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From the end of the nineteenth century until the onset of the Great Depression, Wall Street embarked on a stunning, unprecedented, and often bloody period of international expansion in the Caribbean. A host of financial entities sought to control banking, trade, and finance in the region. In the process, they not only trampled local sovereignty, grappled with domestic banking regulation, and backed US imperialism--but they also set the model for bad behavior by banks, visible still today. In Bankers and Empire, Peter James Hudson tells the provocative story of this period, taking a close look at both the institutions and individuals who defined this era of American capitalism in the West Indies. Whether in Wall Street minstrel shows or in dubious practices across the Caribbean, the behavior of the banks was deeply conditioned by bankers' racial views and prejudices. Drawing deeply on a broad range of sources, Hudson reveals that the banks' experimental practices and projects in the Caribbean often led to embarrassing failure, and, eventually, literal erasure from the archives.
Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government. Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the 'fourth epoch' of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability, while adapting to the long-term consequences of the Great Recession.
SHORTLISTED FOR THE FT AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD 2019 NEW YORK TIMES AND SUNDAY TIMES BUSINESS BESTSELLER 'Reads more like a delicious page-turning novel...Put it on your holiday gift list for your favourite hedge-fund honcho' Bloomberg 'A compelling read' Economist 'Captivating' New York Times book review Jim Simons is the greatest moneymaker in modern financial history. His record bests those of legendary investors, including Warren Buffett, George Soros and Ray Dalio. Yet Simons and his strategies are shrouded in mystery. The financial industry has long craved a look inside Simons's secretive hedge fund, Renaissance Technologies and veteran Wall Street Journal reporter Gregory Zuckerman delivers the goods. After a legendary career as a mathematician and a stint breaking Soviet codes, Simons set out to conquer financial markets with a radical approach. Simons hired physicists, mathematicians and computer scientists - most of whom knew little about finance - to amass piles of data and build algorithms hunting for the deeply hidden patterns in global markets. Experts scoffed, but Simons and his colleagues became some of the richest in the world, their strategy of creating mathematical models and crunching data embraced by almost every industry today. As Renaissance became a major player in the financial world, its executives began exerting influence on other areas. Simons became a major force in scientific research, education and Democratic politics, funding Hilary Clinton's presidential campaign. While senior executive Robert Mercer is more responsible than anyone else for the Trump presidency - he placed Steve Bannon in the campaign, funded Trump's victorious 2016 effort and backed alt-right publication Breitbart. Mercer also impacted the success of the Brexit campaign as he made significant investments in Cambridge Anatlytica. For all his prescience, Simons failed to anticipate how Mercer's activity would impact his firm and the world. In this fast-paced narrative, Zuckerman examines how Simons launched a quantitative revolution on Wall Street, and reveals the impact that Simons, the quiet billionaire king of the quants, has had on worlds well beyond finance.
First published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.
In a world dependent on the constant sharing of information, central bankers increasingly communicate their policies to the mass public. Central bank communications are drafted in monetary policy committee meetings composed of policymakers with differing interests. Despite their differences, committee members must come together, write, and agree to an official policy statement. Once released to the public, central bank communications then affect citizens' actions and ultimately, the economy. But how exactly does this work? In Crafting Consensus, Nicole Baerg explains how the transparency of central bank communication depends on the configuration of committee members' preferences. Baerg argues that monetary policy committees composed of members with differing preferences over inflation are better suited to communicating precise information with the public. These diverse committees produce central bank statements of higher quality and less uncertainty than those from more homogeneous committees. Additionally, she argues that higher quality statements more effectively shape individuals' inflation expectations and move the economy in ways that policymakers intend. Baerg demonstrates that central bankers are not impartial technocrats and that their preferences and the institutional rules where they work matter for understanding the politics of monetary policy and variations in economic performance over time. Conducting empirical analysis from historical archival data, textual analysis, machine-learning, survey experiments, and cross-sectional time-series data, Crafting Consensus offers a new theory of committee decision making and a battery of empirical tests to provide a rich understanding of modern-day central banking.
During the First World War, ill-advised steps by colonial officials in the Philippines who were responsible for the colony's finances created a crisis which lasted from 1919 until 1922. The circumstances shook the foundations of the American colonial state and contributed to Manuel L. Quezon's successful effort to replace Sergio Osmea as leader of the politically dominant Nacionalista Party. These events have generally been blamed on a corruption scandal at the Philippine National Bank, which had been established in 1916 as a multi-purpose, semi-governmental agency whose purpose was to provide loans for the agricultural export industry, to do business as a commercial bank, to issue bank notes, and to serve as a depository for government funds. Based on detailed archival research, Yoshiko Nagano argues that the crisis in fact resulted from mismanagement of currency reserves and irregularities in foreign exchange operations by American officials, and that the notions of a ""corruption scandal"" arose from a colonial discourse that masked problems within the banking and currency systems and the U.S. colonial administration. Her analysis of this episode provides a fresh perspective on the political economy of the Philippines under American rule, and suggests a need for further scrutiny of historical accounts written on the basis of reports by colonial officials.
Markets are artifacts of language - so Douglas R. Holmes argues in this deeply researched look at central banks and the people who run them. Working at the intersection of anthropology, linguistics, and economics, he shows how central bankers have been engaging in communicative experiments that predate the financial crisis and continue to be refined amid its unfolding turmoil - experiments that do not merely describe the economy, but actually create its distinctive features. Holmes examines the New York District Branch of the Federal Reserve, the European Central Bank, Deutsche Bundesbank, and the Bank of England, among others, and shows how bank officials have created a new monetary regime that relies on collaboration with the public to achieve the ends of monetary policy. Central bankers, Holmes argues, have shifted the conceptual anchor of monetary affairs away from standards such as gold or fixed exchange rates and toward an evolving relationship with the public, one rooted in sentiments and expectations. Going behind closed doors to reveal the intellectual world of central banks, Economy of Words offers provocative new insights into the way our economic circumstances are conceptualized and ultimately managed.
In times of financial crises and imminent sovereign defaults, gold
is the investment on everyone's lips. As a safe investment, one
could traditionally rely on gold markets for good, stable
performance, however in recent years, they have seen surprising
volatility and price fluctuation, with no visible reason as to why.
Commercial banks are among the oldest and most familiar financial institutions. When they work well, we hardly notice; when they do not, we rail against them. What are the historical forces that have shaped the modern banking system? In "Unsettled Account," Richard Grossman takes the first truly comparative look at the development of commercial banking systems over the past two centuries in Western Europe, the United States, Canada, Japan, and Australia. Grossman focuses on four major elements that have contributed to banking evolution: crises, bailouts, mergers, and regulations. He explores where banking crises come from and why certain banking systems are more resistant to crises than others, how governments and financial systems respond to crises, why merger movements suddenly take off, and what motivates governments to regulate banks.
Grossman reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important historical elements are also at play in modern bailouts, merger movements, and regulatory reforms.
"Unsettled Account" is a fascinating and informative must-read for anyone who wants to understand how the modern commercial banking system came to be, where it is headed, and how its development will affect global economic growth.
As risk-taking is an essential part of the banking industry, banks must practise efficient risk management to ensure survival in uncertain financial climates. Banking operations are specifically affected by fluctuations in interest rates which cause financial imbalance; thus banks are now required to put in place an effective management structure that incorporates risk management efficiency measures that help mitigate the wide range of risks they face. In this book, the authors have developed a new modelling approach to determine banks' financial risk management by offering detailed insights into the integrated approach of dollar-offset ratio and Data Envelopment Analysis (DEA), based on derivatives usage. It further analyses the efficiency measurement under stochastic DEA approaches, namely (i) Bootstrap DEA (BDEA), (ii) Sensitivity Analysis and (iii) Chance-Constrained DEA (CCDEA). As demonstrated in the modelling exercise, this integrated approach can be applied to other cases that require risk management efficiency measurement strategies. Additionally, this is the first book to comprehensively review the derivative markets of both the developed and developing countries in the Asia-Pacific region, by examining the differences of risk management efficiency of the banking institutions in these countries. Based on this measurement approach, strategies are provided for banks to improve their strategic risk management practices, as well as to reduce the impacts from external risks, such as changes in interest rates and exchange rates. Furthermore, this book will help banks to keep abreast of recent developments in the field of efficiency studies in management accounting, specifically in relation to hedge accounting, used by banks in the Asia-Pacific region.
New forms of private monies regularly hit the newspaper headlines. However, there is relatively little discussion of whether such innovations will last the pace and perform effectively the functions that we expect of money. This monograph, by one of the leading scholars in the field of private money and free banking, examines new innovations such as Bitcoin, the Liberty Dollar and e-gold. Kevin Dowd concludes that competition in this field is welcome given the lamentable history of state money which has seen its purchasing power shrink greatly over the years. However, the author also concludes that, whilst recent developments in private monetary systems are welcome and may herald a forthcoming revolution, new monies face many challenges. Some of those challenges relate to the nature of the private monies themselves. Other challenges come from law enforcement agencies that are determined to prevent competition with state money. Kevin Dowd outlines the regulatory and legal changes that will be necessary if beneficial innovation is to thrive and discusses how developments in private money are part of a more general movement amongst people who wish to reduce the role of the state in their lives. This monograph is essential reading for anybody interested in new developments in money, finance and banking.
The world has undergone a fundamental transformation since the
first edition of Liquidity Risk was published in 2005: the
financial crisis of 2007-2008, which was so devastating in its
reach and consequences, has transformed many aspects of the
financial world and has altered conventional wisdom regarding
prudent risk management. Perhaps most importantly, the crisis
demonstrated that liquidity is the most vital component of a
properly functioning financial system - it is the essential
lifeblood of banks and other financial institutions, and, by direct
extension, the essential lifeblood of all other parts of the
corporate and governmental world.
The inside story of what really happened at Lehman Brothers and why it failed
In The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers, investigative writer and Vanity Fair contributing editor Vicky Ward takes readers inside Lehman's highly charged offices. What Ward uncovers is a much bigger story than Lehman losing at the risky game of collateralized debt obligations, swaps, and leverage.
A can't put it down page turner that opens the world of Wall Street to view unlike any book since Bonfire of the Vanities, except that The Devil's Casino isn't fiction.Details what went on behind-the-scenes the weekend Lehman Brothers failed, as well as inside Lehman during the twenty years preceding itDescribes the feudal culture that proved both Lehman's strength and its Achilles' heelWritten by Vicky Ward, one of today's most connected business and finance writers
On Wall Street, Lehman Brothers was cheekily known as "the cat with nine lives." But as The Devil's Casino documents, this cat pushed its luck too far and died?the victim of men and women blinded by arrogance.
Who were key figures in the making of European monetary union? Which ideas did they contribute to ensuring that monetary union would be sustainable? How prescient were they in identifying the necessary and sufficient foundations of a sustainable monetary union? This book provides the first systematic historical examination of key architects of European monetary union in the period before its launch in 1999. Using original archival and interview research, it investigates the intellectual and career backgrounds of these architects, their networking skills, and their own doubts and reservations about the way in which monetary union was being constructed. In the light of the later Euro Area, Architects of the Euro deals critically with not just their contribution to the making of European monetary union but also their legacy. The book brings together a distinguished group of scholars working on the history of Economic and Monetary Union.
This book examines estimates of fiscal impacts to the federal, state, and local governments of the foreign born who reside in the United States. It examines the academic and policy literature on fiscal impacts of two populations: all U.S. foreign born and unauthorised aliens. Computing such fiscal impacts involves numerous methodological and conceptual challenges, and resulting estimates vary considerably according to the assumptions used, including those about the time frame considered, the treatment of U.S.-born children, the unit of analysis used, and which costs and revenues are included.
This text provides current and integrated coverage of the important
topics in international banking, including foreign exchange
markets, derivatives, country risk analysis, asset-liability
management, and banking strategies. In order to incorporate the
central elements of this field, the text builds on a three-faceted
foundation of risk-return tradeoff, the special barriers
encountered in international business, and the unique features of
banking business. By responding to the increasing globalization of
financial markets, this text offers readers the comprehensive,
international background they need to prepare for a successful
career in banking.
* First comprehensive look at commercial bank experience in microfinance* Shows commercial opportunities for banks in a new market* Worldwide case studies and applicabilityThis book shows commercial bankers that they can profitably provide microfinance services to the poor. It illustrates, through the experience of particular banks, why banks have become involved and how they have made a success of their involvement.The eighteen case studies all show that banks can earn good profits at the same time as serving the needs of people who previously lacked access to financial services.The authors also demonstrate to foreign aid donors, policy makers, NGO staff and microfinance practitioners that it is often quicker, less expensive and more effective for microfinance services to be provided by commercial banks than by specialist microfinance institutionsCountries covered -- Bangladesh, Benin, Ecuador, Egypt, George, Guatemala, Haiti, India, Indonesia, Kenya, Kosovo, Mongolia, Pakistan, Philippines, and Zimbabwe.
The Economics of Money, Banking and Financial Markets brings a fresh perspective to today's major questions surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin offers students a unique viewpoint and informed insight into the monetary policy process, the regulation and supervision of the financial system, and the internationalisation of financial markets. The 12th Edition, Global Edition, provides a unifying, analytic framework for learning that fits a wide variety of syllabi. Core economic principles and real-world examples organise students' thinking and keeps them motivated.
From award-winning "Financial Times" journalist Gillian Tett, who
enraged Wall Street leaders with her newsbreaking warnings of a
crisis more than a year ahead of the curve, "Fool's Gold" tells the
astonishing unknown story at the heart of the 2008 meltdown.
Many biographies of John D. Rockefeller and John D. Rockefeller, Jr. have been compiled- some have used bits of the original correspondence presented here and tried to show opposing interests between John D. Rockefeller and his son. Still others were written without correspondence at all. This collection of never-before-published letters traces the history of the transfer of the Rockefeller fortune over the course of fifty years. It illustrates how the endowment was bestowed from Senior to Junior with respect, sound advice, and with a mutual trust between father and son. The letters also reveal far more than the business side of entrusting the Rockefeller fortune to the younger generation. The misives are filled with news of family matters and personal wishes constituting a record of the Rockefeller family values which, in turn, sponsored the philantrophies of Junior. Outlined in these letters is the conception for the Rockefeller Foundation, the Rockefeller Institute for Medical Research, and the General Education Board. Later would follow the realization of the Fort Tryon Park, the Rockefeller Center, Riverside Church, and the restoration of Colonial Williamsburg. Junior's holdings peaked in 1928 at 5 million and his dedication to public parks, and institutions around the world absorbed a considerable portion of his wealth. Ernst's introduction reflects on five themes which run continuously throughout the letters: the respect and love among the members of the family, a father's precautions to his maturing son, the son's willingness to accept his father's precepts and examples, the son's conscious assumption of the responsibilities of the bequeathed fortune, and overriding faith in a benevolent God. These themes continually come together to form the outline of a philosophy of life behind the Rockefeller legacy, as when Senior writes: "I am indeed blessed beyond measure in having a son whom I can trust to do this most particular and most important work. Go carefully. Be conservative. Be sure you are right- and then do not be afraid to give out, as your heart prompts you, and as the Lord inspires you."
This book is a comprehensive study, which provides informed knowledge within the field of Islamic economics. The authors lay down the principal philosophical foundation of a unique and universal theory of Islamic economics by contrasting it with the perspectives of mainstream economics. The methodological part of the theory of Islamic economics arises from the ethical foundations of the Qur'an and the Sunnah (tradition of the Prophet) along with learned exegeses in an epistemological derivation of the postulates and formalism of Islamic economics. This foundational methodology will be contrasted with the contemporary approaches of the random use of mainstream economic theory in Islamic economics. The book establishes the methodological foundation as the primal and most fundamental premise of the study leading to scientific formalism and the prospect of its application. By way of its Islamic epistemological explanation (philosophical premise) in the form of logical formalism and the use of simple real-world examples, the authors show the reader that the scientific nature of economics in general and Islamic economics in particular rests on the conception of the scientific worldview. With its uniquely comparative approach to mainstream economics, this book facilitates a greater understanding of Islamic economic concepts. Senior undergraduate and graduate students will gain exposure to Islamic perspectives of micro- and macroeconomics, money, public finance, and development economics. Additionally, this book will be useful to practitioners seeking a greater comprehension of the nature of Islamic economics. It will also enable policymakers to better understand the mechanism of converting institutions, such as public and social policy perspectives.
In this expert insider's account of the savings and loan debacle of the 1980s, William Black lays bare the strategies that corrupt CEOs and CFOs--in collusion with those who have regulatory oversight of their industries--use to defraud companies for their personal gain. Recounting the investigations he conducted as Director of Litigation for the Federal Home Loan Bank Board, Black fully reveals how Charles Keating and hundreds of other S&L owners took advantage of a weak regulatory environment to perpetrate accounting fraud on a massive scale. In the new afterword, he also authoritatively links the S&L crash to the business failures of 2008 and beyond, showing how CEOs then and now are using the same tactics to defeat regulatory restraints and commit the same types of destructive fraud. Black uses the latest advances in criminology and economics to develop a theory of why control fraud--looting a company for personal profit--tends to occur in waves that make financial markets deeply inefficient. He also explains how to prevent such waves. Throughout the book, Black drives home the larger point that control fraud is a major, ongoing threat in business that requires active, independent regulators to contain it. His book is a wake-up call for everyone who believes that market forces alone will keep companies and their owners honest.
India, one of the founding members of the World Bank, is also the Bank's single largest borrower since its inception. There are natural curiosities to know how the relationship between the two has evolved through fluctuations in India's political and economic scenario. Has the World Bank's work in India aligned itself with the country's own developmental agenda-facilitating or impeding the nation's progress? Based on years of grassroots-level experience in political processes, Nagesh Prabhu charts out a comprehensive assessment of various facets of this relationship. This book examines the relevance of the World Bank's lending to India across sectors and states, highlighting its influence on structural adjustments during the nation's pre- and post-liberalization phases. Bringing out the role of bureaucracy and industry in the country's negotiations with the Bank, the book also focuses on the effectiveness and impact of World Bank aid to India. It presents a factual reading of the Bank's influence within India's policy circles on sensitive macro-level issues, political upheavals, and state-level interventions in the federal context.
The first edition of BANK 2.0 took the financial services world by storm and became synonymous with disruptive customer behaviour, technology shift and new banking models. In BANK 3.0, Brett King looks at the latest trends that are redefining financial services and payments. From the global scramble for dominance of the mobile wallet, the expectations created by tablet computing, the operationalizing of the cloud and the explosion of social media he explores: How Social Media has exposed pricing, over-regulation, outdated processes and poor policy, How mobile technology is completely changing the context of banking, How customer advocacy is killing traditional brand marketing, The growth of the 'de-banked' consumer who doesn't need a bank at all; and Why Banking is no longer a place you go, but something you do BANK 3.0 shows that the gap between customer and financial services players is rapidly growing, leaving massive opportunities for new, non-bank competitors to totally disrupt the industry.
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