This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners. 48 articles, dating from 1979 to 2013 Contributors include: D. Acemoglu, P. Aghion, T. Beck, S. Haber, R. King, R. La Porta, V. Maksimovic, R. Rajan, A. Shleifer, P. Strahan, R. Townsend, L. Zingales

Through a series of case studies you are invited to meet, and learn firsthand from, the people and teams that have delivered a number of very different innovations successfully across a diverse group of banks; big and small, long established and brand new, from the east and west! Banks featured include: Bank of America, BBVA, Citi, Credit Agricole, Danske Bank, Deutsche Bank, ING, J.P. Morgan, Lloyds Bank, Metro Bank, N26, National Australia Bank, Royal Bank of Canada, Santander, Standard Chartered and Swedbank. This book will equip you with ideas, tools and actionable hands-on advice. You will discover the untold stories about how these banks delivered new solutions to consumers and businesses, products as well as services, across the spectrum of buy, build and partner. Here are some of the innovation challenges you can overcome by learning from those that already did: Working around legacy systems Limited tech resources and budget Secure budget and buy-in from the exec team Creating a culture that embrace innovation Compete with fintechs and big tech for new talent Validating actual customer demand Increasing speed to market whilst satisfying risk and compliance Retain control when partnering with third parties Making the right priorities When to shut something down Once you have bought this book you can register on www.howbanksinnovate.com to access more in-depth material from all of the banks featured, full-length interviews and videos.

A practical, informative guide to banks' major weakness Legal Data for Banking defines the legal data domain in the context of financial institutions, and describes how banks can leverage these assets to optimise business lines and effectively manage risk. Legal data is at the heart of post-2009 regulatory reform, and practitioners need to deepen their grasp of legal data management in order to remain compliant with new rules focusing on transparency in trade and risk reporting. This book provides essential information for IT, project management and data governance leaders, with detailed discussion of current and best practices. Many banks are experiencing recurrent pain points related to legal data management issues, so clear explanations of the required processes, systems and strategic governance provide immediately-relevant relief. The recent financial crisis following the collapse of major banks had roots in poor risk data management, and the regulators' unawareness of accumulated systemic risk stemming from contractual obligations between firms. To avoid repeating history, today's banks must be proactive in legal data management; this book provides the critical knowledge practitioners need to put the necessary systems and practices in place. Learn how current legal data management practices are hurting banks Understand the systems, structures and strategies required to manage risk and optimise business lines Delve into the regulations surrounding risk aggregation, netting, collateral enforceability and more Gain practical insight on legal data technology, systems and migration The legal contracts between firms contain significant obligations that underpin the financial markets; failing to recognise these terms as valuable data assets means increased risk exposure and untapped business lines. Legal Data for Banking provides critical information for the banking industry, with actionable guidance for implementation.

The merchant, Paul Brandt, moved from Stettin (now in Poland) to Hamburg in 1686. His business prospered and four generations later, fifteen-year-old Wilhelm Brandt was apprenticed to the merchant Alexander Christian Becker in Archangel. Trading flourished in a variety of commodities including timber, flax, skins and sugar, and in 1805 Wilhelm's older brother Emanuel Heinrich moved to London and set up the agency for the Archangel business which subsequently became the family bank. Peter Augustus Brandt (ninth generation) was born in 1931, and after Eton, Cambridge and national service in the Royal Navy joined Wm Brandt's in 1954, becoming managing director in 1966. After the bank's successes in the 1960s, it was taken over by National and Grindlays and eventually sold in 1972, 160 years after its founding. With over 70 illustrations, many in colour, including family portraits, houses, documents and artefacts from the archives. Maps of Germany, the Baltic, England and Archangel show places with which the family and its businesses were associated.

For courses in money and banking, or general economics. This package includes MyLab. A unified framework for understanding financial markets The Economics of Money, Banking and Financial Markets bringsa fresh perspective to today's major questions surrounding financial policy.Influenced by his term as Governor of the Federal Reserve, Frederic Mishkinoffers students a unique viewpoint and informed insight into the monetarypolicy process, the regulation and supervision of the financial system, and theinternationalization of financial markets. The 13th Edition providesa unifying, analytical framework for learning that fits a wide variety ofsyllabi. And core economic principles and real-world examples organizestudents' thinking and keep them motivated. After reading this text, studentsare well equipped to apply these financial models, terms, and equations todecisions that affect both their personal and professional lives. Reach every student with PearsonMyLab Economics MyLab (R) empowers you to reach every student. This flexibledigital platform combines unrivaled content, online assessments, andcustomizable features so you can personalize learning and improve results, onestudent at a time. Pearson MyLab Economics should only be purchased when required by an instructor.Please be sure you have the correct ISBN and Course ID. Instructors, contactyour Pearson representative for more information.

Financial Derivatives have long been the subject of conflicting views. For some, they are a useful instrument, too often maligned by those who do not understand them; for others, they are a complete waste of time and money. But which is it? Should we embrace financial derivatives, or fear them? In Financial Derivatives: A Blessing or a Curse? Simon Grima and Eleftherios I. Thalassinos rigorously explore the theory and debates surrounding this controversial topic. First exploring the perceived problems and the uses of derivatives, they study and evaluate the people who use financial derivatives; the impacts of derivatives use; and examples of safe use of derivatives. Looking at real-world examples, Grima and Thalassinos include public case studies on financial firms such as Barings Bank PLC, Allied Irish Bank, and Societe Generale, as well as non-financial firms including Metallgesellschaft AG and Enron. Through these case studies, the roots of firm failure and large losses become clear, asking whether it is the misuse of this financial instrument, rather than the derivatives instrument itself, that is the cause. For students and researchers in finance, or practitioners involved in trading, regulating, or auditing, this is a fundamental text exploring a controversial and relevant concept.

In the newly revised Second Edition of The Principles of Banking, Professor Moorad Choudhry delivers a comprehensive overview of the fundamentals of banking designed to offer senior management and regulators a roadmap toward a more sustainable business model for their banks. The book builds on the author's experience as a practitioner in commercial and investment banking over many years, and this makes it suitable for both academic and professional audiences. The author explains the original principles of banking, including the need for sound lending policy, capital management and liquidity risk management, and why these need to be maintained robustly to ensure the industry avoids another banking crisis during the next economic recession. Readers can access a wide range of downloadable ancillary materials, including policy templates, spreadsheet models, risk metric dashboards, and PowerPoint slides. This Second Edition offers: Updates to reflect new regulations published since the last edition, including Basel III Final Form and its constituent elements of The Fundamental Review of the Trading Book, Interest Rate Risk in the Banking Book, and Recovery and Resolution Planning New chapters in market risk management, foreign exchange risk management, and interest rate risk, as well as credit risk policy and management, and capital and liquidity adequacy stress testing regulations New material covering the impact of COVID-19 on banks, risk management, and balance sheet management and what this implied for the discipline of risk management going forward A recommended approach to bank asset-liability management good-practice, to enable a bank to deliver an optimised balance sheet for all stakeholders' benefit Perfect for bank practitioners, including managers in retail and commercial banking, ALCO members, treasury professionals, all C-suite executives and board non-executive directors, The Principles of Banking is an indispensable resource for all professionals and students seeking an authoritative and practical guide to the foundations of modern banking and good banking practice.

This second edition updates and extends the original foundations of the loanable funds model. It develops a new monetary model of inside money, which is created by the commercial (or retail) banks, drawing on the events of 2007/08 that led to the Great Recession and fragile economy of today. Coronavirus is likely to cause another downturn of economic activity, from the perspective of late 2020 as this is written. That will represent a long-period of subpar, anaemic growth, which has not been satisfactorily explained by the traditional theory in the form of neo-classical analysis. The reason may lie with the adoption of a body of theory based primarily on a barter system of exchange but sometimes with one commodity used as money to try to explain a dynamic, monetary economy of today. Money has evolved from a system of barter to become a medium of exchange based on fiat money and credit currency underpinned by legal tender, and therefore, a creature of law. If households and firms lose confidence in the banking system, they can withdraw their deposits in the form of cash as a medium of exchange, which must be accepted in exchange for goods and services as legal tender. This book highlights the importance of how money is created or destroyed endogenously and derives the loanable supply of funds in conjunction with the demand within a revised analysis of monetary theory, with a new emphasis on portfolio theory. It applies critical thinking and the realization of a more precise formulation of the loanable funds theory to final year and postgraduate students in particular, with various features systematically added such as the catastrophe framework and Minsky's theory of changing states in an attempt to derive a fully dynamic model. There is a new framework using aggregate demand and supply analysis to explain inflation. This will be reinforced at each stage by the inclusion of revised and updated case studies, graphs and figures to give an international setting and application

Credit and credit risk permeates every corner of the financial world. Previously credit tended to be acknowledged only when dealing with counterparty credit risk, high-yield debt or credit-linked derivatives, now it affects all things, including such fundamental concepts as assessing the present value of a future cash flow. The purpose of this book is to analyze credit from the beginning the point at which any borrowing entity (sovereign, corporate, etc.) decides to raise capital through its treasury operation. To describe the debt management activity, the book presents examples from the development banking world which not only presents a clearer banking structure but in addition sits at the intersection of many topical issues (multi-lateral agencies, quasi-governmental entities, Emerging Markets, shrinking pool of AAA borrowers, etc.). This book covers: * Curve construction (instruments, collateralization, discounting, bootstrapping) * Credit and fair valuing of loans (modeling, development institutions) * Emerging markets and liquidity (liquidity, credit, capital control, development) * Bond pricing (credit, illiquid bonds, recovery pricing) * Treasury (funding as an asset swap structure, benchmarks for borrowing/investing) * Risk and asset liability management (leverage, hedging, funding risk)

From an award-winning financial historian comes the gripping, character-driven story of venture capital and the world it made Innovations rarely come from "experts." Jeff Bezos was not a bookseller; Elon Musk was not in the auto industry. When it comes to innovation, a legendary venture capitalist told Sebastian Mallaby, the future cannot be predicted, it can only be discovered. Most attempts at discovery fail, but a few succeed at such a scale that they more than make up for everything else. That extreme ratio of success and failure is the power law that drives venture capital, Silicon Valley, the tech sector, and, by extension, the world. Drawing on unprecedented access to the most celebrated venture capitalists of all time, award-winning financial historian Sebastian Mallaby tells the story of this strange tribe of financiers who have funded the world's most successful companies, from Google to SpaceX to Alibaba. With a riveting blend of storytelling and analysis, The Power Law makes sense of the seeming randomness of success in venture capital, an industry that relies, for good and ill, on gut instinct and personality rather than spreadsheets and data. We learn the unvarnished truth about some of the most iconic triumphs and infamous disasters in the history of tech, from the comedy of errors that was the birth of Apple to the venture funding that fostered hubris at WeWork and Uber to the industry's notorious lack of women and ethnic minorities. Now the power law echoes around the world: it has transformed China's digital economy beyond recognition, and London is one of the top cities for venture capital investment. By taking us so deeply into the VCs' game, The Power Law helps us think about our own future through their eyes.

'Randall Wray's two volumes provide a bright beacon in a darkening night of turmoil, confusion and ignorance. By bringing together classics from both the mainstream and heterodox approaches to monetary theory and policy, Wray provides a fundamental resource for the urgently needed rethink on how the interrelated world of monetary production economies functions or misfunctions, and also a basis for the development of a sound theory on how to erect effective policies for tackling major, potentially disastrous problems.' - Geoffrey Harcourt, University of New South Wales, Australia This authoritative two-volume collection brings together the most important contributions to theories of money and banking written over the past century. Professor Wray covers a number of key topics including the historical debates about the nature of money, the role money and financial institutions play in the economy and monetary policy formation. A wide variety of approaches to money and banking are featured, among which are Monetarist, Keynesian, Marxian, Post-Keynesian and Institutionalist, and the New Monetary Consensus. Also included are a number of chapters presenting General Equilibrium, Chartalist or State Money, and Circuitiste views. In addition to the views of economists, this well-rounded set incorporates historical, sociological and anthropological approaches to money as well as theoretical topics such as interest rate, inflation rate, and exchange rate determination. This collection, along with an original introduction by the editor, will be of immense value to anyone with an interest in the field of money and banking.

This book demonstrates the variation in the reaction of the UK's 'big four' banks - RBS, Lloyds, Barclays and HSBC - to the Great Financial Crisis 2008. Over a decade on from the financial crisis, this book asks: have banks in the UK learned lessons from the crisis? Bank learning in the UK after the Great Financial Crisis is something we need to know more about. Whether banks are now safer and more likely to aid rather than disrupt the economy are important questions of social relevance. Through a documentary analysis of Britain's 'big four' banks in the post-crisis decade (2008-2018), this book demonstrates that while some institutions have become more risk averse and display positive signs of learning, others have shown little evidence of change. The book uses notions of agency, path dependency and structural competitive pressures to explain these inter-bank variations of behaviour. This book contributes to wider post-crash structural debates about growth, markets, and regulatory reform, showing how the agency of banks has played a vital role in driving the reform process.

The Economics of Banking describes and explains the behaviour of banks by examining trends and operations in banking within a mathematically accessible microeconomic framework. This new 3rd edition has been fully revised and updated to reflect the major changes that have taken place in the banking sector and many new topics including new coverage of Islamic banking. This accessible and user-friendly textbook is essential reading for final year undergraduate and postgraduate students taking courses in banking. New to this Edition: * Fully updated including new material on the financial crisis and the many implications for banking * New coverage of Islamic banking * Discussion of microfinance/credit unions is included in chapter 4 * New coverage of the Shadow Banking System * The impact of Basel 3 and the Vickers Report is discussed particularly with regards to the idea of ring fencing * Updated statistics and financial data

Technology failures, data loss, issues with providers of outsourced services, misconduct and mis-selling are just some of the top risks that keep financial firms up at night. In this context effective operational risk management is, simply, a commercial necessity. The management of operational risk, defined by the Basel Accord as arising from failures of processes, people, systems or external events, has developed considerably since its early years. Continued regulatory focus and catastrophic industry events have led to operational risk becoming a crucial topic on senior management's agenda. This book is a practical guide for practitioners which focuses on how to establish effective solutions and avoid common pitfalls. Filled with frameworks, examples and diagrams, this book offers clear advice on key practices including conducting risk assessments, assessing change initiatives, designing key risk indicators, establishing scenario analysis, drafting appetite statements and carrying out risk reporting. Operational Risk Management in Financial Services also features results from polls taken by risk practitioners which provide a snapshot of current practices and allow the reader to benchmark themselves against other firms. This is the essential guide for professionals looking to derive value out of operational risk management, rather than applying a compliance 'tick box' approach.

Taming the Fringe analyses the regulation and evolution of two credit products that were, and remain, vital to the working poor. Policymakers have struggled with pawnbroking and moneylending because they raise broader issues pertaining to poverty, capitalism and financial regulation. The values of easily accessible credit and financial independence compete with society's desire to protect people from predatory loans. Policymakers have pondered whether regulation can lower costs without reducing access for those most in need of small cash loans. Can government policy protect borrowers while also providing sufficient profit for lenders? The many attempts at doing so reveal the difficulty of safeguarding the needs of people who have experienced financial trouble before seeking a loan. Taming the Fringe is the first extended study of the payday lending and pawnbroking markets in Britain, and the only one to examine over 160 years of financial results and market data. This work explains why small-value lenders have generated such passionate debate, even being described as the devil incarnate. It adds to our knowledge of fringe banking and the evolving role of financial regulation to protect the working poor. Since 1870, pawnbrokers and moneylenders have actively shaped regulation - a viewpoint the existing literature does not address adequately. This work contributes to the scholarly and policy dialogue on financial inclusion, working-class poverty and the development and legitimacy of fringe lending. This book analyses the motivation, content and outcome of critical regulatory episodes that have shaped fringe banking. While historians have written volumes about consumer credit, few have analysed why elite policymakers have sought to protect the working poor from some credit markets. This work demonstrates that, across time, conflicting views on poverty and liberal economic theory have, to varying degrees, influenced how the government has protected the working poor, and will be of interest to financial and economic historians.

Business organizations are highly successful at delivering 'business as usual'; the day-to-day tasks of managing customer transactions, marketing and production activities, and motivating employees. But there is a growing requirement for such organizations also to deliver business change projects successfully. 'Business as usual organizations' represent a particularly challenging environment for achieving this because of the fundamentally different mindset and culture required to deliver projects in this context. Tim Carroll's book provides an authoritative guide to improving project delivery in such organizations by: c building a project management capability and culture that is appropriate to BAU organizations; c aligning projects more closely with the strategic agenda of the organization, through the use of programmes; c using portfolio management to improve this alignment and ensure the effectiveness of project investments; c demonstrating the business context for projects and their contribution to the organization's agenda of strategic change. The author argues convincingly that project management hasn't travelled well from its traditional roots in construction and engineering to business-as-usual organizations. New approaches are called for, in particular to embed project delivery capabilities more deeply within the organization rather than treat it as a specialist discipline. This is a 'must-read' book to help managers responsible for strategy and change in all business-as-usual organizations (such as banks, insurance, business and consumer service companies, hospitals, local and national government) to realize the value that project management can bring to the long-term development of their organization.

This book offers a comprehensive analysis of central banks, and aims to demystify them for the general public, which is the only way to have a rational debate about them and ultimately to make them truly accountable. The book originates from the author's graduate lectures on Central Banking at the University of Frankfurt J.W. Goethe. It contains an overview of all the key questions surrounding central banks and their role in the economy. It leads the reader from the more established concepts (including monetary theory and historical experience), necessary to have a good grasp of modern central banking, to the more open and problematic questions, which are being debated within academic and financial market circles. This structure enables readers without specific knowledge of central banks or monetary economics to understand the current challenges. The book has three defining characteristics, which set it apart from competing titles: first, it is pitched at the general public and uses simple and entertaining language. Second, it is rooted in, and makes frequent reference to, recent academic research, based on content for a graduate level course. Third, the author thinks 'out of the box' in order to describe the possible evolution of central banks (including the prospect of their disappearance), and not only the status quo.

This volume brings together a series of studies by Professor Blomquist on the evolution of banking in Lucca from the 12th and 13th centuries. They describe how the leading bankers operated, how they invested, and how they pursued their family interests. In particular, they trace the transformation of money changers, or campsores, into deposit and transfer bankers, who deployed their capital in trading ventures as well as in banking. Moreover, the author shows how Lucchese merchant-bankers expanded their operations from Italy, first to the fairs of Champagne and ultimately to all of Europe's major commercial centres. Special attention is given to the use of the exchange contract, or cambium, as an instrument of credit and of transfer. Problems of coinage and foreign exchange are also treated extensively, including the origins of the Tuscan grossi and the Lucchese gold groat. The collection concludes with a study of the cloth trade and another concerning the first consuls in Lucca.

This book investigates the role of banking interest groups and lobbying in the making of the European Banking Union. Facing the politicization of financial regulation in the wake of the crisis, core players of the European banking industry managed to adapt and re-orient their lobbying resources and strategies to influence the reform process. This work advances an original Critical IPE approach, which combines structural power, the collective agency of key socio-economic groups and the issue salience as critical determinants to explain corporate influence in policy-making. The explanatory framework is applied to a comprehensive analysis, tracing the Banking Union's development within the broader context of the EU post-crisis banking regulation. An in-depth scrutiny of the interest groups' preferences, coalitions and attainments is thus provided on the pillars of the Banking Union, covering banking supervision, resolution, deposit insurance, as well as the reform of the banks' prudential requirements and the failed project of an EU banking structural reform.

Explore different measures of ex-post risk-adjusted performance measurement and learn to choose the correct one In the newly revised Second Edition of Practical Risk-Adjusted Performance Measurement, accomplished risk and investment expert Carl R. Bacon delivers an insightful, accessible, and real-world guide to ex-post risk measurement. The author bridges the gap between theory and practice, showing you how to apply the former to the latter without introducing unnecessary mathematical complexity. The book describes the fundamentals of risk in the asset management context and the descriptive statistics used to describe it. It builds on that foundation with detailed examinations of concepts like regression, drawdown, and partial moments, before moving on to topics like fixed income risk and Prospect Theory. With helpful additions that include recently developed measures of risk, supplementary explanatory sections, and six brand-new chapters, this book also offers: A practical classification of all ex-post risk measures and how they connect to one another An explanation of how risk-adjusted performance measures impact performance fees A discussion of risk measure dashboard designs Instructions on how appraisal measures should be used for manager selection Perfect for portfolio managers, asset owners, risk controllers, and investment performance analysts, Practical Risk-Adjusted Performance Measurement is an indispensable resource for anyone looking for a hands-on exploration of the buy-side, asset management perspective.

Crisis and Renewal in Twentieth Century Banking explores the behaviour of banks at times of war, revolution, civil war, social turmoil, and reconstruction. Analysing the history and archives of banks, it discovers examples of how banking is affected by political and social upheavals; how banks may influence the outcome of such events; how banking has recovered from periods of intense political and social stress; and how the archives of banks provide remarkable testimony to events in the wider world. By examining the setting of different banking markets in the last century, up to and including the transformation of Eastern and South Eastern Europe in the 1990s, this book marks a new direction for international discussion and research. Contributors include senior historians and archivists from Europe and the United States. Contributions include papers on Russia and foreign banks, 1917-30; depression and crisis in Central Europe in the 1930s; Civil War in Spain; post-war reconstruction in banking in Germany and the Far East; and crisis and renewal in South East Europe. The papers published in this collection were first presented at the twelfth Annual Conference of the European Association for Banking History, held in Ljubljana, Slovenia, in May 2001, and hosted by the Bank of Slovenia and the Nova Ljubljanska Banka.

This volume takes as its main theme the demand for legislative control of the banking trade, with the aim of preventing the inflationary reduction of fixed incomes.

As the center of capitalism in China, Shanghai banking provides a unique perspective for assessing the impact of the changes from financial capitalism to socialist planning banking in the early 1950s, and for evaluating the reform of China's banking system since the 1980s. This book offers a comprehensive history of Shanghai banking and capital markets from 1842 to 1952, and illustrates the non-financial elements that contributed to the revolutionary social and financial changes since the 1950s, as well as financial experiences that are significant to China's economic development today. The book describes the rise and fall of China's traditional native banks, the establishment of foreign banks, and the creation of modern state banks, while focusing on the colorful world of banking, finance, and international relations in modern Shanghai. It assesses the Chinese government's intervention in banking and finance during the Qing dynasty and the Republican era, as well as the concept of state capitalism after the establishment of the People's Republic. The author examines various modern-style Chinese banks through fascinating stories of Shanghai bankers. In addition, she provides detailed coverage of market-oriented international trade, banking associations, the conflicts between state and society, the government involvement in business, the management of foreign exchange, joint venture banks, wartime banking and finance, hyperinflation, corruption, and banking nationalization.

As the center of capitalism in China, Shanghai banking provides a unique perspective for assessing the impact of the changes from financial capitalism to socialist planning banking in the early 1950s, and for evaluating the reform of China's banking system since the 1980s. This book offers a comprehensive history of Shanghai banking and capital markets from 1842 to 1952, and illustrates the non-financial elements that contributed to the revolutionary social and financial changes since the 1950s, as well as financial experiences that are significant to China's economic development today. The book describes the rise and fall of China's traditional native banks, the establishment of foreign banks, and the creation of modern state banks, while focusing on the colorful world of banking, finance, and international relations in modern Shanghai. It assesses the Chinese government's intervention in banking and finance during the Qing dynasty and the Republican era, as well as the concept of state capitalism after the establishment of the People's Republic. The author examines various modern-style Chinese banks through fascinating stories of Shanghai bankers. In addition, she provides detailed coverage of market-oriented international trade, banking associations, the conflicts between state and society, the government involvement in business, the management of foreign exchange, joint venture banks, wartime banking and finance, hyperinflation, corruption, and banking nationalization.

This book offers new insights and perspectives on the financial and banking sector in Europe with a special focus on Central and Southeastern European countries. Through quantitative and qualitative analysis of primary sources and datasets, the book examines both the financial development and performance of the real sector of the economy and the impact and involvement of the banking sector. The contributions offer new insights into current financial innovations and discuss best practices in innovative financial solutions. They also highlight new perspectives in finance and analyze characteristic problems in the real and banking sectors in various European countries. The insights and financial solutions presented in this book will be of interest to scholars of finance and financial economics as well as practitioners in the financial industry and policy makers.