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.

When China's economic reforms were beginning, there was an expectation in the west that China's financial markets would be opened to western banks and that China's banks would be reformed along western lines. Joint ventures between Chinese banks and western banks, minority shareholding by western banks and the involvement of western banking personnel in assisting Chinese banks with their reforms were all seen as moves towards reform along western lines. This book analyses the role which western bankers have played in China's economic reforms, focusing on their influence on institutional change and corporate governance. Based on extensive original research, the book shows that while components of western models of corporate governance have been widely adopted, the motivation for these changes seems to have been legitimacy-seeking by Chinese banks, and that whilst there has been relatively rapid change in the formal legislative environment, informal organisational practices are changing at a much slower pace. Alliances between Chinese and western banks are woven with contradictions and power games and so many actors in the Chinese banking sector seek to resist manipulation by their western counterparts. The financial crisis weakened the idea that western banks are a universally correct model and strengthened China's resolve to keep control of its banking sector and manage it along Chinese lines.

The book provides students and academics in finance and banking with the most recent updates and changes in the Malaysian banking sector post-AFC period. The book explores the evolution of banking policies and practices after the "Tomyam Goong Crisis" and investigates the health of Malaysian banks via efficiency measurement. In addition, it also presents the evolution of bank risk management regulations and practices in Malaysia. The book also discusses the effectiveness of the Malaysian bank bailout strategy with comparison to the banks' bailout in developed countries such as the US. This book is important and timely since there are very limited books in the market that cover the recent developments on Malaysian banking sectors post-AFC period. Hence, this book serves as the valuable resource for all finance and banking students, academic researchers, and practitioners not limited to the Asian region that require in-depth insights on the latest policies and practices in the Malaysian banking sector.

This is a book in search of an alternative to the discredited investor-owned banks that have brought the rich countries into crisis and the world economy into a long period of austerity. It finds customer-owned banks - credit unions, co-operative banks, building societies - have hardly been affected by the crisis and continue to operate according to their organisational DNA: low-risk, close to the customer, underpinned by real savings, and still lending to SMEs to protect jobs and local economies. They are big business - in some countries with over 40% of the market - but networked in smaller, democratic societies whose origins go back to 1850s Germany. The book explores their history and current situation, measures the impact of the banking crisis, makes a systematic study of their advantages, compares them to alternatives (savings banks and micro-finance institutions), and investigates their supervision and governance structures. It provides hard evidence for the superiority of customer-owned banks. Finance in an Age of Austerity will appeal to public policy analysts and political commentators, academics and students interested in current issues concerning banking regulation, supervision and governance. Social commentators and campaigners concerned with providing an ethical alternative to casino capitalism and social economists wanting to develop a critique of the investor-owned banking system will also find this book invaluable. It will be essential reading for banking specialists interested in broadening their understanding of a hidden sector that, since the crisis, has become much more significant. Contents: 1. Introduction 2. The Evolution of Cooperative Banks 3. The Evolution of Credit Unions 4. The Evolution of Mutual Building Societies 5. The Evolution of Banks Owned by Other Types of Cooperative 6. The Performance of Customer-owned Banks During the Crisis 7. The Comparative Advantages of Customer-owned Banks 8. Some Alternatives: Savings Banks and Micro-finance Institutions 9. Regulation, Governance and the Need for Member Participation 10. What Motivates Members to Participate? 11. Customer-owned Businesses - the Wider Picture 12. Conclusion: A Cooperative Counter-narrative Appendix: A Note on Terminology Bibliography Index

This book provides a comprehensive overview of funding arrangements for explicit deposit insurance schemes. Responding to international guidelines and best practice, it discusses policy decisions and operational challenges which deposit insurers face in the financial management of ex-ante deposit insurance funds. Numerous examples are provided, and solutions offered on sources and uses of funds, focusing on target and optimal funding. Coverage includes: the role that modern deposit insurance schemes play in ensuring financial stability how to design the main deposit insurance features in order to maximize compliance with international standards the different types of funding and financial planning for deposit insurance methods for setting the target fund size level optimal deposit insurance funding challenges faced by the European Union members following new deposit insurance and bank resolution directives. The book concludes by providing a comprehensive overview of funding issues and recommendations for deposit insurance schemes in the European Union.

This book is about internet finance, a concept coined by the authors in 2012. Internet finance deals specifically with the impacts of internet based technologies, such as mobile payments, social networks, search engines, cloud computation, and big data, on the financial sector. Major types of internet finance include third-party payments and mobile payments, internet currency, P2P lending, crowdfunding, and the use of big data in financial activities. Internet finance is highly popular and heavily discussed in China. Chinese Premier Li Keqiang made the healthy development of internet finance a policy priority in 2014 state-of-union address. This book, as a detailed report on internet finance in China, will help readers understand the status quo and development of China's financial system.

China's shadow banking has been a top issue in the past few years. Scholars, policymakers, and professionals around the world are seeking deeper insight into the subject, and the authors had unique insight into the sector through their positions high up in the regulatory apparatus. "Regulating China's Shadow Banks" focuses on the regulation of shadow banks in China and provides crucial information to demystify China's shadow banking and associated regulatory challenges. This book defines "shadow banking" in the Chinese context, analyzes the impact of shadow banking on the Chinese economy, includes a full-scale analysis on the current status of Chinese financial regulation, and provides valuable advice on the regulation of China's shadow banks.

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.

Since the last financial crisis, much work has been undertaken to strengthen the ability to respond to distress in the EU financial system. However, reforms enacted since the Single Resolution Mechanism was created in July 2014 as part of the Banking Union initiated in 2012 mainly focused on non-performing loans, and the third pillar of the Banking Union, namely a European Deposit Insurance Scheme, has not been completed. Against this backdrop, this book focuses on the reasons why the EU banking system continues to remain fragile. In particular, high stocks of non-performing loans in some countries, the Level 3 assets evaluation and high exposure of many banks to the debts of their own governments are among the major concerns. Secondly, the book discusses the completion of the public safety net for banks, including deposit insurance, which remains primarily at the national level. This creates scope for contagion from banking sector fragility to national sovereign debt distress. Of interest to banking researchers, academics and students, this book combines rigorous analysis of the regulatory framework and empirical investigation on EU banking system data to prove that market discipline and risk sharing should be viewed as complementary pillars of the Euro-area financial architecture rather than as substitutes, requiring a reformed institutional framework.

Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. Roger Farmer directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.

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, first published in 1994, takes a broad look at the reasons behind the failure of foreign banks to penetrate Japanese financial markets. It accepts the common argument that the Japanese bureaucracy has skilfully limited the scope of foreign banks and discusses at length the methods used to do so. However, in examining the history of foreign banking activity in Japan, it becomes clear that ineptitude on the part of the foreign banks and governments has also been a major factor.

In a globalized financial market, the success of an organization in one country is often inextricably linked to the economic viability of an array of other nations and governments. As such, global concerns the simultaneous consideration of global and local aspects of business often take precedence. Global Strategies in Banking and Finance explores the concept of a glocal industry through case studies, emerging research, and interdisciplinary perspectives applicable to a variety of fields in banking and finance. Within these pages, researchers and practitioners will discover tips, strategies, and best practices towards maintaining a competitive advantage and positioning their respective organizations in the global marketplace."

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.

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

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.

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.

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.

In the past few years, the financial industry has undergone dynamic structural changes that have deeply affected the sales process. Bruised by market volatility, today's consumer is skeptical and demands more for less. A business needs fresh approaches to sell in today's tough marketplace.

Here are the 22 Keys that can help any financial professional make more money, work less, and maximize his potential. Industry leaders James Benson and Paul Karasik combine their personal experience with the shared wisdom of the masters. Each key contains proven, actionable sales guidelines, including: The four primary fears that could destroy a sale--and how to help prospects overcome themThe nine most effective strategic approaches to "target marketing" successFive guidelines for qualifying prospects more effectivelySixty-five ways to snap a sales slumpTen ways to get clients to say yesFour simple steps to generate new business with current clientsFive guidelines for overcoming objectionsSix sample scripts to make closing ratios soar

Whether a company has been in business for years or is just beginning, each key will unlock a new door on the path to sales success.

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.