–80 12. Sam Langfield and Marco Pagano (2016), ‘Bank bias in Europe: Effects on Systemic Risk and Growth’, Economic Policy, 31 (85), January, 51–106 PART III BANKING SERVICES 13. Mitchell A. Petersen and Raghuram G. Rajan (1994), ‘The Benefits of Lending Relationships: Evidence from Small Business Data’, Journal of Finance, 49 (1), March, 3–37 14. Allen N. Berger and Gregory F. Udell (2002), ‘Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure’, Economic Journal, 112 (477), February, F32–53 15. Òscar Jordà, Moritz Schularick and Alan M. Taylor (2016), ‘The Great Mortgaging: Housing Finance, Crises and Business Cycles’, Economic Policy, 31 (85), January, 107–52 16. Arnoud W. A. Boot and Lev Ratnovski (2016), ‘Banking and Trading’, Review of Finance, 20 (6), October, 2219–46 17. Charles Goodhart and Dirk Schoenmaker (2016), ‘The Global Investment Banks are now all Becoming American: Does that Matter for Europeans?’, Journal of Financial Regulation, 2 (2), August, 168–81 18. Allen Goss and Gordon S. Roberts (2011), ‘The Impact of Corporate Social Responsibility on the Cost of Bank Loans’, Journal of Banking and Finance, 35 (7), July, 1794–1810 19. Thorsten Beck, Asli Demirgüç-Kunt and Maria Soledad Martinez Peria (2008), ‘Banking Services for Everyone? Barriers to Bank Access and Use around the World’, World Bank Economic Review, 22 (3), November, 397–430 PART IV INTERNATIONAL BANKING 20. Robert Grosse and Lawrence G. Goldberg (1991), ‘Foreign Bank Activity in the United States: An Analysis by Country of Origin’, Journal of Banking and Finance, 15 (6), December, 1093–112 21. Nicola Cetorelli and Linda S. Goldberg (2012), ‘Banking Globalization and Monetary Transmission’, Journal of Finance, 67 (5), October, 1811–43 22. Dirk Schoenmaker (2011), ‘The Financial Trilemma’, Economics Letters, 111, 57–9 23. Stijn Claessens and Neeltje Van Horen (2014), ‘Foreign Banks: Trends and Impact’, Journal of Money, Credit and Banking, 46 (S1), February, 295–326 24. Ralph De Haas and Iman Van Lelyveld (2014), ‘Multinational Banks and the Global Financial Crisis: Weathering the Perfect Storm?’, Journal of Money, Credit and Banking, 46 (S1), February, 333–64 25. Eugenio Cerutti, Giovanni Dell’Ariccia and Maria Soledad Martinez Peria (2007), ‘How Banks Go Abroad: Branches or Subsidiaries’, Journal of Banking and Finance, 31 (6), June, 1669–92 26. Eugenio Cerutti and Christina Schmieder (2014), ‘Ring Fencing and Consolidated Banks’ Stress Tests’, Journal of Financial Stability, 11, April, 1–12 27. Dirk Schoenmaker (2015), ‘The New Banking Union Landscape in Europe: Consolidation Ahead?’, Journal of Financial Perspectives, 3 (2), 189–201 PART V BANKING SUPERVISION 28. David Miles, Jing Yang and Gilberto Marcheggiano (2013), ‘Optimal Bank Capital’, Economic Journal, 123 (567), March, 1–37 29. Enrico Perotti and Javier Suarez (2011), ‘A Pigovian Approach to Liquidity Regulation’, International Journal of Central Banking, 7 (4), 3–41 30. Dirk Schoenmaker and Peter Wierts (2015), ‘Regulating The Financial Cycle: An Integrated Approach with a Leverage Ratio’, Economics Letters, 136, November, 70–2 31. Raj Aggarwal and Kevin T. Jacques (2001), ‘The Impact of FDICIA and Prompt Corrective Action on Bank Capital and Risk: Estimates Using a Simultaneous Equations Model’, Journal of Banking and Finance, 25 (6), June, 1139–60 32. Jean-Charles Rochet (2003), ‘Why Are There so Many Banking Crises?’, CESifo Economic Studies, 49 (2), 141–55 PART VI FINANCIAL STABILITY 33. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’, American Economic Review, 73 (3), June, 257–76 34. C. A. E. Goodhart (1987), ‘Why Do Banks Need a Central Bank?’ Oxford Economic Papers, 39 (1), March, 75–89 35. Tobias Adrian and Hyun Song Shin (2010), ‘Liquidity and Leverage’, Journal of Financial Intermediation, 19 (3), July, 418–37 36. Andrei Shleifer and Robert Vishny (2011), ‘ Fire Sales in Finance and Macroeconomics’, Journal of Economic Perspectives, 25 (1), Winter, 29–48 37. Luc Laeven and Fabián Valencia (2013), ‘The Real Effects of Financial Sector Interventions During Crises’, Journal of Money, Credit and Banking, 45 (1), February, 147–77 38. Emilios Avgouleas, Charles Goodhart and Dirk Schoenmaker (2013), ‘Bank Resolution Plans as a Catalyst for Global Financial Reform’, Journal of Financial Stability, 9 (2), June, 210–18 Index

Read more less

Book SynopsisIn this significant new book, Bruna Ingrao and Claudio Sardoni emphasize the crucial importance of considering credit/debt relations and financial markets for a comprehensive understanding of the world in which we live. The book offers both a thorough historical and theoretical reconstruction of how 20th century macroeconomics got (or did not get) to grips with the interactions between banks and financial markets, and the 'real' economy. The book is split into two distinct and thematic parts to expose the different attitudes to banks and finance before and after the Great Depression of the 1930s. Part I explores the period from the turn of the 20th century to the late 1930s, when many important economists devoted great attention to banks and credit relations in their explanations of the working of market economies. Part II discusses the post-war period up until the modern day, when banks and financial markets ceased to be a major concern of mainstream macroeconomics. The 2007-8 crisis gave rise to a renewed interest in credit relations, but many problems inherited from the past still remain open. The authors stress, in particular, the implications of the uneasy, if not impossible, coexistence of the endeavour to set macroeconomics within the framework of general equilibrium theory with the attempt to develop the analysis of the monetary and financial features of actual economies. Macroeconomists will greatly benefit from this timely book as it examines the historical evolution of the discipline, pointing out the major factors that have largely prevented the development of satisfactory analyses of the interrelations of credit, finance and the macroeconomy. Those involved in current economic policy debates will also benefit from the lessons offered in this book.Trade Review'Financial markets are terribly important in a modern economy. Yet, economists have mostly preferred to approach money from highly simplified perspectives that shunt the complexities of finance to one side. Still, from time to time, economists have tried to grasp the nettle. Ingrao and Sardoni provide a highly readable historical account of those efforts to integrate banking and finance into macroeconomic theory, which illuminates both why the problem is a difficult one and why it is important.' --Kevin D. Hoover, Duke University, US'By historically analysing the ways in which macroeconomic theories have conceptualized the role of banks and financial markets, this book solves the puzzle of why mainstream macroeconomics puts the financial system in the background even though it has expanded enormously in its complex interaction with the real side of the economy.' --Mario Amendola, University of Rome, ItalyTable of ContentsContents: PART I From the 1920s to the early postwar period 1. Introduction 2. Banks and the quantity theory: Wicksell and Fisher 3. Money and banking in the process of change: Schumpeter and Robertson 4. Banks, debt and deflation in the Great Depression 5. Keynes on banks in A Treatise, The General Theory and after 6. Further discussions and criticisms of Keynes’s General Theory PART II From the Neoclassical Synthesis to New Keynesian Economics 7. Finance in macroeconomics in the post-war years: The neoclassical synthesis 8. The Monetarist counter-revolution: from the ‘resuscitation’ to the disappearance of money 9. Credit and finance in today mainstream 10. Conclusions Index

Read more less

Book SynopsisThe Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature. Taking the perspective that finance and macroeconomics are intertwined, this illuminating Research Handbook brings together prominent experts to investigate key market interactions. Chapters act as self-contained case studies of particular markets, allowing for a thorough individual examination of each. Ultimately, they offer a holistic understanding of financial markets and the current state of research. Academics and researchers in economics and finance curious about developments within financial regulation and banking will find this comprehensive Handbook to be hugely valuable. Market participants will additionally find it to be a useful reference, along with regulators seeking to mitigate financial instability.Trade Review‘Refet Gürkaynak and Jonathan Wright put together a comprehensive and thorough collection of chapters written by the best professionals. It is a gem and must-read for anybody who wants to take a deep dive into understanding the nuts and bolts of central banking, financial intermediaries, money, capital and derivatives markets.’ -- Eric Ghysels, University of North Carolina at Chapel Hill, US‘This book provides a comprehensive guide to modern financial markets and institutions, including historical context as well as the macroeconomic role of each element of the system. In clarity, rigor and depth, it far surpasses any previous efforts to explain how the international financial system actually works.’ -- Kenneth S. Rogoff, Harvard University, US‘Over the past decade, central banks have conducted monetary policy by intervening heavily in financial markets through a flurry of unconventional measures. This book brings together the wisdom from researchers with innate knowledge of the inner workings of financial markets. A must read for all those interested in how financial markets will evolve as central banks will unwind unconventional policies in the years to come.’ -- Luc Laeven, Director General, Research Department, European Central BankTable of ContentsContents: Introduction to the Research Handbook of Financial Markets 1 Refet S. Gürkaynak and Jonathan H. Wright PART I CENTRAL BANKING 1 The Federal Reserve balance sheet 6 Kristopher Dawsey, William B. English and Brian Sack 2 The balance sheet of the Eurosystem 33 Oreste Tristani 3 The Bank of Japan’s balance sheet 56 Kosuke Aoki 4 Central bank lending 79 Brian Madigan and William Nelson 5 The workings of liquidity lines between central banks 102 Saleem Bahaj and Ricardo Reis PART II INTERMEDIARIES 6 Banks 126 Refet S. Gürkaynak, Jonathan H. Wright and Egon Zakrajšek 7 Non-bank financial intermediaries and financial stability 147 Sirio Aramonte, Andreas Schrimpf and Hyun Song Shin 8 Government agencies: Fannie Mae and Freddie Mac 171 Gillian Burgess, Wayne Passmore and Shane M. Sherlund 9 Money market funds 194 Antoine Bouveret, Antoine Martin and Patrick E. McCabe PART III MONEY MARKETS 10 The federal funds market, pre- and post-2008 220 Eric T. Swanson 11 The repo market 237 Benjamin Munyan 12 The foreign exchange market 253 Alain Chaboud, Dagfinn Rime and Vladyslav Sushko PART IV CAPITAL MARKETS 13 The Treasury and when-issued markets 277 J. Benson Durham and Roberto Perli 14 The municipal bond market 301 Daniel Bergstresser 15 Mortgage-backed securities 331 Andreas Fuster, David Lucca and James Vickery 16 Equity trading 358 Caroline Fohlin 17 Sovereign debt 378 Leonardo Martinez, Francisco Roch, Francisco Roldán and Jeromin Zettelmeyer PART V DERIVATIVE MARKETS 18 Interest rate swaps 407 Bin Wei and Vivian Z. Yue 19 Credit default swaps 429 Antulio N. Bomfim 20 Foreign exchange swaps and cross-currency swaps 451 Angelo Ranaldo 21 Inflation hedging products 470 Stefania D’Amico and Thomas B. King 22 Futures and options 490 Refet S. Gürkaynak and Jonathan H. Wright Index 509

Read more less

Book SynopsisInclusive Financial Development provides theoretical and empirical analyses of the nature of financial inclusion. The contributing authors explore the impediments to inclusion that exist around the world, the macro and stability implications, and the regulation dimension. With contributions from distinguished researchers, this book covers the main analytical and empirical issues in financial inclusion and its role in economic development. Chapters present a wide range of case studies illustrating topics such as mobile money, financial liberalization and bank efficiency, as well as highlighting the costs associated with financial exclusion and the various policy and regulatory measures that have been applied to lower the barriers to inclusion. Offering a comprehensive exploration of financial inclusion and its impediments, this important book will be welcomed by students, researchers and policy makers interested in economic development and financial regulation.Trade Review‘A great collection of contributions that analyse the different facets of financial inclusion in the developing world and that will push out the frontier of knowledge.’ -- Thorsten Beck, European University Institute, Florence, Italy‘Ahmad, Llewellyn and Murinde have edited a timely volume on access to finance and financial and economic development. At its core are thirteen contributions, many on African countries, resulting from research funded by the ESRC and the FDCO; with invited studies of other countries included. Progress from mobile money to information technology enabled financial intermediation is mapped and its impact gauged. Policy implications are that entry by, suitably regulated, technologically advanced financial institutions should be facilitated, and responsible banking fostered.’ -- Andrew Mullineux, University of Birmingham, UK‘For researchers and policy makers, this book is a true gold mine, not for the answers it offers, but for the critical questions it raises about the potential of financial inclusion to propel developing economies to higher levels of growth while ensuring that no citizen is left behind in the modernization process. The chapters offer compelling evidence on the role of financial inclusion as a potent tool for equitable development and leapfrogging in the developing world. The volume is of great interest for instructors and students of finance and economic development.’ -- Léonce Ndikumana, University of Massachusetts, Amherst, USTable of ContentsContents: Preface xvi Ahmad Hassan Ahmad, David T. Llewellyn and Victor Murinde 1 Introduction: financial inclusion – an overview of key issues 1 David T. Llewellyn 2 Public policy for financial inclusion 13 David T. Llewellyn 3 Financial sector development and financial inclusion in Africa: gaps, challenges and policy options 28 Njuguna Ndung’u and Alex Oguso 4 Mobile money and financial inclusion: an analytical survey 52 Ahmad Hassan Ahmad, Christopher J. Green and Fei Jiang 5 The impact of financial inclusion on sectoral economic growth 76 Ayse Demir, Joseph Ajefu, Kalim Bukhari and Victor Murinde 6 Does financial liberalization accentuate financial instability? 82 Dirk Bezemer, Silke Bumann and Robert Lensink 7 The rise of cross-border pan-African banks in the WAEMU 113 Issouf Soumaré, Kouamé Désiré Kanga and Victor Murinde 8 Kenya’s interbank market liquidity access: an insight from network topology 134 Ye Bai, Pia Weiss, Victor Murinde and Christopher J. Green 9 The coexistence of formal and informal finance: new evidence from the use of trade finance by farmers in Chile 170 Alvaro Reyes, Robert Lensink and Niels Hermes 10 Mobile money, financial inclusion and poverty: key results from two new surveys in Ghana 189 Fei Jiang, Carlos Sakyi-Nyarko, Ahmad Hassan Ahmad and Christopher J. Green 11 Does bank efficiency enhance industry growth in developing countries? 226 Ali Mirzaei and Tomoe Moore 12 Threshold effects of financial access on income inequality in Africa: empirics and policy implications 243 Imhotep Paul Alagidede and Muazu Ibrahim 13 Government policy and financial inclusion: analyzing the impact of the Indian national mission for financial inclusion 267 Rachel Hadar and Ronny Manos 14 Inclusive finance, financial literacy and livelihood activities of households in Ghana 295 Mohammed Amidu, Joshua Yindenaba Abor and Haruna Issahaku 15 Concluding remarks and implications for future research 321 Ahmad Hassan Ahmad, David T. Llewellyn and Victor Murinde Index

Read more less

Book SynopsisEmerging markets are increasingly facing significant challenges, from a slowdown in productivity, rising debt, and trade tensions to the adverse effects of proliferating global uncertainty on domestic financial systems. This incisive Handbook examines the ongoing dynamics of global financial markets and institutions within the context of such rising uncertainty and provides a comprehensive overview of innovative models in banking and finance.Chapters investigate the implications of the COVID-19 pandemic on health and economic activities, as well as other global factors such as geopolitical shifts, digital transformation, and climate change. This expansive range of perspectives demonstrates how emerging market policymakers have been forced to rethink their banking and financial industries to spur sustainable and inclusive growth. Global in scope, the Handbook features contributions from more than 70 experts, offering key insights into new developments in banking and finance, and considering how emerging markets might overcome the pandemic, shape the new normal, and foster economic sustainability.This ambitious Handbook will be an essential read for regulators and policy analysts who will benefit from its innovative perspectives on advancing governance of banking and finance sectors in emerging markets. Its exploration of forthcoming directions for research will be of special interest to academics and research scholars in related fields.Trade Review‘Duc Khuong Nguyen offers a multifaceted collection of research on emerging markets that is a must-read for scholars and investors alike. It is one of the most comprehensive books on emerging markets finance and will impress the readers with its fresh perspectives.’ -- Rose Liao, Rutgers University, US‘It was ample time this Handbook was made available to professional investors and financial actors in emerging markets. Congratulations to Duc Khuong Nguyen for gathering such an expert crowd to help us navigate the new emerging world: post global financial crisis, post Covid, post China and BRICS take off, but also aligned with the sustainable development goals and the climate agenda. This is the compass we needed to sail the ocean ahead of us!’ -- Bertrand Badré, Blue like an Orange Sustainable Capital, FranceTable of ContentsContents: Preface xxviii PART I FINANCIAL MARKETS, INSTITUTIONS AND MONEY 1 Booms, bubbles, blow-outs: exploring patterns in China’s credit expansion 2 Ron McIver, Lei Xu and Shiao-Lan Chou 2 Mutual fund investing in the Chinese A-share market 32 Yeguang Chi and Xiao Qiao 3 Liquidity and ex-dividend behavior in emerging markets 51 Daniel Dupuis 4 Asset-based valuation: a modified discounted cash flow approach 70 Rafael Yanushevsky, Daniel Yanushevsky and Camilla Yanushevsky 5 Financial integration in Asia: some empirical evidence 83 An Thi Thuy Duong and Clemens Kool 6 Application of the neural F-Score in Latin American stock markets 104 Lidia Loban, Cristina Ortiz and Luis Vicente 7 Market-liquidity risk modeling and reinforcement machine learning algorithms under extreme market outlooks: applications to emerging markets 115 Mazin A.M. Al Janabi 8 The components of bid–ask spread on the Warsaw Stock Exchange 131 Paweł Miłobędzki and Sabina Nowak PART II BANKING PROFITABILITY, EFFICIENCY AND STABILITY 9 Bank profitability in the euro area: the asymmetric effect of common supervision 153 Ioanna Avgeri, Yiannis Dendramis and Helen Louri 10 The journey of a thousand miles: a decade of the impact of foreign shareholders on the performance of Chinese commercial banks 176 Constantin Gurdgiev and Li Jiaqi 11 The determinants of commercial banks’ profitability in the South-Eastern Europe region: a system GMM approach 200 Francesco Guidi 12 Determinants of commercial banks’ performance in Mozambique 218 Antonio Samagaio, Pedro Verga Matos and Isidora Manjate 13 Impact of information and communication technology on banking efficiency: the Vietnamese experience 238 Thanh Ngo and Tu Le 14 Competition, efficiency and stability in Islamic and conventional banking systems: an emerging market perspective 254 Md. Nurul Kabir and Andrew C. Worthington 15 Central bank independence, macroprudential policies and financial stability in the Mauritian context 274 Manisha Chuttoor, Dinesh Ramdhony and Boopen Seetanah PART III TOWARDS FINANCIAL RESILIENCE AND SUSTAINABILITY 16 Sustainable investing in emerging markets 298 Andreas Gruener 17 ESG issues in emerging markets and the role of banks 321 Thankom Arun, Claudia Girardone and Stefano Piser. 18 Corporate social responsibility disclosure and cost efficiency of Islamic banks: evidence from GCC countries 345 Anas Mohammad Hussein Al-Jbour, Lei Xu, Damien Wallace and Guodong Yuan 19 Credit risk management and practices in Islamic and conventional banks: an emerging market perspective 366 Mahfod Aldoseri and Andrew C. Worthington 20 Stakes and challenges in the development of impact investing in emerging markets: the case of Asia 378 Emmanuelle Dubocage and Evelyne Rousselet 21 Consumer financial spinning and market stress factors in emerging markets 394 Olivier Mesly 22 Analyst coverage of emerging market IPOs and legal environment 419 Romain Boissin PART IV INNOVATIVE MODELS IN BANKING AND FINANCE 23 The role of BigTech in emerging markets 433 Silvio Andrae 24 The digital revolution in financial services: new business models and talent challenges 464 Sylvie St-Onge, Michel Magnan and Catherine Vincent 25 Ethics and trust on Fintech platforms from an emerging markets perspective 479 Oliver Vasquez and Leire San-Jose 26 Challenges and opportunities for crowdfunding in emerging markets: an ethical perspective 492 Johan Bouglet, Ghislaine Garmilis and Olivier Joffre 27 Rationalizing the Takaful organizational form with institutional theory 506 Maryam Alhalboni, Muhammed Shahid Ebrahim and Wahyu Jatmiko 28 Artificial intelligence in an emerging portfolio manager: the case of Evovest 523 Sylvie St-Onge, Catherine Vincent and Michel Magnan PART V EMERGING TRENDS 29 Emerging green finance hubs in Asia: regulatory initiatives for ESG investing and green bond development by the Four Tigers 539 Artie W. Ng 30 Enhancing sustainability reporting and greening the finance system: institutionalization and practices in China’s banking sector 553 Shidi Dong, Lei Xu and Ron McIver 31 Cross-border banking in EMDEs: trends, scale, and policy implications 573 Erik Feyen, Norbert Fiess, Ata Can Bertay and Igor Zuccardi Huertas 32 The Swiss banking experience and lessons learned for emerging markets: the roles of digitalization and sustainability 597 Carlo Raimondo and Patrick Coggi 33 Financial development of CEE markets and the evolving role of foreign-owned multinational banks 619 Victoria Geyfman 34 Key rate pass-through to deposit rates: experience from the pandemic era 634 Henry Penikas 35 Inflation targeting and fiscal discipline in selected emerging economies 651 Milojko Arsić, Zorica Mladenović and Aleksandra Nojković PART VI NEW PERSPECTIVES 36 The role of financial surveys for economic research and policy making in emerging markets 676 Sof.a Gallardo and Carlos Madeira 37 Emerging regions in the era of negative real interest rates: twenty years of convergence towards the US? 687 Max Gillman 38 The Indonesian banking sector during the COVID-19 pandemic 710 Sahminan Sahminan 39 Bank finance and alternative instruments in capital-intensive sectors: the case of global shipping 731 Theodore Syriopoulos 40 The Russian financial sector: opportunities in an unstable environment and sanctions 763 Vasily Tkachev, Vadim Grishchenko and Karl Summanen 41 Conflict, contention and cooperation in China’s new model of financial intermediation monitoring 793 W. Travis Selmier II Index 811

Read more less

Book SynopsisProviding an authoritative yet accessible introduction to the Asian Development Bank (ADB), this comprehensive Companion offers a detailed examination of the ADB’s objectives, policies, development outcomes, strengths and weaknesses, areas for reform, and challenges going forward.M. G.Quibria and Albab Akanda’s enlightening Companion is a significant addition to the literature on the ADB, delivering in-depth assessments of its operations to date and succinctly summarising its future priorities. Chapters provide state-of-the-art contributions from leading scholars on various themes such as the ADB’s approach to an increasingly multipolar world, the role of the ADB in supporting developing member countries, agricultural transformation in developing Asia and the challenges and opportunities represented by megacities in developing Asia. Crucially, the Companion advances the sound knowledge of the ADB’s history, its current methods of operation and its position in the global economy.This stimulating and forward-looking Companion will be essential reading for students, scholars and academics interested in Asian development, international economic development and international relations. It will also be a vital resource for international policymakers, diplomats, practitioners and think tank staff.Trade Review‘I strongly recommend this book for anyone interested in Asian development and, in particular, the ADB. It provides an authoritative yet accessible introduction to the ADB—its objectives, policies, development outcomes, strengths, weaknesses, areas for reforms, and challenges going forward including state-of-the-art reviews of current debates on various ADB-related issues in the context of ongoing deliberations on development assistance, international political economy, and good governance.’ -- Jere R. Behrman, University of Pennsylvania, US‘It was once thought that the mandate of the ADB was to reduce poverty. Since the Asian Miracle reduced poverty, did it reduce the need for the ADB? The establishment of the Asian Infrastructure Investment Bank, “One Belt One Road” initiative, and enormous demand for infrastructure investment, among other things, have completely changed the economic and political milieu facing the ADB. This book covers many topics of interest for all of us who are concerned with the present state and future of Asia and the ADB.’ -- Keijiro Otsuka, Kobe University, Japan‘The Elgar Companion to the Asian Development Bank is a comprehensive guide that delves into the history, achievements, challenges, and prospects of the Asian Development Bank (ADB). Distinguished scholars and experts explore various dimensions of the ADB's role in the Asia-Pacific region, including its response to a changing world, its support for member countries' development, its contributions to economic and social progress, and its recommendations for reforms. The book provides a critical assessment of the ADB's strengths and weaknesses within the global economic landscape. It is an essential resource for those interested in Asian development, international economic development, and international relations.’ -- Arvind Panagariya, Columbia University, US‘This book on the Asian Development Bank (ADB) is a welcome compendium of treatises and reflections crafted by former professional senior officials coming from Asia.’ -- Ernesto Pernia, University of the Philippines, Philippines‘The Asian Development Bank is the premier international development finance institution for the Asia-Pacific region. It recently celebrated its first 50 years by commissioning both an official history and an authoritative examination of these countries’ socio-economic development. This Companion by retired senior officials of the Bank provides further rich insights into this fascinating and diverse region.’ -- Hal Hill, Australian National University, AustraliaTable of ContentsContents Preface xii Acknowledgments xv 1 Asian Development Bank and the Belt and Road Initiative: challenges and opportunities 1 Xianbai Ji and Pradumna B. Rana 2 The Asian Infrastructure Investment Bank: a complement or a substitute for the Asian Development Bank? 11 M. G. Quibria 3 Organizing the Asian Development Bank: challenges and opportunities in an increasingly multipolar world 21 Stephen P. Groff 4 Improving professional expertise: key to enhancing the Asian Development Bank’s development effectiveness 33 Cedric Saldanha 5 Economic research at Asian Development Bank: a retrospective 43 Ramesh B. Adhikari 6 Averting economic crisis in developing Asia through economic surveillance: the role of the Asian Development Bank 56 Juzhong Zhuang 7 Climate disasters in Asia and the Pacific: the role of the Asian Development Bank in mitigation and adaptation 66 Vinod Thomas 8 Post-pandemic developing Asia: an agenda for the Asian Development Bank 78 Shiladitya Chatterjee 9 Symbiosis of trade and regional cooperation in Asia and the Pacific: the role of the Asian Development Bank 91 Douglas H. Brooks 10 The role of the Asian Development Bank in fostering regional integration through cross-border transport connectivity 101 Jayant Menon 11 Assessing the role of mega infrastructure initiatives and the Asian Development Bank in financing Asian infrastructure 116 Ganeshan Wignaraja and Marco Gatti 12 From governance to performance in Asia-Pacific 131 Clay G. Wescott 13 Poverty in developing Asia and the Asian Development Bank 144 Mohiuddin Alamgir 14 Agricultural transformation and food security in developing Asia: past successes, present challenges, and future policy options 157 M. G. Quibria 15 Megacities in developing Asia: challenges and opportunities 167 Syed Abu Hasnath 16 Environmental and social impact assessment: revisiting the theme 177 Armando Balloffet and Albab Akanda 17 The Asian Development Bank’s accountability mechanism: shifts in the accountability landscape 187 Suresh Nanwani 18 The Asian Development Bank’s environment program: challenges and directions 199 Prodipto Ghosh 19 The evolution of the Asian Development Bank’s relations with civil society 213 Bart W. Édes 20 Improving the Asian Development Bank’s education sector service delivery 226 William Loxley 21 Advancing gender equality and women’s empowerment in Asia beyond the Covid-19 pandemic – challenges and opportunities for the Asian Development Bank 236 Eugenia McGill 22 The Asian Development Bank’s energy sector operations in the twenty-first century 249 Dan Millison 23 The private sector challenge for the Asian Development Bank: some reflections 263 K. A. S. Murshid 24 Promoting ICT in developing Asia: the road ahead 275 Raja M. Mitra 25 The Asian Development Bank and the Pacific Islands 288 Xianbin Yao

Read more less

Book SynopsisUsing a range of calculative devices, (Mis)managing Macroprudential Expectations explores the methods used by central banks to predict and govern the tail risks that could impact financial stability. Through an in-depth case study, the book utilises empirically-informed theoretical analysis to capture these low-probability and high-impact events, and offers a novel conceptualisation of the role of risk modelling within the macroprudential policy agenda.The book asserts that central banks’ efforts to capture tail risks go beyond macroprudential policy objectives of identifying and monitoring systemic risks to financial stability. It illustrates how the calculation of tail risk contributes to managing the expectations that regulated institutions have around the Bank of England’s macroprudential approach, its willingness to support struggling institutions, and its use of novel macroprudential policy tools. Situating tail risk within the broader realm of climate finance, chapters contend that the identification of future climate tail risks simultaneously reveals opportunities for private profit and non-bank lending within the financial system, in ways that are potentially destabilizing. The book concludes by highlighting the social and political limitations of central banks’ new macroprudential approach.Transdisciplinary in approach, this book will be invaluable to students and scholars interested in the intersections between climate studies, political science and public policy, environmental economics, banking and finance, and political economy. Its practical applications will also be a useful resource to climate and finance policymakers working in central banking.Trade Review‘John Morris and Hannah Collins are keen-eyed detectives. They take a seemingly innocuous technical exercise into assessing the risks of climate change to the UK’s financial sector and turn it into an imaginatively theoretical and empirically rich account of the wider implications of viewing climate change as just another set of risks to be managed by private finance and overseen by regulatory authorities such as the Bank of England. This bracing contribution will fire debate and shape an emerging and critical research agenda crossing financial geography, cultural economy, and climate justice.’ -- Michael Pryke, Open University, UK‘Why have central banks become preoccupied with developing strategies for coping with “tail risks” – highly unlikely but extremely damaging events? And what are the implications of these shifts in their practices for our collective ability to respond to the climate crisis? In this ground-breaking book, John Morris and Hannah Collins tackle these key questions by demonstrating how the Bank of England uses the governance of tail risk to actively reshape markets and change financial institutions’ expectations about their “carbon futures.” Crucially, they point to the dangers of reducing the governance of climate change to a calculable and profitable form of tail risk. As credit rating agencies, shadow banking institutions, and insurance companies begin to find new ways of profiting from these climate risks, they warn, it is the most vulnerable countries and populations that are likely to pay the highest price.’ -- Jacqueline Best, University of Ottawa, Canada‘A hugely impressive achievement and a very important read when considering the turbulent economic times in which we live. Morris and Collins lift the lid on the cognitive and calculative tools currently being used by central banks as they seek to secure the future against uninsurable financial risks.’ -- Matthew Watson, University of Warwick, UK‘The high-impact low-probability events of the global financial crisis prompted a powerful transformation of the probabilistic risk management practices of financial stability governance. Focused on the Bank of England, Morris and Collins show how this transformation has been enacted through novel devices of calculation and regulation, and how it is currently shaping the role of central banks in climate change governance.’ -- Paul Langley, Durham University, UKTable of ContentsContents: Preface 1. Introduction to (Mis)managing Macroprudential Expectations: the turn to tail risk PART I MANAGING MACROPRUDENTIAL EXPECTATIONS 2. Macroprudential expectations management 3. Cyclical tail risk 4. Exploratory tail risk PART II MISMANAGING CARBON FUTURES 5. Climate tail risks 6. Monitoring or marketing climate tail risks? 7. Shadow banking and carbon transition risk 8. Conclusions Bibliography Index

Read more less

Book SynopsisThis timely book investigates the ideas and concepts that drive and shape Islamic finance. Hans Visser covers recent developments and explores tensions between belief systems and market demands, to consider the future of Islamic finance in the modern marketplace. In this updated third edition, Visser reviews the numerous products, institutions and markets offered by Islamic finance, situating them in the competitive contemporary environment. This incisive book questions the conceptual differences that have been established between Islamic finance and conventional finance, drawing attention instead to how the former imitates the latter. Offering a critical assessment of the claims of the ethical superiority of Islamic finance frequently made by its advocates, Visser further discusses the ways in which fiscal and monetary policy can be adapted to Islamic financial institutions. Concise, yet comprehensive in scope, this book offers new directions for economics and finance students interested in alternatives to conventional finance, as well as students of Islamic finance and Islam studies more broadly. International bankers, financial journalists and politicians will find Visser's succinct exploration of Islamic finance and financial institutions invaluable. Trade Review'There are many bad books on Islamic finance, but this is not one of them. Hans Visser clearly understands his subject and he has done his research.' -- Andrew Cunningham, Arab Banker'It is a testimony to the success of Hans Visser's book that it has reached a third edition. This popular book provides an admirably clear account of the principles of Islamic finance. At the same time it uses an evidence based approach to demonstrate its practical strengths and shortcomings. In this third edition, all the data has been updated providing the reader with an accurate assessment of where this unique type of finance is heading.' --Rodney Wilson, Durham University, UKTable of ContentsContents: Preface Introduction 1. Why Islamic finance? 2. Islamic law 3. The Islamic economy 4. Forms of Islamic finance 5. Islamic banks 6. Special sectors 7. Public finance, monetary policy and banking supervision 8. A tentative verdict and a question mark References Index

Read more less

Book SynopsisIt is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question.Two sets of data confirm the reservations. Central banks have often worsened, even initiated, monetary instabilities by bailing out the risk-takers and their effects on prices, which depending on the quantities of money created by central banks, have often been catastrophic. The evidence suggests that central bankers have really been in business to support the politically powerful upon whose favors they depend, particularly high-spending governments and needy financial institutions. The book consists of several examples of this behavior and its consistency during wars and financial crises in the UK and US over the course of the last two centuries.Professors and students of finance will find A Comparative History of Central Bank Behavior to be a compelling and thoughtful exploration of how central banks have historically responded to and influenced financial markets.Trade Review‘In A Comparative History of Central Bank Behavior, Wood investigates the reality behind the claim of central bank “independence.” Through probing investigation of historical episodes for both the Bank of England and the Federal Reserve System, he documents convincingly that their behavior is a complicated result of the exigencies of government. Anyone interested in the design of -- the monetary arrangements of a country needs to take into account the interplay of forces that determines central bank policies.’– Robert L. Hetzel, Retired, Federal Reserve Bank of Richmond, US‘By mixing political economy and history in perfect proportions this book forcefully presents enduring and timely lessons about central banks, their purposes and their accomplices. I could not put this book down.’ -- Thomas Sargent, New York University and Hoover Institution, Stanford, USTable of ContentsContents: Preface 1. Governments and their banks 2. Aristocratic government and the Bank of England during the Age of Reform 3. The commercial crisis of 1847 4. The Bank of England and the Great Depression 5. The Bank of England after the Great Depression 6. American monetary policy in the nineteenth century 7. The Federal Reserve and the Great Depression 8. The Great Recession 9. The politics of famine 10. Endless wars 11. Summary: government and the public References Index

Read more less

Book SynopsisIslamic Social Finance provides an introduction to the Waqf system, which has played a significant socio-economic role throughout the history of Islamic civilization. In a contemporary framework, Waqf creates new networks between micro-entrepreneurs, Small and Medium Sized Enterprises (SMEs), and entrepreneurship through voluntary donations made by individuals in a society. In other contexts, Waqf supports the financial system and contributes to the UN sustainable development goals (SDGs).The authors explore the relationship between the roles Waqf plays in realizing the SDGs, its contributions in many sectors of the economy, and the Waqf practices among the Southeast Asia countries, particularly Malaysia. They highlight the existing Waqf models and framework that have been used by many countries for entrepreneurship that can be used or adapted for the benefits of SMEs.This book is a comprehensive overview for academics, postgraduate students, entrepreneurs, and policy makers who wish to understand how Waqf can contribute to the economic progress of individuals and society at large.Trade Review‘The merits of Waqf Islamic endowments have been rediscovered in recent years and they are now found world-wide wherever there are Muslim communities. It is the adaptability of Waqf, including the ability to change the share of benefactors, which has encouraged many to become founders. Of particular interest is the experience of Southeast Asia, a focus of this book, from which lessons can be learnt.’ -- Rodney Wilson, Durham University, UK‘The authors provide a comprehensive overview of the importance of Waqf financing to MSEs. In a post COVID-19 world, a wide array of economic solutions is needed to support entrepreneurs as economies recover from the devastating global pandemic. Situating this need within the global economy, the authors provide case examples from Malaysia and Indonesia, primarily, to support their argument. A very compelling and important look into ways socially conscious financial options can build back stronger economies.’ -- Karen Hunt Ahmed, Nashville International Academy, US‘Being one of the “purest” Islamic Finance branches, Waqf indeed could contribute enormously to achieving SDGs, such as eliminating poverty, reducing income inequality and other goals. In this book, Waqf, or to be exact contemporary Waqf, in the dynamic global scene, is presented in an interesting and clear way. The book demonstrates how it is able to help SMEs to not only grow and be sustainable, but also contribute to the economic growth of the nation, and strengthening of the society.’ -- Baharom Abdul Hamid, INCEIF University, Malaysia‘I highly recommend this book to academicians, practitioners, and policymakers to shape the post-pandemic landscape of Waqf and SMEs. The fascinating about this book is the way the authors present waqf roles in different sectors such as agriculture, education, tourism etc. and synthesizing it with capital market instruments such as REITS and stocks, promoting social development and sustainability.’ -- Raditya Sukmana, Universitas Airlangga, IndonesiaTable of ContentsContents: Forewords Introduction to Islamic Social Finance 1. The concept of waqf 2. The role of waqf in sustainable economic development 3. Waqf contributions to sectors 4. Exploring waqf practices in Southeast Asia 5. Waqf development in Malaysia 6. Waqf for small and medium enterprises Bibliography Index

Read more less

Book SynopsisThe 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics. Introduced in 1958 by Paul Samuelson, the model postulates an infinite number of finite-lived families. This is in stark contrast to the more dominant neoclassical growth model, which is based on the assumption that real economies are populated by a finite number of dynastic families. Despite the greater realism of the former model and the inherent implausibility of the assumptions underlying the growth model, the growth model has become dominant. The authors here explore the co-evolution of the two models to shed light on why this happened, spanning the entire post-WWII era.Trade ReviewThis book is a real tour de force in clarity and tremendous scope. It should be on the reading list for all advanced economics graduate students. -- Jess Benhabib, Paulette Goddard Professor of Political Economy in the Faculty of Arts and Science at New York UniversityThis book is a monumental work, an important contribution to economics -- Karl Shell, Robert Julius Thorne Professor of Economics Emeritus, Cornell University. Founding Editor, Journal of Economic TheoryTable of ContentsIntroduction. Introduction Chapter 1. Origins of the Workhorse Models Chapter 2. OLG – The Next Generations, 1960-1970 Chapter 3. Expectations and the Neutrality of Money c. 1972: From OLG to SOLG Chapter 4. Infinite Lived Agents: Dynasty, 1970-1980 Chapter 5. OLG and Money, 1970-1980 Chapter 6. OLG and Theory, 1970-1980 Chapter 7. Boomers Chapter 8. Gen X and Beyond: 1995-2015 Chapter 9. The Ascendance of ILA and the Future of Macro Chapter 10. Morphology of OLG Models and Methods in Comparative Perspective Chapter 11. Summary and Conclusion

Read more less

Book SynopsisThe global financial crisis of 2008 has shown the great dangers of a pronounced imbalance in the financial system. The numerous regulatory components of the global financial system all aim to increase the stability and transparency of the system and thereby restore the confidence of market participants in credit institutions. The requirements lead to considerable challenges for the market participants: structures have to be changed, business models have to be revised, systems have to be checked for their functionality. Stable Banks in Challenging Times is a collection of speeches delivered by Andreas Dombret during his eight-year tenure as a board member of the Deutsche Bundesbank, the German central bank, and also, from 2014 onwards, his term on the Supervisory Board of the European Central Bank. He also represented Germany at the G7, the G20, the IMF, the FSB, the Basel Committee, the OECD and the BIS. As witness to the challenges created by the global financial crisis of 2008, Andreas Dombret helped to shape large parts of the new regulatory framework. He successfully monitored future developments such as digitalization, Brexit and climate change, and their effects on the risk situation in the global banking industry. His insights are an invaluable look at the inner workings of global financial regulation and policy. Financial system academics and researchers as well as professionals in banking, the financial sector, central banking and bank supervision will gain perspective from the author's observations as they pertain both to the past and our future.Trade Review'A significant contribution to financial regulatory policy making and bank management benchmarking in uncertain times. Andreas Dombret, intellectual and straightforward, yet realistic and practical. As a member of our global advisory committee and a very good friend of mine, Andreas always offers me a great deal of wisdom and I find every time from him a unique combination of resolute direction as a policy maker and the practical and reasonable sense of a private practitioner. You will certainly find a perfect balance among various interests, both public and private, from these essays. Very timely publication of Andreas' holistic views and profound insights during his Bundesbank days.' --Makoto Takashima, President and CEO, Sumitomo Mitsui Banking Corporation, JapanTable of ContentsContents: Part l Financial Stability in a Globalised World 1. Securing financial stability: the contribution of economic policy 2. Rules and tools for capturing systemic risk 3. Could less be more? The role of finance for the economy 4. More painkillers, please? Why more finance is the wrong medicine for our growth problem 5. Under Pressure – Is Consolidation the Solution for Europe's Banking Sector? 6. Banking sector in uncertain times – a challenge for whom? 7. Banks navigating uncharted waters 8. How to manage financial crises from a systemic viewpoint 9. Financial systemic risk – The national and international dimension of macroprudential policy 10. Resilient banks – essential building blocks of a stable financial system 11. Shaken but not stirred? The banking system seven years after the crisis Part ll Supervision and Regulation in Europe and beyond 12. Moving together – one year of European banking supervision 13. Failing or likely to fail? Putting the European banking union to the test 14. Banks-allowing them to fail 15. European banking union – a construction site. Common supervision, common resolution, common deposit insurance scheme? 16. Trying to see in the dark – The challenge of financial regulation 17. Big bang banking union – What can we expect? 18. What is “good regulation”? 19. Cutting the Gordian Knot or splitting hairs? 20. The quest for stability – Regulating and supervising banks 21. The euro, the banks and the crisis – Reshaping the world of finance Part lll Basel III – Reflections on a major regulatory project 22. Are we done now? Reflections on the post-crisis supervisory and regulatory regime 23. Too little, too much, or just right? Reforming banking regulation after the financial crisis 24. Basel III – goal within sight 25. Where do we go from here? The future of US-EU financial relations following the finalisation of Basel III 26. Basel III – Are we done now Part lV Behind the curve? The Role of Climate Change in Banking Supervision 27. Behind the curve? The role of climate risks in banks’ risk management 28. Greener finance – better finance? How green should the financial world be? I. Opt in or opt out? The future of the European Union in light of Brexit 29. What does Brexit mean for European banks? 30. The possible impact of Brexit on the financial landscape. Speech delivered at zeb, London, 24 February 2017 31. The future relationship between Germany and the UK in finance after Brexit 32. We can work it out – or can we? Current challenges in Brexit talks 33. Living with fragmentation – Post-Brexit realities in financial services 34. How will Brexit change the map of global finance? II. Digitalisation – the most significant challenge for future banking 35. Digitalisation – repercussions for banks and their supervisors 36. Digital natives? The future of banking in an era of digitalisation 37. Banks spellbound by innovation? Lessons learnt from digitalisation 38. On the prospects of growing electronification in the capital markets 39. Banking on big data – Different policy issues? 40. Totally digital? The future of banking business III. Central Banking and the role of international cooperation 41. The Future of Global Economic Cooperation – Brexit, Basel III and Beyond 42. What’s the future of globalisation? What’s the future of free markets? European optimism in an uncertain world 43. A stairway to heaven? The promises and limits of global integration IV. Conclusion 44. Mediating between worlds – eight years at the Bundesbank

Read more less

Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.Key Features: Provides a historical overview of the gestation of the Bank of England, the Federal Reserve, and the European Central Bank Analyses the processes involved in monetary policymaking, including strategy reviews, policy instruments, and central bank communication, whilst considering financial stability and crisis management Concludes with a look towards the future challenges faced by central banks, including the low interest rate environment and the greening of central bank policies Accessible and informative, this Advanced Introduction will prove a vital resource to students and scholars of economics and finance. It will also prove invaluable to practitioners and policymakers interested in financial sector supervision and regulation in central banks.Trade Review‘By explaining central banking to a non-specialist audience, this book fills an important void. It convincingly demonstrates the tremendous importance that price and financial stability play in the lives of the citizens we serve, illustrated with concrete day-to-day policy challenges that central bankers face.’ -- Klaas Knot, President of De Nederlandsche Bank and Chair of the Financial Stability Board‘This concise volume is a stupendous achievement. It distills into a relatively small number of pages a wealth of factual information, and a bit of opinion, about central banking around the world. Invaluable. I plan to pull it off my bookshelf frequently and to assign sections to my students.’ -- Alan S. Blinder, Princeton University, US‘This excellent short book will be a boon to anyone wanting to learn the basics of modern central banking. It is nicely written, with a good use of diagrams and tables, and easily accessible to anyone with a modicum of understanding of macroeconomic and monetary issues.’ -- Charles Goodhart, London School of Economics, UKTable of ContentsContents: Introduction to Central Banks and Monetary Policy 1. Responsibilities and design of central banks 2. Monetary policy-making 3. Financial stability and crisis management 4. Challenges for central banks References Index

Read more less

Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.Key Features: Provides a historical overview of the gestation of the Bank of England, the Federal Reserve, and the European Central Bank Analyses the processes involved in monetary policymaking, including strategy reviews, policy instruments, and central bank communication, whilst considering financial stability and crisis management Concludes with a look towards the future challenges faced by central banks, including the low interest rate environment and the greening of central bank policies Accessible and informative, this Advanced Introduction will prove a vital resource to students and scholars of economics and finance. It will also prove invaluable to practitioners and policymakers interested in financial sector supervision and regulation in central banks.Trade Review‘By explaining central banking to a non-specialist audience, this book fills an important void. It convincingly demonstrates the tremendous importance that price and financial stability play in the lives of the citizens we serve, illustrated with concrete day-to-day policy challenges that central bankers face.’ -- Klaas Knot, President of De Nederlandsche Bank and Chair of the Financial Stability Board‘This concise volume is a stupendous achievement. It distills into a relatively small number of pages a wealth of factual information, and a bit of opinion, about central banking around the world. Invaluable. I plan to pull it off my bookshelf frequently and to assign sections to my students.’ -- Alan S. Blinder, Princeton University, US‘This excellent short book will be a boon to anyone wanting to learn the basics of modern central banking. It is nicely written, with a good use of diagrams and tables, and easily accessible to anyone with a modicum of understanding of macroeconomic and monetary issues.’ -- Charles Goodhart, London School of Economics, UKTable of ContentsContents: Introduction to Central Banks and Monetary Policy 1. Responsibilities and design of central banks 2. Monetary policy-making 3. Financial stability and crisis management 4. Challenges for central banks References Index

Read more less

Book SynopsisThe German state banks - or Landesbanks - are not only some of the largest banks in Germany but are also a dominant force in the international banking sector. These state-owned banks enjoy special privileges and government support which have made them major players in the global arena of banking and finance.Protected by the German taxpayer's seemingly bottomless pockets in the form of state warranties, Landesbanks are able to take part in financing some of the largest projects in the world. They occupy nearly fifty per cent of the top places in both Moody's and Standard and Poor's international rankings. Professor Sinn critically scrutinizes the privileges of the German Landesbanks and questions the justification of government intervention in the banking sector. He predicts that European integration and the introduction of the euro will lead to a fierce take-over battle between Europe's banks. He argues that, given the state warranties, it seems likely that the German Landesbanks will be among the winners in this battle and concludes that the German public banking system has grown far larger than is appropriate for a market economy.This timely book addresses issues of concern for European bankers and policymakers alike. It will also be of interest to students and scholars of financial economics, European integration and money and banking.Table of ContentsContents: Preface 1. European Integration and the Landesbanks 2. The Government in the German Banking System 3. The Competitive Advantages of the Public Banks 4. Is Government Intervention in the Banking Sector Justified? – Irrelevant Arguments 5. Should the Government Insure Banks? 6. A Plea for the Reform of the Capital Market

Read more less

Book SynopsisThis outstanding collection of Michael Brennan's writing spans almost thirty years and reflects the rapid development and growing importance of the field of finance over this period.The papers cover corporate finance, option pricing and derivative markets, international finance and the role of information in financial markets. The chapters on corporate finance include Brennan's seminal 1970 paper on the effects of personal taxation on financial market equilibrium, an analysis of consistency in utility rate regulation and the classic piece on the application of options analysis to natural resource investments. The chapters on option pricing range from the earliest analysis of the American put option to a synthesis of methods of valuing derivatives, portfolio insurance and the effect of derivatives on trading volume and welfare. More recent papers include empirical asset pricing studies and an innovative proposal to strip the dividends from the S&P500 portfolio.Michael Brennan has been at the forefront of recent developments in financial economics and financial management and this collection of his work will be warmly welcomed by those working in finance, monetary economics, banking and financial sector research.Table of ContentsContents: Introduction Part I: Corporate Finance Part II: Option Pricing and Derivatives Markets Part III: Information and Price Formation in Financial Markets Name Index

Read more less

Book SynopsisThis book sheds new light on the role of speculative bubbles in the stock market and argues that, provided they are sustainable, bubbles may in fact have a positive effect on the market.In many developed countries, speculative bubbles in stock markets seem to have emerged as a persistent phenomenon. This book offers new perspectives on the role bubbles play in recent economic development. The author refutes the traditional argument that speculative bubbles necessarily increase instability or develop at the expense of real activities. He argues that, when profitable investment projects are scarce, bubbles on the stock market may provide additional investment opportunities with the potential to increase aggregate profits and to improve economic welfare. However, he allows that this potentially positive effect can only occur if bubbles are sustainable and do not burst. Highly sophisticated financial systems are needed in order to allow for positive effects to develop or, as recent experience in Asia has shown, the destabilizing effects will outweigh the potential benefits.The book takes a groundbreaking view on speculative bubbles and will be invaluable to academics and practitioners with an interest in financial economics.Trade Review'. . . Binswanger does a superb job in explaining the relationship between the financial sector and the real economy. The book is excellent reading for advanced courses and researchers in financial and monetary macroeconomics.' -- E. Ahmed, Journal of Economics / Zeitschrift fur Nationalokonomie'The book is impressive by its broad sweep through a large area of the financial economics literature, and the fact that a coherent and extensive model is developed and some of its implications are tested on US data. . . . the book is very worthwhile in that it successfully reviews and integrates a broad swathe of the finance literature, builds a coherent set of models and stories to support it and applies some of the more recent techniques from time-series econometrics to test the model's implications. . . . I would recommend it to readers seeking an accessible review yet particular interpretation of this area of the literature and to students looking for a contemporary example of the process of modelling and related empirics.' -- D.E. Allen, Economic Record'This book integrates economic theory and financial markets, with extensive empirical verification that provides much food for thought. . . . gives a more reasoned economic approach to current markets than can be found in the more popular texts. . .' -- Edmund A. Mennis, Business Economics'A well-crafted book combining strong theoretical analysis with empirical verification, in an attempt to shed light on an important new economic phenomenon.' -- Paul de Grauwe, University of Leuven, Belgium'An interesting and challenging contribution that contrasts the existing literature on the real foundations of financial markets in a refreshing way.' -- Heinz Zimmermann, University of St Gallen, SwitzerlandTable of ContentsContents: Preface Introduction Part I: Important Aspects of Money and Finance in Modern Economies 1. Finance and the Real Economy – The Variety of Keynesian and Non-Keynesian Perspectives in Recent Research 2. Endogenous Money Creation and its Economic Implications 3. The Finance Process on a Macroeconomic Level from a Flow Perspective: A New Interpretation of Hoarding Part II: The Stock Market and Speculative Bubbles: Theoretical Background 4. The Role of Speculation in Economics 5. Do Bubbles Enhance Dynamic Efficiency? 6. Explaining Persistent Deviations from Fundamental Values on the Stock Market: Dynamic Extensions of the Noise Trader Model Part III: The Stock Market and Speculative Bubbles: Empirical Evidence 7. The 1980s Merger Wave, Speculative Bubbles, and the Shift to Debt: Leveraged Restructuring Transactions as Stock Price Boosters 8. Investment Activity, Profits and the Stock Market in the US Economy: Some Lessons from the Flow of Funds Data 9. Stock Returns and Real Activity: Is there Still a Connection? Part IV: Conclusion 10. Towards a Sustainable Bubble Economy? References Index

Read more less

Book SynopsisThe Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture. The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, disseminate new empirical findings especially where competing paradigms are evaluated.The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programmes for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.<Trade Review'The Handbook is especially recommended to MBA students and faculty and belongs in the reference collections of academic and research libraries. Although each chapter may serve as a self-contained unit, readers will want to look at the larger picture by comparing and contrasting articles found in each part of the work. It should prove to be a helpful source for those studying international banking, economics and finance, and international business.' -- Lucy Heckman, American Reference Books Annual 2004Table of ContentsContents: Preface PART I: THE GLOBALIZATION OF BANKING 1. Globalization and Convergence of Banking Systems Andrew W. Mullineux and Victor Murinde 2. Multinational Banking: Historical, Empirical and Case Perspectives Elisa A. Curry, Justin G. Fung and Ian R. Harper 3. Asset-backed Securitization, Collateralized Loan Obligations and Credit Derivatives Warrick Ward and Simon Wolfe PART II: BANKING STRUCTURES AND FUNCTIONS 4. The New World of Euro Banking Jean Dermine 5. Competitive Banking in the EU and Euroland Edward P.M. Gardener, Philip Molyneux and Jonathan Williams 6. How to Tie Your Hands: A Currency Board versus an Independent Central Bank Jakob de Haan and Helge Berger 7. Free Banking Kevin Dowd 8. Islamic Banking Humayon A. Dar and John R. Presley 9. Universal Banking and Shareholder Value: A Contradiction? Ingo Walter 10. Foreign Exchange Trading Activities of International Banks Jürgen Eichberger and Joachim Keller 11. The Settlement and Financing of International Trade Ayse G. Eren 12. Costs and Efficiency in Banking: A Survey of the Evidence from the US, the UK and Japan Leigh Drake PART III: BANKING RISKS, CRISES AND REGULATION 13. Country Risk: Existing Models and New Horizons Sarkis Joseph Khoury and Chunsheng Zhou 14. The Causes of Bank Failures Shelagh Heffernan 15. International Banking Crises Alistair Milne and Geoffrey E. Wood 16. Some Lessons for Bank Regulation from Recent Financial Crises David T. Llewellyn 17. Reforming the Traditional Structure of a Central Bank to Cope with the Asian Financial Crisis: Lessons from the Bank of Thailand Andrew W. Mullineux, Victor Murinde and Adisorn Pinijkulviwat 18. Capital Flight: The Key Issues Niels Hermes, Robert Lensink and Victor Murinde 19. International Banks and the Washing of Dirty Money: The Economics of Money Laundering Kent Matthews 20. The Regulation of International Banking: Structural Issues Richard Dale and Simon Wolfe 21. US Banking Regulation: Practice and Trends Joseph J. Norton and Christopher D. Olive 22. Deposit Insurance and International Banking Regulation C. Charles Okeahalam PART IV: THE EVOLVING INTERNATIONAL FINANCIAL ARCHITECTURE 23. The institutional Design of Central Banks Falko Fecht and Gerhard Illing 24. The International Monetary Fund: Past, Present and Future Ian W. Marsh and Kate Phylaktis 25. Reforming the Privatized International Monetary and Financial Architecture Jane D’Arista 26. Globalization, the WTO and GATS: Implications for the Banking Sector in Developing Countries Victor Murinde and Cillian Ryan Index

Read more less

Book SynopsisThe horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy.The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.Trade Review'This is a very pleasant volume on credit, interest rates, and the open economy. It would be useful to anyone interested in gaining knowledge of the major issues in the horizontalist interpretation of the endogenous money hypothesis.' -- Giuseppe Fontana, Eastern Economic Journal'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' -- A.P. Thirlwall, University of Kent at Canterbury, UKTable of ContentsContents: Preface: Anthony Thirlwall Introduction Part I: Setting the Record Straight 1. Some Reflections on Endogenous Money 2. Horizontalism Part II: Debates on Horizontalism 3. Money without Scarcity 4. Money Endogeneity and Monetary Non-Neutrality 5. Horizontalism and New Keynesian Economics Part III: Horizontalism and History of Thought Issues 6. The German Balance of Payments School and the Latin American Neo-Structuralists 7. Horizontalism and Inflation Accommodation 8. Notes on Hicks on Money and Monetary Theory 9. Bank Creation of Money and Endogenous Money Supply as the Outcome of the Evolution of the Banking System Part IV: Horizontalism and the Open Economy 10. The Reflux Mechanism and the Open Economy 11. Monetary Autonomy and Financial Integration 12. Foreign Exchange, Interest and Prices Index

Read more less

Book SynopsisThis major four-volume collection will prove invaluable for lecturers, researchers and practitioners. The first volume covers the case for and against banking regulation, touching upon the design of an 'optimal' regulatory framework. The second discusses deposit insurance, examining the arguments for and against its adoption and the problems encountered in its implementation. The material in the third volume deals with the vexed issue of capital adequacy assessment, including the roles played by capital and capital regulation and the G10 agreement. The final volume looks at the links between regulation and banking efficiency.Trade Review'As the custodians of the UK's new single financial services regulator we at the FSA are keen to learn from the academic world. Indeed, we would like to encourage more academic research on the subject of financial regulation. So we welcome the increasing breadth and depth of work in this area, as reflected in these useful and thought provoking volumes.' -- Howard Davies, Financial Services Authority, London, UKTable of ContentsContents: Volume I: The Case for and Against Banking Regulation Acknowledgements Preface Maximilian J.B. Hall Introduction Maximilian J.B. Hall 1. Joseph Aharony and Itzhak Swary (1996), ‘Additional Evidence on the Information-based Contagion Effects of Bank Failures’ 2. Robert B. Avery, Terrence M. Belton and Michael A. Goldberg (1988), ‘Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets’ 3. George J. Benston and George G. Kaufman (1995), ‘Is the Banking and Payments System Fragile?’ 4. George J. Benston and George G. Kaufman (1996), ‘The Appropriate Role of Bank Regulation’ 5. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’ 6. Ben Bernanke and Mark Gertler (1990), ‘Financial Fragility and Economic Performance’ 7. Sudipto Bhattacharya, Arnoud W.A. Boot and Anjan V. Thakor (1998), ‘The Economics of Bank Regulation’ 8. Matthew T. Billett, Jon A. Garfinkel and Edward S. O’Neal (1998), ‘The Cost of Market versus Regulatory Discipline in Banking’ 9. Michael D. Bordo (1992), ‘The Lender of Last Resort: Some Insights from History’ 10. Charles W. Calomiris and Charles M. Kahn (1991), ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’ 11. Charles W. Calomiris and Joseph R. Mason (1997), ‘Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic’ 12. V.V. Chari and Ravi Jagannathan (1988), ‘Banking Panics, Information, and Rational Expectations Equilibrium’ 13. Douglas W. Diamond and Philip H. Dybvig (1983), ‘Bank Runs, Deposit Insurance, and Liquidity’ 14. Kevin Dowd (1994), ‘Competitive Banking, Bankers’ Clubs, and Bank Regulation’ 15. Kevin Dowd (1996), ‘The Case for Financial Laissez-Faire’ 16. Robert A. Eisenbeis (1995), ‘Private Sector Solutions to Payments System Fragility’ 17. David M. Ellis and Mark J. Flannery (1992), ‘Does the Debt Market Assess Large Banks’ Risk? Time Series Evidence from Money Center CDs’ 18. Eugene F. Fama (1985), ‘What’s Different About Banks?’ 19. Mark J. Flannery (1996), ‘Financial Crises, Payment System Problems, and Discount Window Lending’ 20. Mark J. Flannery (1998), ‘Using Market Information in Prudential Bank Supervision: A Review of the U.S. Empirical Evidence’ 21. Mark J. Flannery and Sorin M. Sorescu (1996), ‘Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983–1991’ 22. C.A.E. Goodhart (1987), ‘Why Do Banks Need a Central Bank?’ 23. Gary Gorton (1985), ‘Bank Suspension of Convertibility’ 24. Gary Gorton and Anthony M. Santomero (1990), ‘Market Discipline and Bank Subordinated Debt’ 25. Iftekhar Hasan and Gerald P. Dwyer, Jr. (1994), ‘Bank Runs in the Free Banking Period’ 26. Christopher James (1991), ‘The Losses Realized in Bank Failures’ 27. G.D. Koppenhaver and Roger D. Stover (1994), ‘Standby Letters of Credit and Bank Capital: Evidence of Market Discipline’ 28. David Miles (1995), ‘Optimal Regulation of Deposit Taking Financial Intermediaries’ 29. Sangkyun Park (1991), ‘Bank Failure Contagion in Historical Perspective’ 30. Sangkyun Park and Stavros Peristiani (1998), ‘Market Discipline by Thrift Depositors’ 31. Andrew Postlewaite and Xavier Vives (1987), ‘Bank Runs as an Equilibrium Phenomenon’ 32. Myron B. Slovin, Marie E. Sushka and John A. Polonchek (1993), ‘The Value of Bank Durability: Borrowers as Bank Stakeholders’ Name Index Volume II: Deposit Insurance Acknowledgements Preface Maximilian J.B. Hall Introduction Maximilian J.B. Hall 1. Sankarshan Acharya and Jean-François Dreyfus (1989), ‘Optimal Bank Reorganization Policies and the Pricing of Federal Deposit Insurance’ 2. Linda Allen and Anthony Saunders (1993), ‘Forbearance and Valuation of Deposit Insurance as a Callable Put’ 3. Robert B. Avery and Allen N. Berger (1991), ‘Risk-based Capital and Deposit Insurance Reform’ 4. George J. Benston and George G. Kaufman (1993), ‘Deposit Insurance Reform: A Functional Approach: A Comment’ 5. George J. Benston and George G. Kaufman (1997), ‘FDICIA After Five Years’ 6. Mitchell Berlin, Anthony Saunders and Gregory F. Udell (1991), ‘Deposit Insurance Reform: What Are the Issues and What Needs to be Fixed?’ 7. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 8. Elijah Brewer III and Thomas H. Modschean (1994), ‘An Empirical Test of the Incentive Effects of Deposit Insurance: The Case of Junk Bonds at Savings and Loan Associations’ 9. Stephen A. Buser, Andrew H. Chen and Edward J. Kane (1981), ‘Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital’ 10. Yuk-shee Chan, Stuart I. Greenbaum and Anjan V. Thakor (1992), ‘Is Fairly Priced Deposit Insurance Possible?’ 11. Roger Craine (1995), ‘Fairly Priced Deposit Insurance and Bank Charter Policy’ 12. Douglas W. Diamond and Philip H. Dybvig (1986), ‘Banking Theory, Deposit Insurance, and Bank Regulation’ 13. Jean-François Dreyfus, Anthony Saunders and Linda Allen (1994), ‘Deposit Insurance and Regulatory Forbearance: Are Caps on Insured Deposits Optimal?’ 14. Jin-Chuan Duan, Arthur F. Moreau and C.W. Sealey (1992), ‘Fixed-rate Deposit Insurance and Risk-shifting Behavior at Commercial Banks’ 15. Mark J. Flannery (1991), ‘Pricing Deposit Insurance When the Insurer Measures Bank Risk With Error’ 16. Mark J. Flannery (1993), ‘Deposit Insurance Reform: A Functional Approach: A Comment’ 17. Maximilian John Bettles Hall (1999), ‘Deposit Insurance Reform in Japan: Better Late Than Never?’ 18. Paul M. Horvitz (1983), ‘The Case Against Risk-related Deposit Insurance Premiums’ 19. Kose John, Teresa A. John and Lemma W. Senbet (1991), ‘Risk-shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform’ 20. Edward J. Kane (1986), ‘Appearance and Reality in Deposit Insurance: The Case for Reform’ 21. Edward J. Kane (1995), ‘Three Paradigms for the Role of Capitalization Requirements in Insured Financial Institutions’ 22. Sarah B. Kendall and Mark E. Levonian (1991), ‘A Simple Approach to Better Deposit Insurance Pricing’ 23. Alan J. Marcus and Israel Shaked (1984), ‘The Valuation of FDIC Deposit Insurance Using Option-pricing Estimates’ 24. J. Huston McCulloch (1985), ‘Interest-risk Sensitive Deposit Insurance Premia: Stable ACH Estimates’ 25. Robert C. Merton (1977), ‘An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees: An Application of Modern Option Pricing Theory’ 26. Robert C. Merton (1978), ‘On the Cost of Deposit Insurance When There Are Surveillance Costs’ 27. Robert C. Merton and Zvi Bodie (1993), ‘Deposit Insurance Reform: A Functional Approach’ 28. George G. Pennacchi (1987), ‘Alternative Forms of Deposit Insurance: Pricing and Bank Incentive Issues’ 29. George G. Pennacchi (1987), ‘A Reexamination of the Over- (or Under-) Pricing of Deposit Insurance’ 30. Ehud I. Ronn and Avinash K. Verma (1986), ‘Pricing Risk-adjusted Deposit Insurance: An Option-based Model’ 31. James B. Thomson (1987), ‘The Use of Market Information in Pricing Deposit Insurance’ Name Index Volume III: The Regulation of Bank Capital Acknowledgements Preface Maximilian J.B. Hall Introduction Maximilian J.B. Hall PART I THE ROLE OF BANK CAPITAL AND CAPITAL REGULATION 1. Allen N. Berger, Richard J. Herring and Giorgio P. Szegö (1995), ‘The Role of Capital in Financial Institutions’ 2. Roger D. Blair and Arnold A. Heggestad (1978), ‘Bank Portfolio Regulation and the Probability of Bank Failure’ 3. Jürg Blum and Martin Hellwig (1995), ‘The Macroeconomic Implications of Capital Adequacy Requirements for Banks’ 4. Mark J. Flannery (1989), ‘Capital Regulation and Insured Banks’ Choice of Individual Loan Default Risks’ 5. Frederick T. Furlong and Michael C. Keeley (1989), ‘Capital Regulation and Bank Risk-taking: A Note’ 6. Gerard Gennotte and David Pyle (1991), ‘Capital Controls and Bank Risk’ 7. Yehuda Kahane (1977), ‘Capital Adequacy and the Regulation of Financial Intermediaries’ 8. Michael C. Keeley and Frederick T. Furlong (1990), ‘A Reexamination of Mean-variance Analysis of Bank Capital Regulation’ 9. Daesik Kim and Anthony M. Santomero (1988), ‘Risk in Banking and Capital Regulation’ 10. Michael Koehn and Anthony M. Santomero (1980), ‘Regulation of Bank Capital and Portfolio Risk’ 11. Merton H. Miller (1995), ‘Do the M&M Propositions Apply to Banks?’ 12. Joe Peek and Eric S. Rosengren (1997), ‘Derivatives Activity at Troubled Banks’ 13. John J. Pringle (1974), ‘The Capital Decision in Commercial Banks’ 14. David H. Pyle (1986), ‘Capital Regulation and Deposit Insurance’ 15. Jean-Charles Rochet (1992), ‘Capital Requirements and the Behaviour of Commercial Banks’ 16. Anthony M. Santomero and Ronald D. Watson (1977), ‘Determining an Optimal Capital Standard for the Banking Industry’ 17. Jean Tirole (1994), ‘On Banking and Intermediation’ PART II THE BASLE CAPITAL ACCORD 18. Allen N. Berger and Gregory F. Udell (1994), ‘Did Risk-based Capital Allocate Bank Credit and Cause a “Credit Crunch” in the United States?’ 19. Jürg Blum (1999), ‘Do Capital Adequacy Requirements Reduce Risks in Banking?’ 20. Michael Bowe and Maximilian J.B. Hall (1998), ‘A Comparison of Capital Standards and Proprietary Surveillance as Mechanisms for Regulating Financial Market Risk in the EU’ 21. Maximilian J.B. Hall (1992), ‘Implementation of the BIS "Rules" on Capital Adequacy Assessment: A Comparative Study of the Approaches Adopted in the UK, the USA and Japan’ 22. Maximilian J.B. Hall (1994), ‘The Measurement and Assessment of Capital Adequacy for Banks: A Critique of the G-10 Agreement’ 23. Maximilian J.B. Hall (1997), ‘Banking Regulation in the European Union: Some Issues and Concerns’ 24. Diana Hancock and James A. Wilcox (1998), ‘The "Credit Crunch" and the Availability of Credit to Small Business’ 25. Patricia Jackson and William Perraudin (2000), ‘Regulatory Implications of Credit Risk Modelling’ 26. Kevin Jacques and Peter Nigro (1997), ‘Risk-based Capital, Portfolio Risk, and Bank Capital: A Simultaneous Equations Approach’ 27. Julapa Jagtiani, Anthony Saunders and Gregory Udell (1995), ‘The Effect of Bank Capital Requirements on Bank Off-balance Sheet Financial Innovations’ 28. David Jones (2000), ‘Emerging Problems with the Basel Capital Accord: Regulatory Capital Arbitrage and Related Issues’ 29. Sangkyun Park (1997), ‘Risk-taking Behavior of Banks under Regulation’ 30. Joe Peek and Eric Rosengren (1995), ‘Bank Regulation and the Credit Crunch’ 31. Joe Peek and Eric Rosengren (1995), ‘The Capital Crunch: Neither a Borrower nor a Lender Be’ 32. Stephen M. Schaefer (1990), ‘The Regulation of Banks and Securities Firms’ 33. Ronald E. Shrieves and Drew Dahl (1992), ‘The Relationship Between Risk and Capital in Commercial Banks’ 34. John D. Wagster (1996), ‘Impact of the 1988 Basle Accord on International Banks’ 35. John D. Wagster (1999), ‘The Basle Accord of 1988 and the International Credit Crunch of 1989–1992’ Name Index Volume IV: Regulation and Efficiency in Banking Acknowledgements Preface Maximilian J.B. Hall Introduction Maximilian J.B. Hall 1. Sigbjørn Atle Berg, Finn R. Førsund, Lennart Hjalmarsson and Matti Suominen (1993), ‘Banking Efficiency in the Nordic Countries’ 2. Sigbjørn Atle Berg, Finn R. Førsund and Eilev S. Jansen (1992), ‘Malmquist Indices of Productivity Growth during the Deregulation of Norwegian Banking, 1980–89’ 3. Sigbjørn Atle Berg and Moshe Kim (1994), ‘Oligopolistic Interdependence and the Structure of Production in Banking: An Empirical Evaluation’ 4. Allen N. Berger (1995), ‘The Profit-structure Relationship in Banking – Tests of Market-power and Efficient-structure Hypotheses’ 5. Allen N. Berger and Robert DeYoung (1997), ‘Problem Loans and Cost Efficiency in Commercial Banks’ 6. Allen N. Berger, Gerald A. Hanweck and David B. Humphrey (1987), ‘Competitive Viability in Banking: Scale, Scope, and Product Mix Economies’ 7. Allen N. Berger and David B. Humphrey (1991), ‘The Dominance of Inefficiencies Over Scale and Product Mix Economies in Banking’ 8. Allen N. Berger and David B. Humphrey (1997), ‘Efficiency of Financial Institutions: International Survey and Directions for Future Research’ 9. Allen N. Berger, William C. Hunter and Stephen G. Timme (1993), ‘The Efficiency of Financial Institutions: A Review and Preview of Research Past, Present, and Future’ 10. Allen N. Berger and Loretta J. Mester (1997), ‘Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?’ 11. A. Sinan Cebenoyan, Elizabeth S. Cooperman and Charles A. Register (1993), ‘Firm Efficiency and the Regulatory Closure of S & Ls: An Empirical Investigation’ 12. Robert DeYoung, Iftekhar Hasan and Bruce Kirchhoff (1998), ‘The Impact of Out-of-state Entry on the Cost Efficiency of Local Commercial Banks’ 13. Gary D. Ferrier, Shawna Grosskopf, Kathy J. Hayes and Suthathip Yaisawarng (1993), ‘Economies of Diversification in the Banking Industry: A Frontier Approach’ 14. R. Alton Gilbert and Paul W. Wilson (1998), ‘Effects of Deregulation on the Productivity of Korean Banks’ 15. E. Grifell-Tatjé and C.A.K. Lovell (1996), ‘Deregulation and Productivity Decline: The Case of Spanish Savings Banks’ 16. S. Grosskopf (1996), ‘Statistical Inference and Nonparametric Efficiency: A Selective Survey’ 17. Joseph P. Hughes, William Lang, Loretta J. Mester and Choon-Geol Moon (1996), ‘Efficient Banking Under Interstate Branching’ 18. Joseph P. Hughes and Loretta J. Mester (1993), ‘A Quality and Risk-adjusted Cost Function for Banks: Evidence on the "Too-big-to-Fail" Doctrine’ 19. David B. Humphrey and Lawrence B. Pulley (1997), ‘Banks’ Responses to Deregulation: Profits, Technology, and Efficiency’ 20. Jonathan E. Leightner and C.A. Knox Lovell (1998), ‘The Impact of Financial Liberalization on the Performance of Thai Banks’ 21. Karlyn Mitchell and Nur M. Onvural (1996), ‘Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier Flexible Functional Form’ 22. Joseph A. Newman and Ronald E. Shrieves (1993), ‘The Multibank Holding Company Effect on Cost Efficiency in Banking’ 23. José Manuel Pastor, Francisco Pérez and Javier Quesada (1997), ‘Efficiency Analysis in Banking Firms: An International Comparison’ 24. Stavros Peristiani (1997), ‘Do Mergers Improve the X-efficiency and Scale Efficiency of U.S. Banks? Evidence from the 1980s’ 25. Andrea Resti (1998), ‘Regulation Can Foster Mergers, Can Mergers Foster Efficiency? The Italian Case’ 26. Osman Zaim (1995), ‘The Effect of Financial Liberalization on the Efficiency of Turkish Commercial Banks’ Name Index

Read more less

Book SynopsisThis important and timely book examines the impact of different financial systems on investment. It considers the increasing effects of globalization on the relationship between national financial systems and investment, which is especially relevant in light of the recent Asian crisis. Marc Schaberg explores the way in which countries finance investment and the institutional arrangements which are in place for channelling finance to investment projects. He specifically examines the patterns of sources and uses of funds in non-financial enterprise sectors in the US, UK, France, Japan and Germany. Using time series data and econometric tests, he measures and categorises the financial systems of these countries. He also assesses the empirical evidence to question the commonly held assumption that financial systems are converging.Globalization and the Erosion of National Financial Systems will be welcomed by students and scholars working in the areas of money and banking as well as by financial economists.Table of ContentsContents: Introduction 1. Financial Systems 2. The Structure of Financial Systems 3. Financial Systems and Investment 4. External and Internal Finance 5. Investment, Financial Asset Purchases and Sources of Funds 6. Globalization and the Convergence of National Financial Systems 7. Policies for the New Financial Environment References Index

Read more less

Book SynopsisMoney, Coordination and Prices explains the phenomenon of nominal price rigidity as a characteristic of a monetary economy by means of an innovative combination of insights, using several strands of economic thought, to analyse the monetary economy. The work connects neoclassical and New Keynesian explanations of the use of money and nominal price rigidity and provides heterodox analyses of the two phenomena. The author integrates the mainstream approach with views from institutional and evolutionary economics, as well as post Keynesian economics.Analyses include: theories of money and nominal price stickiness conventions and institutions in coordination problems trust in a monetary economy the stability of the monetary economy the monetary economy as an open self-organizing system. This book will appeal to institutional, monetary, post Keynesian and neoclassical/mainstream economists and academics alike.Trade Review'This book presents a view of the economy, and how to model it, in which the current "ideal" of isolated agents coordinated by clearing markets is replaced by an open system in which money, trust, conventions and institutions all play their part in the system's coordination. In this framework, sticky prices and wages are not aberrations or market failures but are central to how the system works. In an open system, equilibrium is replaced by stability, the system's capacity to absorb shocks. How refreshing!' -- Victoria Chick, University College London, UKTable of ContentsContents: Theorising in Economics 1. Introduction 2. Theories of Money 3. Theories of Nominal Price Stickiness 4. Conventions and Institutions in Coordination Problems 5. Trust in a Monetary Economy 6. Stability of the Monetary Economy 7. The Monetary Economy: Leaving Behind the Closed System 8. Summing Up: Money and Nominal Price Stickiness References Index

Read more less

Book SynopsisBanking Reforms in South-East Europe gives a critical and detailed overview of banking system restructuring in the transitional countries of South-Eastern Europe - Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania and Yugoslavia - and offers suggestions for future reforms. The book opens with a comparison of the experiences of Central European advanced transitional economies with those of the Balkan countries. Proposals are put forward for ways in which positive aspects of the Central European experience can be applied to banking reform in the Balkans. The authors examine the importance of regional collaboration for the overall economic and social transition in the region, and consider whether it can facilitate the next stage of banking reform. They also analyse the results of currency board arrangements as a possible alternative to classical central banking, using the experiences of Bulgaria, Bosnia and the Yugoslav Republic of Montenegro. The book concludes with an analysis of the experience of individual economies and consists of a number of country-specific banking studies, covering all the transitional economies of South-East Europe.The book will be of great interest to both scholars of transition economies and policymakers in finance and financial institutions.Trade Review'. . . it is a very valuable contribution for understanding the actual situation of the South-East European countries, and the steps that need to be taken for the consolidation of an up-to-date banking system and to accelerate, hopefully, an earlier integration of these countries into the European Union.' -- Agim I. Tartari, Journal of International Banking Law and Regulation'. . .Sevic offers an accessible and closely argued account of financial sector reform processes in Southeast Europe. Sevic's book is the result of an extensive research project on banking sector reform in the Southeast European transitional economies undertaken since late 1998. . . an extensive look at this timely volume will pay handsome dividends and could help devise successful business plans.' -- Jens Bastian, Southeast European and Black Sea Studies'The book will be a very agreeable reading to experts on the region. Its comprehensive analysis emphasises past and current conflicts, the recourse to currency board arrangements, and the persisting asymmetries with reference to the functioning of the banking system in Central Europe. . . Banking Reforms in South-East Europe is a book that college students in banking and financial markets, and banking analysts should read.' -- Bruno S. Sergi, South-East Europe ReviewTable of ContentsContents: Preface 1. Assessing the Banking Reforms in South-East Europe Part I: General and Theoretical Issues 2. Economic Reform in South-East European Countries in Transition 3. The Role of the Stability Pact in Financial Sector Reform in South-East Europe 4. Governance Structures 5. Central Bank Reform in South-East Europe: Recent Developments and Prospects 6. Currency Boards and Currency Arrangements in Transition Economies 7. Comparative Models of Banking Reform 8. Banking Reform in South-East European Countries in the Light of the Central European Experience Part II: Country Studies 9. Banking Reform in Albania 10. Banking Reform in Bosnia and Herzegovina 11. The Banking System in Bulgaria 12. Reforming the Banking System in Croatia and its Broader Macroeconomic Environment 13. Banking Reform in Macedonia 14. Banking Reform in Romania 15. Reforming the Banking System in Yugoslavia Index

Read more less

Book SynopsisEconomic Institutions and Democratic Reformrigorously and systematically explores the political effects and consequences of economic reform in more than 20 post-communist countries. By using primary quantitative data and stringent statistical analyses, Ole Norgaard demonstrates that there is no universally applicable economic reform strategy and that popular democracy is often the foundation of a successful economy, rather than a powerful executive or president, as is popularly asserted. The book also shows that generalised models are not productive when studying the complexity of post-communist transformation. The author argues that the danger to democracy comes from the alienation of citizens and the collapse of public service and education systems instigated by individuals who, with few democratic credentials, capture the political playing field. These leaders have often been encouraged by Western governments who believe democracy can only be imposed on reluctant societies by newborn capitalist elites. This book will be essential and challenging reading for political scientists and economists as well as policymakers in NGOs, such as aid agencies and the institutions of the EU.Trade Review'The excellent series Economies and Societies in Transition continues with a major contribution to the analysis of dramatic transformations taking place in the latest decade, in post-communist countries, that of Ole Norgaard. . . From a theoretical perspective, Ole Norgaard's book is a major contribution to development of transitology in general, of post-communist one, in particular. From a pragmatic perspective, it is an essential and challenging lecture for political scientists and politicians, economists, sociologists, civic actors, public servants and officials from international institutions. If all those involved in the battle for democracy will read this book, the democracy will be less threatened. Through his study, Ole Norgaard is a great defender of democracy.' -- Doina Catana, Journal for East European Management StudiesTable of ContentsContents: 1. Emerging Democracies and the Market 2. Finding the Building Blocks and Draft Designs 3. The Research Agenda: Old Ideas in New Bottles 4. Institutional Strategies and their Outcomes 5. Context or Institutional Strategies: The Role of First Order Initial Conditions 6. Transcending the Structural Constraints of Socialism 7. Agents of Institutional Change 8. Emerging Markets – and Democracy A Note on Data References Index

Read more less

Book SynopsisThis authoritative two-volume collection brings together a comprehensive selection of over 40 previously published articles which include seminal and recent contributions in the area of speculation and financial markets.The volumes present the key theoretical and applied research in the pricing of assets, market efficiency and behavioural finance. It explores speculative behaviour in finance and the main financial markets including the stock market, the bond market and the market for foreign exchange and derivatives.Speculation and Financial Markets will be an essential source of reference for researchers, students and practitioners. It will also be an invaluable companion to intermediate and advanced texts on financial markets.Table of ContentsContents: Volume I Acknowledgements Introduction Liam A. Gallagher and Mark P. Taylor PART I EFFICIENT MARKETS 1. Alfred Cowles III and Herbert E. Jones (1937), ‘Some A Posteriori Probabilities in Stock Market Action’ 2. Eugene F. Fama (1965), ‘The Behavior of Stock-market Prices’ 3. Eugene F. Fama (1970), ‘Efficient Capital Markets: A Review of Theory and Empirical Work’ 4. Stephen F. LeRoy (1989), ‘Efficient Capital Markets and Martingales’ PART II MARKET INEFFICIENCY AND STOCK PRICE PREDICTABILITY 5. Eugene F. Fama and Kenneth R. French (1988), ‘Permanent and Temporary Components of Stock Prices’ 6. Stephen F. LeRoy and Richard D. Porter (1981), ‘The Present-value Relation: Tests Based on Implied Variance Bounds’ 7. M. Hashem Pesaran and Allan Timmermann (1995), ‘Predictability of Stock Returns: Robustness and Economic Significance’ 8. James M. Poterba and Lawrence H. Summers (1988), ‘Mean Reversion in Stock Prices: Evidence and Implications’ 9. Robert J. Shiller (1981), ‘Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?’ PART III NOISE TRADERS, INVESTOR SENTIMENT AND BEHAVIORAL FINANCE 10. Fischer Black (1986), ‘Noise’ 11. Werner F.M. De Bondt and Richard Thaler (1985), ‘Does the Stock Market Overreact?’ 12. J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers and Robert J. Waldmann (1990), ‘Noise Trader Risk in Financial Markets’ 13. Eugene F. Fama (1998), ‘Market Efficiency, Long-term Returns, and Behavioral Finance’ 14. Robert J. Shiller (1984), ‘Stock Prices and Social Dynamics’ 15. Andrei Shleifer and Lawrence H. Summers (1990), ‘The Noise Trader Approach to Finance’ 16. Andrei Shleifer and Robert W. Vishny (1997), ‘The Limits of Arbitrage’ PART IV BUBBLES 17. Behzad T. Diba and Herschel I. Grossman (1988), ‘Explosive Rational Bubbles in Stock Prices?’ 18. Kenneth A. Froot and Maurice Obstfeld (1991), ‘Intrinsic Bubbles: The Case of Stock Prices’ 19. Kenneth D. West (1987), ‘A Specification Test for Speculative Bubbles’ 20. Kenneth D. West (1988), ‘Bubbles, Fads and Stock Price Volatility Tests: A Partial Evaluation’ Name Index Volume II Acknowledgements An Introduction by the editors to both volumes appears in Volume I PART I PUZZLES IN FINANCE 1. Geert Bekaert and Campbell R. Harvey (1997), ‘Emerging Equity Market Volatility’ 2. John Y. Campbell and John H. Cochrane (1999), ‘By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior’ 3. George M. Constantinides (1990), ‘Habit Formation: A Resolution of the Equity Premium Puzzle’ 4. Eugene F. Fama (1981), ‘Stock Returns, Real Activity, Inflation, and Money’ 5. Kenneth R. French and James M. Poterba (1991), ‘Investor Diversification and International Equity Markets’ 6. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 7. David A. Marshall (1992), ‘Inflation and Asset Returns in a Monetary Economy’ 8. Rajnish Mehra and Edward C. Prescott (1985), ‘The Equity Premium – A Puzzle’ PART II BOND MARKETS AND THE TERM STRUCTURE OF INTEREST RATES 9. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 10. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘A Re-examination of Traditional Hypotheses about the Term Structure of Interest Rates’ 11. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘A Theory of the Term Structure of Interest Rates’ 12. Eugene F. Fama (1984), ‘The Information in the Term Structure’ 13. Eugene F. Fama and Robert R. Bliss (1987), ‘The Information in Long-Maturity Forward Rates’ PART III FOREIGN EXCHANGE MARKET EFFICIENCY 14. Jeffrey A. Frankel and Kenneth A. Froot (1990), ‘Chartists, Fundamentalists, and Trading in the Foreign Exchange Market’ 15. Kenneth A. Froot and Jeffrey A. Frankel (1989), ‘Forward Discount Bias: Is It An Exchange Risk Premium?’ 16. Kenneth A. Froot and Richard H. Thaler (1990), ‘Anomalies: Foreign Exchange’ 17. Mark P. Taylor and Helen Allen (1992), ‘The Use of Technical Analysis in the Foreign Exchange Market’ 18. Mark P. Taylor (1995), ‘The Economics of Exchange Rates’ PART IV DERIVATIVES AND EFFICIENCY 19. Merton H. Miller (1986), ‘Financial Innovation: The Last Twenty Years and the Next’ A Options 20. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 21. John C. Cox, Stephen A. Ross and Mark Rubinstein (1979), ‘Option Pricing: A Simplified Approach’ 22. Robert C. Merton (1973), ‘The Theory of Rational Option Pricing’ B Futures 23. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘The Relation Between Forward Prices and Futures Prices’ 24. Holbrook Working (1953), ‘Futures Trading and Hedging’ 25. Pradeep K. Yadav and Peter F. Pope (1990), ‘Stock Index Futures Arbitrage: International Evidence’ Name Index

Read more less

Book SynopsisOpen-Economy Macroeconomics for Developing Countries focuses on fiscal, monetary and exchange rate issues of importance to less developed economies. The book argues that the dichotomy between the short-term macroeconomic stabilization goal and the long-term economic growth objective commonly found in developing countries' policy framework is inappropriate. The authors report empirical evidence to support the proposition that macroeconomic stability is a pre-requisite for sustained economic growth and the root of macroeconomic instability in developing countries lies in the government budget deficits. The book discusses the stabilization tools available to deal with capital flows, supply shocks and the effects of financial deregulation. It opens with a discussion of macroeconomic policy problems for open developing economies and an historical overview of the international institutions such as IMF, GATT and UNCTAD. The authors then provide a comprehensive review of macroeconomic models which are popularly used to analyse policy dilemmas related to internal and external balances of open economies.Having reviewed the institutional and theoretical framework, the authors assess the macroeconomic impact of financial deregulation, capital flows and foreign investment. They address the debt crisis, financial instability, capital flight, currency substitution and exchange rate arrangements. The authors also consider more general issues such as the political economy of macroeconomic management and the institutional framework that may enhance credibility and effectiveness of macroeconomic policy. In conclusion, they stress that the openness of an economy itself acts as a constraint on macroeconomic mismanagement and hence may enhance economic growth.This comprehensive book will be an important addition to the literature, and will be of use to advanced undergraduates and graduates of development economics, development studies and financial and monetary economics.Trade Review'The teaching of macroeconomics has had to change in recent years to take account of the ever-increasing integration of the world economy, with countries more open to foreign investment and capital flows, and vulnerable to exchange rate movements and capital flight. Hossain and Chowdhury have written an exciting new macro-text for the 21st century reflecting these issues, which will be invaluable to teachers and students world-wide.'Table of ContentsContents: Preface 1. Openness and Macroeconomic Performance 2. Open-economy Macroeconomics – Concepts, Issues and Institutions 3. Open-economy Macro Models 4. Foreign Capital and Economic Growth 5. Debt Crisis and Capital Flight 6. Budget Deficits, Inflation and Balance of Payments 7. Money Growth, Inflation and Monetary Policy 8. Exchange Rate Policy 9. The Political Economy of Macroeconomic Management: The Need for Institutional Change Bibliography Index

Read more less

Book SynopsisThe eastwards expansion of the European Union is one of the most explosive economic and political issues of the early 21st century. Economic and financial stability combined with rising prosperity in the applicant countries are increasingly seen as necessary preconditions for European Union membership.This authoritative volume, written by scholars and practitioners from Central and Western Europe and the United States, confronts the issues involved in three of the countries most likely to be successful applicants to the EU - the Czech Republic, Hungary and Slovenia. A spotlight is turned on the banking and financial industries, as they are crucial to the achievement of economic stability. The blend of expertise deployed, which draws on in-depth knowledge and extensive experience in central banking, financial and commercial law, business, practical policy making and economic analysis, ensures that this book is timely, relevant and insightful.The authors suggest that the role of the state in both creating and maintaining an effective financial sector is central. Furthermore, they argue that well-regulated commercial banks and strategic foreign investors are a must as, in practice, the attempt to skip straight to modern capital markets has been ruinous.This accessibly written volume will be of interest to students and scholars of economics, finance, law, political science, the sociology of economic life and European studies.Trade Review'. . . this book would be suited to lawyers and non-lawyers alike. In addition, it provides an interesting look at the EU banking system and the systems of Central and Eastern European countries.' -- Ellie Palmer, Journal of International Banking Law and RegulationTable of ContentsContents: Preface 1. Introductory Overview Part I: Regulatory Background 2. Evolution of EU Banking: Supervisory Implications 3. Harmonisation and Legal Transplantation of EU Banking Supervisory Rules to Transitional Economies: A Legal Approach Part II: Case Studies 4. Banking Regulation and Supervision in Associated Countries: A Case Study of the Czech Republic 5. An Outline of the Banking Regulation and Supervisory System in Slovenia 6. Hungarian Banking in Transition Part III: Policy Issues and Implications 7. Real Dangers in Banking Crises: Examples of Failed Hungarian Banks 8. Western Rules for Eastern Banking Part IV: Conclusion 9. The New Pragmatism and a New Paradigm: The Transformed Role of the State Index

Read more less

Book SynopsisThis book aims to integrate the notions of contagion in epidemiology and contagion in financial market crises to discover why emerging markets are so susceptible to financial crises. The author first provides a brief introduction of the contagious spill-over of recent financial market crises and models the pattern of these crises. He finds that the contagion between crises in emerging markets, such as that of the crises in Russia and Brazil in 1998-1999, is explicable, despite the fact that at first sight they appear to have little in common. Finally, Friedrich Sell integrates these findings to outline a proposal for a 'new international financial architecture'.This groundbreaking book will be of interest to scholars of financial economics, emerging economies and international money and finance.Table of ContentsContents: Foreword 1. Introduction 2. Contagious Financial Crises in Economic History and in the Recent Past 3. Explaining the Onset of Financial Market Crises in Emerging Markets 4. ‘Contagion’: What is it and Who is Susceptible to it? 5. A Simple Model of Contagious Financial Crises 6. The New International Financial Architecture 7. Final Remarks Bibliography Index

Read more less

Book SynopsisEuropean economic and monetary union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the euro in the interests of Europe? This pertinent book attempts to address this contentious question.The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors. EMU will continue to cause huge changes in the social and economic sphere of Europe. This book does not attempt to polarise the debate by simply advocating for or against the euro, but instead puts the situation into context, identifies potential problems and proposes possible remedies. It will be required reading for economists, political scientists, politicians and policymakers.Trade Review'The Euro provides a concise, useful overview of the evolution of European economic integration, and the political and economic challenges that it faces. Highly readable, it is appropriate for scholars and students interested in understanding the history of the Euro and the debates and challenges surrounding it. . . this work helps establish the Euro as an important integrationist event in world monetary history.' -- Jacqueline McGlade, Eastern Economic JournalTable of ContentsContents: 1. Introduction 2. From Common Market to EMU: An Historical Perspective on European Economic and Monetary Integration 3. The Conditions Surrounding the Launch of the Euro 4. Monetary and Financial Arrangements Accompanying the Euro 5. Channels of Monetary Policy and Implications for the Euro 6. The Causes of Euro Instability Bibliography Index

Read more less

Book SynopsisIn the past thirty years the financial sector has seen unparalleled growth and has exerted increased economic and political influence and significance. This growth has come hand-in-hand with several serious economic crises and greater monetary instability. Set against this background, this important book offers a wide ranging, critical analysis of the financial sector.Each of the chapters explores a different theme under the general topic of money, finance and capitalist development. The performance of capitalist economies is first analysed from a Keynesian evolutionary perspective before moving to a focus on the East Asian crisis and asking the question of whether the global neo-liberal regime can survive in Asia. The rapid growth of the financial sector has involved, amongst other changes, a dramatic growth in the sale of financial derivatives. This activity is examined and found to increase uncertainty rather than decrease risk. The nature of money, and in particular the nature of endogenous credit money, is thoroughly discussed, and the political economy of central banks and their operations is reviewed. The book concludes with a critical assessment of the non-accelerating inflation rate of unemployment.Money, Finance and Capitalist Development will be of great value and interest to financial and monetary economists, as well as students and scholars of macroeconomics and finance.Trade Review'A valuable collection for those interested in contemporary economic issues. . . an excellent overview of the increasingly important financial sector and of its implications for macroeconomic performance and development.' -- Charles J. Whalen, Journal of Economic IssuesTable of ContentsContents: Preface 1. Money, Finance and Capitalist Development 2. An Evolutionary–Keynesian Analysis of Capitalist Performance 3. Can the Global Neoliberal Regime Survive Victory in Asia? 4. Financial Derivatives, Liquidity Preference, Competition and Financial Inflation 5. The Endogeneity of Money 6. Political Economy of Central Banks: Agents of Stability or Sources of Instability 7. The NAIRU: A Critical Appraisal Index

Read more less

Book SynopsisCommenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said ”I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!”'Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence credibility and transparency the inflation forecast and the loss function monetary policy experiences in the US and the UK the implications of Goodhart's Law the benefits of single versus multiple currencies money, near monies and credit. Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart's wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies.Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information.The companion volume examines monetary history, exchange rates and financial markets.Trade Review'In sum, the books thoroughly and practically address central banking and monetary policy issues which are clearly and superbly exposed by academic, economist and central banking superstars. . . both volumes are certainly recommended.' -- Gabriel GOmez Giglio, Journal of International Banking LawTable of ContentsContents: Preface Introduction A Central Bank Economist 1. No Money, No Inflation – The Role of Money in the Economy 2. Central Bank Independence 3. The Use and Meaning of Words in Central Banking: Inflation, Targeting, Credibility and Transparency 4. The Inflation Forecast and the Loss Function 5. Six Practical Views of Central Bank Transparency 6. The Phases of US Monetary Policy: 1987–2001 7. UK Monetary Policy, 1972–97: A Guide Using Taylor Rules 8. Goodhart’s Law: Its Origins, Meaning and Implications for Monetary Policy 9. A Cost of Unified Currency 10. Money and the Monetization of Credit Index

Read more less

Book SynopsisIn this volume Witold Henisz provides readers with a new set of tools for assessing the extent of political and regulatory risk faced by investment projects in a given country. The author measures political risk directly by examining the structure of a nation's political institutions and the preferences of the actors that inhabit them. He also provides a critical analysis of the effectiveness of one common political risk mitigation strategy, partnering with a local firm. Neither democracy (Russia), political stability (Zaire, until recently) nor low country risk scores (Indonesia in 1995) are sufficient for investor security. The failure of each of these measures points to the need for more objective methods of measuring risk. After implementing tests to show the validity of a new measures, Witold Henisz analyzes the efficacy of partnering with local firms. The results of this analysis suggest that partnership will often introduce more hazards than it solves. This framework for measuring risk and analyzing the efficacy of risk-mitigating strategies could easily be extended to make it applicable on a project-by-project basis. Policymakers, investment managers, business professionals and scholars will find this book extremely useful.Trade Review'A challenging research monograph that will appeal to international business scholars in the area of transaction cost economics (TCE), political risk, multinational enterprise (MNE) host country bargaining, and international joint ventures. It offers both theoretical and empirical advances in this area.' -- Alan Rugman, Journal of International Business Studies'This path-breaking book joins transaction cost economics and positive political theory to uncover the risks and work out the organizational ramifications of international investments. Academics, public policy analysts, and the business community all have a stake in these issues. Henisz should be read with interest and profit (variously defined) by all three.' -- From the foreword by Oliver E. WilliamsonTable of ContentsContents: Foreword by Oliver E. Williamson 1. Introduction 2. Checks and Balances and Credible Commitment 3. Comparative Economic Organization – Within and Between Countries 4. The Institutional Environment for Economic Growth 5. The Institutional Environment for Telecommunications Investment 6. The Institutional Environment for Multinational Investment 7. Conclusion Notes Bibliography Index

Read more less

Book SynopsisIt is a well-known fact that conventional commercial banks provide financial intermediation services on the basis of interest rates on assets and liabilities. However, since interest is prohibited in Islam, Islamic banks have developed several other modes through which savings are mobilized and passed on to entrepreneurs, none of which involve interest.Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in which they can facilitate improved efficiency and stability of a financial system are explored.The authors illustrate that in addition to some 200 Islamic banks operating in Muslim as well as non-Muslim countries, some of the biggest multinational banks are now offering Islamic financial products. This book will fascinate students, researchers and academics with a special interest in comparative banking, middle-eastern studies and international finance, and will also appeal to practitioners of banking and finance.Table of ContentsContents: Preface Glossary 1 Introduction Munawar Iqbal and David T. Llewellyn 2 Decision-making under uncertainty: an Islamic perspective Sami Ibrahim Al-Suwailem Comments Monzer Kahf; Mohamed Ali Elgari 3 Incentive-compatible profit-sharing contracts: a theoretical treatment Habib Ahmed Comments Said Al Hallaq 4 Evidence on agency-contractual problems in mu∂arabah financing operations by Islamic banks Abdel-Fattah A.A. Khalil, Colin Rickwood and Victor Murinde Comments Abdel-hameed Bashir 5 Incentive-compatible constraints for Islamic banking: some lessons from Bank Muamalat Adiwarman A. Karim Comments Muhammad Nejatullah Siddiqi 6 How informal risk capital investors manage asymmetric information in profit/loss-sharing contracts Mohammad Abalkhail and John R. Presley Comments Sultan Abou-Ali 7 Choice between debt and equity contracts and asymmetrical information: some empirical evidence Kazem Sadr and Zamir Iqbal Comments Abdul Azim Islahi 8 Islamic banking contracts as enforced in Iran Ali Yasseri Comments Mohamed Ali Elgari 9 Islamic financial institutions of India: their nature, problems and prospects M.I. Bagsiraj Comments Fazlur Rahman Faridi; Sule Ahmed Gusau 10 The interface between Islamic and conventional banking Rodney Wilson Comments Muhammad Abdul Mannan; Abdurrahman Lahlou 11 Alternative visions of international monetary reform M. Umer Chapra Comments John G. Sessions Index

Read more less

Book SynopsisIt is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place.The book aims to provide the foundations for a new analysis of inflation from a macroeconomic perspective. The role of money is investigated in terms of value, prices, profit, and capital accumulation.The author argues that in order to gain a thorough comprehension of inflation it is necessary to focus on the formation of national income, not on its distribution. Sergio Rossi's new approach proposes a structural reform of modern banking systems, and outlines an original macro-theoretical investigation of measurement problems in price index theory.Despite its elective affinity with the works of Ricardo, Walras and Keynes, the new analysis overturns traditional concepts of money. The discussion elicits a deeper understanding of the conditions underlying today's inflationary pressures and prescribes new solutions to permanently eradicate them.This unique and path-breaking study will be of enormous interest to academics, researchers, and students involved in monetary economics, as well as monetary policy makers, and central bank and international banking officials.Trade Review'Reading Rossi's book is . . . fascinating and refreshing, and highly worthwhile.' -- Heinrich Bortis, Journal of Economic Studies'It is one of Rossi's merits that his book moves from a critical to a positive analysis of inflation. . . The reader is thus taken on a stimulating journey where well-established "truths" are challenged on logical and factual grounds.' -- From the foreword by Mauro Baranzini and Alvaro CenciniTable of ContentsContents: Foreword by Mauro Baranzini and Alvaro Cencini Preface Introduction Part I: Methodological Issues in the Measurement of Inflation 1. The Methodological Debate in Traditional Inflation Analysis 2. From Technical Biases to Analytical Issues Part II: Towards a Macroeconomic Analysis of Inflation 3. The Neoclassical Analysis of Inflation: A Critical Appraisal 4. The Argument Refined: Exogenous and Endogenous Money Part III: A Modern Paradigm for Inflation Analysis 5. Wage Setting, Credit Policy and Inflation 6. Inflation and Fixed Capital Accumulation Conclusion Bibliography Index

Read more less

Book SynopsisRussian Banking considers the rise of commercial market-oriented banks in Russia, their links with government and non-financial companies and their role as intermediaries in the provision of finance for investment.The contributors explore the legacy of the Soviet past and current functions of the Russian banking system, contrasting these with those in other post-communist societies and describing peculiarities such as informal networks and corruption. The book also discusses the economic and global aspects of Russia's reform, focusing on financial crises, foreign depositors to Russian banks and the implications for Russian foreign debt.This up-to-date and comprehensive account of commercial banking in modern Russia will appeal to those concerned with the economics of transition or comparative banking. Political scientists and sociologists with an interest in forms of capitalism and the roles of banks will also find the book to be a fascinating read.Trade Review'. . . required reading for all who are seriously interested in the modern Russian economy.' -- Pekka Sutela, Slavic ReviewTable of ContentsContents Introduction David Lane PART I ISSUES IN BANKING 1 The evolution of post-communist banking David Lane 2 Bank sector restructuring Satoshi Mizobata 3 The present and future of banking reform William Tompson 4 The view from the ground: case studies of three major banks (Sberbank, Uneximbank/Rosbank, Bank of Moscow) David Lane and Irene Lavrentieva PART II GOVERNANCE ISSUES 5 Banks and illegal activities Heiko Pleines 6 Banks and the loans-for-shares auctions Duncan Allan 7 Comparisons with east-central Europe Martin Myant PART III ECONOMIC AND GLOBAL ASPECTS 8 Predicting Russia’s currency and financial crises Sheila A. Chapman and Marcella Mulino 9 The political economy of banking reform and foreign debt Claudia M. Buch, Ralph P. Heinrich, Lusine Lusinyan and Mechthild Schrooten 10 Russian banks and foreign investments Julia A. Solovieva 11 Progress towards financial stability Brigitte Granville Index

Read more less

Book SynopsisThis book presents the results of several years of research on competition, concentration, efficiency and performance in the European banking market. The author seeks to explain and interrelate the numerous characteristics of the banking industry, and provide a detailed comparative analysis of various banking sectors throughout Europe.The book begins with a survey on intermediation, integration and internationalisation in the European banking market, which helps to explain the increased competitive pressures banks are now operating under. The author then examines indicators of concentration and competition, and attempts to measure these using a variety of approaches in both EU and non-EU countries. Significantly, he also presents a unique comparison of efficiency throughout the EU by estimating X-inefficiency and cost level differences. The book concludes with an investigation into cyclical patterns of profits, provisions and lending in order to assess the procyclicality of bank behaviour in light of the new Basel Capital Accord. Academics and policymakers interested in banking supervision, financial stability and monetary policy will welcome this thorough analysis of competition and efficiency in the European banking industry. The book will also prove invaluable reading for banking analysts and strategists in central banks, regulatory bodies and competition authorities.Trade Review'I think this is a very fine piece of work, featuring high quality material, which will be accessible to technical and non-technical economists alike. It is likely to become the standard work in the field and will act as a benchmark for future comparative analyses of EU banking sectors. The advanced treatment of many of the key aspects of applied econometrics of banking, combined with excellent timely data, will ensure a broad appeal amongst academics, banking analysts, and policymakers in bank-regulatory bodies, competition authorities and central banks.' -- E. Philip Davis, Brunel University, UKTable of ContentsContents: Preface 1. Introduction to Market Structure, Competition and Efficiency 2. Intermediation, Integration and Internationalization 3. Measures of Competition and Concentration in the Banking Industry 4. Competition and Concentration in the Banking Industry and their Relationship 5. Competition on EU Deposit and Loan Markets 6. Efficiency and Cost Differences Across Countries 7. Cyclical Patterns in Profits, Provisioning and Lending of Banks 8. Structural Changes in the EU Banking Industry and Policy Recommendations References Index

Read more less

Book SynopsisPhilipp Maier offers a unique examination of the extent to which governments and various interest groups have exerted pressure on central banks. The book looks in particular at the Deutsche Bundesbank - which acted as the blueprint for the European Central Bank (ECB) - and utilises an original set of indicators to measure external pressure and support from the government and other institutions.The author demonstrates that although some of the rhetoric of the Bundesbank may have been a response to political pressure, the operation and conduct of German monetary policy has not been influenced. The role of various pressure groups remains a more contentious issue, as there is evidence that the Bundesbank may have acted to appease the financial sector. The author also finds that a high degree of public support towards the Bundesbank has helped to mitigate the effect of external forces. As the ECB was closely modelled on its German counterpart, the author is able to extend his analysis to the European level and draw out explicit predictions for the ECB. He argues that external pressure is unlikely to influence the conduct of monetary policy, as it will be less efficient and organised, and public support is likely to be high. In the future, however, this could be jeopardised by a rapid enlargement of EMU which may result in more concentrated and powerful pressure groups.This interesting empirical study of the effect of governments, interest groups and public support on the behaviour and rhetoric of Central Banks will be welcomed by financial and monetary economists, students and scholars of European finance and European policymakers.Trade Review'This book is a must-read for serious students and scholars of monetary institutions. It is comprehensive in its coverage of the relevant issues that arise in testing political economy theories of central banking, and is rich with ideas for testing possible political influences on central banks across the globe.' -- Michelle R. Garfinkel, Public Choice'By empirically analysing the rhetoric and decisions of the 'most independent central bank in the world', Philipp Maier provides a fresh perspective on the eternal triangle of government, the financial sector and monetary authority. Maier's findings regarding the actual independence of the Bundesbank's monetary policy do not only provide a better explanation of the past. Equally important are the author's innovative analyses which provide a greater understanding of the future prospects and challenges for the European Central Bank, at a time when Europe's key monetary institution faces the impact of a broadening EMU.' -- Peter A.G. van Bergeijk, Netherlands Competition Authority, The NetherlandsTable of ContentsContents: 1. Introduction 2. Review of the Literature 3. Political Pressure in OECD Countries Before Elections 4. The Rhetoric of Central Banks 5. A New Indicator for (Political) Pressure 6. The Role of Public Support 7. The European Context: An Economic Analysis 8. The European Context: A Political Assessment 9. The Impact of EMU Enlargement 10. Conclusion A. Germany’s Institutional Setting B. The Refined ‘Corridor’ for the Standard Deviation C. Data Sources Bibliography Index

Read more less

Book SynopsisThis authoritative book comprises key papers written on exchange rate economics by the eminent scholar Ronald MacDonald.Each of the highly focused chapters discusses the important issues that his research has pursued in this area. The papers are organised under four headings: monetary fundamentals and exchange rate forecasting; equilibrium exchange rate; expectations formation news and risk; and the economics of fixed exchange rates and credibility issues. Among the key findings, Ronald MacDonald concludes that it is possible to successfully forecast currencies in an out of sample context using macroeconomic fundamentals. Additionally, from a practitioner's perspective, well-founded and useful measures of an equilibrium exchange rate can be calculated once violations of the purchasing power parity concept are recognised.This essential book contains a number of academic orientated papers that postgraduate students and academics will find invaluable for their research. Practitioners in the financial sector will also be extremely interested in the chapters on exchange rate forecasting and issues relating to equilibrium exchange rates.Table of ContentsContents: Introduction PART I: MONETARY FUNDAMENTALS AND EXCHANGE RATE FORECASTING 1. ‘Exchange Rate Behaviour: Are Fundamentals Important?’ Economic Journal, 109 (459), 1999, F673–F691 2. ‘The Monetary Model of the Exchange Rate: Long-run Relationships, Short-run Dynamics and How to Beat a Random Walk’, with M.P. Taylor, Journal of International Money and Finance, 13 (3), 1994, 276–90 3. ‘On Fundamentals and Exchange Rates: A Casselian Perspective’, with I.W. Marsh, Review of Economics and Statistics, 79 (4), 1997, 655–64 4. ‘Monetary-based Models of the Exchange Rate: A Panel Perspective’, with S. Husted, Journal of International Financial Markets, Institutions and Money, 8 (1), 1998, 1–19 5. ‘Modeling the ECU Against the U.S. Dollar: A Structural Monetary Interpretation’, with L. La Cour, Journal of Business Economics and Statistics, 18 (4), 2000, 436–50 6. ‘Currency Spillovers and Tri-polarity: A Simultaneous Model of the US Dollar, German Mark and Japanese Yen’, with I.W. Marsh, Journal of International Money and Finance, 23 (1), 2004, 99–111 7. ‘Markov Switching Regimes in a Monetary Exchange Rate Model’, with M. Frömmel and L. Menkhoff, Economic Modelling, 22 (3), 2005, 485–502 PART II: EQUILIBRIUM EXCHANGE RATES: PURCHASING POWER PARITY AND THE REAL EXCHANGE RATE 8. ‘Long-run Purchasing Power Parity: Is it for Real?’, Review of Economics and Statistics, 75 (4), 1993, 690–95 9. ‘Panel Unit Root Tests and Real Exchange Rates’, Economics Letters, 50 (1), 1996, 7–11 10. ‘International Parity Relationships Between the USA and Japan’, with K. Juselius, Japan and the World Economy, 16 (1), 2004, 17–34 11. ‘Filtering the BEER: A Permanent and Transitory Decomposition’, with P.B. Clark, Global Finance Journal, 15 (1), 2004, 29–56 12. ‘The Real Exchange Rate and the Balassa–Samuel Effect: The Role of the Distributional Sector’, with L.A. Ricci, Pacific Economic Review, 10 (1) 2005, 29–48 13. ‘Real Exchange Rates, Imperfect Substitutability, and Imperfect Competition’, with L.A. Ricci, Journal of Macroeconomics, 29 (4) 2007, 639–64 PART III: EXPECTATIONS FORMATION, NEWS AND RISK 14. ‘£M3 Surprises and Asset Prices’, with T.S. Torrance, Economica, 54 (216), 1987, 505–15 15. ‘Expectations Formation and Risk in Four Foreign Exchange Markets’ with T.S. Torrance, Oxford Economic Papers, 42 (3), 1990, 544–61 16. ‘Combining Exchange Rate Forecasts: What is the Optimal Consensus Measure?’ with I.W. Marsh, Journal of Forecasting, 13, 1994, 313–32 17. ‘Currency Forecasters are Heterogeneous: Confirmation and Consequences’, with I.W. Marsh, Journal of International Money and Finance, 15 (5) 1996, 665–85 18. ‘Models of Exchange Rate Expectations: How Much Heterogeneity?’, with A. Bénassy-Quéré and S. Larribeau, Journal of International Financial Markets, Institutions and Money, 13 (2) 2003, 113–36 PART IV: THE ECONOMICS OF FIXED EXCHANGE RATES AND CREDIBILITY ISSUES 19. ‘On the Mean-reverting Properties of Target Zone Exchange Rates: Some Evidence from the ERM’, with M. Anthony, European Economic Review, 42 (8) 1998, 1493–523 20. ‘Crash! Expectational Aspects of the Departures of the United Kingdom and the United States from the Inter-war Gold Standard’, with C.P. Hallwood and I.W. Marsh, Explorations in Economic History, 34 (2) 1997, 174–94 21. ‘Realignment Expectations and the US Dollar, 1890–1897: Was There a “Peso Problem”?’ with C.P. Hallwood and I.W. Marsh, Journal of Monetary Economics, 46 (3) 2000, 605–20 22. ‘Interest Rate Interactions in the Classical Gold Standard, 1880–1914: Was There Any Monetary Independence?’, with M.D. Bordo, Journal of Monetary Economics, 52 (2) 2005, 307–27

Read more less

Book SynopsisThis book charts the consequences for banking supervision of two stylized developments that over the last decade have characterized the global financial landscape: the integration of cross-sector and cross-border financial services. Both developments inevitably call for a supervisory response and the authors discuss what form and direction this should take. They also address a number of other important subjects including the new Capital Accord (Basel 2), the convergence of supervisory practices, procyclicality, financial conglomerates, deposit insurance and a brief history of the interplay between banking supervision and bank behaviour.The important practical and theoretical issues highlighted in this volume clearly demonstrate that banking supervision currently stands at a crossroads. The detailed, objective discussions of these themes and the sensible conclusions drawn will undoubtedly help policymakers to decide which path to take. The original contributions from high-level practitioners and academics from around the world will also be of great interest to commercial bankers, and academics and researchers of banking, finance and monetary economics.Table of ContentsContents: Part I: Introduction 1. Banking Supervision at the Crossroads: Background and Overview 2. A Brief History of the Institutional Design of Banking Supervision in the Netherlands Part II: Convergence of Supervisory Practices 3. Opening Remarks 4. A Functional Approach to Fifty Years of Banking Supervision 5. The New Single Regulator in Germany 6. The Role of the Eurosystem in Prudential Supervision 7. Convergence in Supervision: A Commercial Banker’s Perspective Part III: Issues in the Theory of Banking Supervision 8. The Optimum Regulatory Environment 9. The Effectiveness of Deposit Insurance 10. Credit Risk Measurement and Procyclicality 11. Economic Versus Regulatory Capital for Financial Conglomerates Index

Read more less

Book SynopsisIslamic finance refers to methods of undertaking banking and financial transactions that are in conformity with the precepts of Islam. As such, the system offers a challenge to conventional Western ways of thinking about financing. This indispensable set of papers brings together the most important previously published papers on the subject of Islamic Finance from the last four decades. Issues explored include: the prohibition on interest; financing instruments; accounting and regulatory issues; institutional structures and recent developments.Trade Review'. . . the book contains an interesting collection of articles in the area of Islamic banking and finance, which describe and analyse a wide range of aspects and issues. It is hoped that this timely work will provoke more research in the important areas of Islamic finance.' -- The Muslim World Book Review'The editors, who have been involved for many years in Islamic finance, have done an excellent job in bringing this collection together. It provides valuable source material for researchers and students of Islamic finance, and will be an essential purchase for libraries that have specialist works in this field, as well as for those that lack such collections, but which need to provide support material for lone researchers or small student groups.' -- Rodney Wilson, Durham University, UKTable of ContentsContents: Acknowledgements Introduction M. Kabir Hassan and Mervyn K. Lewis PART I THE PROHIBITION OF INTEREST 1. Imad Ahmad (1982), ‘Islamic Social Thought’ 2. Fazlur Rahman (1964), ‘Riba and Interest’ 3. Muhammad Akram Khan (1983), ‘Riba in Contemporary Literature’ 4. Khurshid Ahmad (1994), ‘Elimination of Riba: Concept and Problems. Response to the Supreme Court Questionnaire’ 5. Izzud-Din Pal (1994), ‘Pakistan and the Question of Riba’ 6. M. Fahim Khan (1991), ‘Time Value of Money and Discounting in Islamic Perspective’ 7. Timur Kuran (1995), ‘Islamic Economics and the Islamic Subeconomy’ 8. M. Umer Chapra (2000), ‘Is it Necessary to Have Islamic Economics?’ PART II PRINCIPLES OF ISLAMIC BANKING 9. Ingo Karsten (1982), ‘Islam and Financial Intermediation’ 10. B.A. Bashir (1983), ‘Portfolio Management of Islamic Banks: “Certainty Model”’ 11. Moshin S. Khan (1986), ‘Islamic Interest-Free Banking: A Theoretical Analysis’ 12. John R. Presley and John G. Sessions (1994), ‘Islamic Economics: The Emergence of a New Paradigm’ 13. Talla Al-Deehani, Rifaat Ahmed Abdel Karim and Victor Murinde (1999), ‘The Capital Structure of Islamic Banks under the Contractual Obligation of Profit Sharing’ 14. Muhammad Nejatullah Siddiqi (2000), ‘Islamic Banks: Concept, Precept and Prospects’ PART III ACCOUNTING AND REGULATORY ISSUES 15. Cyril Tomkins and Rif’at Ahmed ‘Abdul Karim (1987), ‘The Shari’ah and its Implications for Islamic Financial Analysis: An Opportunity to Study Interactions Among Society, Organization, and Accounting’ 16. Rifaat Ahmed Abdel Karim (1990), ‘The Independence of Religious and External Auditors: The Case of Islamic Banks’ 17. Luca Errico and Mitra Farahbaksh (2001), ‘Islamic Banking: Issues in Prudential Regulations and Supervision’ 18. Dadang Muljawan, Humayon A. Dar and Maximilian J.B. Hall (2004), ‘A Capital Adequacy Framework for Islamic Banks: The Need to Reconcile Depositors' Risk Aversion with Managers' Risk Taking’ PART IV ISLAMIC INSTITUTIONS 19. Syed Khalid Rashid (1993), ‘Islamization of Insurance – a Religio-Legal Experiment in Malaysia’ 20. Muhammad Anwar (1994), ‘Comparative Study of Insurance and Takafol (Islamic Insurance)’ 21. Murat Çizakça (1998), ‘Awqaf in History and its Implications for Modern Islamic Economies’ 22. Rajesh K. Aggarwal and Tarik Yousef (2000), ‘Islamic Banks and Investment Financing’ 23. Habib Ahmed (2002), ‘Financing Microenterprises: An Analytical Study of Islamic Microfinance Institutions’ PART V DEVELOPMENTS IN ISLAMIC FINANCING 24. Abbas Mirakhor (1996), ‘Cost of Capital and Investment in a Non-Interest Economy’ 25. Mohammad Obaidullah (1998), ‘Financial Engineering with Islamic Options’ 26. Mahmoud A. El-Gamal (1999), ‘Involving Islamic Banks in Central Bank Open Market Operations’ 27. Sami Al-Suwailem (1999, 2000), ‘Towards an Objective Measure of Gharar in Exchange’ 28. Muhammed-Shahid Ebrahim (2000), ‘Pricing Asset Backed Islamic Financial Instruments’ Name Index

Read more less

Book SynopsisThis important volume presents key contributions to the study of financial crises from many different areas of economics. The book offers an economic history of financial crises, empirical studies of crises in the modern era, and classic works on the theory of banking crises. It also covers specialized topics, with sections on currency crises and financial contagion. Undergraduate students of money, banking, macroeconomics and financial crises alike will find this collection to be an invaluable overview of a critical area of study.Trade Review‘. . . an impressive collection of the seminal contributions to the academic literature on financial crises of the past three decades. . . I recommend this book to scholars, who will find here many of the intellectual ancestors of future papers. For policymakers and market participants the book should be required reading, as it will provide them with an overview of what the mainstream academic literature currently has to say about financial crises. Taking note of this literature will undoubtedly lead to better informed decision-making.’ -- Jan Marc Berk, SUERF‘Franklin Allen and Douglas Gale, who have made truly decisive contributions to our understanding of runs, contagion and financial crises, were the ideal scholars to edit this volume. Financial Crises is a well-balanced collection of important articles on the topic, with theoretical, empirical and historical perspectives; a must-read for students, researchers and practitioners interested in banking and currency crises.’ -- Jean Tirole, University of Sciences, Toulouse, FranceTable of ContentsContents: Acknowledgements Introduction Franklin Allen and Douglas Gale PART I CRISES IN HISTORICAL PERSPECTIVE 1. Michael Bordo, Barry Eichengreen, Daniela Klingebiel and Maria Soledad Martinez-Peria (2001), ‘Is the Crisis Problem Growing More Severe?’ 2. Gary Gorton (1988), ‘Banking Panics and Business Cycles’ 3. Charles W. Calomiris and Joseph R. Mason (2003), ‘Fundamentals, Panics, and Bank Distress During the Depression’ PART II EMPIRICAL STUDIES OF CRISES 4. John H. Boyd, Sungkyu Kwak and Bruce Smith (2005), ‘The Real Output Losses Associated with Modern Banking Crises’ 5. Graciela L. Kaminsky and Carmen M. Reinhart (1999), ‘The Twin Crises: The Causes of Banking and Balance-of-Payments Problems’ 6. Graciela L. Kaminsky, Carmen M. Reinhart and Carlos A. Végh (2003), ‘The Unholy Trinity of Financial Contagion’ PART III BANKING CRISES 7. John Bryant (1980), ‘A Model of Reserves, Bank Runs, and Deposit Insurance’ 8. Douglas W. Diamond and Philip H. Dybvig (1983), ‘Bank Runs, Deposit Insurance, and Liquidity’ 9. Charles W. Calomiris and Charles M. Kahn ([1991] 2001), ‘The Role of Demandable Debt Structuring Optimal Banking Arrangements’ 10. Franklin Allen and Douglas Gale (1998), ‘Optimal Financial Crises’ 11. Franklin Allen and Douglas Gale (2004), ‘Financial Intermediaries and Markets’ 12. Jean-Charles Rochet and Xavier Vives (2004), ‘Coordination Failures and the Lender of Last Resort: Was Bagehot Right after All?’ 13. Itay Goldstein and Ady Pauzner (2005), ‘Demand-Deposit Contracts and the Probability of Bank Runs’ 14. Franklin Allen and Douglas Gale (2000), ‘Bubbles and Crises’ 15. Douglas W. Diamond and Raghuram G. Rajan (2006), ‘Money in a Theory of Banking’ PART IV CURRENCY CRISES 16. Paul Krugman (1979), ‘A Model of Balance-of-Payments Crises’ 17. Robert P. Flood and Peter M. Garber (1984), ‘Gold Monetization and Gold Discipline’ 18. Maurice Obstfeld (1996), ‘Models of Currency Crises with Self-Fulfilling Features’ 19. Stephen Morris and Hyun Song Shin (1998), ‘Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks’ 20. Roberto Chang and Andres Velasco (2001), ‘A Model of Financial Crises in Emerging Markets’ PART V FINANCIAL CONTAGION 21. Franklin Allen and Douglas Gale (2000), ‘Financial Contagion’ 22. Laura E. Kodres and Matthew Pritsker (2002), ‘A Rational Expectations Model of Financial Contagion’ Name Index

Read more less

Book SynopsisFinancial reform has been a major concern for China's transitional economy - especially in the realms of banking and insurance - since accession to the WTO in 2001. This book scrutinizes the development and limitations of these industries during the process of institutional transformation, and demonstrates that they are now facing severe challenges as well as opportunities. The relationships between the market structure, behavior and performance of China's banking and insurance industries are analysed. The strengths, weaknesses, opportunities and threat (SWOT) approach is utilized in investigating the impact of WTO accession on Chinese banking and insurance, and strategies for the prevention of future financial crises are prescribed. Exploring the juxtaposition of institutional transformation in China and the financial risk inherent in the old system, the book concludes that with WTO accession and the opening up of financial services to foreign companies, competitiveness will become fiercer, resulting in increased uncertainty, intensifying the level of risk even further. Banking and Insurance in the New China will prove invaluable to multinational enterprise managers, brokers, dealers and investors, business economists, students and academics with a specific interest in the Chinese economy.Table of ContentsContents: Preface 1. China’s Banking Industry During the Process of Institutional Transformation 2. The Evolution of China’s Insurance Market 3. The Impact of WTO Accession on China’s Banking and Insurance Industries 4. Empirical Analysis of Market Structure, Behavior and Performance 5. Perspectives References Index

Read more less

Book SynopsisMonetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism.Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies. Heterodox and orthodox monetary macroeconomists alike will find this illuminating book of great interest.Trade Review'All chapters are equally and well structured with the general conclusions leading from each part clearly summarised in the introductory section which makes the book pleasant to read.' -- Pelin Ilbas, Tijdschrift voor Economie en Management'The book provides a good variety of articles capable of satisfying different readers regarding central banking.' -- Eric Tymoigne, Journal of Economic IssuesTable of ContentsContents: Introduction Part I: The New Consensus 1. The New Consensus on Monetary Policy Seen from a Post-Keynesian Perspective 2. Central Banking, Stability and Macroeconomic Outcomes: A Comparison of New Consensus and Post-Keynesian Monetary Macroeconomics 3. Interest Rate Operating Procedures and Income Distribution 4. Monetary Policy when Money is Endogenous: Going Beyond the ‘New Consensus’ Part II: Transmission Mechanisms 5. Monetary Dialogue and Dogma at the Bank of Canada: Inside 6. Interest Rate Policy at the Bank of Canada: Setting the Agenda 7. Modern Central Banks Only Have Real Effects 8. Central Banking in the Monetary Circuit 9. Long-term Interest Rates, Liquidity Preference, and the Limits of Central Banking 10. The Role of Monetary Policy in Post-Keynesian Stock-flow Consistent Macroeconomic Growth Models Part III: Historical Perspectives 11. The Effectiveness of Monetary Policy in Open Economy Macroeconomics: Dornbusch versus Tobin 12. Minsky and Tobin on the Instability of a Monetary Economy 13. Considerations on Allan H. Meltzer’s History of the Federal Reserve 14. Central Banking in Early Industrialization Index

Read more less

Book SynopsisAnalyzing ongoing changes in the design of regulatory and supervisory authorities over the banking and financial industry in Europe, this comprehensive Handbook pays particular attention to the role of national central banks, the new financial supervisory authorities and the European Central Bank (ECB). The contributors, all experts in their fields, begin by presenting the current situation in Europe, focusing on the role of the central banks, before going on to illustrate the supervisory architecture reforms of the late 1990s. The Handbook also highlights the emerging role of new integrated financial authorities through an analysis of different national case studies. This new original reference book concludes with a review of the various options now available for the design of supervisory architecture at the European level, considering also the possible involvement of the ECB.The Handbook tackles a number of controversial issues including: why financial supervision architecture is important and why the issue has arisen at the present time the roles of national central banks and national policymakers in alternative financial supervisory structures the advantages and potential hazards of single financial authorities unified or integrated agencies. This essential Handbook is a major multidisciplinary work and will be of great value to scholars and academics - principally in economics, finance and European studies but also politics and law - as well as regulators and supervisory institutions.Trade Review'Everyone involved with financial regulation and supervision should have already read this book which offers not only a thorough overview of where Europe stands but also gives a dynamic approach of how and why Europe has been - and will be - shifting towards a more unified financial authority. . . Masciandaro has edited a Handbook on a very topical subject that will indeed in the near future give rise to many challenging debates in the European Union. The papers gathered offer a complete view of the benefits and drawbacks of the different existing and potential structures of financial regulation and supervision agencies. Including the specific experience of ten countries gives a practical/empirical dimension and reduces the "home bias" knowledge of many economists!' -- Catherine Lubochinsky, SUERF NewsletterTable of ContentsContents: Foreword by Charles Goodhart Introduction by Mario Monti Part I: Central Banks and Financial Supervision 1. Central Banks as Monetary Authorities and Financial Stability Alicia García Herrero and Pedro del Río 2. The Role of Central Banks in Fostering Financial Stability Sander Oosterloo and Jakob de Haan 3. Central Banks and Single Financial Authorities: Economics, Politics and Law Donato Masciandaro Part II: The Emerging Role of Single Financial Authorities 4. Integrated Agencies and the Role of Central Banks David T. Llewellyn 5. United Kingdom Andrew Sykes and Terry Allen 6. Austria Andreas Grünbichler 7. Denmark Henrik Bjerre-Nielsen 8. Sweden Ingrid Bonde 9. Norway Bjørn Skogstad Aamo 10. Estonia Lelo Liive 11. Hungary László Balogh 12. Germany Martin Schüler 13. The Netherlands Henriëtte Prast and Iman Van Lelyveld 14. Ireland Jonathan Westrup Part III: What Role for Central Banks and Single Financial Authorities? 15. The International Network of Financial Authorities Nina Moss 16. Central Banks and Financial Authorities in Europe: What Prospects? Dirk Schoenmaker 17. The European Central Bank and Financial Supervision Sylvester C.W. Eijffinger 18. The Transformation of Financial Regulation and Supervision in the EU Karel Lannoo 19. The Role of the Central Bank in Financial Supervision: The Case of Italy Alessio De Vincenzo and Paolo Marullo Reedtz Index

Read more less

Book SynopsisCommenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said ”I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!”'Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence credibility and transparency the inflation forecast and the loss function monetary policy experiences in the US and the UK the implications of Goodhart's Law the benefits of single versus multiple currencies money, near monies and credit. Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart's wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies.Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information.The companion volume examines monetary history, exchange rates and financial markets.Trade Review'In sum, the books thoroughly and practically address central banking and monetary policy issues which are clearly and superbly exposed by academic, economist and central banking superstars. . . both volumes are certainly recommended.' -- Gabriel GOmez Giglio, Journal of International Banking LawTable of ContentsContents: Preface Introduction A Central Bank Economist 1. No Money, No Inflation – The Role of Money in the Economy 2. Central Bank Independence 3. The Use and Meaning of Words in Central Banking: Inflation, Targeting, Credibility and Transparency 4. The Inflation Forecast and the Loss Function 5. Six Practical Views of Central Bank Transparency 6. The Phases of US Monetary Policy: 1987–2001 7. UK Monetary Policy, 1972–97: A Guide Using Taylor Rules 8. Goodhart’s Law: Its Origins, Meaning and Implications for Monetary Policy 9. A Cost of Unified Currency 10. Money and the Monetization of Credit 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 SynopsisThe Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture. The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, disseminate new empirical findings especially where competing paradigms are evaluated.The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programmes for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.<Trade Review'The Handbook is especially recommended to MBA students and faculty and belongs in the reference collections of academic and research libraries. Although each chapter may serve as a self-contained unit, readers will want to look at the larger picture by comparing and contrasting articles found in each part of the work. It should prove to be a helpful source for those studying international banking, economics and finance, and international business.' -- Lucy Heckman, American Reference Books Annual 2004Table of ContentsContents: Preface PART I: THE GLOBALIZATION OF BANKING 1. Globalization and Convergence of Banking Systems Andrew W. Mullineux and Victor Murinde 2. Multinational Banking: Historical, Empirical and Case Perspectives Elisa A. Curry, Justin G. Fung and Ian R. Harper 3. Asset-backed Securitization, Collateralized Loan Obligations and Credit Derivatives Warrick Ward and Simon Wolfe PART II: BANKING STRUCTURES AND FUNCTIONS 4. The New World of Euro Banking Jean Dermine 5. Competitive Banking in the EU and Euroland Edward P.M. Gardener, Philip Molyneux and Jonathan Williams 6. How to Tie Your Hands: A Currency Board versus an Independent Central Bank Jakob de Haan and Helge Berger 7. Free Banking Kevin Dowd 8. Islamic Banking Humayon A. Dar and John R. Presley 9. Universal Banking and Shareholder Value: A Contradiction? Ingo Walter 10. Foreign Exchange Trading Activities of International Banks Jürgen Eichberger and Joachim Keller 11. The Settlement and Financing of International Trade Ayse G. Eren 12. Costs and Efficiency in Banking: A Survey of the Evidence from the US, the UK and Japan Leigh Drake PART III: BANKING RISKS, CRISES AND REGULATION 13. Country Risk: Existing Models and New Horizons Sarkis Joseph Khoury and Chunsheng Zhou 14. The Causes of Bank Failures Shelagh Heffernan 15. International Banking Crises Alistair Milne and Geoffrey E. Wood 16. Some Lessons for Bank Regulation from Recent Financial Crises David T. Llewellyn 17. Reforming the Traditional Structure of a Central Bank to Cope with the Asian Financial Crisis: Lessons from the Bank of Thailand Andrew W. Mullineux, Victor Murinde and Adisorn Pinijkulviwat 18. Capital Flight: The Key Issues Niels Hermes, Robert Lensink and Victor Murinde 19. International Banks and the Washing of Dirty Money: The Economics of Money Laundering Kent Matthews 20. The Regulation of International Banking: Structural Issues Richard Dale and Simon Wolfe 21. US Banking Regulation: Practice and Trends Joseph J. Norton and Christopher D. Olive 22. Deposit Insurance and International Banking Regulation C. Charles Okeahalam PART IV: THE EVOLVING INTERNATIONAL FINANCIAL ARCHITECTURE 23. The institutional Design of Central Banks Falko Fecht and Gerhard Illing 24. The International Monetary Fund: Past, Present and Future Ian W. Marsh and Kate Phylaktis 25. Reforming the Privatized International Monetary and Financial Architecture Jane D’Arista 26. Globalization, the WTO and GATS: Implications for the Banking Sector in Developing Countries Victor Murinde and Cillian Ryan Index

Read more less