First published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.

Systemic financial crises have become a common albeit infrequent feature of the global financial landscape. Since 1980, nearly every country has been affected by serious financial distress or systemic financial crises. Resolution of such crises requires a complex mix of macroeconomic and financial sector policies. One important element in the resolution of such crises is the restructuring and resolution of problem banks, with considerable experience gained in this area in the past decade. This volume outlines the theoretical insights that have been gained and the practical lessons learned.

The relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a highly unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centers, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefully regulated to protect investors, and how securities are designed to safeguard invested money. The prospects and challenges of developing sukuk Islamic debt markets across the world are also illustrated. This comprehensive guide to sukuk markets will prove a fascinating and useful reference tool for academics, students, researchers and practitioners with an interest in Islamic finance, and, more specifically, in the nascent field of sukuk securities. Contributors include: M. Ariff, P. Casey, M. Cizakca, S.A. Hussein, M. Iqbal, S.S.A. Khan, A. Meor-Amri, S. Mohamad, H.S. Nasser, A. Saeed, M.T. Skully

Starting with Medici and Fugger and ending with Barings and Royal Bank of Scotland under neo-liberal de-regulation, the author gives an account of how a number of banks failed over a 500 year-period. The author offers an explanation of the leading ideas about the world and good society at the time, and summarizes this narrative using Streeck & Schmitter's three bases for regulation of society: Community (spontaneous solidarity), State (hierarchical control), and Market (dispersed competition). The bank failures are presented in the context of social philosophies of the day (scholasticism, mercantilism, neo-liberalism, and libertarianism), and the changing business practices (Bills of Exchange, rents and financial instruments of various kinds). The dominating explanation of financial crises has been market-related. Here, the author argues that managerial failures are an important contributor. He demonstrates the failure of management to act on early signals such as existential risk, strategic stress syndrome, and lack of proper oversight by top management. The author encourages a return to ethical principles for banks, suggesting that his ethical aspect should be at the core of the credit process of banks in the future. With its interdisciplinary approach, this book will be an important contribution to the discussion surrounding bank failures. It will interest any scholar looking at the origins of financial crises and will be particularly useful for post-graduate students of economic and financial history, banking, finance and accounting.

This is a comprehensive biography of Clarence Charles Hatry, 1888-1965, an enigmatic and charismatic public figure. Hatry was the son of Jewish immigrant parents who became a company promoter and whose companies collapsed in 1929, leading to a crash on the London stock exchange. He was brought down by a desperate fraud. At his trial three months later, the judge said that he could not imagine a worse crime. Analysing transactions in detail, the book reveals Hatry's brilliance as a manipulator and a world-class networker and persuader. It also demonstrates his vain belief in his ability to overcome any risks and his insecurity which led him to surround himself with sycophants who would not challenge his ideas. It shows how others used Hatry to make money, and, as he destroyed himself, as a scapegoat who distracted from the City's failings. Despite his deepest ambitions, he remained an outsider. Until now there has been no full biography of Clarence Hatry, which may be attributable to the lack of records, as his business papers are believed all to have been destroyed. This comprehensive biography is based on examination of the memoirs of Hatry's contemporaries, the archives and records which they and their companies preserved, and press reports of Hatry's activities. Marking the 90th anniversary of Hatry's collapse, this book will be important reading for academics and researchers looking to gain a greater understanding of the context of the 1929 crash, or of financial crises generally.

This book carefully examines the motives, objectives and strategies of the major players in the global lending game: creditor governments, bank regulatory agencies, the International Monetary Fund (IMF), and the Bank for International Settlements (BIS). After outlining the interests of the debtor governments, the authors discuss the behavior of the international banks and the IMF. They offer an incisive analysis of the creditors' strategies for coping with the situation and conclude with suggested alternative solutions for resolving the crisis and for ensuring that the future will not bring more threatening debt problems.

Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

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.

This book presents a wide range of tools and techniques used in entrepreneurial finance in emerging markets. Among them, venture capital is perhaps the best known, understood, and researched mode of entrepreneurial finance. However, a significant focus of the book is dedicated to other modes of entrepreneurial finance such as 'bootstrapping,' angel financing, bank financing, and other alternative means of financing, which could include government assistance programs, business incubation, technology parks, or family financing. In addition, the book highlights how new and innovative financial technologies (comprised of software, business processes, and other modern technologies), known under the term of FinTech, may support, enable, and enhance the provision of different modes of entrepreneurial finance in emerging markets. The book also discusses entrepreneurial finance in emerging markets in the context of women entrepreneurs. A comprehensive analysis of entrepreneurial finance in emerging market countries, this book will appeal to academics, researchers, and students of entrepreneurial finance, venture capital and private equity, entrepreneurship, and international business.

Originally published in 1995, The Business of Higher Education focuses on innovation in student financial services. It looks at the area of banking function as a tool for colleges and universities, and how this can be used to meet the market demand for new services. It also addresses how this can be used to balance the financial aid budget. The book documents just how much each colleges and universities have changed over the last decade and how each has changed given that market forces increasingly shape institutional aspirations.

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.

The Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. Employing wide and divergent perspectives - which are themselves critically examined - this study analyzes the measures that have been taken to restore our economies to acceptable rates of unemployment and growth. This book brings together economists, all of whom are from outside the mainstream and who collectively represent the broadest range of views from across the entire spectrum of economic opinion, to examine what has been learned from this experience. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years. Written in an accessible manner, this book will appeal to economists, economic policy makers and students of economics and public policy who are trying to look at alternative ways of understanding why the Global Financial Crisis (GFC) occurred and what ought to have been the appropriate response. Anyone who is genuinely interested in the causes of the GFC, and why the policies that were adopted failed to bring about the recovery that was intended, will find this book a fascinating read. Contributors include: P.J. Boettke, T. Congdon, H. Hanusch, S.G. Horwitz, W.J. Luther, S. Kates, S. Keen, J.E. King, M.K. Lewis, R.E. Prasch, M. Ricketts, R. Signorino, D.J. Smith, N.A. Snow, F. Wackermann, C.J. Whalen, L.R. Wray

The increasing interdependence of the world economy has huge implications for global finance in the 21st century. This volume brings together leading scholars and practitioners to offer an in-depth analysis of the new direction open to the financial services industry. They explore the challenges and opportunities of the new finance era, future development in financial markets, with particular emphasis on the role of new technologies and the industry's view of strengthening financial intermediation. The book concludes with an assessment of key managerial and regulatory issues.

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.

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 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 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.

First published in 1916, this work is still recognised as a valuable historical and analytical study of the rise and development of finance as a centralised, coordinated force during the period 1385 to 1915. It examines the evolution of the modern money market, and describes amongst other things the decline of the anti-usury sentiment, the beginnings of banking, and the early stock exchange. In detail the author goes on to discuss everything from the rise of the joint stock banks to the post-banking evolution.

This book, first published in 1985, is a study of the functioning of one sector of American capital markets - non-reserve city national banks - between 1870 and 1900. The unusually wide and deep expansion of the American economy in this period was impelled in part by the growth and development of agriculture, and this study examines the role of one source of loanable funds - banks chartered under the National Banking Acts - in providing American farmers with loans to expand and capitalize.

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.

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.

Islamic Banking and Finance (IBF) has become a growing force over the past three decades, with Pakistan being one of the IBF pioneers by converting to an 'interest-free' banking system in 1985. However, since independence in 1947, there has been continual tension over Pakistan's essential character, between Islamic Minimalists, who favour a Modernist interpretation of Islam, and those who favour an Islamic Maximalist interpretation that sees Pakistan as a model Islamic state. This book analyses the push to Islamize Pakistan and its financial system by Islamic revivalists, following the early 1947 debates in the original Constituent Assembly to the final 2002 ruling on IBF of the Shariat Appellate Bench of the Pakistan Supreme Court. It examines the practice and theory behind contemporary Islamic, "Shariah-compliant", banking. It offers extensive interviews with Pakistani Islamic bankers on the state of their industry and how they see it developing, and provides analysis on how the Islamic banks' customers differ from those of conventional ones. Presenting a critical analysis of Pakistan's IBF experience and offering a new insight into Pakistan's banking industry that illustrates broader political and social trends in the country, this book will be of interest to specialists on Islam, South Asia and International Economics.