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.

Originally published in 1979, Inside the City looks at The City of London as one of the important financial centres in the world. The book provides an interesting insight into the City as a major centre of international banking, asking key questions such as, how long the city can last as a major centre, how do its services compare with other centres, and what it can do to maintain its present position? The book examines how the great network of markets and institutions that make up the City operated when the book was written, providing key chapters on the Stock Exchange, institutional and private investors, the banking world, including foreign and merchant banks, the commodity and money markets, Euromarkets, Sterling and insurance. This book will be of interest to those studying or researching in the field of economics and finance.

The volumes in this set, originally published between 1970 and 1996, draw together research by leading academics in the area of economic and financial markets, and provide a rigorous examination of related key issues. The volumes examine the stock exchange, capital cities as financial centres, international capital, the financial system, bond duration, security market indices and artificial intelligence applications on Wall Street, whilst also exploring the general principles and practices of financial markets in various countries. This set will be of particular interest to students of economics and finance respectively.

European Banking and Financial Law Statutes presents all the key legislation for European banking and financial law in one student-friendly volume. This book is: * up-to-date with the law: based on the official consolidated texts of all relevant European instruments, this book provides a fully current collection of legislation * tailored to course outlines: content has been curated to align with European banking and financial law courses * exam friendly: conforming to regulations, this is an un-annotated text that is suitable for exam use * easy to use: a clear and attractive text design, detailed table of contents and multiple indices provides ease of reference and navigation. Ideal for course and exam use, as well as for reference, this book is a perfect companion resource for student learning and exam success, which is especially tailored for use in combination with the European Banking and Financial Law textbook.

This account of the financial crisis of 2008-2009 compares banking systems in the United States and the United Kingdom to those of Canada and Australia and explains why the system imploded in the former but not the latter. Central to this analysis are differences in bankers' beliefs and incentives in different banking markets. A boom mentality and fear of being left behind by competitors drove many U.S. and British bank executives to take extraordinary risks in creating new financial products. Intense market competition, poorly understood trading instruments, and escalating system complexity both drove and misled bankers. Formerly illiquid assets such as mortgages and other forms of debt were repackaged into complex securities, including collateralized debt obligations (CDOs). These were then traded on an industrial scale, and in 2007 and 2008, when their value collapsed, economic activity fell into a deep freeze. The financial crisis threatened not just investment banks and their insurers but also individual homeowners and workers at every level. In contrast, because banks in Canada and Australia could make good profits through traditional lending practices, they did not confront the same pressures to reinvent themselves as did banks in the United States and the United Kingdom, thus allowing them to avoid the fate of their overseas counterparts. Stephen Bell and Andrew Hindmoor argue that trading and systemic risk in the banking system need to be reined in. However, prospects for this are not promising given the commitment of governments in the crisis-hit economies to protect the "international competitiveness" of the London and New York financial markets.

This collection of essays, written by former bankers, practising central bankers, government advisers and historians, celebrates the seventieth anniversary of the National Bank of Hungary. From a range of view points, the contributions consider the monetary and financial history of the past century and, in particular, explore possible parallelisms between experiences of the collapse of the Habsburg Monarchy in 1918 and of contemporary changes since 1989. The first part, comprising four essays, concentrates upon central banking, especially the development of the National Bank of Hungary since 1878 and the establishment of the Bank of Poland. Commercial banking is the theme of Part II, where continuities and discontinuities are considered with respect to Austria, Czechoslovakia, Romania, Slovenia and Yugoslavia.

This book, first published in 1993, examines in detail the bureaucratic and political manoeuvring surrounding the enactment of banking and monetary reforms in the 1930s. Although banking reform influenced the politics of both the Hoover and Roosevelt presidencies, most surveys devote only a few pages to monetary disturbances and the reforms passed as a result.

The Bill is one of the oldest instruments of credit in the world, and this book, first published in 1952 and revised in 1976, provides an in-depth analysis of this financial instrument which has stood the test of centuries. No other book gives more than a part of the information here set out.

Between 1875 and 1900, the assets of trust companies in New York City grew at a compound annual rate of 9.6%, compared with 4.1% for national banks. The purpose of this book, first published in 1986, is to bring to light the entrepreneurial, economic and political forces which prompted the growth of the trust companies and resolved the movement into a well-defined financial intermediary and eventually led to the merging of the trust movement with commercial banks.

This book, first published in 1949, is the original and key survey of the stages which preceded the use of coins as the medium of exchange, and of the objects that coins displaced, objects which for want of a better name are here called primitive money. It examines in detail the primitive monies of the world, monies from far in the distant past, and monies still in use today. It is the essential reference source on the many different objects used as currency.

The biggest corporate failure ever in British history occurred in 2008 with very little forewarning. The management of HBOS, a major national bank with a long history of prudence prior to the merger in 2001, were allowed to act incompetently. Auditors and regulators failed to act, ignoring a key senior whistleblower, and the 'competitive' stock market failed to spot management failure in time. This book is the first academic study of this collapse, uncovering some surprising evidence on the power and politics of large financial institutions. It details the processes and degrees to which financial challenge and regulation are undermined by this power. The research exposes a pro-active process of regulatory risk management by these institutions; the ease with which auditors and regulators can be captured; and how politicians and investors can be all too happy to hop on the stock market and management spin ride - with other people's money. The study questions the ideology and politics which supported and encouraged the management hubris, raising profound questions about the 'politics' of the academic disciplines of banking, finance and accounting today, and the theories they underpin. This account of management gone wrong is essential reading for students, researchers and professionals involved in banking, finance, credit infrastructure, economics and management studies.

This book, first published in 1989, is a valuable addition to the literature on the study of American business history. Most previous historians, however, have studied the management of business in a vacuum, separating the internal affairs of particular companies from the social and political environments in which corporations existed. From 1799 to 1842 the Manhattan Company had three distinct divisions: a water works, a main bank in New York City, and bank branches in upstate New York. To successfully manage this complicated and decentralised business, the Manhattan Company's directors had to be particularly sensitive the social and political environments. This book traces the history of banking in New York, an examination of the nature and significance of the Company's charter, and a detailed analysis of the Company's three divisions.

The Stock Exchange has been described as the mart of the world; as the nerve-centre of the politics and finances of nations; as the barometer of their prosperity and adversity; and as the bottomless pit of London, worse than all the hells. This book, first published in 1904, examines the London Stock Exchange in its purest sense, as the market for stocks and shares.

This study of bank behaviour and banking regulation, first published in 1993, continues to provide through its close analysis valuable insights into the issues of modern banking. The effects of regulatory restriction and liberalisation are examined in detail, and California's banking history, while a fascinating topic in its own right, offers several messages for policy makers today.

This book, first published in 1992, explores the role of the Federal Reserve System in the Great Depression. Several theories of the causes of the Great Depression are discussed. What the Federal Reserve did, how they defended their actions, and how business writers, businessmen and economists viewed these actions are important. Analysis of these opinions sheds light on how aware of the appropriateness of Federal Reserve policy concerned participants of that time period were.

The Federal Reserve System has been widely criticised for its response (or lack of response) to the economic and financial problems of 1928-1933. This period was one of frantic speculation followed by the collapse of the stock market, the banking system and the economy at large. How did the Fed let this happen, and was it to blame? This book, first published in 1993, carries out an in-depth statistical analysis of the relevant data supporting the various theories surrounding the Fed's behaviour at the time, and is a key work in understanding the thinking of the period.

An easy to read by "state of the art" text containing a comprehensive review and analysis of existing corporate bankruptcy models, and their applications to real life data Covers a broad range of statistical learning models, ranging from relatively linear techniques (e.g. linear discriminant analysis) to state-of the art machine learning methods (e.g. random forests, deep learning). Explains the purpose, strength and limitations of respective models and frameworks, highlighting their major points of similarity and difference and would make this book a useful reference Much of the corporate bankruptcy literature has relied on quite simplistic classification models but this book introduces a wide range of innovative corporate bankruptcy prediction models

The European Community has committed itself to promoting 'economic and social cohesion' across its regions. Its expenditure - via the 'structural funds' - for these purposes is set to double by 1993. A key component of such expenditure is the European Regional Development Fund, which is receiving increasing attention from local and regional representatives and officials, as well as from companies considering where to locate their businesses. The integrated development operations of the EC involve important new initiatives at the local level. This volume explains how the ERDF operates and its relationship to other sources of funding from the EC. It offers comprehensive and up-to-date information, in a readily accessible format. Section II summarises the key EC policy documents involved, and Section III gives a full listing of all the relevant documents across a range of different aspects.

This 14-volume set collects together a series of key titles that provide a wide-ranging analysis of money (A Survey of Primitive Money), banking (Bank Behavior, Regulation and Economic Development) and finance (The Money Market). Other titles expand on these topics, giving both a wider overview and a more detailed snapshot of the subjects covered.

This book, first published in 1921, is intended to serve as an introduction to the study of the historical background of modern industrial and social questions. It deals with the evolution of English industrial conditions from the close of the Napoleonic War to the outbreak of the First World War. Particular attention is paid to social consequences and growth of opinion.

This book, first published in 1904, is an early examination of England's monetary system: what it is, how it was founded, grew and developed. It analyses the role of trade in this development, and works from the assumption that the material well-being of the country and all its inhabitants is largely dependent upon the money market.

These important essays, first published in 1918, consider the various economic aspects of the reign of Edward III. They support George Unwin's contention that the measures of the king and parliament were mainly opportunist rather than the expression of a definite financial policy.

Can the 'invisible hand' handle money? George Selgin challenges the view that government regulation creates monetary order and stability, and instead shows it to be the main source of monetary crisis.
The volume is divided into three sections:
* Part I refutes conventional wisdom holding that any monetary system lacking government regulation is 'inherently unstable', and looks at the workings of market forces in an otherwise unregulated banking system.
* Part II draws on both theory and historical experience to show how various kinds of government interference undermine the inherent efficiency, safety, and stability of a free monetary system.
* Part III completes the argument by addressing the popular misconception that a monetary system is unsound unless it delivers a stable output price-level.

The Chartered Mercantile Bank is one of the constituent banks of the huge Hongkong and Shanghai bank. This study charts its first 40 years as one of the pioneering banks of the Far East. The Chartered Mercantile became the leading exchange bank in India and South East Asia whilst always retaining its head office in the pivotal London market. Based upon meticulous research using a particularly rich set of banking archives, the book describes the complex political and financial circumstances on the subcontinent during the bank's early years and introduces the personalities in the Indian business and London banking worlds who guided the infant institution. The volatility of local markets is analysed, with portraits of the banks and merchant houses which did not survive the many financial crises in the East also included. This book will do much to remedy the lack of existing research into international finance, and Eastern banking in particular, in the 19th century. It provides an inside view of the workings of an Eastern bank - the nature of its business, methods of payment and exchange, recruitment and career patterns of staff, and includes valuable new material on the role of European bankers in an eastern setting.

The concept of money illusion, a recently resurrected phenomenon of behavioral economics, is a real fact of economic life, the potential role of which should no longer be dismissed. Despite money illusion being utterly suppressed by mainstream economists, small deviations from rationality, together with trends in behavioral economics, alleviate the denial of money illusion induced by the rational expectations revolution. This book argues that money illusion seems to be a ubiquitous phenomenon, affecting various areas such as financial markets, housing markets, labor markets, consumption-saving decisions, and even development at the aggregate level induced by coordination issues. Furthermore, in light of the educational efforts of central banks and other institutions, it is worth considering whether solid economic training would provide guidance for the public regarding their decision-making and thereby alleviate the effects of money illusion. The emerging field of experimental economics provides a unique opportunity for us to verify the presence of money illusion. Specifically, attention is devoted to the experimental investigation of reduction in the direct and indirect effects of money illusion with respect to the level of economic literacy acquired through economic education. Economic Literacy and Money Illusion will be of interest to the general audience and to those who are interested in behavioral economics, economics education, and experimental economics, as well as to policy makers and institutions. Last but not least, it will help develop students' interest in alternative economic theories. NB. The research and writing of this book was made possible with the support of the University of Economics, Prague, Faculty of Economics, Department of Economics.