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Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times. In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role. Bankers and policy makers face an enormous challenge finding the right balance of power between the central bank and the state. This volume is the result of an international conference held at Norges Bank (the central bank of Norway). International experts and policy makers present research and historical analysis on the evolution of the central bank. They specifically focus on four key aspects: its role as an institution, the part it plays within the international monetary system, how to delineate and limit its functions, and how to apply the lessons of the past two centuries.
Focusing on the dichotomous and comparative analysis of the legitimacy, paradigm, and operating frames of bank governance and its reproduction in the new financial regime following the global financial crisis, this book examines in depth how corporate governance in bank institutions is legitimized, justified, and delivered in diversified financial models and their influences on the Chinese banking industry. By combining this type of financial model analysis with the new institutionalism theory, the book lifts the mysterious veil from corporate governance in Chinese banking institutions with regard to its establishment and constant changes. Through a kaleidoscope lens and by conducting a "layer by layer" diagnosis, the book tells the "background stories" of the complex settings for Chinese financial institutions, asks and answers the paradigmatic question of for whom banks are actually run and governed, and mind-maps the main corporate governance mechanisms and practices prevalent in Chinese banks.
Over the last decade the global financial system has been shaken by financial crises in emerging economies all over the world. The result of these crises has been turmoil in financial markets, a severe deceleration of economic growth, and hardship in the economies involved. The International Monetary Fund (IMF) was quickly identified as a main culprit and has been the subject of intense debate ever since. While a consensus has developed that the Fund is in need of wide-ranging reforms, an agreement on which reform path to follow is still lacking. An often recurring proposal is to restructure the IMF into an international lender of last resort along the lines developed by Walter Bagehot, then editor of The Economist, in the late 19th century. Although this proposal appears initially suggestive, it has been frequently dismissed out of hand as unrealistic by policy makers as well as academics. This book analyzes in detail whether this dismissal is founded or whether a rigorous reform along Bagehotian lines could indeed help to increase the stability of the global financial system.
The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? "Banking on the Future" provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform.
Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, "Banking on the Future" considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation.
Exploring a crucial sector of the global economic system, "Banking on the Future" offers new ideas for restoring financial strength to the foundations of central banking.
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.
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From 1978 through the turn of the century, China was transformed from a state-owned economy into a predominantly private economy. This fundamental change took place under the Chinese Communist Party (CCP), which has been ideologically and politically predisposed to suppress private ownership. In Dancing with the Devil, Yi-min Lin explains how and why such a paradoxical reality came about. He shows that private ownership became a necessary evil for the CCP because the public sector was increasingly unable to address two essential concerns for regime survival: employment and revenue. Focusing on political actors as major change agents, Lin examines how their self-interested behavior led to the decline of public ownership in the context of China's evolving demographics and fiscal system. The constraints and incentives associated with these factors help explain CCP leaders' initial decision to allow limited private economic activities at the outset of reform. They also shed light on the ballooning opportunism among lower officials, which undermined the vitality of public enterprises. Furthermore, they hold a key to understanding the timing of the massive privatization in the late 1990s, as well as its tempo and spread thereafter. Dancing with the Devil illustrates how the driving forces developed and played out in these intertwined episodes of the story. In so doing, it offers new insights into the mechanisms of China's economic transformation and enriches theories of institutional change.
Christian Hugo Hoffmann undermines the citadel of risk assessment and management, arguing that classical probability theory is not an adequate foundation for modeling systemic and extreme risk in complex financial systems. He proposes a new class of models which focus on the knowledge dimension by precisely describing market participants' own positions and their propensity to react to outside changes. The author closes his thesis by a synthetical reflection on methods and elaborates on the meaning of decision-making competency in a risk management context in banking. By choosing this poly-dimensional approach, the purpose of his work is to explore shortcomings of risk management approaches of financial institutions and to point out how they might be overcome.
'Eloquent, entertaining and accessible.' FT Adviser When Kevin Rodgers embarked on his career in finance, dealing rooms were filled with clamouring traders and gesticulating salesmen. Nearly three decades later, the bustle has gone and the loudest noise you're likely to hear is the gentle tapping of keyboards. Why Aren't They Shouting? is one banker's chronicle of this silent revolution, taking us from an age of shouted phone calls and alpha males right up to today's world of computer geeks and complex derivatives. Along the way, Rodgers offers a masterclass in how modern banking actually works, exploring the seismic changes to the global financial industry over the last thirty years. Above all, his story raises a deeply troubling question: could it be that the technology that has transformed banking - and that continues to do so - is actually making it ever more unstable? 'A welcome addition to the panoply of must-read titles about banking before, during and after the crisis ... by someone who was actually at the centre of the industry at the time.' Euromoney 'An animated first-person narrative about the reality of banking ... lively and engaging.' LSE Review of Books
The Money Man is an epic story for our times, which will offer hope to many who have seen the fruit of their hard work eaten away by the economy, mistakes, poor health, etc. Readers will meet the rich, the famous, the infamous, the powerful, and the powerless in the USA, England, Monaco, France, and Switzerland. The Money Man is a story of determination, love, and faith that includes many page turning stories of extraordinary success and dismal failure.
This timely book traces the development of banking and paper money in republican Tianjin in order to explore the creation of social trust in financial institutions. Framing the study around Bian Baimei, a conscientious branch manager of the Bank of China, Brett Sheehan analyzes the actions of bankers, officials, and local elites as they tried to overcome political and financial crises and instill trust in the banking system.
After early failures in promoting trust, government authority as a regulator of the financial system gradually increased, peaking in 1935, when the state unified the money supply for the first time in several hundred years. Concurrently, when local elites proved unable to develop successful strategies to make people trust the system, their influence declined. The need for trust in increasingly complex financial arrangements redefined state-society relations, simultaneously enhancing state power and creating new constraints on the actions of both elites and governments.
"Trust in Troubled Times" is a valuable new perspective on the economic, social, and political history of modern China.
This book presents contributions by leading academics and practitioners from central banks to shed light on the function and impact of cash in Asian countries. It explores the impact of cash on society, the role of cash in monetary policy, and the future of cash in various monetary systems, contrasting case studies from China, Japan, Korea, and Singapore with experiences from Europe. Recently the role of cash in the economy has become a much-discussed topic in Europe, but the issue is also of considerable relevance in Asia. Singapore and South Korea, for example, are relatively advanced in the use of cashless payments for daily exchanges, while countries like Japan still largely rely on cash for a wide range of transactions. Some economists argue for the abolition of cash so as to facilitate transactions, reduce the monetary scope of criminal transactions, and expand the available options for monetary policy through negative interest rates. Opposing voices claim that such a step would reduce the freedom of individuals and lead to a greater potential for monetary repression. The abolition of cash could also significantly impact the public's monetary psychology, thereby influencing their inflation expectations, portfolio structure, saving behavior, and other important monetary parameters.
This book explains how banking institutions in Portugal were able to maintain their strength and solubility while undergoing a demanding Program of Financial Assistance from the International Monetary Fund, the European Central Bank and the European Commission from May 2011 and May 2014.
This book assesses the strategic significance of the Asian Infrastructure Investment Bank (AIIB) by examining the logic of international power and order, historic trends in East Asian international relations, the AIIB's design in comparison to 'rival' financial institutions such as the World Bank and the Asian Development Bank, recent tendencies in Chinese foreign policy, and the Chinese system of political economy. It focuses on how China 'constructs' international arrangements at a critical juncture in history compared to other great powers, especially the United States and Japan. Viewed in isolation, the AIIB does not represent a radical departure from the existing international order; it is a hybrid institution built on China's integration into the West-dominated international structure and conditioned by the global financial market. But the AIIB does draw in part from a different institutional lineage, a different historical root, and a different national system of political economy. In this context, China's greater success will constitute a partial change to the existing international order, whatever the Chinese intention.
This book offers a comprehensive analysis of the shareholder wealth effects of the financial sector consolidation in the Asia-Pacific region and its impact on the acquirer's cost of debt. By not only examining the capital market reactions to the institutions directly involved in M&A transactions, but also their closest rivals, it is possible to draw clearer conclusions in regard to the overall success of the financial sector consolidation in this region. In addition, by investigating the acquiring institution's CDS market reaction to merger announcements, valuable insights are offered in regard to the difference between equity and debt market perceptions of bank M&As. The analyses suggest that equity and debt markets consider different factors when evaluating the success of mergers.
This book offers new insights on banking business models, risks and regulation proposals in the aftermath of the European financial crisis. It investigates the main issues affecting the business of banking nowadays, such as low interest rates and non-performing loans. The combined effect of low to negative interest rates and weak economic growth has encouraged banks to shift their business towards new areas less associated with interest rates, which financial markets and institutional investors are currently evaluating. Contributions also shed new light on topics not yet fully investigated by current literature, such as banks' short selling bans after Brexit, the European Deposit Guarantee Scheme and banks' risk appetite framework. This book will be of interest to researchers, scholars and practitioners.
With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In "Lending Credibility," Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country.
Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.
This Palgrave Pivot assesses the impact of the regulatory framework for derivatives built post-crisis and examines its ambition to centralize and minimize credit risk, enhance transparency, and regain control. Zelenko delves into the powerful destabilizing forces exerted by derivatives markets in the global financial meltdown of 2008. Recapping the evolution in markets and counterparty risk management, as well as key aspects of regulation and their impact, this book aims to give readers the big picture and foster a deep understanding of the role of derivatives markets in the financial crisis. This practical angle will give useful keys to end-users and their risk managers, as they are faced with a new, complex, and changing environment. Additionally, this book conducts a comprehensive analysis of the new metrics the market has created to model, price, and manage credit risk, such as the Credit Value Adjustment (CVA), the Debt Value Adjustment (DVA), or the Funding Value Adjustment (FVA), and takes full stock of a domain that is still in rapid evolution. This volume covers the concepts, methods, and approaches taken by banks to manage counterparty credit risk in their derivatives activities in the new post-crisis market and regulatory environment, and it aims to highlight what is practical and effective today.
The formula for the Future of Work is called SMAC - social, mobile, analytics and cloud on one integrated stack where each function enables another to maximize its effect. This is the new enterprise IT model delivering an organization that is more connective, collaborative, real time and productive. This book provides a comprehensive view of how SMAC Technologies are impacting the entire banking "eco-system" as well as the key stakeholders, namely customers, employees and partners.
This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book-economists who have conducted extensive research in this area-offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany's financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.
This volume assembles and presents a new database on bank regulation in over 150 countries (included also on CD). It offers the first comprehensive cross-country assessment of the impact of bank regulation on the operation of banks, and assesses the validity of the Basel Committee's influential approach to bank regulation. The treatment also provides an empirical evaluation of the historic debate about the proper role of government in the economy by studying bank regulation and analyzes the role of politics in determining regulatory approaches to banking. The data also indicate that restrictions on the entry of new banks, government ownership of banks, and restrictions on bank activities hurt banking system performance. The authors find that domestic political factors shape both regulations and their effectiveness.
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