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 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.

This comprehensive guide serves to illuminate the rise and development of FinTech in Sweden, with the Internet as the key underlying driver. The multiple case studies examine topics such as: the adoption of online banking in Sweden; the identification and classification of different FinTech categories; process innovation developments within the traditional banking industry; and the Venture Capital (VC) landscape in Sweden, as shown through interviews with VC representatives, mainly from Sweden but also from the US and Germany, as well as offering insight into the companies that are currently operating in the FinTech arena in Sweden. The authors address questions such as: How will the regulatory landscape shape the future of FinTech companies? What are the factors that will likely drive the adoption of FinTech services in the future? What is the future role of banks in the context of FinTech and digitalization? What are the policies and government initiatives that aim to support the FinTech ecosystem in Sweden? Complex concepts and ideas are rendered in an easily digestible yet thought-provoking way. The book was initiated by the IIS (the Internet Foundation in Sweden), an independent organization promoting the positive development of the Internet in the country. It is also responsible for the Internet's Swedish top-level domain .se, including the registration of domain names, and the administration and technical maintenance of the national domain name registry. The book illustrates how Sweden acts (or does not act) as a competitive player in the global FinTech arena, and is a vital addition to students and practitioners in the field.

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.

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

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

The traditional walls between banking, insurance and securities markets are breaking down as a result of deregulation and liberalization of financial services. The cross-buying of financial services has become a global trend as a part of the convergence of financial services. This trend has recently commenced in East Asian countries, such as Taiwan and Korea, where the tremendous growth of these activities has been noticed. The book explores what the determinants of this growth in East Asia, particularly in Korea and Taiwan are, and how these determinants influence differently to the customers of these two countries when compared with the studies conducted on other countries (e.g. Europe and North America). The book opens the view on the subject of customers' behavioral intentions of cross-buying banking services in East Asian countries, especially from a cross-cultural perspective and empirically tested findings help marketing personnel in financial institutions, marketing practitioners' in banks and researchers of financial services and marketing, understanding on East Asia such as Taiwan and Korea, where the tremendous growth of these activities has been noticed in recent years.

By mid-nineteenth century, Meyer Amschel Rothschild's five sons controlled one of the most massive fortunes in Europe. The Rothschild name had become synonymous with the enormous political and social power that often accompanied that wealth, the amassing of which is remarkable considering the painfully modest beginnings of its founder.

Born in the unimaginable squalor of Frankfurt's Jewish ghetto (where he chose to spend his entire life), Meyer Rothschild established a small trading and banking business that - despite political, legal, and social constrictions segregating Jews from the outside world -evolved into an empire that included the financial centers of the world.

"Founder" is the story of Meyer Rothschild's times, of the condition of the Jews, of the city-states before they were overrun by Napoleon's troops. It is about the threshold of the modern era, when the world of aristocrats and gentlemen was profoundly influenced by a shrewd, dedicated, loyal father and his family. Amos Elon's rich and evocative depiction of life in mid-eighteenth-century Europe provides a vivid background against which we come to understand and marvel at the strength and perseverance driving this obviously extraordinary, humble man.

'Elon... has written a terrifically readable biography that does more than illuminate the formerly shadowy figure who served princes in what is now Germany. Through the prism of Mayer Rothschild's life, Mr. Elon gives us a fascinating glimpse into how Europe - and by implication, the New World - made the journey from mercantilism to modern entrepreneurship....Mr. Elon's feat is in chronicling all this with clarity and drama. "Founder" skillfully weaves history into this story of human endeavour to create a memorable narrative of Mayer Rothschild's time.'

Deborah Stead, "New York Times Book Review"

This volume examines the future of European financial centres in the context of economic and monetary union (EMU). Based on original empirical research, it investigates the relative competitiveness of European financial centres, with special reference to London and Frankfurt, in the context of the single currency debate. Issues covered include:
* the evolution of financial centres
* optimal design of an international financial centre
* financial services regulation and EMU
* the competitiveness of world financial centres

Spatestens seit 2012 widmet sich der Baseler Ausschuss verstarkt einer UEberarbeitung der Verfahren zur Berechnung der risikogewichteten Aktiva. Zusatzlich wurde eine Vielzahl neuer Anforderungen entwickelt. Das inoffiziell unter dem Schlagwort "Basel IV" bezeichnete Standardpaket des Baseler Ausschusses stellt nun das umfassendste AEnderungspaket der bisherigen gesamten Aufsichtsgeschichte dar. Es ist nur eine Frage der Zeit, dass die Neuerungen des "Basel IV"-Pakets in bindendes EU-Recht uberfuhrt werden. Bei der Umsetzung wird sich die Bankenindustrie einer grossen Herausforderung gegenubersehen. Im Herausgeberband von Martin Neisen und Stefan Roeth wird der aktuelle Stand der Baseler Reformvorschlage dargestellt. Ziel ist es, den Leser zu uberzeugen, dass es sich tatsachlich nicht um eine Feinjustierung der bestehenden Basel-III-Regelungen handelt, sondern tatsachlich um ein neues Rahmenwerk, das den Namen Basel IV verdient. Dazu werden die Neuerungen des Basel-IV-Paketes ubersichtlich, verstandlich und praxisrelevant erlautert. Mithilfe eines hochkaratigen Expertenteams wird die Komplexitat des Themas reduziert und eine wichtige Hilfestellung geboten. In der Neuauflage werden alle Kapitel aktualisiert und ein neues Kapitel zum Thema "Strategische Auswirkungen von Basel IV" hinzugefugt.

With the release of hundreds of damaging documents, a dark side of Switzerland's democracy has been unveiled. Switzerland is now seen as a nation of greedy bankers, collaborators with the Nazis, and robbers of the wealth of the victims of the Holocaust. "Swiss Banks and Jewish Souls" is a powerfully enlightening account of how a small and determined group of people from divergent backgrounds humbled the legendary Swiss financial empire to achieve a measure of justice for Holocaust survivors and their heirs, while shattering the myth of Swiss wartime neutrality. Rickman tells how a small group of people, none of them professional historians, pieced together a puzzle of unknown proportions and proceeded to dismantle the myth of Swiss innocence and victimization at the hands of the Nazis, and expose a fifty-year cover-up. Untold numbers of European Jews and others placed their funds in Swiss banks because they believed they offered a safe haven for funds which the Nazis were trying to control. What better place to put their money than in Switzerland? "Swiss Banks and Jewish Souls" discusses how investigative groups proved that Switzerland stole the money of the Jews and helped the Nazis to do the same. No one began with evidence and no one had a source of knowledge upon which to fall back. All they shared was a feeling that something was terribly wrong and that a great injustice had occurred. Propelled by this instinct, a U.S. Senator, the World Jewish Congress, a British Parliamentarian, the U.S. Holocaust Memorial Museum, and a handful of Holocaust survivors accomplished what the U.S., British, and French governments and a group of feuding Jewish organizations could not or would not do. As a result of this effort, how the world views Switzerland and how Switzerland views itself has been redefined. Most importantly, those who survived the Nazi horrors, only to be victimized again by the Swiss bankers, have now achieved some measure of justice, or at least financial compensation after more than fifty years.

How silver influenced two hundred years of world history, and why it matters today This is the story of silver's transformation from soft money during the nineteenth century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the twenty-first century.

Mainstream economists explain the Federal Reserve's behavior over its one hundred years of existence as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. The most important monetary event during those first one hundred years was the replacement of fixed exchange rates, based on a gold-exchange standard, with flexible exchange rates. In this book, Dickens explains how flexible exchange rates became necessary to accommodate the Federal Reserve's relentless efforts to prevent progressive social change. It is argued that the Federal Reserve is an institutionalized alliance of the large New York banks and the large regional banks. When these two groups of banks are united, they constitute an unassailable force in the class conflict. However, when the large regional banks are at loggerheads with the large New York banks over the proper role of bank clearinghouses during the populist period, along with the proper role of the Eurodollar market during the social democratic period, there is an opening for progressive social reforms. This book builds upon Hyman Minsky's financial instability hypothesis as well as the Marxian model constructed by Thomas Piketty. It follows Piketty's historical method of deepening our understanding of the current Neoliberal Era (1980-2014) of global financial capitalism by comparing and contrasting it with the first era of global financial capitalism-the Gilded Age (1880-1914). In contrast with Piketty, however, this book incorporates monetary factors, including monetary policy, into the set of determinants of the long-run rate of economic growth. This book is suitable for those who study political economy, banking as well as macroeconomics.

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.

This far-reaching study shows that operating efficiencies are not what are driving today's unrelenting bank merger mania. It suggests that bank mergers and consolidation may have effects that are contrary to consumer and non-financial business interests, such as lower rates of interest, increasing fees, and tighter credit constraints. Dymski recommends several new policies to apply to the evaluation of prospective mergers.

This far-reaching study shows that operating efficiencies are not what are driving today's unrelenting bank merger mania. It suggests that bank mergers and consolidation may have effects that are contrary to consumer and non-financial business interests, such as lower rates of interest, increasing fees, and tighter credit constraints. Dymski recommends several new policies to apply to the evaluation of prospective mergers.

Series Information:
Routledge International Studies in Money and Banking

This book provides different financial models based on options to predict underlying asset price and design the risk hedging strategies. Authors of the book have made theoretical innovation to these models to enable the models to be applicable to real market. The book also introduces risk management and hedging strategies based on different criterions. These strategies provide practical guide for real option trading. This book studies the classical stochastic volatility and deterministic volatility models. For the former, the classical Heston model is integrated with volatility term structure. The correlation of Heston model is considered to be variable. For the latter, the local volatility model is improved from experience of financial practice. The improved local volatility surface is then used for price forecasting. VaR and CVaR are employed as standard criterions for risk management. The options trading strategies are also designed combining different types of options and they have been proven to be profitable in real market. This book is a combination of theory and practice. Users will find the applications of these financial models in real market to be effective and efficient.

This critique of World Bank operations examines the effects of this organization on the societies in which it operates. Highly critical of the Bank's practices in its 50 years of operation, the author demonstrates how the Bank has become virtually unaccountable and a law unto itself. He describes how the Bank has supported oppressive regimes and loaned money to support large projects which have displaced local populations. He argues further that the Bank's current policies of structural adjustment are arresting the development of Third World countries.

This title was first published in 2003. In this volume of essays - based on papers delivered to 2001 conference, International Banking and Financial Systems - leading European bankers and banking historians give their assessment of the evolution of central banking in 20th-century Europe. As well as providing a historical perspective, the volume also explores how the lessons of the 20th century may be brought to bear on current and future trends in central banking. In so doing, this volume provides an insight into the ways in which economic stability and growth has been, and can be, promoted.

Originally published in 1996, The International Guide to Securities Market Indices provides a comprehensive overview of the securities market indices and offers assistance to professionals as well as individual investors in the selection of an appropriate securities market index, on a worldwide basis. The Guide's identifies and catalogues available performance indicators along with their publishers and describes their relevant characteristics and a perspective on their historical price and total return performance. It also contains descriptive profiles along with historical performance data on 400 of the world's leading global, regional and local securities market indices and sub-indices covering 10 asset classes.

Originally published in 1987, British Non-Bank Financial Intermediaries the book is the diversification of and overlaps in the operations of UK financial intermediaries forms. The book provides a coherent analysis of the broader implications of ongoing developments in the financial services sector and an insight into the 'back-room activities of the non-bank institutions. The book also focuses on institutions offering some form of financial markets, within which many of the financial intermediaries operate. In doing this, the book outlines a theoretical framework of financial intermediation and provides an overview of the broader evolution of the UK financial system. This volume will be of use to students and practitioners studying in the financial services sector.

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.

More than one billion people still live below the poverty line - most of them in South Asia and Sub-Saharan Africa. Financial inclusion is a major issue, as more than three-quarters of the numbers of poor and disadvantaged women and men do not have access to financial products and services, such as bank accounts, affordable and suitable loans, and insurance. The key objective of this book is to provide practical case studies of financial inclusion, rather than focus on academic debates such as the ideological basis of promoting microfinance. Using the recently adopted Sustainable Development Goals as an overall framing of the issues, it shows how poor and disadvantaged women and men can be bankable if the right facilitation for maximizing opportunities and addressing constraints are in place. Case studies confirm that achieving inclusive and sustainable access to financial products and services goes beyond simply enabling poor and disadvantaged women and men to have access to credit, or the ability to open a bank account. Examples from Africa, Asia and Latin America demonstrate encouraging progress in making microcredit accessible to millions of poor people. The foremost challenge, however, has been to ensure that they have access to, and usage intensity of, suitable and affordable financial products and services that meet the needs of their livelihoods as well as risks and mitigation strategies. This requires understanding that poor and disadvantaged women and men do not exist in isolation from complex and interdependent functions in the financial system, which includes a number of actors, diversified services, constraints (not just symptoms) and capacities and incentives. Overall, the book provides a rich source of examples of how building inclusive financial systems can empower the world's poor - by increasing income and employment opportunities, securing livelihoods and reducing poverty.

Sweeping changes have taken place in the financial sector during the twentieth century. Two of the most notable changes have been the growth of global markets and institutions, and the introduction of computerisation. This volume charts the course of concentration and internationalisation in banking and also examines the influence and implications of new technologies on the industry's record-keeping practices. The exploration of concentration and internationalisation begins in the late nineteenth century and examines the effect of a wide range of factors, from macro-economic influences such as the liquidity crisis of the 1930s and the oil price rises of the 1970s, to the role of national regulation in the creation of financial markets and innovative products. The role of individual banks and their particular policies is also brought into focus. Some of Europe's most eminent bankers provide a contemporary dimension by discussing possible future developments in continental banking.