In the wake of the financial crisis of 2008, there has been increasing debate over the appropriate role of central banks in mitigating economic disaster. This timely volume combines detailed historical and econometric analyses to explore the profound changes that occurred within the US financial system from the 1980s to the present, and shows how these changes have affected the US economy. Hasan Coemert demonstrates how dramatic shifts in the financial system undermined the ability of the US Federal Reserve to control the price and quantity of credit. He identifies several key factors that facilitated this loss of control, including deregulation, rapid financial innovations, increased financial integration and a number of policy decisions implemented within the Federal Reserve itself. Through a combination of several methods, including historical and institutional analyses, descriptive statistics, simulation and econometric techniques, the author provides a well-rounded and vitally important picture of the US financial system and offers insightful policy recommendations for the future. Students, professors and policymakers with an interest in economics, finance, banking and monetary policy will no doubt find this book a fascinating and invaluable resource. Contents: Foreword 1. Introduction 2. The Co-evolution of Monetary Policy and the US Financial System: Declining Effectiveness of US Monetary Policy 3. Decreasing Balance Sheet Constraints on Financial Firms 4. Weakening Relationship between the Federal Funds Rate and Long-term Interest Rates: Decreasing Effectiveness of Monetary Policy in the US 5. Did the Fed Create the US Financial Crisis of 2008? 6. Concluding Remarks Bibliography Index

Many books have addressed the economic and financial history of Hong Kong, and the imperialist conflicts in the key Chinese port-cities but very few books have explored French initiatives and performance in this area, beyond diplomacy, geopolitics or cultural issues. In this book, Hubert Bonin confronts arguments about "the great divergence", "the first globalisation", and forms of "economic patriotism". He gauges the competitive edge of French companies and banks, their struggle with British domination (HBSC, Chartered, shipping, trade houses/hongs) and their resistance against competitors from other countries (Japan, Germany, Netherlands, Belgium, USA, or Russia). The book delves into studies of management abroad, therefore mixing broad geo-economic issues with precise business history and deep banking history. The connections between French interests in China and Hong Kong and the colony of Indochina are established too. A second part of the book is dedicated to the case study of Hong Kong, as the British colony acted as a hub for Asian and European interests at the heart of connections with mainland China and some neighbouring territories (Indochina, etc.). This is essential reading for academics interested in banking and business history, the history of entrepreneurship, as well as, those involved in the contemporary history of China and Hong Kong, in the assessment of world-wide geo-economic competition between European powers in Asia (Great-Britain, and France), and in the first stages of economic "modernity", along European models, in emerging modern China.

Gendered processes of globalisation, transnationalisation and urbanisation are increasing local and global inequalities and widening the gap between the rich and the poor. The global finance industry plays a key role in these processes, directing its operations from local command points in global cities such as London. Drawing on empirical data collected after the 2008 financial crisis - in depth interviews with male City of London bankers who are also fathers, in depth interviews with the bankers' wives, observational data of work and family spaces, and banks' promotional online material -this book explores the day-to-day individual and institutional social practices of wealthy City bankers and banks. The book's analysis offers insight into how the spaces of work and home are integrally linked in ways that mutually shape, support and sustain the gendered dominance of the industry and its highly paid workers. This book will appeal to postgraduate students, researchers and academics interested in the fields of gender studies, critical studies of men and masculinities, urban and metropolitan studies, sociology, studies of globalisation and transnationalisation, anthropology, cultural studies and business management. It will also be interesting for those concerned about the role of the finance industry and neoliberal capitalist ideologies, values and practices in ever-widening local and global inequalities.

Banking on Knowledge is one of the first studies of the way in which the World Bank is reinventing itself as the 'Knowledge Bank'. The contributions to Banking on Knowledge are from an internationally acclaimed group of experts, including an original and groundbreaking piece by Joseph Stiglitz, former Chief Economist and Vice President of the World Bank. Subjects covered include:
* the changing policy emphasis within the World Bank as it develops alliances with non-governmental actors and promotes civil society
* first-hand accounts of the making of this new global network amidst the plethora of existing political, commercial and non-governmental networks
* detailed case studies of the problems faced by think tanks and other knowledge institutions across the world
* whether knowledge, information and data is used by experts successfully to influence policy.
Timely, original and provocative, this book is essential reading for students, researchers, policy makers and professionals with an interest in the future of the World Bank, the role of think tanks and the changing nature of development.

Max Hall offers a thoroughly revised and updated edition of his classic handbook on the evolution and structure of UK banking supervision. He examines the major developments at the national and international level which have transformed the conduct of banking supervision in this country. New issues explored in depth include: * the collapse of BCCI * the collapse of Barings and its impact on domestic policy * the Arthur Andersen review * the creation of the Financial Services Authority * reforms of the famous Basle Concordat and capital accord * implementation of the European Commission's Single Market programme for financial services This book will prove indispensable to those concerned with the evolution and conduct of domestic supervisory policy in the area of banking.

Series Information:
Financial Sector of the American Economy

The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows - so-called sudden stops - on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.

Originally published in 1985, Capital City: London as a Financial Centre proves in depth analytical description of the financial institutions of the City of London. The book describes in detail the operations of the banks, the stock market, the insurance world and other bodies that make up the world's largest international financial centre. The book also answers a series of questions on the City's performance, accountability and honesty and explains how the City reached its present position, discuss its future.

This book presents a set of conversations with five former Governors of Reserve Bank of India (from 1992 onwards) on the topic of financial inclusion. Two key aspects are introduced in the conversations with each Governor: the initiatives that were undertaken during their tenure and their responses to some of the current issues. Further, they examine the reasons and justifications for significant decisions and measures that were undertaken or withheld. The discussion captures the evolution and approach of the central bank in addressing a variety of questions pertaining to financial inclusion. The volume is an important contribution to the study of India's continuous but not entirely successful efforts in increasing the reach of its formal financial sector. It reconstructs how the policy approach to inclusive banking has progressed and resisted commercial and market imperatives to safeguard the deprived and dispossessed sections of society. With its wide-ranging blend of conversations, documentation, research and commentary coupled with its engaging style, the book will interest students and researchers in the areas of development, banking, macroeconomics, public administration and governance, as well as academics, analysts, policymakers, think tanks, journalists, media and those concerned with the Indian economic policy.

"The Theory of Monetary Institutions" covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.

bBanking on Knowledge is one of the first studies of the way in which the World Bank is reinventing itself as the 'Knowledge Bank'. The book addresses how international organizations and governments are developing partnerships with think tanks, research institutes and other knowledge institutions in the hope of informing and improving policies for reform and development around the world.
Subjects covered include:
* the changing policy emphasis within the World Bank as it develops alliances with non-governmental actors and promotes civil society
* first-hand accounts of the making of this new global network amidst the plethora of existing political, commercial and non-governmental networks
* detailed case studies of the problems faced by think tanks and other knowledge institutions across the world
* whether knowledge, information and data is used by experts successfully to influence policy.
Timely, original and provocative, this book is essential reading for students, researchers, policy makers and professionals with an interest in the future of the World Bank, the role of think tanks and the changing nature of development.

After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.

eBook available with sample pages: EB:0203462424

This book, first published in 1941, is a comprehensive study on the native banks that linked small Chinese traders and the larger Chinese and foreign banks. It is based on extensive research in Tientsin and Peking, and a large number of interviews with native bankers, and the result is an exhaustive study on the practice.

The twentieth century has seen the rise of modern central banking. At its close, it is also witnessing the first steps in the decline of the role of some of the most famous of these institutions. In this volume, some of the world's best known specialists examine the process whereby central banks emerged and asserted themselves within the economic and political spheres of their respective countries. Although the theory and the political economy that presided over their creation did not show great divergence across borders, a considerable institutional variety was nevertheless the result. Among the many factors responsible for this diversity, attention is drawn here not only to the idiosyncrasies of domestic financial systems and to the occurrence of political shocks with major monetary repercussions, such as wars, but also to the peculiarities of each economy and of the political and social climate reigning at the time when central banks were created or formalized. The twelve essays cover European, Asian and American experiences and many of them use a comparative approach.

Simple, concise, and up-to-date, the "International Dictionary of Banking and Finance" lists thousands of key words, terms, acronyms, and proper names that bankers, financial managers, students, and business teachers use every day. Arranged in alphabetical order, the terms are precisely defined--so that readers may comprehend the meanings in terms of daily business activities or study. Designed with the student as well as the executive in mind, the "Dictionary" includes terms and concepts from around the world, and it cross-references related terms to provide insight and clarification. Subjects covered include: investments; finance; commercial and mortgage banking; exporting; business structure; and a host of other broad business categories.

Financial organizations, like many others, are undergoing radical change. This is affecting both their organizational processes and the technology that supports those processes. This book reports on the use of sociological ethnography in helping guide these changes, in terms of helping better understanding and redrawing work processes, and through providing more accurate and flexible understanding of the role technology plays. It places the reported research in context by contrasting it with those approaches more commonly associated with change, including business process engineering, participative design and soft systems methodologies. It also explains the benefits of ethnography, as well as the potential it has in helping achieve more desirable change in any and all organizations, financial services included. The book should be of interest to all international researchers concerned with organizational and technological change, as well as managers of organizational development. It should also interest advanced students in sociology, anthropology, management science and organizational studies. The authors have published widely in the various disciplines associated with organization

This definitive description and analysis of the Japanese main bank system describes a form of relationship banking of significant theoretical and policy interest. As well as being important in its own right, the system also has relevance for developing market economies and transforming socialist economies; the extent of this relevance is another aspect of this thorough empirical and theoretical analysis based on both Japanese and non-Japanese expertise. The basic characteristics of the main bank system are examined here - its roots, development, and role in the heyday of Japan's post-war rapid growth - and its performance, strengths, and weaknesses are observed. The volume goes on to examine how the system has changed and what its appropriate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has blossomed. One conclusion that emerges is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. The volume aims to identify the conditions under which banks are better able than securities market institutions to evaluate the creditworthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. This is the result of a major Economic Development Institute of the World Bank research project, in cooperation with the Center for Economic Policy at Stanford University and the Center on Japanese Economy and Business at Columbia University, that brought together some of the best scholars inthe field, and will be of interest to Japan specialists and those with a general interest in systems of finance.

Has the economic and financial crisis changed the way we conduct monetary policy? Is quantitative easing consistent with the endogeneity of money? These are but two of the questions this new book explores. The various contributors offer interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank policies in the US and Europe. Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis. Monetary Policy and Central Banking is a must read for all those interested in the critical analysis of monetary policy. Students and scholars of post-Keynesian economics, banking, and financial crises will find this book of particular relevance. Contributors: A. Asensio, J. Bibow, R. Dimand, R. Guttmann, E. Kam, R. Koehn, M. Lavoie, E. Le Heron, N. Levy-Orlik, W. Mosler, S. Olawoye, L.-P. Rochon, M. Seccareccia, M. Setterfield, J. Smithin, D. Tropeano, K. von Seekamm

When China's economic reforms were beginning, there was an expectation in the west that China's financial markets would be opened to western banks and that China's banks would be reformed along western lines. Joint ventures between Chinese banks and western banks, minority shareholding by western banks and the involvement of western banking personnel in assisting Chinese banks with their reforms were all seen as moves towards reform along western lines. This book analyses the role which western bankers have played in China's economic reforms, focusing on their influence on institutional change and corporate governance. Based on extensive original research, the book shows that while components of western models of corporate governance have been widely adopted, the motivation for these changes seems to have been legitimacy-seeking by Chinese banks, and that whilst there has been relatively rapid change in the formal legislative environment, informal organisational practices are changing at a much slower pace. Alliances between Chinese and western banks are woven with contradictions and power games and so many actors in the Chinese banking sector seek to resist manipulation by their western counterparts. The financial crisis weakened the idea that western banks are a universally correct model and strengthened China's resolve to keep control of its banking sector and manage it along Chinese lines.

"World Strategic Highways" provides a detailed examination of approximately 50 of the most important "strategic highways" in the world. These highways may take the form of roads, railways, rivers and canals, or air and sea routes. They have one thing in common: they are of special significance because, throughout history, they have acted as major trade routes for a number of countries; have military or strategic significance; act to bind a country or countries together; or, in the case of rivers, act as boundaries between two or more countries. They include the Suez and Panama canals, the Rhine and Amazon rivers, the Trans-US Railway, the Khyber Pass and Maputo Corridor, the Silk Road, the Cape sea route and the Pacific sea route. Location maps are provided throughout the book.

Originally published in 1992, Capital Mobilization and Regional Financial Markets, argues that barriers to financial flows within regions may be as important in affecting capital flows as interregional barriers. The book conjectures that regional markets allow efficient mobilization of local funds and develops an analytical framework to motivate an investigation of region financial development in the Pacific Coast states between 1850 and 1920.

From Crisis to Crisis examines the impact of the harsh conditions of the interwar economy on the British merchant banks. The financial crises of 1914 and 1931 are assessed using primary sources. The competitive threats, including the rise of New York as a rival financial centre, are considered. It challenges alleged special treatment and provides fresh perspectives on the interwar rationalisation of industry. During the late nineteenth century, Britain's merchant banks had become pre-eminent in a world of fixed exchange rates, free trade and the unfettered mobility of international capital. This world was increasingly challenged in the interwar period, being replaced by floating exchange rates, trade protectionism and restrictions on capital movements. This book fills a gap in the historiography of British banking by recovering the histories of long-forgotten merchant banks rather than focusing on the better-known firms. Using a wide range of archival resources, it traces the strategic transformation by some merchant banks from higher-risk, capital intensive activities to lower-risk, advisory services. Brian O'Sullivan has been jointly awarded the 2019 BAC Wadsworth Prize for From Crisis to Crisis: The Transformation of Merchant Banking 1914-1939. It was judged by the Business Archives Council (BAC) to have made an outstanding contribution to the study of British business history. Brian shared the prize with Professor Priya Satia of Stanford University in California.

A presentation of the problems and opportunities inherent in contemporary banking. It is devoted to the understanding and use of the capital markets in the broadest sense - to enhance the overall strength of banks and finance companies. The authors provide comprehensive treatment of such topics as: money markets; foreign exchange markets; bills, CDs, and commercial paper; Eurobond markets; and markets in derivative instruments.

The globalization of the world economy today means that more and more people are experiencing working in another culture. Focusing on the real experiences of workers in Japanese transnational finance companies, this book not only throws light on this specific case, but at the same time raises timely questions and insights into the newly-emerging multicultural work experiences worldwide. The book reflects on contemporary discussions in sociology, anthropology and cultural studies of individual global movement and cultural interaction. Whilst there are some studies on Japanese multinational companies in Europe, they have typically assumed stereotyped differences in management systems and work cultures. This book, however, aims to break the mould by looking at the culture and individuals' subjective views about their working lives and also their own world views; this perspective illuminates the difficulties in working relationships between Japanese and Europeans. Junko Sakai reveals, through 100 transcribed interviews, transnational working experience in the context of individuals global movements between East and West, and explores how the ideals and interactions of ethnicity and cul

Does the Anglo-American approach to the relationship between banks and firms have a significant weakness compared to the German and Japanese approach? This book addresses issues on corporate finance using historical evidence. In particular it looks at the role of universal banks in relaxing the credit constraints of firms, supervising managers and stabilizing share prices. The key issue is whether the Anglo-American asset based financing is more effective than the main-bank approach used in Germany and Japan. Earlier studies have found that firms with a close relationship with a major bank have high market value compared to book value, although it is difficult to determine whether this is cause or effect. The case of the "Credit Mobilier" - the first universal bank - is interesting because the bank failed. If it was the links with the bank that caused high and stable share prices or relaxed customer constraints, the bank's bankruptcy should have precipitated the loss of these benefits. In fact the bankruptcy had almost no effect on the share prices or the investment behaviour of the relevant firms, casting doubts on the benefits of powerful banks.