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Finance & financial markets
Pilbeam presents a comprehensive yet relatively non-technical introduction to modern day financial institutions, markets and instruments, covering such topics as the role of financial intermediaries and interest rate determination.
Book
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
This time is different
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, \"this time is different\"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.
eBook
Balancing the banks
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective,Balancing the Banksdraws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.
While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of anadaptiveprudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints.
Offering a global perspective,Balancing the Banksshould be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.
eBook
Understanding the Growth of African Financial Markets
This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.
eBook
Financial reporting for financial instruments
Financial Reporting for Financial Instruments provides an integrated examination of the four most active areas of empirical accounting research on financial reporting for financial instruments : (1) banks' loan loss accruals, (2) fair value versus amortized cost accounting measurement bases, (3) balance sheet presentation of risk-concentrated financial instruments such as derivatives and retained residual securities in securitizations, and (4) risk disclosures. The author explains conceptual and practical issues regarding financial reporting for financial instruments, summarizes extant empirical research in these areas, and indicates future empirical research possibilities. He emphasizes that empirical researchers should strive to incorporate four ideas into their research topics and designs : (1) financial instruments exhibit identifiable heterogeneity in their contractual features and risks; (2) at a first approximation, financial institutions are portfolios of interrelated financial instruments; (3) the markets in which financial instruments trade and the institutional settings in which financial institutions operate affect their value and risks; and (4) accounting and disclosures required by generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) imperfectly capture the first three ideas.
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