Global Bank Regulation: Principles and Policies covers the global regulation of financial institutions. It integrates theories, history, and policy debates, thereby providing a strategic approach to understanding global policy principles and banking. The book features definitions of the policy principles of capital regularization, the main justifications for prudent regulation of banks, the characteristics of tools used regulate firms that operate across all time zones, and a discussion regarding the 2007-2009 financial crises and the generation of international standards of financial institution regulation. The first four chapters of the book offer justification for the strict regulation of banks and discuss the importance of financial safety. The next chapters describe in greater detail the main policy networks and standard setting bodies responsible for policy development. They also provide information about bank licensing requirements, leading jurisdictions, and bank ownership and affiliations. The last three chapters of the book present a thorough examination of bank capital regulation, which is one of the most important areas in international banking. The text aims to provide information to all economics students, as well as non-experts and experts interested in the history, policy development, and theory of international banking regulation.

Money, 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.

This 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.

This 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.

Walter Bagehot noticed once that "John Bull can stand many things, but he cannot stand two per cent." Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book's aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions-such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption-and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.

The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future.
* Original review articles offer valuable perspectives on research issues appearing in top journals
* Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation
* Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

Reverse stress testing was introduced in risk management as a regulatory tool for financial institutions more than a decade ago. The recent Covid-19 crisis illustrates its relevance and highlights the need for a systematic re-thinking of tail risks in the banking sector. This book addresses the need for practical guidance describing the entire reverse stress testing process. Reverse Stress Testing in Banking features contributions from a diverse range of established practitioners and academics. Organized in six parts, the book presents a series of contributions providing an in-depth understanding of: Regulatory requirements and ways to address them Quantitative and qualitative approaches to apply reverse stress testing at different levels - from investment portfolios and individual banks to the entire banking system The use of artificial intelligence, machine learning and quantum computing to gain insights into and address banks' structural weaknesses Opportunities to co-integrate reverse stress testing with recovery and resolution planning Governance and processes for board members and C-suite executives Readers will benefit from the case studies, use cases from practitioners, discussion questions, recommendations and innovative practices provided in this insightful and pioneering book.

The surge in technological transformation affects all business model phases over many industries. Emerging technologies provide new avenues for industries to increase their competitive advantage and enhance economic progression. Blockchain technology's ability to build an open and trustworthy network model seems to promote shared IT-based networks in banking, insurance, and other similar industries. The adoption of blockchain in the banking and insurance industry is developing rapidly. Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance explores how blockchain technologies optimize and integrate the transactions and operations in association with access to information and reduction in communication costs and negligible data transfer errors. It includes studies on various banking and insurance industries intending to use blockchain technology to make transactions convenient, simple, and safe. Covering topics such as cryptocurrency, digital transformation, and small and medium-sized enterprises, this premier reference source is an essential resource for policymakers, government officials, students and educators of higher education, libraries, banking managers, insurance professionals, researchers, and academicians.

Managing Public Debt combines a theoretical and empirical analysis of the advantages of issuing index-linked bonds and potential problems that may arise and how sovereign issuers should deal with them. International in its approach, this book will be especially welcomed in those countries where index-linked programmes are in operation or being discussed. It considers the experiences of the UK, Sweden and Italy, providing new insights which will be of special interest to economists and officials in the US Treasury who will shortly begin issuing index-linked bonds. Other issues discussed include the impact of index-linked bonds on the cost of public debt of sovereign issuers and the advantages of such bonds compared to conventional bonds; the market perspective on index-linked bonds in view of the European Monetary Union and alternative uses and strategic aspects of index-linked bonds. This important book will be invaluable to policymakers, government institutions, academics and postgraduate students as well as market practitioners.

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large, focusing on the specific relationship between central banking, monetary policy and the future of money. The book explores the complexity of the current monetary policy transmission channels and the issue of confidence in money. Scholars examine the specific relationship between central banking, monetary policy and the future of money, with a particular insight on digital and local currencies. Scholars and students interested in central banking and monetary policy, the digitalization of money and the relationship between central banks and the growth of local currencies will value this timely take on the new realities of central banking. entral

Central bank intervention in foreign currency markets is widely regarded as ineffective by economists, policy makers and financiers, yet many central banks continue to enter the market in periods of turbulence. In Foreign Exchange Intervention, Geert Almekinders explains why central banks continue to carry out foreign exchange interventions despite their poor track record.Using confidential daily intervention data from the Bundesbank and the Federal Reserve for the period 1985 to 1990, the author shows how both banks were unable, despite repeated attempts, to reverse unwanted currency movements successfully. Dr Almekinders develops a positive theory of intervention - drawing on game theory - to show how central banks which lack political independence are sometimes forced to engage in surprise interventions which are rendered ineffective by rational speculators who anticipate their moves. The author also makes extensive use of modern statistical models of exchange rates to examine the decision making process of central banks. The book includes comprehensive surveys of existing theoretical and empirical investigations of foreign exchange intervention. Foreign Exchange Intervention will be welcomed by academic researchers and students, as well as economists and analysts in the financial sector, for its comprehensive surveys of previous scholarship, the use of hitherto unavailable data from the Bundesbank and the Federal Reserve, and the policy conclusions which derive from the book's theoretical and empirical insights.

This important new volume addresses the many aspects of banking in European market economies in the twentieth century, making innovative and authoritative research available to historians, economists, financiers and business analysts. The distinguished group of authors examines the historic role of banks in utilizing domestic and foreign financial resources. Their contributions show that from the 1880s onwards banks became an integral part of the capital market in continental Europe. In the course of this development the banks played a crucial part in financing industry in North and Central Europe. This symbiotic relationship between banks and industry is analysed and is shown to have had a decisive impact on the inflation and crisis-prone interwar period. The comparative and quantitative methods applied in these papers reveal differences between the countries of North and Central Europe, especially with regard to the degree of state intervention in individual economies. Other topics discussed include the networks of interlocking directorships, the effectiveness of banking legislation and the impact of the national question on banking in central and Southeast Europe. Universal Banking in the Twentieth Century illustrates both striking similarities and marked differences in the role of universal banking across Europe in terms of the level of industrialization and the pace of economic growth.

Central banking independence is a crucial factor for sustainable economic development of multiple countries. The multiple components for such systems, however, makes it difficult to evaluate how the success of such a system may be determined. Monetary Policies and Independence of the Central Banks in E7 Countries is an essential reference source that evaluates the effectiveness of monetary policies and the independence of central banks to contribute to economic development within seven emerging economies (E7): Brazil, China, India, Indonesia, Mexico, Russia, and Turkey. Featuring research on topics such as global economics, independent banking, and foreign investing, this book is ideally designed for financial analysts, economists, government officials, policymakers, researchers, academicians, industry professionals, and students seeking coverage on improved econometric methods for effective financial systems.

Multinational Investment in Modern Europe addresses the theoretical explanations for increased multinational investment and activity comparing Europe, Japan and America. It then focuses upon the consequences of cross-investment and strategic interaction between multinationals operating within the EC, paying particular attention to the impact on the competitiveness and technological capacity of selected countries and firms. It is suggested that the restructuring of the European networks of multinationals is affecting the geographical division of labour between EC countries.In conclusion, it examines patterns of national specialization by trade within the EC and changing business-government relationships. Containing new work by an international group of leading economists, this stimulating and instructive book will be invaluable to all those interested in multinational investment and the future of the European economies after the completion of the single market.

The financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The depth of the financial crisis means that the world economy is in unchartered territory. How do we restore robust growth and prevent another crisis? This book aims to systematically understand current major problems in the financial system, its governance, and in its links to global economic imbalances. It explains how both market actors and regulators behavior, and the prevailing ideology of extreme financial liberalization and deregulation, contributed to the financial crisis. This highly topical book focuses on the transparency and regulatory measures that are necessary to restore confidence in the financial system, to ensure that the financial system performs the roles that it should perform within both developing and developed countries, and to make a recurrence less likely. The book also describes reforms in the global financial architecture that might make the global financial system more stable and more equitable. The book presents sometimes radical, but specific, pragmatic, and politically feasible proposals to try to ensure a more stable, equitable, and growing world economy. Contributions come from both developed and developing countries and are written by leading authorities in their field, including senior nationalas well as internationalpolicy makers, practitioners from the private sector, and leading academics.

The financial crisis shows that the banking industry requires a transformation, as its business model and practices are no longer sustainable. Even so, such transformation cannot be made without "Clearing the Bull"-moving beyond old and tired orthodoxies in order to properly diagnose the problem.

Drawing on more than twenty years of experience in banking, author Jonathan Ledwidge shows how the financial crisis exposed the industry's poor system of values, leaving it mired in conflict with its human environment. Specifically, this includes how poor leadership, virtually unmanageable organizations, dysfunctional suppliers, infuriated customers, alienated employees, and dissatisfied communities all arise from the inability of banks to understand that values are more important than valuations.

As a result there is now a total disconnect between banks and their human environment. That disconnect cannot be fully addressed by conventional solutions involving more regulations, more governance, and more controls. Banks have a very human problem, and thus by definition what they require is a human transformation.

"Clearing the Bull" provides both a clear diagnosis as well as a detailed and comprehensive roadmap for the banking industry's human transformation-and while doing so it remains totally engaging and accessible to bankers and non-bankers alike.

The global financial crisis has led to more and more focus on corporate governance and financial institutions. There has been much coverage in the media about various corporate governance related issues in banks and other financial institutions, such as executive directors' remuneration and bankers' bonuses, board composition and board diversity. This book, dedicated to the corporate governance of banks and other financial institutions, makes a timely and accessible contribution to the literature in this area. The contributors are experts in their field with in-depth knowledge of the various countries including Italy, the UK, Germany, the US, China, Japan, Brazil, Russia, Australia and Nigeria, plus a chapter on Islamic financial institutions, covered in this book. Overall, the engagingly written chapters highlight many of the shortcomings of corporate governance which have led to financial scandals, whilst indicating areas where corporate governance can be strengthened and improved. Adding depth and accessibility to existing corporate governance books, this Handbook is ideal as a teaching and learning tool for undergraduate and postgraduate students. For directors and the general business and wider stakeholder communities concerned with corporate governance, it is an essential resource. Contributors: C.L. Ahmadjian, K.-J. Chang, M.J. Conyon, F. Cuomo, H. Farag, L. He, H.-Y Liang, I. Love, C.A. Mallin, C. Ogbechie, B. Okhunjanov, G. Pearson, S. Prigge, R.F. Schiozer, O.K. Tam, P.R.S. Terra, A. Zattoni

The Economist magazine recently called him "a Robin Hood of the law": American lawyer LOUIS DEMBITZ BRANDEIS (1856-1941) developed the concept of the "right to privacy" in an 1890 law journal article, and-in this classic 1914 work-he denounced investment banking, corporatism, monopolies, and the consolidation of American wealth in the hands of a privileged few. In this collection of essays first published the year before in Harper's Weekly, Brandeis championed the progressive economic ideals of Woodrow Wilson's "New Freedom," explained how entrepreneurial efforts and small businesses were being stifled and innovation and competition smothered in the fiscal environment he saw, and offered suggestions for reversing the trend. Hugely influential at the time, Other People's Money and How The Bankers Use It may have contributed to Brandeis's ascension to the United States Supreme Court Justice in 1916 (he would serve until 1939). Today, it serves another purpose: to remind us how the great experiment of American capitalism went astray... again, even in the wake of this powerful and important warning about the same dangers a century ago.

This book presents an eclectic mix of interesting new areas in the domain of economics, management and sustainability. Written by leading experts, it provides valuable food for thought, with essays introducing new lines of research and empirical research papers offering sound research methodology. The book not only provides answers, but also raises numerous interesting questions concerning the areas covered to whet readers' appetites to learn more. Professor Anup Sinha is a respected teacher and is a great mind with wide-ranging academic interests spanning from economics and sustainability to management. As well as in various other places in India and the US, he has taught at the Indian Institute of Management Calcutta and Presidency College (now a University) Calcutta for almost three decades. To commemorate his contributions, this festschrift presents a collection of essays that are broadly subdivided into four sections: Economic Development; Vulnerabilities and Inclusive Growth; Sustainability and Corporate Governance; and Innovation and Management.