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“Whatever it takes” That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated.
Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system.
The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of the principles, institutions and experience of banking and financial regulation. The origins and resolution of the credit crisis are explored in depth.
Together with John Maynard Keynes and Milton Friedman, Joseph Schumpeter is regarded as one of the three greatest economists of the 20th century. And yet, his actual economic writing has remained something of an enigma. Capitalism, Socialism, and Democracy, his best-known work, was also an unscientific throw-off in his view. His major economic works – The Theory of Economic Development and Business Cycles – have been misunderstood and underappreciated. What has not been realized is that key elements of the Schumpeterian system have hitherto gone missing.
In the fall of 1949 I went to the Library of Congress to get material for a newspaper article about the Federal Reserve Board of Governors. What I expected to be a week’s labor turned into a lengthy research job of nineteen months, for I discovered, in my initial inquiry, that there existed not one narrative account of the origins and activities of this powerful organization. The standard works on the Federal Reserve System, almost entirely abstruse and technical works on economics, I found of little practical value.
Can we prevent another financial crisis? We can! Break Up the Banks! is a sensible, actionable, and totally accessible call to arms from an acclaimed financial journalistIt’s been seven years since the financial crisis, but has anyone taken real action to prevent the next one? Former Economist reporter David Shirreff thinks not, and in Break Up the Banks!, he gives us a short but essential guide to what exactly we can do. With great clarity and a keen sense of humor, Shirreff argues that banks have gotten far too big and far too powerful—and shows how they can be reined in.
Those who interface with reality from within the institutions responsible for economic policy often feel that academics tend to abstract and commentators to oversimplify. None the less, it is widely recognised that economic analysis in the domain of central banking may be on a course which, though not actually wrong, is probably less fruitful than in the not-so-distant past. It has become more difficult in both the teaching and the popularisation of economics to give an accurate picture of the potential benefits of a credit policy and of the obstacles encountered in its implementation.
This books explains, on the basis of archival evidence and a simple economic model, why and how the gold standard collapsed in the interwar period. It also reveals how bilateralism and dirigisme in international financial relations emerged from the collapse of the universal gold standard, and how this poisoned international relations.
The Oxford Handbook of Banking provides an overview and analysis of state-of-the-art research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material.The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their legal and governance structures.
Why are banking systems unstable in so many countries–but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households.
Wealth management is one of the areas in which banks and other personal financial services players are investing heavily. But the market is changing fast. Going forward, players therefore need to adapt their strategies to the new realities: what worked in the past will not, for the most part, be appropriate in the future. This unique book, written by a former McKinsey consultant, offers an up-to-date, detailed, practical understanding of this exciting area of financial services.
With its clear and accessible style, Financial Markets and Institutions will help students make sense of the financial activity that is so widely and prominently reported in the media. Looking at the subject from the economist’s perspective, the book takes a practical, applied approach and theory is covered only where absolutely necessary in order to help students understand events as they happen in the real world. This fifth edition has been thoroughly updated to reflect the changes that have occurred in the financial system in recent years.
These are tough times for all of usbut it is still possible to defy gravity and create massively successful new ventures, turn-round lumbering giants, and go for growth. The secret lies in not just satisfying customers but in amazing and delighting them.Most companies plod along doing things as everyone always has. So there are huge opportunities for people trying to break the mold, even in old-fashioned businesses like banking or insurance. Of course it happens all the time in the digital world, but it can happen anywhereso long as you turn your customers into fans.
The inside story of the continuing global banking crisis. Written by an award-winning financial journalist, Bad Banks is an unflinching and gripping account of the problems and scandals that continue to bedevil the world’s banking system some five years after the credit crunch. It follows the fortunes and misfortunes of individual banks, from RBS to Lloyds. It exposes instances of misselling, money laundering, interest rate fixing and incompetence. And it considers the bigger picture: how the failings of the world’s banking system are threatening to undermine our future economic security.
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