This volume examines the future of European financial centres in the context of economic and monetary union (EMU). Based on original empirical research, it investigates the relative competitiveness of European financial centres, with special reference to London and Frankfurt, in the context of the single currency debate. Issues covered include:
* the evolution of financial centres
* optimal design of an international financial centre
* financial services regulation and EMU
* the competitiveness of world financial centres

With the release of hundreds of damaging documents, a dark side of Switzerland's democracy has been unveiled. Switzerland is now seen as a nation of greedy bankers, collaborators with the Nazis, and robbers of the wealth of the victims of the Holocaust. "Swiss Banks and Jewish Souls" is a powerfully enlightening account of how a small and determined group of people from divergent backgrounds humbled the legendary Swiss financial empire to achieve a measure of justice for Holocaust survivors and their heirs, while shattering the myth of Swiss wartime neutrality. Rickman tells how a small group of people, none of them professional historians, pieced together a puzzle of unknown proportions and proceeded to dismantle the myth of Swiss innocence and victimization at the hands of the Nazis, and expose a fifty-year cover-up. Untold numbers of European Jews and others placed their funds in Swiss banks because they believed they offered a safe haven for funds which the Nazis were trying to control. What better place to put their money than in Switzerland? "Swiss Banks and Jewish Souls" discusses how investigative groups proved that Switzerland stole the money of the Jews and helped the Nazis to do the same. No one began with evidence and no one had a source of knowledge upon which to fall back. All they shared was a feeling that something was terribly wrong and that a great injustice had occurred. Propelled by this instinct, a U.S. Senator, the World Jewish Congress, a British Parliamentarian, the U.S. Holocaust Memorial Museum, and a handful of Holocaust survivors accomplished what the U.S., British, and French governments and a group of feuding Jewish organizations could not or would not do. As a result of this effort, how the world views Switzerland and how Switzerland views itself has been redefined. Most importantly, those who survived the Nazi horrors, only to be victimized again by the Swiss bankers, have now achieved some measure of justice, or at least financial compensation after more than fifty years.

Many books have addressed the economic and financial history of Hong Kong, and the imperialist conflicts in the key Chinese port-cities but very few books have explored French initiatives and performance in this area, beyond diplomacy, geopolitics or cultural issues. In this book, Hubert Bonin confronts arguments about "the great divergence", "the first globalisation", and forms of "economic patriotism". He gauges the competitive edge of French companies and banks, their struggle with British domination (HBSC, Chartered, shipping, trade houses/hongs) and their resistance against competitors from other countries (Japan, Germany, Netherlands, Belgium, USA, or Russia). The book delves into studies of management abroad, therefore mixing broad geo-economic issues with precise business history and deep banking history. The connections between French interests in China and Hong Kong and the colony of Indochina are established too. A second part of the book is dedicated to the case study of Hong Kong, as the British colony acted as a hub for Asian and European interests at the heart of connections with mainland China and some neighbouring territories (Indochina, etc.). This is essential reading for academics interested in banking and business history, the history of entrepreneurship, as well as, those involved in the contemporary history of China and Hong Kong, in the assessment of world-wide geo-economic competition between European powers in Asia (Great-Britain, and France), and in the first stages of economic "modernity", along European models, in emerging modern China.

Jacques Le Goff sets out in this book to explain the role of money, or rather of the various types of money, in the economy, life and mentalities of the Middle Ages. He seeks also to explain how, in a society dominated by religion, the Church viewed money, and how it taught Christians what attitudes they should adopt towards it and towards the uses to which it could be put. He shows that, although money played an important role in the rise of towns and trade and in state formation, there was no capitalism but only a pre-capitalism in the Middle Ages, even by their end, in the absence of a truly global market. This is why economic development remained slow and limited, in spite of some remarkable success stories. It was a period in which it was as important to give money as it was to earn it. True wealth was not yet the wealth of this world, even though money played an increasingly large role in reality and in mentalities. No similar discussion of this subject, aimed at a wide readership, has previously been published. Written by one of the greatest medievalists, this book will be recognized as a standard work on the topic.

Does the Anglo-American approach to the relationship between banks and firms have a significant weakness compared to the German and Japanese approach? This book addresses issues on corporate finance using historical evidence. In particular it looks at the role of universal banks in relaxing the credit constraints of firms, supervising managers and stabilizing share prices. The key issue is whether the Anglo-American asset based financing is more effective than the main-bank approach used in Germany and Japan. Earlier studies have found that firms with a close relationship with a major bank have high market value compared to book value, although it is difficult to determine whether this is cause or effect. The case of the "Credit Mobilier" - the first universal bank - is interesting because the bank failed. If it was the links with the bank that caused high and stable share prices or relaxed customer constraints, the bank's bankruptcy should have precipitated the loss of these benefits. In fact the bankruptcy had almost no effect on the share prices or the investment behaviour of the relevant firms, casting doubts on the benefits of powerful banks.

From Crisis to Crisis examines the impact of the harsh conditions of the interwar economy on the British merchant banks. The financial crises of 1914 and 1931 are assessed using primary sources. The competitive threats, including the rise of New York as a rival financial centre, are considered. It challenges alleged special treatment and provides fresh perspectives on the interwar rationalisation of industry. During the late nineteenth century, Britain's merchant banks had become pre-eminent in a world of fixed exchange rates, free trade and the unfettered mobility of international capital. This world was increasingly challenged in the interwar period, being replaced by floating exchange rates, trade protectionism and restrictions on capital movements. This book fills a gap in the historiography of British banking by recovering the histories of long-forgotten merchant banks rather than focusing on the better-known firms. Using a wide range of archival resources, it traces the strategic transformation by some merchant banks from higher-risk, capital intensive activities to lower-risk, advisory services. Brian O'Sullivan has been jointly awarded the 2019 BAC Wadsworth Prize for From Crisis to Crisis: The Transformation of Merchant Banking 1914-1939. It was judged by the Business Archives Council (BAC) to have made an outstanding contribution to the study of British business history. Brian shared the prize with Professor Priya Satia of Stanford University in California.

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

Originally published in 1992, Capital Mobilization and Regional Financial Markets, argues that barriers to financial flows within regions may be as important in affecting capital flows as interregional barriers. The book conjectures that regional markets allow efficient mobilization of local funds and develops an analytical framework to motivate an investigation of region financial development in the Pacific Coast states between 1850 and 1920.

This far-reaching study shows that operating efficiencies are not what are driving today's unrelenting bank merger mania. It suggests that bank mergers and consolidation may have effects that are contrary to consumer and non-financial business interests, such as lower rates of interest, increasing fees, and tighter credit constraints. Dymski recommends several new policies to apply to the evaluation of prospective mergers.

This far-reaching study shows that operating efficiencies are not what are driving today's unrelenting bank merger mania. It suggests that bank mergers and consolidation may have effects that are contrary to consumer and non-financial business interests, such as lower rates of interest, increasing fees, and tighter credit constraints. Dymski recommends several new policies to apply to the evaluation of prospective mergers.

Series Information:
Routledge International Studies in Money and Banking

This book presents a set of conversations with five former Governors of Reserve Bank of India (from 1992 onwards) on the topic of financial inclusion. Two key aspects are introduced in the conversations with each Governor: the initiatives that were undertaken during their tenure and their responses to some of the current issues. Further, they examine the reasons and justifications for significant decisions and measures that were undertaken or withheld. The discussion captures the evolution and approach of the central bank in addressing a variety of questions pertaining to financial inclusion. The volume is an important contribution to the study of India's continuous but not entirely successful efforts in increasing the reach of its formal financial sector. It reconstructs how the policy approach to inclusive banking has progressed and resisted commercial and market imperatives to safeguard the deprived and dispossessed sections of society. With its wide-ranging blend of conversations, documentation, research and commentary coupled with its engaging style, the book will interest students and researchers in the areas of development, banking, macroeconomics, public administration and governance, as well as academics, analysts, policymakers, think tanks, journalists, media and those concerned with the Indian economic policy.

Originally published in 1987, British Non-Bank Financial Intermediaries the book is the diversification of and overlaps in the operations of UK financial intermediaries forms. The book provides a coherent analysis of the broader implications of ongoing developments in the financial services sector and an insight into the 'back-room activities of the non-bank institutions. The book also focuses on institutions offering some form of financial markets, within which many of the financial intermediaries operate. In doing this, the book outlines a theoretical framework of financial intermediation and provides an overview of the broader evolution of the UK financial system. This volume will be of use to students and practitioners studying in the financial services sector.

The World Bank is the key institution through which rich nations channel resources to poorer ones. Yet it was established over 50 years ago in a radically different international environment, and constantly re-invented itself in the intervening decades. What drives this evolution? This text considers the nature of change at the World Bank, exploring both the external impetous for change, and the impact of the Bank's internal organization and culture. The author's findings are supported by case studies of three of the Bank's most important new agendas: private sector development, participation, and governance. Michelle Miller-Adams finds that traditional international-relations based approaches, which focus on states and power, are inadequate for explaining institutional change at the World Bank. Attention must be paid to the Bank's internal processes, especially the technical and apolitical norms that form an intrinsic part of its identity. This identity, which dates from the Bank's earliest days, continues to shape its response to new demands and affect its ability to meet the needs of a changing world.

Following up on his 1995 study of the initial transition period in formerly communist economies, Adam Zwass carries the analysis into the second phase of reform. He devotes focused attention to the pivotal role of privatization strategies, contrasting the outcomes of the voucher plans with outright sale of state assets (including to foreign investors). Taking advantage of his incomparable experience as a financial expert first in the CMEA and later with the Austrian National Bank, Zwass considers the record of newly emerging banking and financial systems and the challenges of entry into the regional and global financial and trading systems.

Sweeping changes have taken place in the financial sector during the twentieth century. Two of the most notable changes have been the growth of global markets and institutions, and the introduction of computerisation. This volume charts the course of concentration and internationalisation in banking and also examines the influence and implications of new technologies on the industry's record-keeping practices. The exploration of concentration and internationalisation begins in the late nineteenth century and examines the effect of a wide range of factors, from macro-economic influences such as the liquidity crisis of the 1930s and the oil price rises of the 1970s, to the role of national regulation in the creation of financial markets and innovative products. The role of individual banks and their particular policies is also brought into focus. Some of Europe's most eminent bankers provide a contemporary dimension by discussing possible future developments in continental banking.

"Managing the New Bank Technology" is a practical action-oriented guide for bank CEOs, executives, business students, and boards. The book is aimed at educating those involved in banking on the key technological issues facing the industry. "Quick reference" guides opening each chapter are a special feature of the book, blueprints that offer bottom line summary suggestions for bank officers and executives. Topics include: Banking as Retailing; The Internet and Financial Services; Strategies for Future Payment Systems; Risk Management Technology; Protecting Technology Investments in an Age of Rapid Change; Negotiating Outsourcing Contracts; Developing an Information System Plan; Organizational Strategies to Manage Technology; Battling Fraud and Security Issues; and Selling Your Bank's Technology Vision.

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

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

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

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

The market-based interest rate reform remains a core part of China's financial reforms, and an important topic of both theoretical and policy studies. This book presents a comprehensive analysis of the process and logic of China's interest rate reform from a historical perspective. It is structured along three lines, i.e. loosening interest rate controls, establishing market-based interest rates, and building an effective interest rate adjustment mechanism, and systematically reviews the characteristics and evolvement of the reform process. The book further explores the lessons and challenges of the reform by examining China's development stage and auxiliary reforms needed, and offers policy recommendations on how to further push forward the reform.

This book, first published in 1941, is a comprehensive study on the native banks that linked small Chinese traders and the larger Chinese and foreign banks. It is based on extensive research in Tientsin and Peking, and a large number of interviews with native bankers, and the result is an exhaustive study on the practice.

This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success. The book covers:
* government financing
* foreign exchange systems
* domestic banking systems.
Rich in data, the book contains original financial information from Africa, Asia, the Middle East, Europe, Latin America and the Caribbean. The lay-out is user-friendly and generously illustrated with tables, figures, boxed material and useful appendices. The book is published in association with the Bank of England and presents the definitive account of the role of central banks in developing countries.

This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success. The book covers:
* government financing
* foreign exchange systems
* domestic banking systems.
Rich in data, the book contains original financial information from Africa, Asia, the Middle East, Europe, Latin America and the Caribbean. The lay-out is user-friendly and generously illustrated with tables, figures, boxed material and useful appendices. The book is published in association with the Bank of England and presents the definitive account of the role of central banks in developing countries.