This book is a cutting-edge exploration of the UK commercial banking industry, as reflected primarily in the experience of the four main clearing banks: Barclays, Lloyds, Midland and NatWest. What will the industry look like in the future? What strategies, cultures and organisational forms will distinguish the survivors from the non-survivors? Will the dominant form be the highly diversified, global, financial supermarket, the so-called universal bank, the more focused niche player, both, or some other type? To answer these questions, David Rogers draws upon very high level access to the leading players in this evolving industry.

The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy. Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.

Banking Regulation in China provides an in-depth analysis of the country's contemporary banking regulatory system, focusing on regulation in practice. By drawing on public and private interest theories relating to bank regulation, He argues that controlled development of the banking sector transformed China's banks into more market-oriented institutions and increased public sector growth. This work proves that bank regulation is the primary means through which the Chinese government achieves its political and economic objectives rather than using it as a vehicle for maintaining efficient financial markets.

"Advances in Accounting Education" is a refereed, academic research annual whose purpose is to help meet the needs of faculty members interested in ways to improve their classroom instruction. Thoughtful, well-developed articles are published that are readable, relevant and reliable. Articles may be either empirical or non-empirical. They emphasize pedagogy, i.e., explaining how faculty members can improve their teaching methods or how accounting units can improve their curricula/programs. It examines diverse issues such as software use, cultural differences, perceptions of the profession, and more. It emphasizes on pedagogy and how faculty can improve their teaching. It contains peer reviewed articles which include empirical and non-empirical findings.

Since the North American Free Trade Agreement (NAFTA) took effect at the start of 1994, production and trade in goods and services have become ever more integrated in the region. Banking and financial systems thus also must increasingly inform, adjudicate, transact, invest, insure, and intermedi ate all across North America. Presently, however, there is no single, or up to-date source of information on the banking and finance systems of the current NAFTA countries-Canada, the United States, and Mexico. Relying on top specialists from international financial organizations, central banks, regulatory authorities, and universities, this and a companion volume together bridge that information gap. The focus is not just on description but on regulatory and institution-building challenges posed by the opening up of domestic financial markets, and on the political economy of reforms. The ultimate goal is to enhance the process of safe and efficient integration by policies, regulations, and private initiatives that contribute to the welfare of people in North America and beyond. This volume goes into essential detail in assessing banking and finance regulations, supervision, and prudential and operating standards in the NAFTA countries in a global context."

This text is concerned with the increasingly important and problematic area of financial exclusion, broadly defined as the inability and/or reluctance of particular societal groups to access mainstream financial services. This has emerged as a major international policy issue. There is growing evidence that deregulation in developed financial sectors improves financial inclusion for some societal groups (more products become available to a bigger customer base), but may at the same time exacerbate it for others (for example, by emphasizing greater customer segmentation and more emphasis on risk-based pricing and 'value added'). In developing countries access to financial services is typically limited and therefore providing wider access to such services can aid financial and economic development. This is the first text to analyze financial exclusion issues in different parts of the world and it covers the various public and private sector mechanisms that have been advanced to help eradicate this problem.

Since the North American Free Trade Agreement (NAFTA) took effect at the start of 1994, production and trade in goods and services have become ever more integrated in the region. Banking and financial systems thus also must increasingly inform, adjudicate, transact, invest, insure, and intermediate all across North America. Presently, however, there is no single or up-to-date source of information on the banking and finance systems of current (Canada, the United States, and Mexico) and prospective (Chile) NAFTA countries. This volume presents the first report on the banking and financial structure of each of the three NAFTA countries and Chile.

A study of institutional transformation over 50 years that mirrors changing perceptions of economic development in Britain's aid policies. CD's development impact is increasingly seen in terms of achieving economic externalities. Forthcoming privatization raises new issues of the compatibility of CD's developmental role with meeting the requirements of private investors and capital markets.

With Asia as its backdrop, this book investigates the role played by the World Bank Group (WBG) in conceptualising and promoting new mining regimes tailored for resource-rich country clients. It details a particular politics of mining in the Global South characterised by the transplanting, hijacking and contesting of the WBG's mining agenda.

Money, Banking, and the Business Cycle provides a comprehensive framework for analyzing these mechanisms, and offers a robust prescription for reducing financial instability over the long-term. Volume I bridges tough economic theory with empirical evidence.

Examines the policy of conditionality and cross-conditionality, which international institutions like the International Monetary Fund and World Bank apply to grant loans to developing countries. The explosion of conditionality has become a key issue in international relations since the mid-1980s. This book presents six detailed country studies on the issue, written by distinguished academics and/or senior policy makers, from these countries. The countries featured include Argentina, Chile, Costa Rica, Jamaica, Mexico and Tanzania and conclusions and policy lessons are drawn from these.

Peter Rose focuses in this volume on a new and ongoing movement in banking--the rapid spread of banks and bank holding companies across state lines. As Rose notes at the outset, legislation to allow banks to cross state lines is now law in 46 states. While many analysts believe that full-service interstate banking will bring badly needed capital to struggling local economies and help stem the rising tide of savings and loan failures, there is growing concern in the regulatory community and among some bankers and consumer groups that this trend will only exacerbate current problems of excessive risk exposure in the banking industry. Rose evaluates these contending views exploring in detail interstate banking's potential benefits and costs and assessing the movement's future in an increasingly global society and volatile international economy. He concludes new federal and state policies that both protect the public interest and bring greater stability to the banking industry are necessary before interstate banking can fulfill the promises of its supporters.

Among the critical issues Rose addresses are the ways in which leading banking organizations assess potential market areas, how these same organizations select particular banking institutions as targets for acquisition, and what changes in services and service pricing are likely in the wake of an interstate banking acquisition. He examines the special challenges and problems the interstate banking movement creates for federal and state regulatory authorities and considers what new federal and state legislation and regulation may be needed to deal with these problems. Arguing that for savings-investment channels to work well banks must benefit from full public confidence, Rose calls for the institution of measures such as frequent and thorough FDIC inspections, insurance fees tied to level of risk exposure, and full disclosure of bank finances. Numerous tables amplify points made in the text. Must reading for advanced courses in finance and banking, this book will also be of significant interest to regulators, policymakers and banking executives concerned about the potential impact of a widening trend toward interstate full-service banking.

In light of the periodic malfunctions in important sectors of the finan cial services industry in recent years, such as commercial banking, thrift institutions, and the securities market, numerous proposals have been developed for restructuring the financial system to improve both its safety and efficiency. Among the groups analyzing the performance of the financial system and recommending changes where necessary, has been the Shadow Financial Regulatory Committee. This Committee, which is described in greater detail in Chapter 1, consists of 12 independent banking experts from the academic and practitioner worlds that meet quarterly to analyze current developments in the financial services indus try and to make recommendations for improvements that would be in the public interest. The purpose of the Committee, its members, and a listing of policy statements are included in the Appendix. All but one of the chapters in this volume represent essays by indi vidual members of the Committee on issues discussed by the Committee at recent meetings and that, for the most part, resulted in policy state ments. They basically discuss the reasons for the policy statement adopted and place the issue in perspective. Where appropriate, the rele vant section of the respective policy statement is presented at the begin ning of each chapter. Each essay, however, reflects only the views of the individual author and not necessarily those of other members of the Committee or of the Committee as a whole."

In a world of increasing cross-border financial transactions, The Bank for International Settlements stands out as the oldest existing international financial institution and among the most controversial. For many it is a mystery: What does it actually do? For others it poses an ethical dilemma: What DID it do to aid the Nazis during World War II? Baker examines the history, administration, evolution, and operations of this reclusive institution. He discusses the work of its permanent committees, such as the Basle Concordats of 1975 and 1983 and the Basle Capital Accords of 1988 and 2001. Among other products and services he notes The BIS's studies of the use of derivatives by banks, its analysis of payment and settlement systems worldwide, and its supervision of the insurance and investment banking businesses. Then, in a cool and balanced appraisal, he looks at the Bank's operations during World War II, its relationship with the Nazis in their gold and foreign exchange transactions. Throughout, he underlines the importance of The BIS and its value in maintaining stability of the international monetary system. The result is a major academic study, a work of special interest to scholars, teachers, and students, and an important, readable, engrossing account for finance and investment professionals as well.

The book contains a comprehensive review of all aspects of credit control: analysis and presentation for a decision; structure; monitoring; and damage limitation. It also has chapters on training, computers and capital adequacy. It recognises that different types of banks will apply the basic principles in ways reflecting their overall strategy and nature of their business. It adapts to these, but stresses strong warnings on certain policies or lack thereof. It is thus prescriptive rather than merely descriptive.

The tremendous growth and expansion of global financial services have produced significant changes in the banking sector worldwide. North America, especially, has experienced far reaching changes due to both global and regional developments. NAFTA (the North American Free Trade Agreement) has had a significant impact on banking in Canada, the United States and Mexico, and will continue to do so. As the principle of national treatment is a vitally important fixture of the accord, governments - federal, state and provincial - in all three nations are now required to open up and level the playing field for financial competitors throughout North America.
This book aims to present, analyse and discuss the evolution, current state and outlook for financial services in North America, with special attention to the banking sector. Authors from all three nations and representing different policy perspectives address the theme within the context of the globalization of trade and financial services; changes in domestic banking and regulatory policies in Canada, Mexico and the United States; and the impact of NAFTA and its financial services provisions on the banking sector of each nation.

The Global Financial Crisis has reshuffled the cards for central banks throughout the world. In the wake of the biggest crisis since the Great Depression, this volume traces the evolution of modern central banking over the last fifty years. It takes in the inflationary chaos of the 1970s and the monetarist experiments of the 1980s, eventually leading to the New Monetary Consensus, which took shape in the 1990s and prevailed until 2007. The book then goes on to review the limitations placed on monetary policy in the aftermath of the global meltdown, arguing that the financial crisis has shaken the new monetary consensus. In the aftermath of the worst crisis since the Great Depression, the book investigates the nature of present and future monetary policy. Is the Taylor rule still a satisfactory monetary precept for central bankers? Has the New Monetary Consensus been shaken by the Global Financial Crisis? What are the fundamental issues raised by the latter cataclysmic chain of events? How should central banks conceptualize monetary policy anew in a post-crisis scenario? Existing books have dwelt extensively on the characteristics of the New Monetary Consensus, but few have cast light on its relevance in a post-crisis scenario. This book seeks to fill this gap, drawing on the lessons from five decades of contrasted theoretical approaches ranging from Keynesianism, monetarism, new classical macroeconomics, inflation targeting and more recently, pragmatic global crisis management.

This text comprises a selection of papers that provide state of the art insights into bank performance, risk and firm financing post crisis that were presented at the European Association of University Teachers of Banking and Finance Conference (otherwise known as the Wolpertinger Conference) held at Bangor University, Wales, 2010.

Bank regulation in Africa has come to a crossroad. Whilst the transition from Basel I to Basel II was relatively smooth, there was much uncertainty as to the feasibility of the Basel II regulatory codes. In the aftermath of the financial crisis and the failure of Basel II, the industry is looking to the next wave of regulatory change in Basel III with both interest and scepticism. This book focuses on key policy issues during the transition of bank regulation in Africa, from Basel I, to the global financial crisis and collapse of Basel II, progressing towards the new financial regulatory architecture embedded in Basel III. Bank regulators in Africa, and commercial bankers on the continent, are worried about many features of Basel III but their voices seem to have gone unheard. This book reflects on the developments that led to the demise of Basel I and II and introduces the new challenges and opportunities constantly emerging in bank regulatory reform in Africa.

This text comprises a selection of papers that provide state-of-the-art insights into research focusing on dimensions of bank strategy, governance and the role of credit rating agencies that were presented at the European Association of University Teachers of Banking and Finance Conference, September 2010.

Financial systems around the world are undergoing a process of modernization due to many different forces. Advances in information technology, product and market innovations, and recent regional financial crises have contributed to this movement. As a result, evolution in the financial sector is leading to larger, more complex financial organizations that render inadequate the supervisory and regulatory structures currently in place. While some changes in regulatory policies have already occurred, the adaptation of supervisory oversight and regulation in the face of these new developments is expected to continue for many years to come. This book collects papers originally presented in September 1998 at the Financial Modernization and Regulation Conference co-sponsored by the Federal Reserve Banks of Atlanta and San Francisco. Revised before publication, the papers seek to identify the reasons for changes in the financial services sector, and the implications these changes pose for financial supervision and regulation. Taken together, the papers offer valuable insights on 1) the forces behind financial modernization; 2) the implications financial modernization poses for corporate structure, market discipline, and financial regulation; 3) how to price deposit insurance accurately to reflect banks' risk-taking; and 4) balancing private versus public interests and managing potentially conflicting public policy goals.

This book evaluates the salient features of Japanese relation-based banking, particularly in the post war period, and Anglo-American mode of banking to explain the nature and extent of transition failure that caused prolonged financial and economic slump in Japan.

The global financial crisis of 2008 has shown the great dangers of a pronounced imbalance in the financial system. The numerous regulatory components of the global financial system all aim to increase the stability and transparency of the system and thereby restore the confidence of market participants in credit institutions. The requirements lead to considerable challenges for the market participants: structures have to be changed, business models have to be revised, systems have to be checked for their functionality. Stable Banks in Challenging Times is a collection of speeches delivered by Andreas Dombret during his eight-year tenure as a board member of the Deutsche Bundesbank, the German central bank, and also, from 2014 onwards, his term on the Supervisory Board of the European Central Bank. He also represented Germany at the G7, the G20, the IMF, the FSB, the Basel Committee, the OECD and the BIS. As witness to the challenges created by the global financial crisis of 2008, Andreas Dombret helped to shape large parts of the new regulatory framework. He successfully monitored future developments such as digitalization, Brexit and climate change, and their effects on the risk situation in the global banking industry. His insights are an invaluable look at the inner workings of global financial regulation and policy. Financial system academics and researchers as well as professionals in banking, the financial sector, central banking and bank supervision will gain perspective from the author's observations as they pertain both to the past and our future.

As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the economic policies that steered the United States through some of the wildest and most tumultuous times in its recent history. Now, in A Term at the Fed, Governor Meyer provides an insider's view of the Fed, the decisions that affected both the U.S. and world economies, and the challenges inherent in using monetary policy to guide the economy.

When Governor Meyer was appointed by President Clinton to serve on the Federal Reserve Board of Governors in 1996, the United States was entering one of the most prosperous periods in its history. It was the time of "irrational exuberance" and the fabled New Economy. Soon, however, the economy was tested by the Asian financial crisis, the Russian default and devaluation, the collapse of Long-Term Capital Management, the bursting of America's stock bubble, and the terrorist attacks of 9/11.

In what amounts to a definitive playbook of monetary policy, Meyer now relives the Fed's closed-door debates -- debates that questioned how monetary policy should adapt to the possibility of a New Economy, how the Fed should respond to soaring equity prices, and whether the Fed should broker the controversial private sector bailout of LTCM, among other issues. Meyer deftly weaves these issues with firsthand stories about the personalities involved, from Fed Chairman Alan Greenspan to the various staffers, governors, politicians, and reporters that populate the world of the Fed.

Since the end of his term, Meyer has continued to watch the Fed and the world economy. He believes that we are witnessing a repetition of some of the events of the remarkable 1990s -- including a further acceleration in productivity and perhaps another bull market. History does not repeat itself, yet Meyer shows us how the lessons learned yesterday may help the Fed shape policy today.

This is a study of the banking system in Cyprus, from the time that the first bank was founded on the island in 1864 to the present day. The book presents the history of banks and co-operative societies from primary sources and discusses its expansion in the years following independence in 1960. It examines the potential of the offshore banking sector and the likely effects of financial deregulation and the adoption of the EEC Banking Directives on the future developments of the banking system.