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"CREDIT CULTURE"
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Dead pledges : debt, crisis, and twenty-first-century culture
'Dead Pledges' is a study of our contemporary culture of debt. Examining novels, poems, artworks, photographs, and films produced in the wake of the financial crisis of 2008, this work aims to show how US cultural texts have grappled with the rise and fall of the financialized consumer credit economy. It argues that debt is such a ubiquitous yet elusive social form that we can most clearly understand it by looking at how our culture has sought to represent it.
Book
Managing risk and creating value with microfinance
This report brings together the results of an eight-part series of presentations by leading experts in issues directly related to microfinance institutional sustainability. It is intended for microfinance institution (MFI) board members, managers, and staff members as well as for government regulators, supervisors, and donor staff members. The first four chapters include topics in risk management: (1) risk management systems, (2) good governance, (3) interest rates, and (4) micro-insurance. The last four chapters include four topics in new product development and efficient delivery methodologies: (5) housing microfinance, (6) micro-leasing, (7) disaster preparedness products and systems, and (8) new technologies. The objectives of the series were as follows: i) to strengthen MFIs by disseminating innovative approaches in risk management, cost control, governance, and new technologies; ii) to promote a South-South exchange of experiences and lessons learned; iii) to promote greater ties among the MFIs in the region and between MFIs and government supervisors and regulators; and iv) to highlight the Bank's ability to mobilize international technical expertise in microfinance.
eBook
Who needs the Fed? : what Taylor Swift, Uber, and robots tell us about money, credit, and why we should abolish America's central bank
\"The Federal Reserve is one of the most disliked entities in the United States at present, right alongside the IRS. Americans despise the Fed, but they're also generally a bit confused as to why they distrust our central bank. Their animus is reasonable, though, because the Fed's most famous function-targeting the Fed funds rate-is totally backwards. John Tamny explains this backwardness in terms of a Taylor Swift concert followed by a ride home with Uber. In modern times, he points out, the notion of credit has been perverted, so that most people believe it's money and that the supply of it can therefore be increased. This false notion has aggrandized the Fed with power that it can't possibly use wisely. The contrast between the grinding poverty of Baltimore and the abundance of Silicon Valley helps illustrate the problem, along with stories about Donald Trump, Robert Downey Jr., Jim Harbaugh (the Michigan football coach), and robots. Who Needs the Fed? makes a sober case against the Federal Reserve by explaining what credit really is, and why the Fed's existence is inimical to its creation. Readers will come away entertained, much more knowledgeable, and prepared to argue that the Fed is merely superfluous on its best days but perilous on its worst\"-- Provided by publisher.
Book
How to Keep a Promise: Laymen Answers to the Financial Crisis
This article is a case study, providing a possible interpretation of the current Hungarian financial-legal culture.How to apply those terms and conditions in long-term loan agreements in financial crisis, which are favourable or seemingly irrelevant in good times but turn out to be disadvantageous, sometimes even disastrous in bad times. How to calculate and allocate risks, what is acceptable and what is foreseeable to laymen? The focus here is on the laymen attitudes towards long-term contractual obligations and performances in the global financial crisis: whether debtors’ contractual obligations must be fulfilled, what should be construed as an excuse for non-performance, whether there should be measures designed to protect the debtors more, if yes, at whose expense – the creditors (rather preventive measures) or the taxpayers (rather restitutive measures) –, if no, how to allocate ideally the risks and liabilities, is profit-making an evil per se, that needs to be managed?
Journal Article
An assessment of the investment climate in Nigeria
Nigeria's Vision 2020 has expressed a bold desire for the country to be among the world's top 20 economies by the year 2020. The economy has posted impressive growth figures since 2003, driven by higher oil revenues and a series of home-grown economic reforms. The country is now firmly on the road to middle-income status. But what else do government and the private sector need to do to create the jobs and growth that will underpin the national development strategy? What are the challenges that Nigeria's businesses face today? 'An Assessment of the Investment Climate in Nigeria' provides answers to these questions. Based on a survey of 2,300 companies, it provides evidence-based recommendations designed to support Vision 2020 and the president's seven-point agenda. The authors find that government must move quickly to create jobs and reduce poverty. Key challenges include a desperate shortage of energy and a poor transportation network, as well as low levels of education and continuing unrest in the Niger delta. In addition, Nigeria's workers need to become more productive in order to compete in a globalized economy. As a matter of fact, they are less productive than workers in more dynamic countries, such as Brazil, China, and Kenya. Improving productivity will require simultaneous efforts to foster competition, improve specific aspects of the business environment, and facilitate better management and training within individual firms. In addition to the issues of productivity, Nigeria's best firms have not been able to expand their market share. Consequently, policy makers need to address and elimate obstacles to competition, including barriers to entry, convoluted taxation, property registration, and licensing.
eBook
Risk analysis for Islamic banks
Navigate the Complexities of Islamic Banking with Expert Risk Analysis
In the rapidly growing world of Islamic finance, understanding and managing risk is paramount. Risk Analysis for Islamic Banks provides a comprehensive framework for navigating the unique challenges and opportunities in this sector. Designed for industry professionals, supervisors, and policymakers, this resource offers a high-level overview of risk assessment, analysis, and management tailored to Islamic financial markets.
Discover how to:
* Apply Shariah principles to risk management
* Implement effective corporate governance structures
* Adapt conventional techniques to the specific needs of Islamic banks
* Improve transparency and data quality for informed decision-making
Gain the knowledge and tools to ensure financial stability and ethical practices in Islamic banking. This book is your essential guide to mastering risk in this dynamic and evolving field. Authored by Hennie van Greuning and Zamir Iqbal, leading experts in Islamic finance.
eBook
Credit Culture
This chapter contains sections titled:
A Modern Risk Management Framework
Credit Culture at Work
Goldman Sachs: Managing Through Credit Culture
Jpmorgan: Molding a New Culture from a Grand and Varied Tradition
What makes Credit Culture Work?
Book Chapter
The Rise and Fall of the Asian High Yield Private Placement Market
In Asia, high yield private placements were transacted in a wide variety of structures: as senior debt in loan or notes format, offering returns that were purely derived from cash interest, or via premium redemptions and profit‐sharing agreements; or through equity kickers. In terms of geography, the private placement market mirrored that of its public counterpart in that China and Indonesia accounted for the majority of new issue volume. While average deal sizes were typically much smaller than in the public market, some transactions were large enough to compete with the public market. Although various challenges plagued the Asian high yield private placement market since its inception, a sector for non‐listed or smaller companies remains necessary as long as inefficient capital allocation models and a rather asymmetric distribution of information persists in the financial markets. Inexperienced issuers in need of growth capital frequently have no choice but to turn to the very highly specialized and opportunistic credit investors that invest in the private debt market.
Book Chapter
Credit Risk Management
Elimination of credit risk is impossible as long as credit forms an integral part of the economy. This chapter establishes the context of credit risk, for an organization as a whole, and explains how credit risk management is set up. An organization that manages credit risk well will succeed and attain its business objectives — this is true for both financial intermediaries and non‐financial firms. For most non‐financial businesses, credit risk is considered critical and is usually regarded as one of the major risks to be monitored. Credit risk appetite is dependent upon the human, financial and operational resources an organization has. A SWOT analysis of credit risk management is advisable on a periodical basis. A well understood credit risk culture enables the decision takers and employees in credit risk management to take effective and intelligent risk decisions, ensuring the achievement of the credit risk management objectives.
Book Chapter
Earthly Reward to the Religious: Religiosity and the Costs of Public and Private Debt
We document that a firm’s culture, specifically, its religiosity, affects its cost of debt. Firms in higher-religiosity counties have higher credit ratings and lower debt costs. The impact of religiosity is stronger for firms with greater information asymmetry and during recessions. Further, religiosity has additional explanatory power for the cost of bank loans (but not the cost of public bonds) beyond its impact through ratings. This supports the argument that banks have superior abilities in pricing soft information, such as corporate culture. Finally, the impact of religiosity is stronger when the lender is a small bank.
Journal Article