Public private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money. The author analyses the extensive use of PPPs for hospitals and transport megaprojects and outlines the key challenges to implementing them, shaping the future direction of the PPP model. Exploring the psychological influences on decision-making, the book also puts a new focus on the people delivering the project; it is not only a matter of selecting the right model. Professor Lewis concludes that, although the PPP model remains problematic, if chosen appropriately every procurement approach has its place in good policy. Providing an in-depth exploration of the features of PPPs and the complexities of megaprojects, Rethinking Public Private Partnerships will be of considerable interest to academics and students of public policy, economic regulation and governance, and public finance. Its re-assessment of the field will also prove invaluable for government procurers, advisory firms and PPP experts.

Judaism, Christianity and Islam all impose obligations and constraints upon the rightful use of wealth and earthly resources. All three of these religions have well-researched views on the acceptability of practices such as usury but the principles and practices of other, non-interest, financial instruments are less well known. This book examines each of these three major world faiths, considering their teachings, social precepts and economic frameworks, which are set out as a guide for the financial dealings and economic behaviour for their adherents. Religion and Finance explores the histories, denominational compositions and fundamental beliefs of each of the three religions and examines a host of key issues surrounding their relationship to finance. Consideration is given to the development of the generally disfavoured practices such as usury, and the various instruments of sales-based debt, partnerships and equity-based financial practices allowed by these religions are examined, alongside a discussion of their socio-economic teachings and traditions. This well-written, well-constructed, analysis of the financial thought of Judaism, Christianity and Islam, with its insightful analysis of key financial instruments and economic practices, will be an invaluable book for anyone who is interested in, or studying, the three major Abrahamic religions and their financial practices and philosophies.

This path-breaking book considers the recent trend for governments to look increasingly to private sector finance, provided by private enterprises constructing and managing public infrastructure facilities in partnership with government bodies. One outstanding feature of the book is that it brings together an academic assessment of this phenomenon with practitioner-based experience of organizing partnerships and advising government bodies in Australia, Canada, Continental Europe, Hong Kong and the UK. While the volume, as a whole, draws on this extensive experience of the market, there are also a number of specific case studies. Developments in the major advanced countries are covered, along with the potential for public private partnerships in developing countries and transition economies. Combining practitioner knowledge and academic perspective and integrating engineering, economics and finance literature, Public Private Partnerships will be of great interest to economists, engineers, investment banks and government bodies.

This important collection presents an authoritative selection of papers on public private partnerships. The literature is relatively new, and draws on the disciplines of both economics and engineering. As well as examining the recent experience of these schemes - whose evolution has accelerated in recent years - this insightful collection also considers the intellectual origins of the concept, and investigates the organisational and risk management aspects of PPPs. It will be an essential source of reference for all those with an interest in this topical subject. 36 articles, dating from 1991 to 2003

This path-breaking book considers the recent trend for governments to look increasingly to private sector finance, provided by private enterprises constructing and managing public infrastructure facilities in partnership with government bodies. One outstanding feature of the book is that it brings together an academic assessment of this phenomenon with practitioner-based experience of organizing partnerships and advising government bodies in Australia, Canada, Continental Europe, Hong Kong and the UK. While the volume, as a whole, draws on this extensive experience of the market, there are also a number of specific case studies. Developments in the major advanced countries are covered, along with the potential for public private partnerships in developing countries and transition economies. Combining practitioner knowledge and academic perspective and integrating engineering, economics and finance literature, Public Private Partnerships will be of great interest to economists, engineers, investment banks and government bodies.

Ponzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: 'How do Ponzi schemes work and why are they successful?' Lewis also provides useful answers to a third question: 'What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?''' - Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility'Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A 'must read' for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.' - Eva Lomnicka, Dickson Poon School of Law, King's College London, UK 'Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how 'victims' get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.' - Kevin Davis, University of Melbourne, Australia A Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements. The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand. Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.

This book provides an up-to-date study of public infrastructure in terms of the selection, procurement and delivery of projects. There is widespread acceptance that infrastructure is vital and needs increasing, yet less agreement about how it should be funded and procured. This book assesses in detail the features of various procurement options while also providing a framework for comparing their advantages and disadvantages. Drawing on international experiences and case studies, Darrin Grimsey and Mervyn Lewis consider some of the best and worst examples of public-private partnerships, new funding methods and infrastructure megaprojects. By offering a conceptual basis for infrastructure decision-making, the authors identify ways to improve infrastructure procurement processes. Focusing on urbanization as a driver of innovation in infrastructure, both the historical context and the future prospects of public infrastructure are analysed. Significantly, the book also examines China's ambitious plans to create a 'high-speed rail economy' and its Belt and Road Initiative across Asia that offers an interesting contrast to infrastructure developments in the United States and other advanced economies. Global Developments in Public Infrastructure Procurement is an essential source of reference for academics and students of economics, public sector finance and urban infrastructure.

Ponzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: 'How do Ponzi schemes work and why are they successful?' Lewis also provides useful answers to a third question: 'What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?''' - Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility'Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A 'must read' for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.' - Eva Lomnicka, Dickson Poon School of Law, King's College London, UK 'Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how 'victims' get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.' - Kevin Davis, University of Melbourne, Australia A Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements. The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand. Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.

From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty. This timely volume analyses these matters and considers the range of new products, discussing both conceptual and practical dimensions.The expert contributors examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community's well-being. The volume explores in detail the nature of Islamic banking products and their risk elements, how the system differs from conventional banking in theory and practice, and how Islamic financial institutions are rated and regulated. It also connects Islamic finance to the mainstream theoretical literature on financial intermediation whilst exploring its differences. Offering a detailed examination of the risk and regulation of Islamic banking products, this unique volume will be of great interest to Islamic and Western universities with courses in Islamic studies and finance. Islamic research centers and training institutes, central banks and Islamic regulatory agencies will also find this a valuable resource. Contributors: M. Ariff, M.A.M. Ayob, O.I. Bacha, Z. Hassan, M. Iqbal, A. Kaleem, M.A Laldin, Y.K.Leng, M.K.Lewis, A. Mirakhor, S. Mohamad, M.Z. Othman, S.P. Parashar, V. Promwichit, M. Safari, M.T. Skully, R. Zaman

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

Islamic finance refers to methods of undertaking banking and financial transactions that are in conformity with the precepts of Islam. As such, the system offers a challenge to conventional Western ways of thinking about financing. This indispensable set of papers brings together the most important previously published papers on the subject of Islamic Finance from the last four decades. Issues explored include: the prohibition on interest; financing instruments; accounting and regulatory issues; institutional structures and recent developments.

Banking, foreign exchange, bonds, equities and insurance services are now provided through an increasingly global marketplace. In financial services, as in other activities, globalization can be seen as a process opening up national economies and markets, widening the extent and form of cross-border transactions, deepening the international character of productive activity. As such, globalization is propelled by liberalization of trade and deregulation of capital markets, underpinned by technological change which is lowering communication and transport costs and enhancing the international tradeability of services.This volume brings together a range of articles examining the nature of globalization in financial services and the implications of the internationalization process for financial and regulatory policies. Contributions range from early analyses by Milton Friedman of the Eurodollar market, Harry Johnson of regional financial centres and Herbert Grubel of multinational banking to more recent studies examining the stock market crash of 1987, the globalization of payment systems and the financial collapse of BCCI and Barings. The 38 articles are divided into six sections covering trade in financial services, multinational banking, Eurocurrency banking, offshore services, exchange and securities and regulatory issues.

The interplay between the macro-economic imbalances, notably in the relationship between the USA and China, and the more micro-economic shortcomings of the West's financial systems, particularly the lax regulation, forms the centre-piece of this excellently written book. In the disputes about the relative culpability of China and the USA for current macro-economic problems, they tend to support the Chinese arguments, and give well-considered arguments for so doing. This book provides an excellent, clear, and at times provocative, assessment of the course of the macro-monetary problems of the world since the 'great recession' struck.' - Charles A.E. Goodhart, London School of Economics, UKThis thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have labored under the great recession. The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could 'China as number one' see the renminbi soon challenge the dollar and the euro as a major international currency? Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool. Contents: Preface 1. The Rapidly Changing World Economy 2. The Great Recession 3. Global Finance and Payments Imbalances 4. The Role of Monetary Policy 5. The Post-crisis World 6. China's Prospects and Challenges 7. The US External Position 8. The Redback, the Greenback and the Troubled Euro 9. Conclusions References Index

This volume presents carefully selected research by reputed scholars on diverse topics dealing with the economic life of Muslims. The book provides a perspective not only on key aspects of the moral economy but also on the behaviour and expectations of economic agents. The distinguished editors have made a valuable contribution by expanding the scope of typical Islamic economics literature and by including topics dealing with the day-to-day life of Muslim society.' - Zamir Iqbal, The World Bank Global Center for Islamic Finance DevelopmentAccording to the most recent Pew Forum on Religion and Public Life, nearly one in four people in the world are Muslim. In light of these numbers, Handbook on Islam and Economic Life is one of the first books to consider Islam within a broader economic sphere by focusing on the ways in which Islam shapes and interacts with the economy. With contributions from leading scholars, this unique Handbook explores how Islam impinges upon and seeks to condition major aspects of economic life including economic organization, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analyzing the link between religion and development, the present economic circumstances in Arab countries and the vexed issue of the origins and causes of underdevelopment in Muslim countries. Covering a breadth of topics and research, this book will be essential reading for academics in both Muslim and western universities, graduates and postgraduates of Islamic studies as well as Islamic and other research institutes. Contributors include: B.A. Al-Foul, A.A. Adeyemi, H. Ahmed, T.A. Alias, M. Ariff, M. Chaudry, M. Cizakca, H. Furqani, I.H. Genc, R. Haniffa, M.K. Hassan, M. Hudaib, Z. Iqbal, A.A. Islahi, A.G. Ismail, A.A. Jobst, M. Kahf, M. Khan, S. Kostyshak, M.A. Laldin, M.K. Lewis, N.A. Muhamed, G. Naufal, V. Nienhaus, U.A. Oseni, B.T. Possumah, J.E. Rauch C.E. Regenstein, J.M. Regenstein, M.N. Riaz, J. Rubin, M. Safari, M.N. Siddiqi, S.A. Siddiqui, A. Subhani, R. Wilson, O. Yousfi, A. Zaman

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

The prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. To Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. The book explores the intricacies of Islamic law and the religious and ethical principles underpinning Islamic banking. It then considers the analytical basis of Islamic banking and financing in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome. Following case studies of the operations of Islamic banks in Bahrain, Bangladesh, Egypt, Jordan, Malaysia and Australia, along with Iran, Pakistan and Sudan, the volume concludes that many of the criticisms of their activities seem misplaced. It argues that the factors governing success are the distinctive system of corporate governance and continued product innovation. The book ends by considering four such innovations - Islamic investment banking and project finance, Islamic insurance, Islamic securities and the formation of a pan-Islamic international financial centre. This pathbreaking volume - the first to consider Islamic banking and finance from a global perspective - will be of great interest to scholars of money and banking, international finance and Middle Eastern studies.

This volume brings together some of the most important articles on the topic of financial intermediaries. Financial Intermediaries puts recent developments into an appropriate historical setting, with seminal works by Edgeworth, Arrow, Gurley, Shaw, Baumol, Tobin and Stigler combined with more recent ones by Fischer, Black, Weiss and Stiglitz.

This book's starting point is that after two decades of experiments, during which other transition economies have effectively privatised all of their former state enterprises, China is still endeavouring to find a way to reinvent and re-engineer its own state-owned economic establishments. The authors explore these reforms along with the problems of China's state-owned banks, which have long been troubled by the adverse loans of Chinese enterprises and face foreign competition in 2007 under China's WTO commitments. Drawing on wide-ranging case studies of enterprise reform, Becky Chiu and Mervyn Lewis combine their extensive experience to give an authoritative account of China's enterprise and bank reform agenda, involving property rights, improved corporate governance and stimulating enterprise. This book will be of great interest to business economists, academic economists and those following the development of the Chinese economy.

Zafar Iqbal and Mervyn K. Lewis examine, from an Islamic perspective, some central issues in public, economic and corporate governance. Amongst topics analysed are theories of justice, taxation, budget deficits, Islamic financing modes, public and private accountability, and corruption. The authors' starting point is that the Islamic perspective on governance and its differences from Western approaches requires an understanding of the basic tenets, philosophy and legal traditions of Islam. They develop the Islamic position on matters widely acknowledged as being under-researched in Islamic social enquiry, bringing a fresh and contemporary slant to governance issues by drawing insights from modern theory and practice, and combining them with classical and modern Muslim interpretations. Their analysis explicitly acknowledges self-interested behaviour, adding a public choice dimension to the limitations and workability of any governance arrangements. This unique and highly innovative book will have strong appeal for those with an interest in Islamic economics, public policy, banking, and Asian and Middle Eastern studies.