Andrew W. Mullineux, Victor Murinde9781840640939, 9781843765646, 1840640936, 1843765640
The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, aim to disseminate new empirical findings especially where competing paradigms are evaluated.
The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.
Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programs for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.
Table of contents :
Cover……Page 2
Contents……Page 6
Figures……Page 10
Tables……Page 12
Exhibits……Page 14
Contributors……Page 16
Preface……Page 30
PART I The Globalization of Banking……Page 32
1 INTRODUCTION……Page 34
2 INTERNATIONALIZATION, SECURITIZATION AND DERIVATIZATION……Page 37
3 PATTERNS OF CORPORATE FINANCING AND FINANCIAL SYSTEMS CONVERGENCE……Page 42
4 GLOBALIZATION, WTO AND GATS……Page 48
5 TRENDS IN CORPORATE GOVERNANCE……Page 49
6 WHERE DO WE GO FROM HERE?……Page 51
REFERENCES……Page 55
1 INTRODUCTION……Page 58
2 THEORIES OF MULTINATIONAL BANKING……Page 62
3 MULTINATIONAL ORGANIZATIONAL FORMS……Page 70
4 THE PERFORMANCE OF MULTINATIONAL BANKS……Page 80
5 THE FUTURE OF MULTINATIONAL BANKING……Page 82
NOTES……Page 86
REFERENCES……Page 87
1 INTRODUCTION……Page 91
2 ASSET-BACKED SECURITIZATION……Page 92
3 COLLATERALIZED OBLIGATIONS……Page 96
4 CREDIT DERIVATIVES……Page 108
5 REGULATION……Page 117
NOTES……Page 129
REFERENCES……Page 131
PART II Banking Structures and Functions……Page 134
2 THE ORIGIN OF EMU: A REMINDER……Page 136
3 BANKING WITH A SINGLE CURRENCY……Page 138
4 THE STRATEGIC ISSUES……Page 148
5 CROSS-BORDER MERGERS: A REGULATORY CHALLENGE……Page 152
6 CONCLUSIONS……Page 157
NOTES……Page 158
REFERENCES……Page 159
2 STRUCTURE AND PERFORMANCE TRENDS IN EU BANKING……Page 161
3 THE NEW STRATEGIC ENVIRONMENT……Page 168
4 IMPACT OF REGULATORY CHANGE……Page 171
5 GENERAL IMPACT OF EMU ON BANKING AND FINANCIAL MARKETS……Page 175
6 COMPETITIVE STRATEGIES IN EUROLAND……Page 177
REFERENCES……Page 185
1 INTRODUCTION……Page 187
2 THE ESSENTIALS OF A CURRENCY BOARD……Page 188
3 CURRENCY BOARD OR INDEPENDENT CENTRAL BANK?……Page 193
4 SOME OTHER CONSIDERATIONS……Page 195
5 CONCLUDING COMMENTS……Page 199
NOTES……Page 201
REFERENCES……Page 202
1 INTRODUCTION……Page 204
2 THE CASE FOR FREE BANKING……Page 205
3 THE CASE FOR DEPOSIT INSURANCE……Page 209
4 THE CASE FOR BANK CAPITAL ADEQUACY REGULATION……Page 212
NOTES……Page 216
REFERENCES……Page 219
1 INTRODUCTION……Page 222
2 HISTORICAL DEVELOPMENT OF ISLAMIC BANKING……Page 223
3 ISLAMIC BANKING IN THEORY……Page 225
4 PRACTICE OF ISLAMIC BANKING……Page 229
5 TOO MUCH EMPHASIS ON PLS?……Page 233
6 ISLAMIC BANKING IN THE FUTURE……Page 234
NOTES……Page 236
REFERENCES……Page 237
1 INTRODUCTION……Page 238
2 STRUCTURE OF THE UNIVERSAL BANK……Page 239
3 FROM BOOK VALUE OF EQUITY TO MARKET VALUE OF EQUITY……Page 241
4 FROM MARKET VALUE OF EQUITY TO POTENTIAL VALUE OF EQUITY……Page 260
NOTES……Page 264
REFERENCES……Page 265
1 INTRODUCTION……Page 268
2 SECURITY ANALYSIS TECHNIQUES……Page 271
3 IMPORTANCE OF TECHNICAL ANALYSIS……Page 277
4 PROFITABILITY OF TECHNICAL ANALYSIS……Page 278
5 TRADING STRATEGIES AND ECONOMIC THEORY……Page 282
6 CONCLUDING REMARKS……Page 286
REFERENCES……Page 287
1 INTRODUCTION……Page 290
2 OPEN ACCOUNT TRADING……Page 292
3 DOCUMENTARY COLLECTIONS……Page 293
4 FINANCING……Page 298
5 DOCUMENTARY CREDITS……Page 299
6 SUMMARY AND CONCLUSION……Page 312
REFERENCE……Page 313
2 A BRIEF OVERVIEW OF TRENDS IN THE UK, US AND JAPANESE FINANCIAL MARKETS……Page 314
3 METHODOLOGY……Page 319
4 MODELLING THE BANKING FIRM……Page 327
5 EMPIRICAL EVIDENCE……Page 328
6 CONCLUSIONS……Page 349
REFERENCES……Page 351
PART III Banking Risks, Crises and Regulation……Page 356
1 INTRODUCTION……Page 358
2 A PERSPECTIVE ON COUNTRY RISK……Page 359
3 COPING WITH THE CHANGES……Page 362
4 CURRENT COUNTRY RISK MODELS: GENERAL CHARACTERISTICS……Page 367
5 CURRENT COUNTRY RISK MODELS: QUALITATIVE……Page 373
6 CURRENT COUNTRY RISK MODELS: QUANTITATIVE……Page 382
7 CONCLUDING REMARKS……Page 393
REFERENCES……Page 394
1 INTRODUCTION……Page 397
2 BANK FAILURE: THE CONTROVERSIES……Page 398
3 THE DETERMINANTS OF BANK FAILURE……Page 405
4 CONCLUSIONS……Page 427
NOTES……Page 428
REFERENCES……Page 430
APPENDIX 14A……Page 432
1 WHAT IS AN INTERNATIONAL BANKING CRISIS?……Page 434
2 BANKING CRISES: THEORY AND HISTORY……Page 436
3 THE ORIGINS AND TRANSMISSION OF BANKING CRISES……Page 441
4 THE SUPERFLUITY OF AN INTERNATIONAL LENDER OF LAST RESORT……Page 452
5 SUMMARY AND CONCLUSION……Page 455
REFERENCES……Page 456
1 INTRODUCTION AND OUTLINE……Page 459
2 RECENT BANKING CRISES……Page 461
3 SOME COMMON ELEMENTS IN BANKING DISTRESS……Page 463
4 A MULTIDIMENSIONAL PROBLEM……Page 464
5 LIBERALIZATION: STOCK ADJUSTMENT VERSUS STEADY STATE……Page 479
6 THE REGULATORY REGIME……Page 484
7 CONCLUSIONS AND ASSESSMENT……Page 510
REFERENCES……Page 512
1 INTRODUCTION……Page 517
2 FINANCIAL LIBERALIZATION……Page 518
3 EXTENSIONS OF THE SCOPE OF BANKING AND FINANCIAL INSTITUTION OPERATIONS……Page 525
4 THE FINANCIAL SYSTEM MASTER PLAN……Page 529
5 THE 1997 FINANCIAL CRISIS AND ITS IMPACT ON FINANCIAL REFORMS……Page 532
6 RESTRUCTURING AND REGULATORY REFORM……Page 533
7 CONCLUSIONS AND LESSONS……Page 544
NOTES……Page 545
REFERENCES……Page 546
1 INTRODUCTION……Page 547
2 CONCEPTS OF CAPITAL FLIGHT……Page 549
3 THE MEASUREMENT OF CAPITAL FLIGHT……Page 550
4 THE MAGNITUDE OF CAPITAL FLIGHT……Page 554
5 DETERMINANTS OF CAPITAL FLIGHT: THEORY AND EMPIRICAL RESULTS……Page 555
6 POLICY UNCERTAINTY: THE KEY DETERMINANT OF CAPITAL FLIGHT?……Page 565
7 SUMMARY AND CONCLUSION……Page 569
REFERENCES……Page 571
APPENDIX 18A……Page 575
1 INTRODUCTION……Page 577
2 MONEY LAUNDERING: SCALE, SCOPE AND TYPOLOGY……Page 578
3 THE MICROECONOMICS OF MONEY LAUNDERING……Page 584
4 MACROECONOMICS OF MONEY LAUNDERING……Page 587
5 COMBATING MONEY LAUNDERING……Page 596
6 CONCLUSION……Page 598
NOTES……Page 600
REFERENCES……Page 601
2 OBJECTIVES, TARGETS AND TECHNIQUES OF REGULATION……Page 603
3 THE NEW MARKET ENVIRONMENT……Page 609
4 IMPLICATIONS FOR REGULATORY STRUCTURE……Page 615
5 THE INTERNATIONAL DIMENSION……Page 620
6 SUMMARY AND CONCLUSION……Page 623
REFERENCES……Page 625
APPENDIX 20A……Page 627
1 INTRODUCTION……Page 643
2 SELECTIVE TRENDS IN US BANKING SUPERVISION……Page 644
3 BANKING REGULATION, HEDGE FUNDS AND OTC DERIVATIVES……Page 650
4 THE GRAMM–LEACH–BLILEY ACT OF 1999……Page 660
REFERENCES……Page 667
1 INTRODUCTION……Page 668
2 DEPOSIT INSURANCE: ORIGINS AND BACKGROUND……Page 669
3 DEPOSIT INSURANCE AND RISK-TAKING BEHAVIOUR……Page 671
4 THE PRICING OF DEPOSIT INSURANCE PREMIUMS……Page 677
5 DESIGN FEATURES OF A DEPOSIT INSURANCE SCHEME……Page 681
6 CONCLUSIONS AND POLICY IMPLICATIONS……Page 689
NOTES……Page 691
REFERENCES……Page 694
PART IV The Evolving International Financial Architecture……Page 700
1 INTRODUCTION……Page 702
2 MONETARY POLICY AS A STABILIZATION DEVICE……Page 703
3 THE TIME-INCONSISTENCY PROBLEM……Page 706
4 THE BASIC TRADE-OFF: FLEXIBILITY VERSUS CREDIBILITY……Page 713
5 OPTIMIZING THE TRADE-OFF: THE CONSERVATIVE CENTRAL BANKER……Page 716
6 RESOLVING THE TRADE-OFF: THE OPTIMAL CENTRAL BANK CONTRACT……Page 722
7 THE ADVANCED TRADE-OFF: CONSERVATIVE CENTRAL BANKER VERSUS OPTIMAL CENTRAL BANK CONTRACT……Page 724
8 THE REFLECTION OF THE IDEAS IN PRACTICE……Page 726
REFERENCES……Page 728
1 INTRODUCTION……Page 730
2 PAST……Page 731
3 PRESENT……Page 737
4 FUTURE……Page 744
REFERENCES……Page 749
1 INTRODUCTION……Page 752
2 CREATING A PUBLIC INTERNATIONAL INVESTMENT FUND FOR EMERGING MARKETS……Page 753
3 ISSUING A NEW ALLOCATION OF SDRs……Page 760
4 CREATING AN INTERNATIONAL CLEARING SYSTEM……Page 765
NOTES……Page 771
APPENDIX 25A……Page 773
1 INTRODUCTION……Page 782
2 TRADE THEORY AND TRADE IN FINANCIAL SERVICES……Page 783
3 THE MAIN PROVISIONS OF THE GATS AND TRADE LIBERALIZATION……Page 786
4 CONCLUSION……Page 792
REFERENCES……Page 794
Index……Page 796
Team FOS……Page 1
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