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The bankers' new clothes
What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth.The Bankers' New Clothesexamines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.
Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned.
Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.The Bankers' New Clothescalls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
eBook
Accounting and auditing standards for Islamic financial institutions
\"While accounting and audit functions are significantly regulated and standardized in conventional financial industries and activities, through the implementation of International Accounting Standards, and International Financial Reporting Standards, as well as other international, regional, and local regulations, this is not the case for Islamic financial organizations. Rather than having their own set of comprehensive accounting or auditing standards or policies, these are based, in some cases, on the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI), the Islamic Financial Services Board (IFSB)'s standards and Shari'ah based local policies. This book is a timely and comprehensive overview of accounting and auditing standards within the doctrine of Shari'ah. It offers a significant contribution to the field and a wealth of technical know-how. It analyzes Islamic accounting and auditing both in theory and practice and from a distinctly international perspective. The chapters are arranged in a systematic and logical way making it easily accessible and engaging. The book evaluates the existing standards and widens the scope of the discourse to include Maqasid al-Shari'ah, Islamic accounting and audit models and standards, as well as, offering practical policy recommendations. The author presents a Shari'ah justified solution to Islamic Accounting and Audit and offers guidance on overcoming the challenges to implementing Islamic Accounting and Auditing Standards. The book is a unique and exhaustive guide and, as such, will be an invaluable resource for academics, researchers, students, policymakers, as well as, practitioners in accounting and auditing firms and financial institutions\"-- Provided by publisher.
Book
Dark Academia
There is a strong link between the neoliberalisation of higher education over the last 20 years and the psychological hell now endured by its staff and students. While academia was once thought of as the best job in the world - one that fosters autonomy, craft, intrinsic job satisfaction and vocational zeal - you would be hard-pressed to find a lecturer who believes that now. Peter Fleming delves into this new metrics-obsessed, overly hierarchical world to bring out the hidden underbelly of the neoliberal university. He examines commercialisation, mental illness and self-harm, the rise of managerialism, students as consumers and evaluators, and the competitive individualism which casts a dark sheen of alienation over departments. Arguing that time has almost run out to reverse this decline, this book shows how academics and students need to act now if they are to begin to fix this broken system. (HRK / Abstract übernommen).
eBook
Governing Finance
The international financial community blamed the Asian crisis of 1997-1998 on deep failures of domestic financial governance. To avoid similar crises in the future, this community adopted and promoted a set of international \"best practice\" standards of financial governance. The G7 asked specialized public and private sector bodies to set international standards, and tasked the International Monetary Fund and the World Bank with their global dissemination. Non-Western countries were thereby encouraged to emulate Western practices in banking and securities supervision, corporate governance, financial disclosure, and policy transparency.
InGoverning Finance, Andrew Walter explains why Indonesia, Malaysia, South Korea, and Thailand-key targets and test cases of this international standards project-were placed under intense pressure to transform their domestic financial governance. Walter finds that the depth of the economic crisis, and more enduring aspects of Asian capitalism, such as family ownership of firms, made substantive compliance with international standards very costly for the private sector and politically difficult for governments to achieve. In spite of international compliance pressure, the result was varying degrees of cosmetic or \"mock\" compliance. In a book containing lessons for any agency or country attempting to implement lasting change in financial governance, Walter emphasizes the limits of global regulatory convergence in the absence of support from domestic politicians, institutions, and firms.
eBook
Individualism, pro-market institutions, and national innovation
Previous research suggests that both formal institutions (e.g., pro-market institutions) and informal institutions (e.g., individualistic cultural values) are critical drivers of innovation. Most studies, however, consider the independent role of either formal or informal institutions. We contribute to this gap in the literature by exploring the potential interaction between informal institutions, measured by Hofstede’s individualism-collectivism index, and formal institutions, measured by the Economic Freedom of the World index (i.e., pro-market institutions). Using cross-sectional data for a diverse sample of 84 countries, we find that both individualism and pro-market institutions are positively associated with innovation. However, the extent to which pro-market institutions promote innovation depends largely on how individualistic a country is and vice versa. For example, more individualistic countries tend to be more innovative, but even the most individualistic countries have below-average levels of innovation when their formal institutional environment lacks market support. At the same time, our findings suggest that the most innovative countries tend to have both strong pro-market institutions and individualistic cultural values.
Journal Article