'Already an accomplished scholar Shen Wei offers a masterly study of the Chinese shadow banking sector in context. The book constitutes a thorough analysis of the nature of the Chinese shadow banking sector and of the political events, economic rationales and institutions that have shaped it. Beyond offering expert legal analysis this book is also very rich on information and research about the institutional and economic necessities that have shaped the Chinese financial system in its present form and gave rise to a mighty shadow banking sector. The book is very well organized and competently drafted, thus, it is easily accessible to both the expert and non-expert reader. I have no doubt that this is bound to become the standard reference work for everybody wishing to study the nature of the Chinese shadow banking sector and of the institutions underpinning it in context.' - Emilios Avgouleas, University of Edinburgh, UK 'Shadow Banking in China: Risk, Regulation and Policy by Professor Shen Wei is a timely book, presenting readers with a comprehensive and coherent conceptualization of shadow banking in China. It systematically defines shadow banking, describes how the different types of shadow banking subsectors -- including wealth management products, peer-to-peer lending, local government financing vehicles, and underground lending -- are growing, and examines how Chinese regulators are responding. It also explains the risk-taking, economics, and behavioral aspects of each of these subsectors, revealing the endogenous market forces driving their expansion and describing how shadow banking is innovatively helping to channel funding to the cash-starved private sector and real economy.' - from the Foreword by Steven L. Schwarcz, Duke University, School of Law In light of the current regulatory regime in China's banking sector, this book investigates the causes, key forms, potential risks and regulation of shadow banking in China. The first China-specific book of its kind, the author takes policy considerations into account whilst providing an analysis of the regulatory instruments tackling the systematic risks in its banking as well as shadow banking sectors. Key shadow banking subsectors discussed include P2P lending, wealth management products, local government debts, and the underground lending market. This book will be of interest to students and scholars in the legal field, as well as those from other disciplines including social science, business, and finance. It will also be of use to lawyers, policymakers and regulators looking for practical solutions in tackling the issues facing a rising shadow banking sector today.

'This volume truly brings together an interdisciplinary, long-term, financial and legal understanding of financial crises. Contributions from top scholars in the different fields make this a must read for anyone interested in the business and economic development of financial institutions and practices.' - Bernardo Batiz-Lazo, Bangor University, UK 'This important collection of essays uses the historical experiences of various countries to explore how the increasing complexity of financial systems has magnified the risk of crises. I'm extremely confident that this book will be consulted by scholars in disciplines ranging from law to finance to history. I also sincerely hope that this book will also be read by the public servants responsible for macroprudential regulation and the prevention of future financial crises.' - Andrew Smith, University of Liverpool Management School, UK What are the long-term causes and consequences of the global financial crisis of 2007-2008? This book offers a fresh perspective on these issues by bringing together a range of academics from law, history, economics and business to look in more depth at the changing relationships between crises and complexity in the US and UK financial markets. The contributors are motivated by three main questions: Is the present financial system more complex than in the past and, if so, why? To what extent, and in what ways, does the worldwide financial crisis of 2007-2008 differ from past financial crises? How can governments, regulators and businesses better manage and deal with increased levels of complexity both in the present and in the future? Students and scholars of finance, economics, history, financial law, banking and international business will find this book to be of interest. It will also be of use to regulators and policymakers involved in the US and UK banking sectors. Contributors: F. Akinbami, T. T. Arvind, P.H. Bent, M. Billings, I. Bond, R.F. Bruner, A. Campbell, S.D. Carr, M. Casson, J.M. Dahlgreen, J. Foreman-Peck, J. Gray, L. Hannah, M. Hollow, A. Mehedi, D.T. Mitchell, R. Michie, J. Singleton, J. Taylor, R. Tomasic, S. Wilson

Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it.

Defining the value of an entire company can be challenging, especially for large, highly competitive business markets. While the main goal for many companies is to increase their market value, understanding the advanced techniques and determining the best course of action to maximize profits can puzzle both academic and business professionals alike. Valuation Challenges and Solutions in Contemporary Businesses provides emerging research exploring theoretical and practical aspects of income-based, market-based, and asset-based valuation approaches and applications within the financial sciences. Featuring coverage on a broad range of topics such as growth rate, diverse business, and market value, this book is ideally designed for financial officers, business professionals, company managers, CEOs, corporate professionals, academicians, researchers, and students seeking current research on the challenging aspects of firm valuation and an assortment of possible solution-driven concepts.

Bank Risk Management in Developing Economies: Addressing the Unique Challenges of Domestic Banks provides an up-to-date resource on how domestically-based banks in emerging economies can provide financial services for all economic sectors while also contributing to national economic development policies. Because these types of bank are often exposed to risky sectors, they are usually set apart from foreign subsidiaries, and thus need risk models that foreign-based banks do not address. This book is the first to identify these needs, proposing solutions through the use of case studies and analyses that illustrate how developing economic banking crises are often rooted in managing composite risks. The book represents a departure from classical literature that focuses on assets, liabilities, and balance sheet management, by which developing economy banks, like their counterparts elsewhere, have not fared well.

The Research Handbook on Central Banking focuses on global central banks as institutions and not abstractions, providing historical and practical detail about how central banks work and the challenges they face. This Research Handbook offers the most interdisciplinary treatment of global central banks published to date by addressing key questions regarding where they come from, how they have changed, and the challenges they face during uncertain times. Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large. Interdisciplinary and innovative, this Research Handbook will prove essential reading for scholars focusing on central banks, financial regulation, global governance, and related areas, as well as for central bankers and employees at central banks. Contributors include: C. Adam, K. Alexander, A. Berg, R. Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R. Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I. Jacome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann, R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R. Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H. Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C. Zilioli

As more and more emerging markets seek to compete in an ever-growing pool of global competitors, rapidly growing economies are consistently running into issues relating to the proper understanding of fiscal markets. The future of global economics depends on the wellbeing of sustainable economic growth and the expansion of banking systems. Emerging Research on Monetary Policy, Banking, and Financial Markets is an essential reference source that discusses the complex nature of financial markets and the growth of developing economies. Featuring research on topics such as international markets, transition economies, and financial instability, this book is ideally designed for academicians, students, researchers, policymakers, professionals, financial analysts, and economists interested in the future of reformed worldwide banking systems.

Legendary lawyer of the people, Louis Brandeis, displays his knowledge of the banking financial system and describes how it asserts staggering control over the economy of the United States. As relevant today as it was when first published in 1914, this book serves to demystify aspects of the banking system which are lost on those who are not employed within the finance sector. Explaining how banks have become a powerful oligarchy, Brandeis describes how the money trusts hold enormous and growing influence upon almost every large industry in the United States and much of the wider world. The monopolies of money trusts, and their role in controlling the economy, is described in detail. The deposits and savings of millions of ordinary Americans are put to work by the likes of J. P. Morgan who both lend to and purchase other banks and parts of companies. The trend towards small banks combining into larger entities, and the anti-competitive monopolies this entails are detailed.

This book is a one-stop-shop reference for risk management practitioners involved in the validation of risk models. It is a comprehensive manual about the tools, techniques and processes to be followed, focused on all the models that are relevant in the capital requirements and supervisory review of large international banks.

Contemporary research in the field of time-based currency has generally been unstructured and takes a retrospective point of view. In practice, approaches to this field commonly taken until now have shown that there can be as many points of view as there are researchers. Time Bank as a Complementary Economic System: Emerging Research and Opportunities provides a systemic study of a soft system called the Time Bank, a reciprocal service exchange that uses units of time as currency. This publication explores the contemporary context of Time Bank and describes the most recent research methodologies and results. Its content represents the work of business exchange, knowledge management, and soft systems, and it is designed for economists, managers, business professionals, social scientists, academicians, and researchers seeking coverage on topics centered on soft systems and their economic influence.

FinTech is encouraging various new practices, such as diminishing the use of cash in different countries, increasing rate of mobile payments, and introducing new algorithms for high-frequency trading across national boundaries. It is paving the way for new technologies emerging in the information technology scene that allow financial service firms to automate existing business processes and offer new products, including crowdfunding or peer-to-peer insurance. These new products cater to hybrid client interaction and customer self-services, changing the ecosystem by increasing outsourcing for focused specialization by resizing and leading to new ecosystems and new regulations for encouraging FinTech. However, such new ecosystems are also accompanied by new challenges. Innovative Strategies for Implementing FinTech in Banking provides emerging research exploring the theoretical and practical aspects of technology inclusion in the financial sector and applications within global financing. It provides a clear direction for the effective implementation of FinTech initiatives/programs for improving banking financial processes, financial organizational learning, and performance excellence. Featuring coverage on a broad range of topics such as artificial intelligence, social financing, and customer satisfaction, this book encourages the management of the financial industry to take a proactive attitude toward FinTech, resulting in a better decision-making capability that will support financial organizations in their journey towards becoming FinTech-based organizations. As such, this book is ideally designed for financial analysts, finance managers, finance administrators, banking professionals, IT consultants, researchers, academics, students, and practitio

Efficiency and Competition in Chinese Banking gives a comprehensive analysis of the industry, including cost, technical, profit, and revenue efficiency. The Chinese banking industry is of global importance. The book estimates the competitive condition of the sector using the Boone indicator, Panzar-Rosse Histatistic, Lerner index, and concentration ratio. The author investigates the impact of competition on efficiency in Chinese banking while controlling for comprehensive determinants of bank efficiency. This title complements Yong Tan's previous book, Performance, Risk, and Competition in the Chinese Banking Sector, also published by Chandos.

This comprehensive source of information about financial fraud delivers a mature approach to fraud detection and prevention. It brings together all important aspect of analytics used in investigating modern crime in financial markets and uses R for its statistical examples. It focuses on crime in financial markets as opposed to the financial industry, and it highlights technical aspects of crime detection and prevention as opposed to their qualitative aspects. For those with strong analytic skills, this book unleashes the usefulness of powerful predictive and prescriptive analytics in predicting and preventing modern crime in financial markets.

This is the fascinating, detailed account of the rise and fall of the largest banking house ever before established in the South, whose financial misfeasance during the prosperous twenties led to its eventual collapse and brought ruin to numerous innocent investors. Caldwell and Company was founded in Nashville in 1917 by Rogers Caldwell, the son of a leading local banker and businessman. Beginning as a small underwriter and distributor of Southern municipal bonds, the firm soon branched out into real estate bonds and industrial securities as well. Control of important banks in Tennessee and Arkansas was acquired; newspapers, and even Nashville's professional baseball team, came under the firm's ownership. Caldwell and Company was, truly, a pioneer conglomerate. Caldwell and Company also ventured into the realm of politics, supporting certain politicians (notably Colonel Luke Lea) with questionable benefits accruing to the firm, including substantial state deposits in Caldwells Bank of Tennessee. In November 1930 the firm went into receivership. Unethical practices, including overextension in the acquisition of banks, insurance companies, and other business, had already strain Caldwell and Company's assets. With the 1929 collapse of stock prices. Rogers Caldwell could not meet the company's obligations, and he began to squeeze all available cash from the various controlled firms. He also negotiated a merger between Caldwell and Company and Banco-Kentucky Company of Louisville-a transaction which must stand as one of the strangest deals in the annals of American business. Even the aforementioned State of Tennessee deposits, which helped float his empire for a while, could not prevent its collapse-a collapse which resulted in a multi-million dollar loss to Tennessee's Treasury, public hysteria, and clamor for the impeachment of the Governor of Tennessee. Originally Published in 1939, this edition includes a new introduction in which the author comments on the long-run implications of the Caldwell episode and reports the outcome of legal actions, both civil and criminal, still pending at the time the book was first published.

Using a framework of volatile markets Emerging Market Bank Lending and Credit Risk Control covers the theoretical and practical foundations of contemporary credit risk with implications for bank management. Drawing a direct connection between risk and its effects on credit analysis and decisions, the book discusses how credit risk should be correctly anticipated and its impact mitigated within framework of sound credit culture and process in line with the Basel Accords. This is the only practical book that specifically guides bankers through the analysis and management of the peculiar credit risks of counterparties in emerging economies. Each chapter features a one-page overview that introduces its subject and its outcomes. Chapters include summaries, review questions, references, and endnotes.

When just a handful of economists predicted the 2008 financial crisis, people should wonder how so many well educated people with enormous datasets and computing power can be so wrong. In this short book Ionut Purica joins a growing number of economists who explore the failings of mainstream economics and propose solutions developed in other disciplines, such as sociology and evolutionary biology. While it might be premature to call for a revolution, Dr. Purica echoes John Maynard Keynes in believing that economic ideas are "dangerous for good or evil." In recent years evil seems to have had the upper hand. "Nonlinear Dynamics of Financial Crises" points to their ability to do good.

The story of banking in twentieth-century Oklahoma is also the story of the Sooner State's first hundred years, as Michael J. Hightower's new book demonstrates. Oklahoma statehood coincided with the Panic of 1907, and both events signaled seismic shifts in state banking practices. Much as Oklahoma banks shed their frontier persona to become more tightly integrated in the national economy, so too was decentralized banking revealed as an anachronism, utterly unsuited to an increasingly global economy. With creation of the Federal Reserve System in 1913 and subsequent choice of Oklahoma City as the location for a branch bank, frontier banking began yielding to systems commensurate with the needs of the new century.
Through meticulous research and personal interviews with bankers statewide, Hightower has crafted a compelling narrative of Oklahoma banking in the twentieth century. One of the first acts of the new state legislature was to guarantee that depositors in state-chartered banks would never lose a penny. Meanwhile, land and oil speculators and the bankers who funded their dreams were elevating get-rich-quick (and often get-poor-quick) schemes to an art form. In defense of country banks, the Oklahoma Bankers Association dispatched armed vigilantes to stop robbers in their tracks.
Subsequent developments in Oklahoma banking include adaptation to regulations spawned by the Great Depression, the post-World War II boom, the 1980s depression in the oil patch, and changes fostered by rapid-fire advances in technology and communication. The demise of Penn Square Bank offers one of history's few unambiguous lessons, and it warrants two chapters--one on the rise, and one on the fall. Increasing regulation of the banking industry, the survival of family banks, and the resilience of community banking are consistent themes in a state that is only a few generations removed from the frontier.

Focusing primarily on the banking system in the United States, this book offers an innovative framework that integrates a depository bank's liquidity and its capital adequacy into a unified notion of funding that helps to explain how the 2007-2008 crisis unfolded, why central banks succeeded in resolving the crisis, and how the conceptual legacy of the crisis and its resolution led to lasting changes in bank funding regulation, including new objective requirements for bank liquidity. To provide a comparative context, the book also examines the funding models of nonbank intermediaries like dealer banks and insurers. This book provides a nuanced understanding of bank funding practices for legal academics interested in banking regulation or corporate finance and helps place prudential regulation and the private law of funding in the context of the banking business model. Business model scholars, financial academics, and bank regulators will appreciate its readable, integrated approach to understanding some of the most current and conceptually challenging aspects of prudential regulation.