Banks are frequently considered usurers. Is it possible to talk about ethics when you analyse banking activity? This book focuses on this question and starts with the history and the philosophy. Philosophers like Aristotle, Immanuel Kant and John Stuart Mill proposed different theories about the need for ethics in finance. If we accept Mill's thought, the production of wealth in society is driven by the personal pursuit of profit. But - unfortunately - this does not, on its own, ensure collective well-being. It must be guided by a superior mechanism which transforms it into wealth for all. This introduces the role of financial institutions, which often have to comply with legal obligations. The book focuses on the role that these institutions have in supporting the 'ethical' use of money. The author analyses a number of cases in banks and the financial industry and discusses topics like anti-money laundering, anti-usury, islamic finance, microcredit and bank rescue systems, including not only best practices but also examples of unethical financial management.

"This edited volume contains essential readings for financial analysts and market practitioners working at Central Banks and Sovereign Wealth Funds. It presents the reader with state-of-the-art methods that are directly implementable, and industry 'best-practices' as followed by leading institutions in their field"--Provided by publisher.

Interstate banking, which has been the subject of increasingly heated debate, seems to be arriving at a faster pace than previously imagined. Recognizing the burgeoning interest in this controversial subject, the Federal Reserve Bank of Atlanta invited a blue-ribbon panel of financial industry experts, regulatory authorities, and analysts to participate in a forum that addressed the potential economic impact of interstate banking on both the banking system and the public and also explored alternative strategies for large and small banks for dealing with these challenges. Participants close to the situation summarized recent developments, assessed their implications, and discussed strategies that smaller institutions can adopt to assure that they won't be trampled by huge competitors.

At the beginning of the transition process, the countries of Central and Eastern Europe faced the task of creating a functioning financial system where none had existed before. A decade later, high-level practitioners and well-known experts take stock of banking and monetary policy in the region, centering on: the governance of banks; the spread of financial crisis; and, perspectives for monetary policy and banking sector development.

Banking, Projecting, and Politicking uncovers a previously understudied and unacknowledged financial institution in late-seventeenth-century England known as Thompson and Company. Whilst the institution has been briefly mentioned in literary studies focusing on the poet and politician Andrew Marvell, it has never been the sole focus of an economic, financial, commercial, or political study in its own right. As such, nothing is known of how it operated, where it sits in the history of English finance, why it collapsed, or what it can tell us about wider Restoration society and its economic and political culture. Through a microhistorical study, the book reconstructs the institution of Thompson and Company, the social networks of its partners, the identity of its creditors, and the events and circumstances that led to its collapse. The book situates the reconstructed institution within its economic, commercial, financial, and political contexts, using the evidence accrued to question the traditional narrative of financial and commercial development, credit systems, the relationship between economics, finance, commerce and politics, and the place of risk and strategy in gendered relations, credit, and social status. The book will be of interest to academics and students in economic history, financial and business history.

Reverse stress testing was introduced in risk management as a regulatory tool for financial institutions more than a decade ago. The recent Covid-19 crisis illustrates its relevance and highlights the need for a systematic re-thinking of tail risks in the banking sector. This book addresses the need for practical guidance describing the entire reverse stress testing process. Reverse Stress Testing in Banking features contributions from a diverse range of established practitioners and academics. Organized in six parts, the book presents a series of contributions providing an in-depth understanding of: Regulatory requirements and ways to address them Quantitative and qualitative approaches to apply reverse stress testing at different levels - from investment portfolios and individual banks to the entire banking system The use of artificial intelligence, machine learning and quantum computing to gain insights into and address banks' structural weaknesses Opportunities to co-integrate reverse stress testing with recovery and resolution planning Governance and processes for board members and C-suite executives Readers will benefit from the case studies, use cases from practitioners, discussion questions, recommendations and innovative practices provided in this insightful and pioneering book.

The book looks at the issues Indian banks are facing, pre- and post-pandemic. Technology, big data, and use of artificial intelligence are slowly influencing not merely management practices but are also changing customer demands and methods of operation. Obviously newer risks problems like cybercrimes, remote working, disruptions in operations are aggravating the situation. Authors in the book recommend a hard relook at the bank business model.

"Bank Performance, Risk and Securitisation" brings together the latest research on banking, financial markets, and the recent financial crisis. Written by a group of leading scholars, it offers both empirical and theoretical perspectives on topics such as Basel III and bank efficiency; microcredit securitization; asset-backed securitization and credit risk; asset management issues in sovereign wealth funds. It also examines the impact of the new structural liquidity rules on the profitability of EU banks and examines China's controlled potential property bubble and its economic slowdown. The book provides state-of-the-art scholarly research on bank performance, risk and securitisation and is essential reading for scholars, researchers, graduate students and consulting firms interested in banking and financial markets.

Free banking is a term that refers to the total deregulation of the banking industry. It signifies an absence of such constraints as reserve requirements, capital requirements, government deposit insurance, and limitations on branching. Above all, it means that private banks would be allowed to issue their own currency. This book takes a fresh approach to that controversial topic. Sechrest proposes that free banking constitutes the final vindication of Say's Law, that the optimal monetary goal, monetary equilibrium, can only be achieved under free banking, that the monetarist and Austrian business cycle theories are complementary, and that the most likely form of free banking will be that in which banks issue specie-convertible notes and hold fractional reserves.

After defining free banking the author explains why he adopts the well known White-Selgin model. He then discusses the key characteristics of laissez-faire banks, which form the basis for a formal model, complete with graphs, which may be used in the classroom. The unique relationship between the market for money and the market for time that exists under free banking suggests that business cycles will be minimized under such a regime. That relationship also leads to the insight that the Austrian and monetarist cycle theories are really two sides of the same coin. New evidence is presented that leads the author to the conclusion that both Lawrence White's portrayal of Scottish free banking and the traditional image of American free banking are exaggerated. Three different basic models of free banking are then reviewed in detail and critiqued. Finally, the author suggests both some possible topics for future research and that free banking is desirable socially and politically as well as economically.

Examine the depth and breadth of financial technology This comprehensive, hands-on guide is the go-to source for everything you need to confidently navigate the ever-changing scene of this booming industry. FinTech For Dummies will shed light on this rapidly changing landscape making it an invaluable source of information for anybody working in or interested in this space. This book provides insights, knowledge and guidance from industry experts Steve O'Hanlon and Susanne Chishti on the following: Gaining insight fastest growing market segment of the financial markets Learning the core decision making to effect a growth plan Securing knowledge of the fastest growing fintech companies in the world Navigating the fintech world The ingredients into building a FinTech company

This book examines new issues in financial markets and institutions raised by the global economic crisis that began in 2007. The four main themes are: management, innovation and technology in banking; efficiency and productivity; consolidation; and corporate governance issues.

This collection critically explores the use of financial technology (FinTech) and artificial intelligence (AI) in the financial sector and discusses effective regulation and the prevention of crime. Focusing on crypto-assets, InsureTech and the digitisation of financial dispute resolution, the book examines the strategic and ethical aspects of incorporating AI into the financial sector. The volume adopts a comparative legal approach to: critically evaluate the strategic and ethical benefits and challenges of AI in the financial sector; critically analyse the role, values and challenges of FinTech in society; make recommendations on protecting vulnerable customers without restricting financial innovation; and to make recommendations on effective regulation and prevention of crime in these areas. The book will be of interest to teachers and students of banking and financial regulation related modules, researchers in computer science, corporate governance, and business and economics. It will also be a valuable resource for policy makers including government departments, law enforcement agencies, financial regulatory agencies, people employed within the financial services sector, and professional services such as law, and technology.

Rigged exposes a cover-up at the highest level on both sides of the Atlantic, upending the official story of the biggest scandal since the global financial crisis. It picks up where The Big Short leaves off, as the dark clouds of the financial crisis gather. Banks’ health is judged by an interest rate called Libor (the London Interbank Offered Rate). The higher the Libor, the worse off the bank; too high and it’s goodnight Vienna. Libor is heading skywards. To save themselves from collapse, nationalisation and loss of bonuses, banks instruct traders to manipulate Libor down – a criminal practice known as lowballing. Outraged, traders turn whistleblowers, alerting the authorities. As Rigged reveals, their instructions come first from top bosses – then from central banks and governments. But when the scandal explodes into the news, prosecutors allow banks to cover up the evidence pointing to the top. Instead, they accuse 37 traders of another kind of interest rate ‘rigging’ that no-one had seen as a crime. In nine trials from 2015 to 2019, nineteen are convicted and sentenced. Rigged exclusively shows why all the defendants are innocent, and how any real culprits go unpunished. How could this happen? Turns out, it’s not just the market that’s rigged. It’s the entire system.

Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States.
After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit.
The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly.
After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing.
Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans.
Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.

The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field.From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience. Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization. M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.

The credit and banking crisis which hit the western world in 2007/2008 has and will continue to have far-reaching after-effects. At their core are Collateralized Debt Obligations (CDOs) and Credit Default Swaos (CDSs), the main themes of this book.

This research review selects fifty influential articles published over the past four decades on the regulation and governance of financial institutions. Some contribute by making theoretical advances that enhance the conceptual framework through which economists view financial institutions, and others contribute by assembling data and evaluating the predictions of these different models. The papers provide a foundation for understanding and conducting additional research into the regulation and governance of financial institutions.

Discussing the turbulent 1980s and 1990s, which have seen important developments in the area of money and banking, this book focuses on the ones that will shape issues in this area as the 21st century approaches. These are: financial innovations; the EMS and international monetary systems; certain issues in monetary policy arising from recent developments in monetry economics, such as monetary policy in an interdependent world; liquidity constraints and monetary policy; and monetary problems of developing countries which emanate from attempts to introduce financial liberalization types of policies in these countries.

This first volume in a series assessing international banking and finance focuses on the 'revolution' in international financial markets. Individual chapters deal with the impact of the Persian Gulf Crisis on national equity markets and foreign transmissions effects in Sweden.

From a period of growth and considerably high levels of profitability, Greek banks recently found themselves battling a major decrease in demand in the local market, and an increase in non-performing loans. How is the Greek banking system able to survive the crisis? This is discussed by looking at the last 15 years of the Greek banking system.

In light of Turkey's EU bid and the successful IMF-led disinflation program, this book explores the evolution and performance of the Turkish banking sector. Analyzing the repercussions of overall economic structure, financial crises and political instability on its financial sector, it scrutinizes the prospects for the future of banking sectors.

The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners."