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Books > Business & Economics > Economics > Financial crises & disasters

After the Crash - Financial Crises and Regulatory Responses (Hardcover): Sharyn O'Halloran, Thomas Groll After the Crash - Financial Crises and Regulatory Responses (Hardcover)
Sharyn O'Halloran, Thomas Groll
R904 R755 Discovery Miles 7 550 Save R149 (16%) Ships in 12 - 17 working days

The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization. After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.

Brother, Can You Spare a Billion? - The United States, the IMF, and the International Lender of Last Resort (Hardcover): Daniel... Brother, Can You Spare a Billion? - The United States, the IMF, and the International Lender of Last Resort (Hardcover)
Daniel Mcdowell
R2,690 Discovery Miles 26 900 Ships in 12 - 17 working days

When financial crises occur, it has long been accepted that national economies need a lender of last resort to stabilize markets. In today's global financial system, crises are rarely confined to one country. Indeed, they often go global. Yet, there is no formal international lender of last resort (ILLR) to perform this function for the world economy. Conventional wisdom says that the International Monetary Fund (IMF) has emerged as the de facto ILLR. Yet, that premise is incomplete. Brother, Can You Spare a Billion? explores how the United States has for decades regularly complemented the Fund's ILLR role by selectively providing billions of dollars in emergency loans to foreign economies in crisis. Why would U.S. policymakers ever put national financial resources at risk to "bailout" foreign governments and citizens to whom they are not beholden when the IMF was created for this purpose? Daniel McDowell argues the United States has been compelled to provide such rescues unilaterally when it believes a multilateral response via the IMF is either too slow or too small to protect vital U.S. economic and financial interests. Through a combination of historical case studies and statistical analysis, McDowell uncovers the defensive motives behind U.S. decisions to provide global liquidity beginning in the 1960s, moving through international debt crises of the 1980s and emerging market currency crises of the 1990s, and extending up to the 2008 global financial crisis. Together, these analyses paint a more complete picture of how international financial crises have been managed and highlight the unique role that the U.S. has played in stabilizing the world economy in troubled times.

How They Got Away With It - White Collar Criminals and the Financial Meltdown (Paperback): Susan Will, Stephen Handelman, David... How They Got Away With It - White Collar Criminals and the Financial Meltdown (Paperback)
Susan Will, Stephen Handelman, David C. Brotherton
R828 R693 Discovery Miles 6 930 Save R135 (16%) Ships in 12 - 17 working days

A team of scholars with backgrounds in criminology, sociology, economics, business, government regulation, and law examine the historical, social, and cultural causes of the 2008 economic crisis. Essays probe the workings of the toxic subprime loan industry, the role of external auditors, the consequences of Wall Street deregulation, the manipulations of alpha hedge fund managers, and the "Ponzi-like" culture of contemporary capitalism. They unravel modern finance's complex schematics and highlight their susceptibility to corruption, fraud, and outright racketeering. They examine the involvement of enablers, including accountants, lawyers, credit rating agencies, and regulatory workers, who failed to protect the public interest and enforce existing checks and balances. While the United States was "ground zero" of the meltdown, the financial crimes of other countries intensified the disaster. Internationally-focused essays consider bad practices in China and the European property markets and draw attention to the far-reaching consequences of transnational money laundering and tax evasion schemes. By approaching the 2008 crisis from the perspective of white collar criminology, contributors build a more general understanding of the collapse and crystallize the multiple human and institutional factors preventing capture of even the worst offenders.

The European Left and the Financial Crisis (Hardcover): Michael Holmes, Knut Roder The European Left and the Financial Crisis (Hardcover)
Michael Holmes, Knut Roder
R2,442 Discovery Miles 24 420 Ships in 12 - 17 working days

The global financial crisis of 2007-8 did not offer the political and economic opportunities to the left that many thought it would. As financial institutions collapsed, traditional left-wing issues were apparently back on the agenda. However, instead of being a trigger for a resurgence of the left, in many European countries left-wing parties have suffered savage electoral defeat. At the same time, the crisis has led to austerity programmes being implemented across Europe. This book brings together essays that consider ten EU member states, including all bail-out recipients and some of the main 'donor' states, in an examination of this crucial period for the left in Europe from a number of perspectives. Comparisons are presented between the various EU member states, as well as different party families of the left, from social democracy through green left to radical left. -- .

Risk and Liquidity (Hardcover): Hyun Song Shin Risk and Liquidity (Hardcover)
Hyun Song Shin
R1,337 Discovery Miles 13 370 Ships in 12 - 17 working days

This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the recent global financial crisis and he has been a central figure in the policy debates.
The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamics that follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial architecture, financial regulation and monetary policy.
This book will be of interest to all serious students of economics and finance who want to delve beneath the outward manifestations to grasp the underlying dynamics of the boom-bust cycle in a modern financial system - a system where banking and capital market developments have become inseparable.

Broke - What Every American Business Must Do to Restore Our Financial Stability and Protect Our Future (Hardcover): John Mumford Broke - What Every American Business Must Do to Restore Our Financial Stability and Protect Our Future (Hardcover)
John Mumford
R635 R482 Discovery Miles 4 820 Save R153 (24%) Ships in 12 - 17 working days

What principled business leaders can do to solve America's current financial crisis

"Broke "is a startling wake-up call for America and an honest accounting of what our future holds if we don't take charge and change our country for the better. If the business of America is business, then it's up to our business leaders to solve the mess we're in. "Broke "offers practical, nonpolitical, and nonpartisan solutions that every business leader can implement "today "for a better "tomorrow."

Whether you operate a giant corporation or a local small business, you'll find practical steps to limit future risks, strengthen every business, stabilize the current economy, and help turn the country around. Author John Mumford has spent decades helping business leaders turn around failing companies. Now, he helps them to turn around a failing country.Presents bold initiatives and concrete steps every business leader can use to create a better future-for their businesses and for the countryIncludes practical, actionable steps for every business leader who wants to build for the future, while preserving the best of his or her existing enterprise.Shows how business leaders can contribute to the solutions for our problems concerning public debt, the environment, and international relationsOffers a turnaround plan for the country ideal for use by the U.S. Chamber of Commerce, small business organizations, non-profits and others as the centerpiece of a 2010 campaign for America's turnaroundEndorsed by current and former CEO's, top business school leaders, former governors and senators, and leading journalists

Desperate times call for creative, effective measures, not desperation. If you're a business leader, here's how you can do your part.

Business Cycles and Economic Crises - A Bibliometric and Economic History (Hardcover): Niels Geiger, Vadim Kufenko Business Cycles and Economic Crises - A Bibliometric and Economic History (Hardcover)
Niels Geiger, Vadim Kufenko
R3,872 Discovery Miles 38 720 Ships in 12 - 17 working days

Throughout the history of economic thought, interest in business cycles and economic crises has sometimes been observed to rise during times of crises, recessions and depressions. However, the treatment of this topic in the literature has generally been merely anecdotal. This book presents a bibliometric and econometric analysis of the development of business cycle and crises theory and its connection to economic developments, particularly since the early 20th century. The book explores the connection between economic development and the literature, utilising systematic bibliometric and rigorous econometric methods and drawing its data from a wide range of sources. This volume provides quantitative answers to questions which have not previously been subject to a precise and comprehensive empirical analysis. This book will be of great interest to historians of economic thought for its novel treatment of a much-discussed topic, and its well-founded and transparent results.

The South Sea Bubble and Ireland - Money, Banking and Investment, 1690-1721 (Hardcover): Patrick Walsh The South Sea Bubble and Ireland - Money, Banking and Investment, 1690-1721 (Hardcover)
Patrick Walsh
R2,181 Discovery Miles 21 810 Ships in 12 - 17 working days

A study of the first great global stock market crash and and its impact on the peripheries of the British state In late September 1720 the South Sea bubble burst. The collapse of the South Sea Company's share price caused the first great British stock market crash, the repercussions of which were felt far beyond the City of London. PatrickWalsh's book traces for the first time the impact of the rise and fall of the South Sea bubble on the peripheries of the British state. Its primary focus is on Ireland, but Irish developments are placed within a comparative context, with special attention paid to Scotland. Drawing on an impressive array of evidence, including bank ledgers, private correspondence, pamphlets, newspapers, and contemporary literary sources, this book examines not only investment in London but also the impact of the bubble on the fate of non-metropolitan projects in the 'South Sea Year', notably the failed project for an Irish national bank. Central to the book is the lived experience of the bubble and the wider financial revolution. The stories of individual investors - their strategies, speculations, aspirations, gains, losses and misunderstandings - are employed to create a new, more personal narrative of the momentousevents of 1720, showing how they impacted on the lives of the inhabitants of early eighteenth-century Britain and Ireland. Patrick Walsh is Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010).

The Careless State - Wealth and Welfare in Britain Today (Hardcover): Paul Taylor The Careless State - Wealth and Welfare in Britain Today (Hardcover)
Paul Taylor
R2,180 Discovery Miles 21 800 Ships in 12 - 17 working days

This book considers the social and economic damage wrought by neo-liberalism, both in Britain and beyond. Paul Taylor analyzes the effects of the increasing inequalities of income and wealth in recent years, concluding that a wide range of problems for the middle sections of society can be traced to the appearance of a class of the 'uber-rich', the example they set and the demands they make. He takes the view that what has happened is the opposite of the much vaunted 'trickle-down effect'; there is actually a 'trickle-up effect' not only in the distribution of wealth but also in the ownership of property and access to education, medicine and the law. He goes on to look at the government's failure to deal effectively with these problems, putting them in the context of the need to deal with the threat of terrorism and the effects of globalization. The book is highly relevant to the current crisis in the global financial system, especially with regard to its effects in the UK and USA, but it places that crisis in the context of wider developments.

The Systemic Nature of the Economic Crisis - The perspectives of heterodox economics and psychoanalysis (Hardcover): Arturo... The Systemic Nature of the Economic Crisis - The perspectives of heterodox economics and psychoanalysis (Hardcover)
Arturo Hermann
R4,307 Discovery Miles 43 070 Ships in 12 - 17 working days

The most prominent aspect of the current financial crisis is its systemic character which manifests itself in high levels of inequality, rampant unemployment, economic and social insecurity and environmental decay. This book explores the potential of a pluralistic and interdisciplinary approach for a deeper understanding of the manifold aspects of the economic crisis. This book examines the potential of a number of contributions from heterodox economics and psychoanalysis in providing a deeper understanding of these problems. The book analyses some of the most debated aspects of the concepts of market, democracy and socialism and explores the role of structural ties between economic, social and psychological aspects of collective life. It also addresses the main economic aspects of the crisis and pays particular attention to a number of structural imbalances, and to the psychological interpretation of these phenomena. By drawing together approaches from heterodox economics and psychoanalysis, this book adopts a pluralist and interdisciplinary approach to the study of these phenomena and manages to overcome the fragmentation so often present in social sciences.

The Dialectics of Liquidity Crisis - An Interpretation of Explanations of the Financial Crisis of 2007-08 (Hardcover): Chris... The Dialectics of Liquidity Crisis - An Interpretation of Explanations of the Financial Crisis of 2007-08 (Hardcover)
Chris Jefferis
R4,430 Discovery Miles 44 300 Ships in 12 - 17 working days

This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky's Financial Instability Hypothesis (FIH) to the financial crisis of 2007-08. Arguing that most theories of financial crisis, including Minsky's own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007-08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky's theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007-08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007-08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007-08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.

The Federal Reserve's Role in the Global Economy - A Historical Perspective (Paperback): Michael D. Bordo, Mark A. Wynne The Federal Reserve's Role in the Global Economy - A Historical Perspective (Paperback)
Michael D. Bordo, Mark A. Wynne
R1,033 Discovery Miles 10 330 Ships in 12 - 17 working days

The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past one hundred years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers.

The Great Rebalancing - Trade, Conflict, and the Perilous Road Ahead for the World Economy - Updated Edition (Paperback,... The Great Rebalancing - Trade, Conflict, and the Perilous Road Ahead for the World Economy - Updated Edition (Paperback, Revised edition)
Michael Pettis; Preface by Michael Pettis
R481 R401 Discovery Miles 4 010 Save R80 (17%) Ships in 10 - 15 working days

China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects.

Demonstrating how economic policies can carry negative repercussions the world over, "The Great Rebalancing" sheds urgent light on our globally linked economic future.

Risky Business - Why Insurance Markets Fail And What To Do About It (Paperback): Liran Einav, Amy Finkelstein, Ray Fisman Risky Business - Why Insurance Markets Fail And What To Do About It (Paperback)
Liran Einav, Amy Finkelstein, Ray Fisman
R530 R424 Discovery Miles 4 240 Save R106 (20%) In Stock

An engaging and accessible examination of what ails insurance markets—and what to do about it—by three leading economists.

Why is dental insurance so crummy? Why is pet insurance so expensive? Why does your auto insurer ask for your credit score? The answer to these questions lies in understanding how insurance works. Unlike the market for other goods and services—for instance, a grocer who doesn’t care who buys the store’s broccoli or carrots—insurance providers are more careful in choosing their customers, because some are more expensive than others.

Unraveling the mysteries of insurance markets, Liran Einav, Amy Finkelstein, and Ray Fisman explore such issues as why insurers want to know so much about us and whether we should let them obtain this information; why insurance entrepreneurs often fail (and some tricks that may help them succeed); and whether we’d be better off with government-mandated health insurance instead of letting businesses, customers, and markets decide who gets coverage and at what price. With insurance at the center of divisive debates about privacy, equity, and the appropriate role of government, this book offers clear explanations for some of the critical business and policy issues you’ve often wondered about, as well as for others you haven’t yet considered.

Political Governance of Capitalism - A Reassessment Beyond the Global Crisis (Hardcover): Helmut Willke, Gerhard Willke Political Governance of Capitalism - A Reassessment Beyond the Global Crisis (Hardcover)
Helmut Willke, Gerhard Willke
R2,718 Discovery Miles 27 180 Ships in 12 - 17 working days

The global financial crisis has uncovered disastrous gaps in the governance of capitalism. This timely book argues for encompassing and intelligent forms of political governance of capitalism to mitigate against the possibility of future global systemic risk. This path-breaking book highlights that systemic risks emerge from a globally operating financial industry that is not only disconnected from the real economy but also allowed to hide in 'shadow banking' practices. Governance based on national regimes fails to cover 'finance-led' global capitalism. The authors argue that the risk of systemic meltdown will reappear unless intelligent governance regimes are installed, combining legally binding rules and civil society pressures to restore the balance between risk-taking and accountability. They illustrate the goal is 'resilient' capitalism in which the rules of the game are set by politics and knowledge-based discourse. Political Governance of Capitalism will prove invaluable for graduate and post-graduate students interested in economy, political science, political economy, globalization, global governance, sociology, and financial sciences.

Capital Failure - Rebuilding Trust in Financial Services (Hardcover): Nicholas Morris, David Vines Capital Failure - Rebuilding Trust in Financial Services (Hardcover)
Nicholas Morris, David Vines
R3,498 R2,859 Discovery Miles 28 590 Save R639 (18%) Ships in 12 - 17 working days

Adam Smith's 'invisible hand' relied on the self-interest of individuals to produce good outcomes. Economists' belief in efficient markets took this idea further by assuming that all individuals are selfish. This belief underpinned financial deregulation, and the theories on incentives and performance which supported it. However, although Adam Smith argued that although individuals may be self-interested, he argued that they also have other-regarding motivations, including a desire for the approbation of others. This book argues that the trust-intensive nature of financial services makes it essential to cultivate such other-regarding motivations, and it provides proposals on how this might be done. Trustworthiness in the financial services industry was eroded by deregulation and by the changes to industry structure which followed. Incentive structures encouraged managers to disguise risky products as yielding high returns, and regulation failed to curb this risk-taking, rent-seeking behaviour. The book makes a number of proposals for reforms of governance, and of legal and regulatory arrangements, to address these issues. The proposals seek to harness values and norms that would reinforce 'other-regarding' behaviour, so that the firms and individuals in the financial services act in a more trustworthy manner. Four requirements are identified which together might secure more strongly trustworthy behaviour: the definition of obligations, the identification of responsibilities, the creation of mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner. Financial reforms at present lack sufficient focus on these requirements, and the book proposes a range of further actions for specific parts of the financial industry.

Cities in Crisis - Socio-spatial impacts of the economic crisis in Southern European cities (Paperback): Joerg Knieling, Frank... Cities in Crisis - Socio-spatial impacts of the economic crisis in Southern European cities (Paperback)
Joerg Knieling, Frank Othengrafen
R1,077 R907 Discovery Miles 9 070 Save R170 (16%) Ships in 12 - 17 working days

In recent years, European societies and territories have witnessed the spatial impacts of a severe financial and socio-economic crisis. This book builds on the current debate concerning how cities and urban regions and their citizens deal with the consequences of the recent financial and socio-economic crisis. Cities in Crisis examines the political and administrative implications of austerity measures applied in southern European cities. These include cuts in local public spending and the processes of privatization of local public assets, as well as issues related to the re-scaling, recentralization or decentralization of competencies. Attention is paid to the rise of new 'austerity regimes', the question of their legitimacy and their spatial manifestations, and in particular to the social consequences of austerity. The contributions to this book lay the foundation for recommendations on how to improve and consolidate qualified governance arrangements in order to better address rapid economic and social changes. Such recommendations are applicable to cities and urban regions both within and outside of Europe. It identifies possible approaches, tools and partnerships to tackle the effects of the crisis and to prepare European cities for future challenges.

The Malaysian Banking Industry - Policies and Practices after the Asian Financial Crisis (Hardcover): Rozaimah Zainudin, Chan... The Malaysian Banking Industry - Policies and Practices after the Asian Financial Crisis (Hardcover)
Rozaimah Zainudin, Chan Sok-Gee, Aidil Rizal Shahrin
R1,638 Discovery Miles 16 380 Ships in 12 - 17 working days

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.

1931 - Debt, Crisis, and the Rise of Hitler (Paperback): Tobias Straumann 1931 - Debt, Crisis, and the Rise of Hitler (Paperback)
Tobias Straumann
R355 Discovery Miles 3 550 Ships in 12 - 17 working days

Germany's financial collapse in the summer of 1931 was one of the biggest economic catastrophes of modern history. It led to a global panic, brought down the international monetary system, and turned a worldwide recession into a prolonged depression. The crisis also contributed decisively to the rise of Hitler. Within little more than a year of its onset, the Nazis were Germany's largest political party at both the regional and national level, paving the way for Hitler's eventual seizure of power in January 1933. The origins of the collapse lay in Germany's large pile of foreign debt denominated in gold-backed currencies, which condemned the German government to cut spending, raise taxes, and lower wages in the middle of a worldwide recession. As political resistance to this policy of austerity grew, the German government began to question its debt obligations, prompting foreign investors to panic and sell their German assets. The resulting currency crisis led to the failure of the already weakened banking system and a partial sovereign default. Hitler managed to profit from the crisis because he had been the most vocal critic of the reparation regime responsible for the lion's share of German debts. As the financial system collapsed, his relentless attacks against foreign creditors and the alleged complicity of the German government resonated more than ever with the electorate. The ruling parties that were responsible for the situation lost their credibility and became defenceless in the face of his onslaught against an establishment allegedly selling the country out to her foreign creditors. Meanwhile, these creditors hesitated too long to take the wind out of Hitler's sails by offering debt relief. In this way, a financial crisis soon developed into a political catastrophe for both Europe and the world.

Financial Regulation in Crisis? - The Role of Law and the Failure of Northern Rock (Hardcover): Joanna Gray, Orkun Akseli Financial Regulation in Crisis? - The Role of Law and the Failure of Northern Rock (Hardcover)
Joanna Gray, Orkun Akseli
R2,465 Discovery Miles 24 650 Ships in 12 - 17 working days

The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis.This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers. Contributors include: O. Akseli, A. Campbell, F. De Cecco, J. Gray, J. Hamilton Contents: Introduction; 1. Securitisation: Was Securitisation the Culprit?; 2. Risk-based Financial Regulation Before and After Northern Rock; 3. Depositor Protection in the UK Before and After the Run on Northern Rock; 4. Bank Rescue Mechanisms in the UK: Before and After Northern Rock; 5. State Aid Implications of the Nationalisation of Northern Rock

The End of Finance (Hardcover): M. Amato The End of Finance (Hardcover)
M. Amato
R1,782 Discovery Miles 17 820 Ships in 10 - 15 working days

This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance.The 'end' or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole.The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.

The First Great Recession of the 21st Century - Competing Explanations (Hardcover): Oscar Dejuan, Eladio Febrero, Maria... The First Great Recession of the 21st Century - Competing Explanations (Hardcover)
Oscar Dejuan, Eladio Febrero, Maria Cristina Marcuzzo
R3,148 Discovery Miles 31 480 Ships in 12 - 17 working days

The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important analysis from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Fourteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models. This fascinating and thought-provoking volume will prove a challenging read for academics, students and researchers in the fields of economics, money, finance and banking, and the history of economics. It will also prove invaluable for economic policymakers at all levels.

Better World is Possible, A (Paperback): Bruce Nixon Better World is Possible, A (Paperback)
Bruce Nixon
R462 Discovery Miles 4 620 Ships in 12 - 17 working days

This book is about the global environmental and economic crisis. It challenges the whole global economic system and its underlying beliefs, assumptions and values. We need a complete system transformation, a paradigm shift. This requires holistic and whole system thinking. It is a thoroughly hopeful book. The focus is on the possibility of a better world, a more fulfilling way of life, rather than what's wrong or what we have to give up. Could this book be the best one on the global environmental and economic crisis? The central argument is that we, ordinary people - 6.7 billion of us - need to use our people power to bring about a sustainable, fairer and non-violent world. This means putting our governments under constant pressure to do more and represent citizens' interests and not those of big business. There are many books about the global crisis. But few, aimed at empowering ordinary people, take a holistic approach. It is for those many people who are concerned, open minded and ready to act.

Early Warning and Quick Response - Accounting in the Twenty-First Century (Hardcover, New): David Mosso Early Warning and Quick Response - Accounting in the Twenty-First Century (Hardcover, New)
David Mosso
R2,193 Discovery Miles 21 930 Ships in 12 - 17 working days

This book contends that the current accounting model, which is used worldwide, and the current accounting standard setting process are seriously deficient. The book describes the deficiencies in an historical context and proposes two complete new models to correct the deficiencies. One is an accounting model called the 'wealth measurement early warning model'. The other is a standard setting process model called the 'quick response model'. The new models are revolutionary and controversial. They are revolutionary in the sense of imposing extensive changes on the accounting establishment, but also because they have three characteristics that are totally absent in the current system: they are simple to understand and apply; they are quick to answer questions about new situations; and, they are reflective of economic events as they occur.

Global Economic Crisis - The Great Depression of the XXI Century (Paperback): Michel Chossudovsky, Andrew Gavin Marshall Global Economic Crisis - The Great Depression of the XXI Century (Paperback)
Michel Chossudovsky, Andrew Gavin Marshall
R599 R436 Discovery Miles 4 360 Save R163 (27%) Ships in 12 - 17 working days

In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The meltdown of financial markets was the result of institutionalised fraud and financial manipulation. The economic crisis is accompanied by a world-wide process of militarisation, a war without borders led by the U.S. and its NATO allies. This book takes the reader through the corridors of the Federal Reserve, into the plush corporate boardrooms on Wall Street where far-reaching financial transactions are routinely undertaken. Each of the authors in this timely collection digs beneath the gilded surface to reveal a complex web of deceit and media distortion which serves to conceal the workings of the global economic system and its devastating impacts on people's lives.

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