The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malawi, Tanzania, and South Africa. Although the main study is on Malawi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

A practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers. The Islamic Finance industry is estimated to be worth $1.2 trillion and is growing globally at over 10% per year. Mastering Islamic Finance will give practitioners an understanding of Islamic finance, from the basic techniques, through to advanced applications. Helping to demystify and clarify the differences with conventional banking, it will enable practitioners to develop Sharia compliant products for customers. According to Sharia law there are strict rules on how financial services and products can be designed; in Islamic Finance money cannot make money and the subject of the finance must be an asset or a verifiable, real trade or business activity. Sharia compliant financial instruments have been devised to enable Muslims to abide by the principles of Islam and still make the most of their money. Mastering Islamic Finance will equip readers with an understanding of Islamic financial instruments so they can sensibly apply them in practice. For each instrument there is a definition of the concept and how it differs from its equivalent in conventional banking. There are also examples and case studies to highlight practical applications.

A behind-the-scenes look at Wall Street's top banker

Following the eleventh-hour rescue of Bear Stearns by JP Morgan, Jamie Dimon's profile reached stratospheric levels. And while the deals and decisions he's made have usually turned out to be the right ones, his journey to the top of the financial world has been anything but easy.

Now, in "The House of Dimon, " former business journalist Patricia Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon's career, from his rise to prominence as Sandy Weill's protZgZ at Citigroup to the drama surrounding his purchase of Bear Stearns and Washington Mutual. Each step of the way, this engaging book provides insider accounts of how Dimon successfully acquired and integrated companies, created efficiencies, and grew bottom-line results as the consummate hands-on manager.Includes interviews with Dimon himself, Sandy Weill, and colleagues who've known Dimon over the course of his careerShows how Dimon's management style and talent for taking calculated risks have allowed him to excel where many others have failedPlaces Dimon in the context of contemporary Wall Street, an environment that has destroyed several top CEOs

During one of the most difficult and tumultuous periods in Wall Street history, Jamie Dimon has survived and thrived. "The House of Dimon" reveals how he's done it and explores what lies ahead for Dimon, as he attempts to grow JPMorgan in the face of the unrelenting pressures of Wall Street.

find out what works - and what doesn't - in one of the most important and hotly debated aspects of the future of the financial system A new and unique insider view of what actually works, what ought to work, what prevents it from working, and what needs to be done about it - industry experts who have to implement and work within regulatory systems give the real best practice picture The recent financial crisis has unleashed a flood of views on what happened, why it happened, and what new regulatory measures and structures might prevent or mitigate such crises in the future. Effective Bank Regulation and Supervision: Lessons from the Financial Crisis takes a different approach. Based on in-depth interviews with more than 30 senior, experienced bankers, regulators, consultants and others deeply involved in the regulatory process, it seeks to answer two key questions: Which bank regulators around the world have demonstrated relatively superior results in terms of regulatory outcomes? and What lessons for the future can be drawn from their experience? The result is a ground-breaking insight into the likely future success of bank regulation and the key factors which will determine such outcomes. Praise for Effective Bank Regulation and Supervision: Lessons from the Financial Crisis ..". Required reading for anyone with a stake in strengthening the financial system - which is pretty much all of us." Robert P. Kelly, Chairman and CEO, BNY Mellon "Steve Davis has always been innovative in looking at the banking industry, and in writing about its challenges and opportunities. Highlighting the various regulators' roles, both in their benefits and shortcomings, will usefully inform the debate on the future shape of the industry." Sir Win Bischoff, Chairman, Lloyds Banking Group plc "This is a tour de force of bank regulation. Steve Davis provides an excellent insight into bank regulatory systems, investigating the mechanics of who got it right and who failed in providing appropriate oversight of their banking systems over the crisis. A series of lucid and insightful bank regulator case studies reports the experiences of key players and highlights major areas for reform. A must-read for anyone interested in bank regulation pre- and post-crisis." Professor Philip Molyneux, Bangor University

Born in London, England, he was the third and youngest of the three sons of Leopold de Rothschild (1845–1917) and Marie Perugia (1862–1937). A scion of the prominent Rothschild banking family of England, he was educated at Harrow School and the University of Cambridge where he secured a Double First in history. After the end of the First World War, Anthony became one of the managing partners of the family's N M Rothschild & Sons banking house in London. He retired as head of the N M Rothschild & Sons banking house in 1961. Written by renowned historian David Kynaston, Anthony de Rothschild: Banker and Philanthropist tells the story of the man who influenced modern history. De Rothschild was at the helm of international banking, steering the system from the chaos after the First World War into the modern world. The book includes rare and unseen documents and photographs from the family archive.

The appropriate role of mathematics in economics has been controversial for two hundred years, and has been a matter of ongoing debate as economics became more mathematical after the Second World War. Controversy has been heightened after extensive criticisms of models used for analysis, prediction and risk assessment prior to the great financial crash of 2008. In this topical collection, Professor Hodgson brings together the seminal classic and recent essays published since 1945 on the role of mathematics in economics, by leading authors including six Nobel Laureates, and from a variety of perspectives.

Examining the taxation and regulation of banks, this book highlights the views of practitioners, tax experts, policy makers and academics on the appropriateness and effectiveness of bank taxation in the light of the financial crisis. It covers the topical issues of whether the EU should introduce a financial transactions, 'Tobin' or 'Robin Hood' tax and whether VAT should be extended to financial services. This comprehensive book offers an ethical perspective on bank taxation and financial stability to complement the traditional political economy approach. It also considers how a bank levy or financial activities tax, could be used to ensure that big banks make a 'true and fair' contribution to their insurance by taxpayers. Covering a range of topics on bank and financial sector taxation, this book will prove a valuable resource for academics, policy makers and financial regulators. Contributors: D. Bamford, G. Capelle-Blancard, S.M. Chaudhry, J. Dempsey, D. Gong, O. Havrylchyk, S. Hu, M. Keen, A. Kerrigan, Y. Luo, A. Mullineux, T. Sorell, S. Tanna, I. Young

Market life is increasingly conducted in the shadow of global events like 9/11, the Sub-Prime crisis and Brexit. Within International political economy (IPE) two broad positions can be discerned: either the event is 'just an event', a superficial spectacle in an otherwise straightforward story of power and hierarchy; or the event is large enough to be considered a 'crisis'. While sympathetic to such arguments, this book develops a more performative politics of the global event, arguing that the very idea of the event must be placed in question. How is the event constructed? How are market subjects performed in relation to the event? This book argues that emotional and psychological discourses of 'trauma' and 'resilience' provide an important affective register for understanding how the global event is 'known', how it is governed, and how the affective dimensions of market life might be lived. By identifying the contingent rise of these discourses, the author de-stabilises and re-politicises the apparent existential veracity of the global event. The critical possibilities and limits of the affective turn in market life can then be rendered according to classic questions of IPE: who wins, who loses, and how might it be changed? An important work for advanced scholars and students of international political economy, 'everyday and cultural political economy', crisis and resilience, as well as broader debates on globalisation.

Drawing on the history of modern finance, as well as the sociology of money and risk, this book examines how cultural understandings of finance have contributed to the increased capitalization of the UK financial system following the Global Financial Crisis. Providing both a geographically-inflected analysis and re-appraisal of the concept of performativity, it demonstrates that financial risk management has a spatiality that helps to inform understandings and imaginaries of the risks associated with money and finance. The book traces the development of understandings of risk at the Bank of England, with an analysis that spans some 1,000 reports, documents and speeches alongside elite interviews with past and present employees at the central bank. The author argues that the Bank has moved from a relatively broad-brush approach to the risks being managed in the financial sector, to a greater preoccupation with the understanding and mapping of the mobilization of financial risk. The study of financial practices from a critical social sciences and humanities perspective has grown rapidly since the Global Financial Crisis and this book will be of interest to multiple subject areas including IPE, economic geography, sociology of finance and critical security studies.

For decades, the banking industry seemed to be a Swiss watch, quietly ticking along. But the recent financial crisis hints at the true nature of this sector. As Simone Polillo reveals in "Conservatives Versus Wildcats," conflict is a driving force.
Conservative bankers strive to control money by allying themselves with political elites to restrict access to credit. Barriers to credit create social resistance, so rival bankers--wildcats--attempt to subvert the status quo by using money as a tool for breaking existing boundaries. For instance, wildcats may increase the circulation of existing currencies, incorporate new actors in financial markets, or produce altogether new financial instruments to create change.
Using examples from the economic and social histories of 19th-century America and Italy, two decentralized polities where challenges to sound banking originated from above and below, this book reveals the collective tactics that conservative bankers devise to legitimize strict boundaries around credit--and the transgressive strategies that wildcat bankers employ in their challenge to this restrictive stance.

The overall financial market environment has undergone a dramatic shift in the past few years as a result of the recent global financial crisis, associated regulatory changes, and new market participants. This study undertook an online survey of 12,169 SMEs from all major sectors of the German economy. A total of 576 completed and usable questionnaires were collected. The aim of this study is to explore the nature of lending relationships in light of the past financial crisis, the resultant structural changes, and the competition of new entrants into the financial system. The study shows that relationship lending is essential for ensuring financial market stability.

Financial crises often transmit across geographical borders and different asset classes. Modeling these interactions is empirically challenging, and many of the proposed methods give different results when applied to the same data sets. In this book the authors set out their work on a general framework for modeling the transmission of financial crises using latent factor models. They show how their framework encompasses a number of other empirical contagion models and why the results between the models differ. The book builds a framework which begins from considering contagion in the bond markets during 1997-1998 across a number of countries, and culminates in a model which encompasses multiple assets across multiple countries through over a decade of crisis events from East Asia in 1997-1998 to the sub prime crisis during 2008. Program code to support implementation of similar models is available.

This groundbreaking history explains how Nathan Mayer Rothschild rose from comparatively humble circumstances to become the founder of an extraordinary banking and financial empire—an empire that remained preeminent in Europe for more than a century. The book focuses on the critical years of Great Britain’s war against Napoleon, when Rothschild became in effect Britain’s banker and paymaster on the Continent, contributing to Wellington’s defeat of Napoleon and consolidating the basis of the Rothschild financial dynasty. Although the basic outline of Rothschild’s remarkable rise in the world of European high finance is well known, the details of how this actually took place, at the transaction-by-transaction level, have never before been studied. On the basis of painstaking archival examination of all of Rothschild’s extant financial records, Kaplan is able to explain for the first time exactly how this transformation occurred.

The test of any performance system is how well it affects behavior. The systems described herein have a profound impact on the behavior of managers throughout financial depositories in areas such as origination, servicing and brokerage product-line operating units, deposit-gathering branches, portfolio managers, and origination sales offices. Also included is a system to evaluate local marketing and promotion campaigns. The theory behind the systems is explained along with a description of how they are developed and implemented.

The subprime crisis shook the American economy to its core. How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance?
In this lively new book, Kathleen C. Engel and Patricia A. McCoy answer these questions as they tell the story behind the subprime crisis. The authors, experts in the law and the economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actions that produced the greatest economic collapse since the Great Depression. The Subprime Virus reveals how consumer abuses in a once obscure corner of the home mortgage market led to the near meltdown of the world's financial system. The authors also delve into the roles of federal banking and securities regulators, who knew of lenders' hazardous mortgages and of Wall Street's addiction to high stakes financing, but did nothing until the crisis erupted. This is the first book to offer a comprehensive description of the government's failure to act and to analyze the financial reform legislation of 2010.
Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, and just financial order.

Ethical investing is becoming increasingly attractive for investors and banks. Financial performance and reduced risk, social-ecological responsibility and a good consciousness are typically promised. However, which moral rules and considerations should actually guide an investor? This book analyses selection criteria for ethical investing and its underlying theoretical premises. It outlines the opportunities and challenges of an investment style that integrates ethical norms and values into the investment process. Investors and financial advisors will benefit from reading this book that is also a good investment for researchers and analysts in the field of sustainable investing and the ethics of finance.

A clear and accessible guide to finance, which provides the ideal introduction for the non-specialist. Packed with examples and case studies, the book features numerous real-world demonstrations of key concepts and ideas. This new edition includes coverage of ESG investing, a brand new chapter on digital currencies and electronic payments, and new case studies on sustainability versus profit maximization, environmental financing, socially responsible investing, the rise of fintech, the perils of cryptocurrency, global debt pressures and 'the rise of the South' in finance. The fourth edition will be supplemented by useful digital resources in the form of instructor PowerPoint slides and a testbank of questions for students.

Covering the most important areas of the subject, such as financial crises, the nature of the banking firm and issues in bank regulation, Economics of Financial Law is a comprehensive collection of the papers that have shaped the field of financial law. This original research review by editor Professor Geoffrey Miller provides a thorough and authoritative examination of the material and will prove to be an invaluable resource for academics and practitioners alike.

The Handbooks in Finance are intended to be a definitive source for comprehensive and accessible information in the field of finance. Each individual volume in the series presents an accurate self-contained survey of a sub-field of finance, suitable for use by finance and economics professors and lecturers, professional researchers, graduate students and as a teaching supplement.
It is fitting that the series Handbooks in Finance devotes a handbook to Asset and Liability Management. Volume 2 focuses on applications and case studies in asset and liability management.
The growth in knowledge about practical asset and liability modeling has followed the popularity of these models in diverse business settings. This volume portrays ALM in practice, in contrast to Volume 1, which addresses the theories and methodologies behind these models. In original articles practitioners and scholars describe and analyze models used in banking, insurance, money management, individual investor financial planning, pension funds, and social security. They put the traditional purpose of ALM, to control interest rate and liquidity risks, into rich and broad-minded frameworks. Readers interested in other business settings will find their discussions of financial institutions both instructive and revealing.
* Focuses on pragmatic applications
* Relevant to a variety of risk-management industries
* Analyzes models used in most financial sectors

This history of the Bank of England takes its story from the 1950s to the end of the 1970s. This period probably saw the peak of the Bank's influence and prestige, as it dominated the financial landscape. One of the Bank's central functions was to manage the exchange rate. It was also responsible for administering all the controls that made up monetary policy. In the first part of the period, the Bank did all this with a remarkable degree of freedom. But economic policy was a failure, and sluggish output, banking instability and rampant inflation characterised the 1970s. The pegged exchange rate was discontinued, and the Bank's freedom of movement was severely constrained, as new approaches to policy were devised and implemented. The Bank lost much of its freedom of movement but also took on more formal supervision.

Opposing the Money Lenders - The Struggle to Abolish Interest Slavery is a collection of writings from some of the most determined fighters against usury and the Central Banking system during the 20th Century. Those included are Arthur Nelson Field, John A. Lee, John Hargrave, Ezra Pound, Father Charles Coughlin, and Gottfried Feder, who fought and inspired mass movements that struggled to liberate their nations from the forces of what one - Gottfried Feder - aptly called "Mammonism."

The subject of the supply of our money, and who controls it, is the greatest social issue that confronts humanity today. It is the "Hidden Hand" behind history. Without dealing with the problems of banking and usury, without a people having control over its own means of credit and exchange, there can be no genuine nationhood, and no real freedom, whether personal or national.

Almost every individual, family, nation, indeed most of the world, is today in thrall to the money lenders. Despite advances in mechanisation and technology, people are working longer hours, and are more enslaved to the economic treadmill than were their ancestors in Medieval times. At the same time, despite mass education, people today understand the economic and financial system far less than their parents and grandparents. Opposing the Money Lenders examines our parasitic financial system and the means by which it might be replaced.

This Palgrave Pivot analyses the evolution of strategies and business models adopted by financial operators that employ technological solutions to deliver financial products and services. The analysis is performed on a proprietary dataset built on different sources that highlight important differences in strategical approaches taken by FinTech companies, TechFin and BigTech, and banks (traditional and digital native). For each type, the authors underline their distinctive patterns, strengths and weaknesses. The main focus of the analysis in on the European market that is investigated also in the light of the difference and similarities with other markets (such as US and China). The unbundling and re-bundling of productive processes in finance, the treatment of information and the level of innovation in the customer relationship highlight the intense change that the banking activities of new financial services providers are currently dealing with, especially the retail segment. Despite the main international banks' implementation of innovative strategical approaches to take advantage of the digitalization of business and cope with competition, so far the level of the disruption brought by FinTech is not fully understood or widespread. This holds especially true for the smaller banks: the latter need to take a proactive approach to individuate a business model able to satisfy the new customer needs and the competitive pressure that are destined to increase and further evolve. This book addresses this and would appeal to academics, researchers and students of banking, FinTech and financial innovation alongside policy makers, regulatory authorities, FinTechs and banks.