The Foundations and Future of Financial Regulation

Governance for Responsibility

Author: Mads Andenas,Iris H-Y Chiu

Publisher: Routledge

ISBN: 113504337X

Category: Law

Page: 544

View: 9258

DOWNLOAD NOW »
Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

Banking on the Future

The Fall and Rise of Central Banking

Author: Howard Davies,David Green

Publisher: Princeton University Press

ISBN: 9781400834631

Category: Business & Economics

Page: 336

View: 642

DOWNLOAD NOW »
The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.

Principles of Financial Regulation

Author: Hogan Lovells Professor of Law and Finance John Armour,Associate Professor of Law and Finance and Academic Director of the Msc in Law and Finance Programme Dan Awrey,Paul Davies,Allen & Overy Professor of Corporate Law Luca Enriques,Richard Paul Richman Professor of Law Jeffrey N Gordon,Peter Moores Professor of Management Studies Colin Mayer,Professor of Corporate Finance Law Jennifer Payne

Publisher: Oxford University Press

ISBN: 0198786476

Category:

Page: 520

View: 9812

DOWNLOAD NOW »
The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

The Fundamental Principles of Financial Regulation

Author: Markus Konrad Brunnermeier,Charles Goodhart,Avinash Persaud,Andrew Crockett,Hyun Shin

Publisher: Centre for Economic Policy research

ISBN: 9780955700972

Category: Business & Economics

Page: 110

View: 9738

DOWNLOAD NOW »
"Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that this thinking is flawed. Actions that banks take to make themselves safer can - in times of crisis - undermine the system's stability. The Report argues for a different approach."--P. xvi.

Government and Markets

Toward a New Theory of Regulation

Author: Edward J. Balleisen,David A. Moss

Publisher: Cambridge University Press

ISBN: 0521118484

Category: Business & Economics

Page: 559

View: 2919

DOWNLOAD NOW »
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.

The Origins of Modern Financial Crime

Historical foundations and current problems in Britain

Author: Sarah Wilson

Publisher: Routledge

ISBN: 1136237739

Category: Law

Page: 270

View: 9024

DOWNLOAD NOW »
The recent global financial crisis has been characterised as a turning point in the way we respond to financial crime. Focusing on this change and ‘crime in the commercial sphere’, this text considers the legal and economic dimensions of financial crime and its significance in societal consciousness in twenty-first century Britain. Considering how strongly criminal enforcement specifically features in identifying the post-crisis years as a ‘turning point’, it argues that nineteenth-century encounters with financial crime were transformative for contemporary British societal perceptions of ‘crime’ and its perpetrators, and have lasting resonance for legal responses and societal reactions today. The analysis in this text focuses primarily on how Victorian society perceived and responded to crime and its perpetrators, with its reactions to financial crime specifically couched within this. It is proposed that examining how financial misconduct became recognised as crime during Victorian times makes this an important contribution to nineteenth-century history. Beyond this, the analysis underlines that a historical perspective is essential for comprehending current issues raised by the ‘fight’ against financial crime, represented and analysed in law and criminology as matters of enormous intellectual and practical significance, even helping to illuminate the benefits and potential pitfalls which can be encountered in current moves for extending the reach of criminal liability for financial misconduct. Sarah Wilson’s text on this highly topical issue will be essential reading for criminologists, legal scholars and historians alike. It will also be of great interest to the general reader. The Origins of Modern Financial Crime was short-listed for the Wadsworth Prize 2015.

Handbook of Blockchain, Digital Finance, and Inclusion

Cryptocurrency, FinTech, InsurTech, Regulation, ChinaTech, Mobile Security, and Distributed Ledger

Author: David LEE Kuo Chuen,Robert H. Deng

Publisher: Academic Press

ISBN: 0128123001

Category: Business & Economics

Page: 1000

View: 9562

DOWNLOAD NOW »
Handbook of Digital Finance and Financial Inclusion: Cryptocurrency, FinTech, InsurTech, Regulation, ChinaTech, Mobile Security, and Distributed Ledger explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets. Contributors go beyond summaries of standard models to describe new banking business models that will be sustainable and likely to dictate the future of finance. The book not only emphasizes the financial opportunities made possible by digital banking, such as financial inclusion and impact investing, but also looks at engineering theories and developments that encourage innovation. Its ability to illuminate present potential and future possibilities make it a unique contribution to the literature. A companion Volume Two of The Handbook of Digital Banking and Financial Inclusion: ChinaTech, Mobile Security, Distributed Ledger, and Blockchain emphasizes technological developments that introduce the future of finance. Descriptions of recent innovations lay the foundations for explorations of feasible solutions for banks and startups to grow. The combination of studies on blockchain technologies and applications, regional financial inclusion movements, advances in Chinese finance, and security issues delivers a grand perspective on both changing industries and lifestyles. Written for students and practitioners, it helps lead the way to future possibilities. Explains the practical consequences of both technologies and economics to readers who want to learn about subjects related to their specialties Encompasses alternative finance, financial inclusion, impact investing, decentralized consensus ledger and applied cryptography Provides the only advanced methodical summary of these subjects available today

Finance-Led Capitalism

Shadow Banking, Re-Regulation, and the Future of Global Markets

Author: Robert Guttmann

Publisher: Springer

ISBN: 113752989X

Category: Business & Economics

Page: 268

View: 5926

DOWNLOAD NOW »
In Finance-Led Capitalism , bestselling author and economist Robert Guttmann provides a new conceptual framework to assess the dominate role of modern finance within the workings of our contemporary economic system. This lively and provocative read will challenge some of the core beliefs about modern finance and the world economy.

Adaptive Markets

Financial Evolution at the Speed of Thought

Author: Andrew W. Lo

Publisher: Princeton University Press

ISBN: 1400887763

Category: Business & Economics

Page: 504

View: 6655

DOWNLOAD NOW »
A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe—and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications—including how hedge funds have become the Galápagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises. An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

Financial Market History: Reflections on the Past for Investors Today

Author: David Chambers,Elroy Dimson

Publisher: CFA Institute Research Foundation

ISBN: 1944960163

Category: Business & Economics

Page: 304

View: 2033

DOWNLOAD NOW »
Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.

The End of Banking

Money, Credit, and the Digital Revolution

Author: Jonathan McMillan

Publisher: N.A

ISBN: 9783952438503

Category: Banks and banking

Page: 248

View: 1629

DOWNLOAD NOW »
In this thought-provoking book, Jonathan McMillan dissects banking to reveal its inner workings. He cuts through the complexity of modern finance and explains how banking almost crashed our financial system. Banking is broken, and McMillan reveals why we can no longer fix it. The digital revolution turns out to be the game changer that calls for the end of banking. But McMillan refrains from merely pointing out flaws. Building on economic research and a rigorous analytical approach, he goes on to provide an innovative blueprint for a modern financial system. The End of Banking transforms our understanding of the financial system. It identifies the root cause of today's problems with banking and presents a solution that stands out against existing reform proposals.

The post-financial crisis macroprudential regulatory policy and the future of banking. Back to a public utility?

An exploratory study on the 2014 break-up of Portugal’s failed lender Banco Espírito Santo

Author: João Cruz Ferreira

Publisher: GRIN Verlag

ISBN: 3668339759

Category: Business & Economics

Page: 33

View: 9936

DOWNLOAD NOW »
Master's Thesis from the year 2016 in the subject Economics - Finance, grade: Distinction, , language: English, abstract: The concept of “banking as a public utility” only makes sense when contemplating the traditional commercial and retail banking services for the public, such as operating deposit accounts, executing payment services or providing loans. In the early stages of banking, when interest charged on loans and deposits was merely symbolic - largely due to the religious restrictions on usury -, banking practices were seen as serving a low-return public utility. In this research paper, I addressed the question of whether large banks, forced to reduce leverage and strengthen liquidity in light of rigorous capital adequacy requirements, will restrict their business in the near future by getting rid of non-core activities, only to permanently turn to low-risk and limited profitability basic banking activities, serving a public role similar to that of public utilities such as gas, water or electric companies.

Financial Institutions and Markets

Author: Meir G. Kohn

Publisher: Oxford University Press, USA

ISBN: 9780195134728

Category: Business & Economics

Page: 674

View: 1601

DOWNLOAD NOW »
Financial Institutions and Markets, 2/e emphasizes a functional focus on financial intermediaries and markets such as government securities, mortgage, corporate debt, equity markets, derivatives, and market microstructure. Chapters cover liquidity and risk, regulation, and developing financial systems.

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Author: Yves Smith

Publisher: St. Martin's Press

ISBN: 9780230105737

Category: Business & Economics

Page: 368

View: 8698

DOWNLOAD NOW »
Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

The Law on Corporate Governance in Banks

Author: Iris H-Y Chiu,Michael McKee

Publisher: Edward Elgar Publishing

ISBN: 1782548866

Category: Law

Page: 384

View: 3684

DOWNLOAD NOW »
Corporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate secto

Arbitraging Japan

Dreams of Capitalism at the End of Finance

Author: Hirokazu Miyazaki

Publisher: Univ of California Press

ISBN: 0520273486

Category: Social Science

Page: 199

View: 7677

DOWNLOAD NOW »
For many financial market professionals worldwide, the era of high finance is over. In this book, the author examines the careers and intellectual trajectories of a group of pioneering derivatives traders in Japan during the 1990s and 2000s.

Handbook of Blockchain, Digital Finance, and Inclusion, Volume 2

ChinaTech, Mobile Security, and Distributed Ledger

Author: David LEE Kuo Chuen,Robert H. Deng

Publisher: Academic Press

ISBN: 0128122994

Category: Business & Economics

Page: 554

View: 9207

DOWNLOAD NOW »
Handbook of Blockchain, Digital Finance, and Inclusion, Volume 2: ChinaTech, Mobile Security, and Distributed Ledger emphasizes technological developments that introduce the future of finance. Descriptions of recent innovations lay the foundations for explorations of feasible solutions for banks and startups to grow. The combination of studies on blockchain technologies and applications, regional financial inclusion movements, advances in Chinese finance, and security issues delivers a grand perspective on both changing industries and lifestyles. Written for students and practitioners, it helps lead the way to future possibilities. Explains the practical consequences of both technologies and economics to readers who want to learn about subjects related to their specialties Encompasses alternative finance, financial inclusion, impact investing, decentralized consensus ledger and applied cryptography Provides the only advanced methodical summary of these subjects available today

Wall Street Values

Business Ethics and the Global Financial Crisis

Author: Michael A. Santoro,Ronald J. Strauss

Publisher: Cambridge University Press

ISBN: 1107017351

Category: Business & Economics

Page: 232

View: 4180

DOWNLOAD NOW »
What are the economic and moral connections between Wall Street and the overall economy? This book chronicles the transformation of Wall Street's business model from serving clients to proprietary trading and explains how this shift undermined the ethical foundations of the modern financial industry.

International Law in Financial Regulation and Monetary Affairs

Author: Thomas Cottier,John H. Jackson,Rosa M. Lastra

Publisher: Oxford University Press

ISBN: 0199668191

Category: Business & Economics

Page: 455

View: 8413

DOWNLOAD NOW »
This is a must book to understand the field of international financial and monetary law. It presents a number of papers by a distinguished group of experts that analyse the emerging framework in international law that should govern financial institutions and markets on the one hand and monetary policies and monetary regulation on the other hand. The book deals with cross border issues and, given the importance of trade regulation and WTO law, they seek toestablish linkages and make comparisons wherever suitable.