At the start of the eighteenth century Louis XIV needed to remit huge sums of money abroad to support his armies during the War of the Spanish Succession. This book explains how international bankers moved French money across Europe, and how the foreign exchange system was so overloaded by the demands of war that a massive banking crash resulted.

British monetary policy was reactivated in 1951 when short-term interest rates were increased for the first time in two decades. The book explores the politics of formulating monetary policy in the 1950s and the techniques of implementing it, and discusses the parallels between the present monetary situation and that of 1951.

Global financial markets have transformed over the past three decades - with potentially dangerous results. Growing competitiveness in financial markets has forced banks to adapt - by merging, growing, and innovating. The result has been an unprecedented transformation in the identity of society's borrowers: households and banks are borrowing more, businesses are borrowing relatively less. This "Great Debt Transformation" has profound consequences: as we shift toward economic growth fueled by consumption and financial investment, instability, indebtedness, and inequality have all risen. This book explains this transformation, why it matters, what caused it, and - most importantly - examines how some countries have restrained the transformation underway. Britain, France, and Germany have taken very different approaches to this transformation - and those approaches have resulted in divergent results. This book aims to turn those different results into lessons to help us make sense of the great economic challenges of our time.

This book charts the regulatory changes at the heart of capitalist economies; the financial reporting on financial markets. It is a unique contribution interconnecting issues both of contemporary political science and accounting research. The book contains in-depth descriptions of regulatory settings (and changes) in six countries: Canada, France, Germany, Japan, the United Kingdom and the United States and aims to takes a close look at drivers of change such as crises and globalization. The book also links these drivers of change with moderating institutional structures such as the legal and financial systems, but also the welfare states in place. Taken together, it shows how a trend to more transnationalization in accounting emerges but also its likely limits.

Banking with Integrity provides rich and in-depth case studies of banks which were doing well during the financial crisis of 2007-2010. While other banks went bankrupt, were nationalized, or struggled for survival some of the featured cases increased market share, attracted more customers and avoided home evictions of their clients.

The 2012-2013 economic crisis in the Republic of Cyprus is commonly attributed to a number of factors, including the exposure of Cypriot banks to over leveraged local property companies; the knock-on effect of the Greek government debt crisis; and international credit rating agencies downgrading the Cypriot government's bond credit status. What followed was unexpected and controversial: a bailout on condition of a one-time bank deposit levy on all uninsured deposits in the country's second-largest bank, the Cyprus Popular Bank; and on the uninsured deposits of large proportion of the island's largest commercial bank, the Bank of Cyprus. Many have questioned the implications of Cyprus' ties with the Russian financial system, as well as the draconian and unprecedented bailout terms imposed on the Cypriot population by the Eurozone. There has been little written from the Cypriot perspective on these events. This book presents a study of the events surrounding the recent Cypriot Financial Crisis and its impact on the Eurozone. It incorporates insights from leading protagonists in the Cypriot government and banking sectors and focuses on qualitative research to assess the events that formed the backdrop of the crisis. The book analyzes the policies of many public and private institutions and presents the crisis alongside other Eurozone bailouts to compare and contextualize the ongoing issues. Cyprus and the Financial Crisis also explains the political and historical backdrop of the events, including the wider Cypriot experience since the 1974 invasion, and the unravelling financial relationship between Cyprus, Greece and Russia. It incorporates the views of Cypriots from a wide and diverse spectrum, and presents the resilience of the island in fighting back to beat forecasts for recovery, helped by the Eldorado of gas finds off its southern shores.

The increasing use of innovative technologies by global businesses has sparked debate about their application in crisis resolution. Resolution tools can be used by global businesses to manage various types of crisis situations, such as natural disasters, information security issues, economic downturns, health crisis situations, and sustainability issues in education, among others. Further study and consideration of the uses of technology in the areas of crisis and change management and intra-company communication practice in the context of global business must be done to ensure successful and sustainable businesses. Future Role of Sustainable Innovative Technologies in Crisis Management raises awareness of the multifaceted field of new technology in crisis management that has resulted in a paradigm shift in the way contemporary industries and global businesses communicate and conduct their daily business operations. This book defines the scope of innovative technologies as the application of new technologies to support the resolution of various types of crisis situations to achieve regulatory compliance and improved risk management in an effective and automated manner. Covering topics such as sustainable business and disaster scenarios, this reference work is ideal for managers, entrepreneurs, researchers, academicians, scholars, practitioners, instructors, and students.

As national governments continue to disagree over how to respond to the aftermath of the global financial crisis, two of the few areas of consensus were the decisions to increase the IMF's capacity to respond and remove the policies designed to limit the use of its resources. Why was this massive increase in the size of the IMF, accompanied by the removal of policies designed to limit moral hazard, such an easy point of consensus? Michael Breen looks at the hidden politics behind IMF lending and proposes a new theory based on shareholder control. To test this theory, he combines statistical analysis with a sweeping account of IMF lending and conditionality during two global crises; the European sovereign debt crisis and the Asian financial crisis.

In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors rather than underwater homeowners was responsible for the prolonged recession that followed the crisis. Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.

This book analyzes the post-subprime crisis world from the global, Asian and Chinese perspectives. It dispels some of the myths about the crisis's effects on Asia and China; and exposes the ugly truth of bailout policies and their distortion and hindering of the world's economic rebalancing effort in the post-subprime era.

This book explores how successful the various tenets of economic thought have been in prognosticating or remedying economic crises. Examining key episodes in economic history, from famines in antiquity to present-day financial collapse, the author finds that several theories failed to cope with a crisis and lost their academic impact. The author also presents cases in which major theoretical innovations were achieved after the experience of a crisis as well as cases where a completely new theory was needed to explain and face the events. This book will appeal to researchers and scholars interested in understanding how theoretical developments in economics are affected by real-world economic crises.

Updated insight into key facts impacting on financial institutions after the financial crisis, highlighting areas of major policy and academic interest. The book includes ten chapters analysing contrasting issues such as intellectual capital, cost efficiency, bank stability, credit risk and business models for the wealth management industry.

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what accountability, independence, transparency and, more generally, governance mechanisms applicable to financial regulators can better contribute to building responsive, responsible and effective regulatory and supervisory frameworks that tackle the weaknesses of the pre-crisis regimes. It re-visits the concepts of accountability and independence of financial regulators as well as the main economic theories underlying financial services policy-making, in light of the crisis experience. In addition, it critically examines the post-crisis institutional frameworks of financial regulation and supervision in the EU, the US and Canada with a view to assessing whether the financial regulators of the post-global financial crisis era are well suited to effectively address the challenges and threats that global financial markets pose to the stability, integrity and good functioning of financial systems as well as to the protection of consumers, investors and society at large.

An exploration of the recent financial crisis which argues that the hitherto dominant intellectual and policy paradigm of neo-liberalism has been fatally weakened and will in due course be replaced. The implications of the crisis for politico-cultural identities and our sense of ourselves as members of an ordered society are explored.

This volume sheds new light on economic developments in several countries of Southeast Europe. The European Union and especially the eurozone continue to experience rhythms of fiscal crisis, as can most clearly be seen in the debt crisis in the South Periphery. Despite the fact that several measures and decisions have been taken to deal with the crisis (banking union, liquidity support from the European Central Bank), proposals to reform Europe's strategic policy in order to find a way out of the crisis have been put forward. This book explores the respective roles that specific sectors, e.g. the agricultural sector, social capital, tax policies and labour immigration, can play in this regard. The importance of international economic relations (exports, imports, FDI, exchange rates) is analysed, in order to illustrate the nature of the economic developments and the major economic difficulties these countries face.

Iceland became one of the symbols of the global financial crisis. It provides an ideal test case for the perceptions of economists, in particular their ability to anticipate crises. The book contains papers and reports, written prior to the collapse of Iceland's financial system, about the economy. What did and didn't they see coming, and why?

The current economic crisis is causing large impact on the behaviour of financial markets and institutions. Crisis, Risk and Stability in Modern Banking presents an in-depth insight into key topics related to the behaviour of financial institutions in the crisis, stressing areas of major research interest. It covers a selection of papers from the past European Association of University Teachers of Banking and Finance Conference (otherwise known as the Wolpertinger Conference) held at the University of Valencia, Spain in September 2011. This book analyses different subjects ranging from the analysis of the behaviour of rating agencies, bank performance in the crisis, banking regulation and its impact on bank management, the implications of bank stability on economic growth, the impact of globalization on financial stability, and the importance of stock exchange mergers, as well as other diverse areas such as microinsurance and social lending.

The 2008 financial crisis all but brought down the financial system and real economies of industrial countries. The Banking Union took a broad approach to resolve the structural fragmentation and distortions in the European banking system which were major obstacles to a working single market for financial services. This book examines the numerous changes happening to European legislations for the prevention and management of banking crises. What emerges is a changing picture of regulations and institutions, of goals, tools and opinions, public and private, European and national all involved in the task. The book focuses on the new framework for banking crisis management, starting from the foundations of banking regulation and supervision. It explores the institutional architecture of banking supervision and crisis management, the powers of the authorities, the tools for administrative actions, the complexities of business and bankruptcy laws, individual rights and their legal guarantees.

The 2007-2009 financial crisis caught many by surprise. When the dust began to settle, people began looking around and asking how this could have happened and why we did not see it coming. Criticism fell heavily on the economics profession because there was a feeling that the models and theories of economics had failed to properly warn and prepare us for a significant crisis. This book carefully analyses existing theories of financial crisis to determine if they are still appropriate for understanding modern financial crises. This is an important endeavour because financial crisis theory has largely been ignored for many years. Indeed, it has been almost twenty years since economists have seriously reconsidered financial crisis theory. This book fills that gap and offers insight into the current debate regarding the efficacy of economic models and theories relevant to understanding financial distress.

As the real economy is increasingly digitalized, banking lags behind. It is thus not well placed to support the new economy. The book provides some perspective on the changes taking place, identifying the systemic weaknesses in the traditional financial infrastructure, and proposing some radical rethinking to address systemic financial instability.

This collection presents a political sociology of crisis in Europe. Focusing on state and society transformations in the context of the 2008 financial crisis and its aftermath in Europe, it observes a return of redistributive conflicts that correlates with a 'new politics of identity', nationalism, regionalism and expressions of Euroscepticism.

The story of the recent global economic crisis is told in the words of the main players in the drama. Including quotes from bankers, rating agencies, housing agencies, regulators, politicians and media figures. Erik Banks' latest book shows why we are doomed to experience further financial crises in the future.

Beliefs held by US and European elites about unregulated markets and a currency union without fiscal union led to a transatlantic crisis unmatched in severity since the Great Depression. Leading scholars of elites analyze how elites have responded to the crisis, are altered by it and what this 'hour of elites' means for democracy.

Global crises not only deeply impact the economy and people's livelihoods, they also unsettle basic ideas and assumptions about the meaning and drivers of development. This collection of theoretical and empirical studies explores the substance and politics of policy change following the 2007/8 crisis from the perspective of developing countries.

Both quantitative and qualitative analysis is used to review China's stock market in a book containing the latest research on China's IPO market, the 2006-07 market bubble, the development of institutional investors, the stock index futures market, stock sector performance, corporate governance of listed firms and China's growth enterprise market.