How did banking in early nineteenth-century Massachusetts evolve? Lu provides a compelling narrative about the connection between inclusive political systems and open access economies, hypothesizing that entry into banking was firstly made upon partisan grounds before later becoming open access/free entry. Lu investigates state level institutional change and studies the transition to open access from an economic perspective. What was the relationship between banking and political elites? Why were elites, who enjoyed privileges under dominant institutions, willing to dissolve these institutions and eliminate their privileges? The author provides new insights into American economic history, explaining how a society moves from limited access to one of openness.

The collapse of Lehman Brothers, the oldest and fourth-largest US investment bank, in September 2008 precipitated the global financial crisis. This deepened the contraction in economic activity that had already started in December 2007 and has become known as the Great Recession. Following a sluggish and uneven period of recovery, levels of private debt have recently been on the rise again making another financial crisis almost inevitable. This book answers the key question: can anything be done to prevent a new financial crisis or minimize its impact? The book opens with an analysis of the main elements responsible for the 2007/2009 financial crisis and assesses the extent to which they are still present in todays financial system. The responses to the financial crises - particularly the Dodd-Frank Act, the establishment of the Financial Stability Board, and attempts to regulate shadow banking - are evaluated for their effectiveness. It is found that there is a high risk of a new bubble developing, there remains a lack of transparency in the financial industry, and risk-taking continues to be incentivised among bankers and investors. Proposals are put forward to ameliorate the risks, arguing for the need for an international lender of last resort, recalling Keynes' idea for an International Clearing Union. This book will be of significant interest to scholars and students of financial crises, financial stability, and alternative approaches to finance and economics.

Sound investment decisions require an in-depth knowledge of the financial markets and available financial instruments. This book provides students and professionals with an understanding of the role and activities of an equity security analyst within the investment process. Emphasis is on understanding the process of analyzing companies; the valuation process; and the challenges of achieving success in a highly competitive capital market. The authors present a comprehensive compendium on the financial theory, the empirical evidence and the mathematical tools that form the underlying principles of investment decisions.

This book provides a comprehensive guide to effective trading in the financial markets through the application of technical analysis through the following: Presenting in-depth coverage of technical analysis tools (including trade set-ups) as well as backtesting and algorithmic trading Discussing advanced concepts such as Elliott Waves, time cycles and momentum, volume, and volatility indicators from the perspective of the global markets and especially India Blending practical insights and research updates for professional trading, investments, and financial market analyses Including detailed examples, case studies, comparisons, figures, and illustrations from different asset classes and markets in simple language The book will be essential for scholars and researchers of finance, economics and management studies, as well as professional traders and dealers in financial institutions (including banks) and corporates, fund managers, investors, and anyone interested in financial markets.

In the past China's capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world's second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China's unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that promote the marketization of the stock markets, among others. These studies have important implications for other emerging economies, on the recent China-US trade conflicts and about the Trump administration's complaints about the role of the Chinese government in capital markets. This book selectively includes the most influential articles from two special issues of The European Journal of Finance, which were based on selections of papers presented at a series of conferences on the Chinese Capital Markets.

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors. Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers' protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors. The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

Reinhard H. Schmidt The impressive development of the finance literature with its emphasis on asset pricing and the formal modeling of incentive systems during the past three decades, has largely relegated the business and operational aspects of banking as an industry from the agenda of academic research. Though this is understandable, it is especially regrettable in view of the dynamic dev- opments in the banking industry which have started about a decade ago and are currently in full swing. Fortunately, there are now signs of a change to the effect that banking is back on the research agenda. The p- sent book by Professor De Laurentis and his co-authors is a highly inno- tive and interesting manifestation of this reorientation. Banking is an important part of any financial system, and it is especially important in the financial systems of the countries of Continental Europe, such as Italy, France, and Germany, which have been bank-based for d- ades and which are, in my view, likely to remain bank-based for the fo- seeable future. There are many reasons, based on empirical and theoretical considerations, to believe that strong banks are not only important for the banking industry itself, but also for the respective national economies.

This book is based on ethnographic research from 2001-2, during Bank of Scotland's first year of merger with Halifax to form HBOS. The research is revisited from the present perspective in the wake of the global banking and financial crisis that undermined HBOS in 2008. This historical perspective on the ethnographic data is used to explore: people's responses to the pressures of heightened competition and organisational change; mutual and sometimes antagonistic perceptions of Scottish and English identities across the two merged banks; conflicting evaluations of national and organisational cultures; and the challenges of integrating ethnographic and historical perspectives in a single study. As an historical ethnography it 'salvages' a disappearing culture of Scottish and UK banking, disintegrated by neoliberal processes. -- .

Banking historiography often does not sufficiently take into account bankers' deliberations of their decision making, but rather limits investigation to considerations of profit maximisation. This book shows that the decision-making processes of nineteenth-century bankers contemplating high-risk financial markets like Greece are just as complex as present-day investment decisions. The book, now published in English after a first German edition, offers in-depth studies of decision making in concrete historical situations, considering political and economic circumstances and also the individual background of the actors concerned, including a reflection on the influence of cultural movements such as Philhellenism. Employing methodological inspirations from the field of behavioural finance, the book analyses a broad range of published and unpublished English, French, Greek, German and Swiss sources on European investment in Greece between 1821 and the Balkan wars. Additionally, rich insights into Greek economic history, the economic integration of the country into Europe and long-lasting European stereotypes of Southern Europe and Greece are provided; this furthers understanding of the historical background of the Greek financial crisis after 2009. In combining the perspectives of financial, economic, political and cultural history, this book is primarily significant for students of various fields of historiography. Due to its strong awareness of methodological questions, it is also of great interest to academic historians. In addition, the strong public interest in the Greek financial crisis after 2009 and its consequences for Europe will, thirdly, attract the interest of a broader public.

This book examines Shanxi piaohao-private financiers from the Chinese hinterland-in the economic and business history of late imperial China, forming the original theory of Chinese hinterland capitalism. Deepening the existing understanding of capitalist dynamics at work in the families and financial institutions of late imperial China, the book foregrounds the expansionist role played by Shanxi piaohao in transforming China's market and trade from an agrarian empire to a modern nation state. In a departure for economic history, it also focuses on the histories of the people and their lifeworlds behind financial institutions, which have previously been erased by universal capitalist narratives. Persistent binary oppositions between coastal areas and hinterland; state and market; and institutions and families are each transcended in recounting the local histories of global capital in the marginalized countryside and borderlands of China. Based on a wealth of archival material and correspondence with Shanxi piaohao offices and branches, Chinese Hinterland Capitalism and Shanxi Piaohao will appeal to students and scholars of Chinese and economic history, anthropology, and postcolonial studies more generally.

This book provides an authoritative and comprehensive overview of Waqf (endowment), addressing specific issues, models, solutions, structures and practices. As Islamic finance has gained in significance, so too has the institution of Waqf, working towards creating an enterprising and an entrepreneurial community across the globe, in order to meet the underlying objectives of the sustainable development goals (SDGs) by targeting the low-income group in particular. The book analyses the historical context of Waqf as well as its revival in the digital era. It addresses the laws and policies affecting the management of Waqf, such as Maqasid al-Shari'ah, law and policies, law and fiscal reform, regulations applied within Muslim countries, judicial procedures and dispute resolutions and covers the core issues concerning the formalities of Waqf, its management and corporate governance questions. The book includes a series of specialised chapters focusing on the products and services of Waqf, covering product innovation, product development, and then assesses the risk factors in Waqf and Waqf Takaful. Finally, it focuses on the challenges of Waqf and offers recommendations for the way forward. A timely and practical guide, comprising a literature review and future research directions, as well as a number of international case studies, this will be a key reference for academics, students, researchers, practitioners and policy makers.

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists, and journalists. Faced with this challenge, Preparing for the Next Financial Crisis goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policymakers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made, and the areas where further changes need to be made to address new risks and challenges.

Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

This handbook is a comprehensive and up to date work of reference that offers a survey of the state of financial geography. With Brexit, a global recession triggered by the COVID-19 pandemic, as well as new financial technology threatening and promising to revolutionize finance, the map of the financial world is in a state of transformation, with major implications for development. With these developments in the background, this handbook builds on this unprecedented momentum and responds to these epochal challenges, offering a comprehensive guide to financial geography. Financial geography is concerned with the study of money and finance in space and time, and their impacts on economy, society and nature. The book consists of 29 chapters organized in six sections: theoretical perspectives on financial geography, financial assets and markets, investors, intermediation, regulation and governance, and finance, development and the environment. Each chapter provides a balanced overview of current knowledge, identifying issues and discussing relevant debates. Written in an analytical and engaging style by authors based on six continents from a wide range of disciplines, the work also offers reflections on where the research agenda is likely to advance in the future. The book's key audience will primarily be students and researchers in geography, urban studies, global studies and planning, more or less familiar with financial geography, who seek access to a state-of-the art survey of this area. It will also be useful for students and researchers in other disciplines, such as finance and economics, history, sociology, anthropology, politics, business studies, environmental studies and other social sciences, who seek convenient access to financial geography as a new and relatively unfamiliar area. Finally, it will be a valuable resource for practitioners in the public and private sector, including business consultants and policy-makers, who look for alternative approaches to understanding money and finance.

This book traces the development of China's banking system through the first 25 years of China's socialist market economy up to the present. It examines how China's leaders have chosen their own path for reforming and regulating the banking sector and shows how this approach has differed significantly from the neoliberal approach promoted by the West. The book demonstrates the effectiveness of the Chinese approach, contrasting China's relative success in weathering the Asian financial crisis with the huge disruption experienced by other East and Southeast Asian nations which had followed the neoliberal model much more closely. The book explains how China's officials were able to resist the persistent efforts of foreign financial institutions to gain control of China's financial sector, particularly around the time of China's entry to the World Trade Organization. It argues that China's increasing influence in international financial institutions after the global financial crisis can help mitigate the risk of future financial crises and promote global financial stability.

This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others). Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules. It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek's rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman's k-percent? Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

This book captures Nigeria's crisis management experience and lessons learnt during the five-year tenure of Sanusi Lamido Sanusi as CBN Governor. It provides a backdrop of the sub-prime mortgage crisis in the US characterised by the Lehman Brothers debacle in 2007-08, which precipitated global economic and financial crisis.

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

This book discusses important aspects of fixed income securities in emerging economies. Key features * Clarifies all conceptual and analytical aspects of fixed income securities and bonds, and covers important interest rate and credit derivative instruments in a simple and practical way. * Examines topics such as classifications of fixed income instruments; related risk-return measures; yield curve and term structure of interest rates; interest rate derivatives (forwards, futures and swaps), credit derivatives (credit default swaps); and trading strategies and risk management. * Provides step-by-step explanation of fixed income products by including real-life examples, scenarios and cases, especially in the context of emerging markets. * Presents consistent reference of actual market practices to make the chapters practice oriented while maintaining a lucid style complemented by adequate reading inputs and clear learning outcomes. * Includes complete solutions of numericals and cases for all chapters as an eResource on the Routledge website to aid understanding. The book will serve as a ready guide to both professionals from banking and finance industry (fixed income/bond dealers; fund/investment/portfolio managers; investment bankers; financial analysts/consultants; risk management specialists), and those in academics, including students, research scholars, and teachers in the fields of business management, banking, insurance, finance, financial economics, business economics, and risk management.

This fascinating book examines the World Bank's capacity for change, illustrating the influence of overlapping political, organizational and epistemic constraints. Through comprehensive historical and economic analysis, Peter J. Hammer illuminates the difficulties faced by recent attempts at reform and demonstrates the ways in which the training and socialization of Bank economists work to define the policy space available for meaningful change.The author examines the patterns of change and continuity at the World Bank during the presidencies of James Wolfensohn (1995-2005), Paul Wolfowitz (2005-2007) and Robert Zoellick (2007-2012) and discusses the role that various Chief Economists have played in the evolution of the Bank's research activities. His analysis of Bank reforms - both successful and unsuccessful - demonstrates how neoclassical economics sets the Bank s research and development agendas and limits reform possibilities derived from different academic traditions. This clear and balanced account is an important case study in the role that epistemic constraints can play in the formation of public policy, with implications for both the World Bank and other international organizations. Students, professors and researchers with an interest in economic development, institutional economics and policy studies will find it an invaluable resource, as will government officials and practitioners working in international development. Contents: Preface - An Economic Pilgrimage 1. The World Bank and Wolfensohn Era Reforms 2. The ABCs of the World Bank 3. A Framework for Modeling Bank Behavior 4. The Dynamics of Epistemic Economic Change 5. Application to Debt Relief, Participation and Knowledge 6. Application to Social Capital 7. Application to Institutional Economics 8. Redefining Bank Research within the Epistemic Constraints of Economics 9. Bank Evolution since Wolfensohn 10. The Future of Development Index

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan's deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

This book reveals the surprising role that credit, money created ex nihilo by financiers, played in raising the British government's war loans between 1793 and 1815. Using often overlooked contemporary objections to the National Debt a startling paradox is revealed as it is shown how the government's ostensible creditors had, in fact, very little "real" money to lend and were instead often reliant for their own solvency upon the very government they were lending to. By following the careers of unsuccessful loan-contractors, who went bankrupt lending to the government, to the triumphant career of the House of Rothschild; who successfully "exported" the British system of war-financing abroad with the coming of peace, the symbiotic relationship that existed between the British government and their ostensible creditors is revealed. Also highlighted is the power granted to the (technically bankrupt) Bank of England over credit and the money supply, an unprecedented and highly influential development that filled many contemporaries with horror. This is a tale of bankruptcy, stock market manipulation, bribery and institutional corruption that continues to exert its influence today and will be of interest to anyone interested in government financing, debt and the origins of modern finance.

Setting forth the building blocks of banking bailout law, this book reconstructs a regulatory framework that might better serve countries during future crisis situations. It builds upon recent, carefully selected case studies from the US, the EU, the UK, Spain and Hungary to answer the questions of what went wrong with the bank bailouts in the EU, why the US performed better in terms of crisis management, and how bailouts could be regulated and conducted more successfully in the future. Employing a comparative methodology, it examines the different bailout and bank resolution techniques and tools and identifies the pros and cons of the different legal and regulatory options and their underlying principles. In the post-2008 legal-regulatory architecture financial institution specific insolvency proceedings were further developed or implemented on both sides of the Atlantic. Ten years after the most recent financial crisis, there is sufficient empirical evidence to evaluate the outcomes of the bank bailouts in the US and the EU and to examine a number of cases under the EU's new bank resolution regime. This book will be of interest of anyone in the field of finance, banking, central banking, monetary policy and insolvency law.