This volume presents a clear and concise explanation of why the American banking crisis of 1933 occurred. The bulk of the book analyses the actual events of the final major panic which was ushered in by the closing down of the banks in the State of Michigan on February 14, 1933. The following three weeks made history and events happened so fast that years of banking history seemed to be compressed into as many days. The events are set within an historical context which enables the reader to see the panic in relation to what came before it.

This is widely acknowledged as a scholarly and well-documented study of early banking in England. It bridges gaps in the early history of English banking and deals with the operations of the pre-Bank of England bankers, the evolution of English paper money and the remarkable transactions of the early directors of the Bank of England. Although the main body of the book concentrates on the 16th and 17th centuries, the volume includes a brief survey of English banking in the 18th and early 19th centuries.

Global payments imbalances and the rise of emerging economies provide the background to this analysis of risk exposure and near-insolvency at the world's major banks. Emerging Risk was published in 1985, three years after the first international banking crisis of the post-War era, but prior to resolution after 1989 of the underlying sovereign debt overhang. With episodes of international financial instability punctuating the following quarter century until the Lehman collapse of 2008, this re-issue will contribute to the historical perspective on modern diagnoses of policy weakness and financial sector excess that is clearly needed. Whereas OPEC price increases in the 1970s were a source of the earlier global imbalances, Chinese surpluses and those occasioned by her rapid growth among commodity and oil producing countries are today's equivalents. Emerging Risk documents the earlier poor employment of surplus funds 'recycled' to Latin America, much as the failure of the USA and others to use Asian financing productively is now evident. The role of the main global banking institutions in each of these outcomes reveals common threads. As a reading of Emerging Risk will confirm, both the special consequences of free competition in a global banking market, and the perverse incentives inherent in the remuneration of loan officers, were clearly present in the mid-1980s. The interaction of regulation and the competitive response of banks to produce increased reliance on wholesale borrowing and lending, together with enhanced gearing, have clear echoes in modern debates over the consequences of the Basel provisions.

When it was originally published this volume was the first comprehensive survey of the experience of Islamic banking throughout the Muslim world in Turkey, Egypt, Kuwait, Jordan, Sudan, iran, Pakistan and Saudi Arabia. Drawing comparisons between the countries in economic terms, it shows that the success of Islamic banks to a large extent reflects the immediate political environment. The complete Islamization of the financial systems of the more fundamentalist countries of Iran and Pakistan is compared with the divide between conventional interest-based systems and the new Islamic banks in Kuwait, Turkey, Egypt, Sudan and Jordan.

Islamic Financial Markets explores both international Islamic finance and the national markets in which Islamic banks operate, raising for the first time the issue of competition in Islamic banking. It also looks to the future, to retail development and wholesale possibilities which seem to be the next step forward in Islamic finance. Setting the subject in historical, religious and economic perspective, the book offers a comprehensive survey of the successful adaptation of an ancient financial system to meet the requirements of modern commerce.

This book provides a comparative analysis of the several types of banking structure and the ways in which banks undertake their business. It surveys central banking arrangements in a number of countries. Against an historical background, it describes banking systems ranging from the so-called 'unit banking' of the USA to the branch banking arrangements that derive from British experience, as well as many systems in between. The business of banking is analysed comparatively within the framework of a simplified bank balance sheet, special attention being given to industrial banking and to assets and liabilities management. It explores how money markets function and, within this framework, how central banks operate and attempt to implement monetary and credit policy. The book includes the results of extensive new research, part of which involved interviewing many key figures throughout the banking industry.

Directed both at students of international finance and practitioners in the field, the book stresses the importance of treating the analysis of sovereign risk in a more general framework than is typically the case, identifying the components of both the demand and supply of sovereign loans. The author also discusses the link between the unique aspects of sovereign lending, the interdependence of the international banking system and the potential instability in the world financial system.

The need for continued analysis and evaluation of the international financial system is as pressing now as it was when this book was originally published. This volume provides an in-depth analysis of certain aspects of the international financial system. Specifically it addresses four of the most important financial and monetary issues of the present time: exchange rate, capital markets, international banking and external debt and international financial management.

This volume examines various banking systems from around the world as well as the mechanisms of international and central banking. Although inevitably a reflection of the banking landscape at the time it was originally published, the book nonetheless represents a valuable tool in providing information on the history of banks and the banking sector which laid the foundations of the system we know today.

Charting developments in one of the most turbulent periods of economic history, this far reaching volume covers the problems facing the major economies of Europe in the inter-war years. It also discusses global economic policies and the crises for the world 's major currencies. Although it covers complex themes, the book is written in an accessible way even for the non-specialist.

The four decades of neoliberalism, globalisation and financialisation have produced crises - financial and pandemic - and rising inequality. The climate emergency threatens the future of the planet. This book explores many dimensions of the background to these crises. There is the development of policy agendas to address the climate emergency. The rise in inequality is studied in terms of impacts of financialisation and the relationships between growth and inequality. The record of the neoliberal experiment in the USA is critically examined. The roles of financial institutions including public banks and micro-finance are explored, as is the need for improved financial oversight in the Economic and Monetary Union. The growth of global value chains has been a major aspect of globalisation, and the question is examined of whether such chains provide a ladder for development. Globalisation has also featured trade imbalances and large capital flows, and their causes and effects are examined with respect to China and South Africa respectively. This volume will be of great value to students, scholars and professionals interested in political economy, economic thought, climate change, sustainability and business studies. The chapters in this book were originally published as a special issue of the journal, International Review of Applied Economics.

The spectacular economic performance of China, East Asia and India during the last ten years has ignited some profound changes in the world economy. The share of global demand, investments, trade and production of the traditional industrialized powers, the US, Europe and Japan, has gradually yet continuously declined. This rise of China also has implications for Latin America. On the one hand, booming Chinese demand for raw materials and food has sustained the economic performance of Latin America during the last decade. On the other hand, the competitiveness of China and as a hub for advanced manufacturing is threatening Latin America's attempt to diversify its economy from its dependence on the export of natural resource-based goods. Most Latin American countries are not however waiting passively for their economies to become ever more reliant on high prices for food, minerals and oil. Leveraging the economic and political stability that they achieved during the last decades, many countries in the region, such as Brazil, Chile, Colombia, Costa Rica and Uruguay, are attempting to capture the growing market for knowledge intensive products and services by breeding their own Silicon Valleys. This book discusses the promotion of ICT clusters in Latin America by analyzing the development of the Costa Rican cluster in particular, an often celebrated case of successful policy in the region. Costa Rica, a small country traditionally known for its coffee and wildlife, managed to build an information technology cluster within ten years, becoming the leading producer of ICT per capita in Latin America. Studying the Costa Rican case provides a solid starting point for understanding the challenges of building ICT clusters in Latin America.

This book examines and explains the intellectual capital reporting practices, with a human capital focus, of firms located in the developing nation of Sri Lanka. The study ascertains the following: first, to what extent the industry groups, based on the number of shareholders, differ in their ICR practices; and second, to what extent firms in Sri Lanka differ from counterparts in other nations in their intellectual capital reporting practices. An important aspect of this book is looking at the practices from a critical perspective to providing a more balanced view of 'good' and 'bad' effects of intellectual capital. The book meticulously outlines an extensive literature review, research methods, the theoretical perspective, findings with an engaging discussion, and concluding remarks. Indra Abeysekera's fine research project is an impressive contribution to an emerging area of interest throughout academia and industry.

While there were many factors that triggered the widespread financial crisis of 2008-2010, at least one may have been increasing inequality in the United States economy. With the distributional divide wider than at any time since the Great Depression, the wealthy poured money into increasingly speculative investments even as those at the bottom of the income distribution borrowed just to stay above water.

Long before the national meltdown helped to make this point, the notion that inequality might actually damage economic growth was gaining ground at another geographic level: that of the metropolitan region. Throughout the US, many key metropolitan actors, including collaboratives of business, civic and community leaders, have accepted the notion that a more inclusive economic approach could actually shore up the social consensus and human capital needed to compete in a global economy.

So what are the possibilities for this "Just Growth"? This book seeks to address this and other key questions with a combination of quantitative and qualitative analysis. Utilizing a sample of the largest 192 metropolitan regions in the United States, the authors use a quantitative approach to identify those regions with above average performance in terms of economic growth and social equity indicators, and conduct regression-style analysis to explore the demographic, political and economic determinants behind the phenomenon.

Breaking new ground in its innovative blend of quantitative and qualitative methods, the book essentially argues that another sort of growth is indeed possible. While offering specific insights for regional leaders and analysts of metropolitan areas, the authors also draw a broader - and quite timely - set of conclusions about how to scale up these efforts to address a U.S. economy still seeking to recover from economic crisis and ameliorate distributional divisions.

The recent global economic crisis has drawn a spotlight on the world of finance. Financial exchanges are changing, and this insightful, new book examines the manner and reasons for these changes.

Financial Exchanges: A Comparative Approach offers an in-depth analysis of this sector. Surveying thirty different financial exchanges, including stock, derivative, commodity and offshore exchanges, this book examines the challenges they face and the ways in which they are adapting. The book includes a pertinent chapter on the dominance of derivatives, examining a number of derivative exchanges in detail.

Taking in a host of international exchange powerhouses, including those in Hong Kong, Shanghai, London, New York and the Persian Gulf, this book will benefit students taking courses on financial markets and institutions, as well as professionals interested in international financial markets.

The recent global economic crisis has drawn a spotlight on the world of finance. Financial exchanges are changing, and this insightful, new book examines the manner and reasons for these changes.

Financial Exchanges: A Comparative Approach offers an in-depth analysis of this sector. Surveying thirty different financial exchanges, including stock, derivative, commodity and offshore exchanges, this book examines the challenges they face and the ways in which they are adapting. The book includes a pertinent chapter on the dominance of derivatives, examining a number of derivative exchanges in detail.

Taking in a host of international exchange powerhouses, including those in Hong Kong, Shanghai, London, New York and the Persian Gulf, this book will benefit students taking courses on financial markets and institutions, as well as professionals interested in international financial markets.

An action-driven approach to assessing, creating, and protecting value

"The timing for publication of Eleanor Bloxham’s Economic Value Management is providential. We are assailed by the reality that the board of directors of leading companies have approved, no, have directed, accounting practices that inflate the reported earnings but that lack economic substance. Audit firms in search of personal wealth have been selling ‘earnings’ from their consulting division to their full client list. This volume is uniquely couched to restore integrity to the financial understanding of corporate functioning. If you want–and you should–to start getting American business back on the right track, you should read this book."–Robert A. G. Monks, Publisher of www.ragm.com and several books about corporate governance

"Educated investors are essential to successfully functioning capital markets. At this critical time in our financial history, restoring the confidence in our financial system lost over the past year will depend upon financial advisors and investors truly understanding the companies they invest in. As Economic Value Management shows, being educated means more than understanding the unique language of the stock market, it is more than reading a prospectus or an annual report, it is more than listening to an analyst’s opinions. Being educated requires a genuine understanding of the value of a company."– Mary L. Schapiro, Vice Chairman, President, Regulatory Policy and Oversight, NASD (National Association of Securities Dealers)

"Economic Value Management would have limited much of the economic turmoil we have experienced in the last eighteen months. It is the way a company should be managed."– John McCoy, Chairman of Battelle Memorial Institute, retired Chairman and CEO of Bank One Corporation

"Nothing could be more appropriate and needed at this time in history than understanding how decisions affect corporate economic value. Eleanor Bloxham’s exploration of this issue is clear, easy to follow, and thorough in its breadth. Had corporate officers used economic value management techniques throughout their organizations and investors focused on such issues, there would have been much greater rationality in the stock market with much less eventual bloodletting. Indeed, in the aftermath of recent disclosures, the focus on Economic Value Management metrics should increase substantially, and this book provides a solid foundation for understanding such an approach."–Joseph A. Alutto, Dean and John W. Berry Sr., Chair in Business, Fisher College of Business, The Ohio State University

Spanning over two millennia of time and five continents of space, this book narrates the unfolding of financial and business reporting. The first part of the book traces the origin of the 'company' as a form of organization and the evolution of bookkeeping. The second part: The Accounting Edifice, depicts events that led to the disclosure of the balance sheet, the profit and loss account, cash flow statements and the practice of auditing. In the third part: Reaching out to the Shareholders, the author explores the need for governance, reporting of intangible assets and the emergence of annual reports. Indian Corporate Disclosures, the fourth and the last part, sketches the panorama of post-independent dvelopments in Indian corporate disclosures using heritage IT companies, Wipro and Infosys as examples. The last chapter of the book contrasts disclosures by the Indian Sensex companies in 2007 with the best global practices.

Given the rapid pace of development in economics and finance, a concise and up-to-date introduction to mathematical methods has become a prerequisite for all graduate students, even those not specializing in quantitative finance. This book offers an introductory text on mathematical methods for graduate students of economics and finance-and leading to the more advanced subject of quantum mathematics. The content is divided into five major sections: mathematical methods are covered in the first four sections, and can be taught in one semester. The book begins by focusing on the core subjects of linear algebra and calculus, before moving on to the more advanced topics of probability theory and stochastic calculus. Detailed derivations of the Black-Scholes and Merton equations are provided - in order to clarify the mathematical underpinnings of stochastic calculus. Each chapter of the first four sections includes a problem set, chiefly drawn from economics and finance. In turn, section five addresses quantum mathematics. The mathematical topics covered in the first four sections are sufficient for the study of quantum mathematics; Black-Scholes option theory and Merton's theory of corporate debt are among topics analyzed using quantum mathematics.

During the last ten years the Islamic banking sector has grown rapidly, at an international level, as well as in individual jurisdictions including the UK. Islamic finance differs quite substantially from conventional banking, using very different mechanisms, and operating according to a different theory as it is based on Islamic law. Yet at the same time it is always subject to the law of the particular financial market in which it operates. This book takes a much-needed and comprehensive look at the legal and regulatory aspects which affect Islamic finance law, and examines the current UK and international banking regulatory frameworks which impact on this sector. The book examines the historical genesis of Islamic banking, looking at how it has developed in Muslim countries before going on to consider the development of Islamic banking in the UK and the legal position of Islamic banks within English law. The book explores company, contract, and some elements of tax law and traces the impact it has had on the development of Islamic banking in the UK, before going on to argue that the current legal and regulatory framework which affects the Islamic banking sector has on certain occasions had an unintended adverse impact on Islamic banking in the UK. The book also provides an overview of the Malaysian experience in relation to some of the main legal and regulatory challenges in the context of Islamic banking and finance.

First Published in 1980, The Foundations of Nigeria's Financial Infrastructure presents a comprehensive overview of different aspects of Nigeria's financial developments. Divided in five parts this book brings twenty-one chapters dealing with themes like Nigeria's traditional financial system; fundamental problems of banking in Nigeria; the banking system and the financial market; aspects of public and private sectors' finance; revenue allocation in Nigeria; Nigerian currency system; Nigeria's balance of payments and external liquidities; development in Nigeria's external assets, and Nigeria and the International Monetary Fund, to showcase the catalytic role of the financial system in economic development. This volume will be useful for scholars and researchers of public finance, finance, economics, political economy, development economics and development studies.

This book focuses on the comprehensive grasp and analysis of the financial data of ZLCs in 2020 and in-depth observations by ZLCA for many years. This book objectively presents the capital market distribution, overall scale, profitability, innovation ability and social contribution of ZLCs from multiple dimensions and carries out thematic analysis and research on the high proportion of accounts receivable to current assets in ZLCs in recent years, aiming at objectively presenting their competitive strength and development status. Whether you are an investor, an economic researcher or the general public interested in Z-Park, this book is an important way for you to understand the latest development of Z-Park and the high-quality listed companies in Z-Park.

Learn how to maximize value and increase efficiency in Xero with basics and best practices Xero: A Comprehensive Guide for Accountants and Bookkeepers is a how-to guide for Xero's US-based advisors. Xero is rapidly gaining traction as an accounting and bookkeeping software, as competitors' strategic changes have left professional advisors looking for an alternative. The rapid adoption of cloud technology by businesses has left many accountants and bookkeepers in need of a guide to quickly gain the Xero skillset. This book covers all features available in the Established subscription plan in Xero. You'll walk through the technical details of how to take advantage of everything Xero has to offer. In addition to introducing you to the basics of using Xero, this book provides best practices that will help you streamline bookkeeping workflows and leverage this cloud-based accounting platform. Author Amanda Aguillard also connects the dots between accounting theory and the Xero interface and features, so you will understand exactly why you're doing what you're doing. In today's cloud computing world, we need all our tech tools to play nicely together, and this book delivers on that goal, showing you how to integrate Xero to your other software for seamless operation. Master Xero's interface and features--specific for the US version of the software Learn how to integrate Xero with other cloud-based software Discover best practices that can help you maximize the value you get from using Xero Access the companion website, full of templates for reports, invoices, bills with payments, and more Xero: A Comprehensive Guide for Accountants and Bookkeepers, along with its companion website, is your one-stop resource for becoming fluent in the features and functionalities of this global accounting software platform.

Discover 282 marketing and sales strategies proven to make more money for you!

A self-made multimillionaire and business development expert, Brad Sugars helps you identify your company's hidden "goldmines," dramatically boost your bottom line, and get on the fasttrack to big profits. And best of all, these crystal-clear, bite-sizedlessons can be put to work in your business immediately! Discover how to: Generate hundreds of promising new leadsIncrease your conversion rate of leads to salesMaximize the value of your average saleMeasure your results and fine-tune your best strategies

Get real results right now when you discover all that Instant Success has to offer!

Instant Advertising * Instant Leads * Instant Profit * Instant Promotions * Instant Referrals * Instant Repeat Business * Instant Sales * Instant Systems * Instant Team Building * The Business Coach * The Real Estate Coach * Successful Franchising * Billionaire in Training

Fractional Brownian motion (fBm) is a stochastic process which deviates significantly from Brownian motion and semimartingales, and others classically used in probability theory. As a centered Gaussian process, it is characterized by the stationarity of its increments and a medium- or long-memory property which is in sharp contrast with martingales and Markov processes. FBm has become a popular choice for applications where classical processes cannot model these non-trivial properties; for instance long memory, which is also known as persistence, is of fundamental importance for financial data and in internet traffic. The mathematical theory of fBm is currently being developed vigorously by a number of stochastic analysts, in various directions, using complementary and sometimes competing tools. This book is concerned with several aspects of fBm, including the stochastic integration with respect to it, the study of its supremum and its appearance as limit of partial sums involving stationary sequences, to name but a few. The book is addressed to researchers and graduate students in probability and mathematical statistics. With very few exceptions (where precise references are given), every stated result is proved.