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Author: Stephen Bell
Publisher: Harvard University Press
ISBN: 0674425618
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
This account of the financial crisis of 2008–2009 compares banking systems in the United States and the United Kingdom to those of Canada and Australia and explains why the system imploded in the former but not the latter. Central to this analysis are differences in bankers’ beliefs and incentives in different banking markets. A boom mentality and fear of being left behind by competitors drove many U.S. and British bank executives to take extraordinary risks in creating new financial products. Intense market competition, poorly understood trading instruments, and escalating system complexity both drove and misled bankers. Formerly illiquid assets such as mortgages and other forms of debt were repackaged into complex securities, including collateralized debt obligations (CDOs). These were then traded on an industrial scale, and in 2007 and 2008, when their value collapsed, economic activity fell into a deep freeze. The financial crisis threatened not just investment banks and their insurers but also individual homeowners and workers at every level. In contrast, because banks in Canada and Australia could make good profits through traditional lending practices, they did not confront the same pressures to reinvent themselves as did banks in the United States and the United Kingdom, thus allowing them to avoid the fate of their overseas counterparts. Stephen Bell and Andrew Hindmoor argue that trading and systemic risk in the banking system need to be reined in. However, prospects for this are not promising given the commitment of governments in the crisis-hit economies to protect the “international competitiveness” of the London and New York financial markets.
Author: Stephen Bell
Publisher: Harvard University Press
ISBN: 0674425618
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
This account of the financial crisis of 2008–2009 compares banking systems in the United States and the United Kingdom to those of Canada and Australia and explains why the system imploded in the former but not the latter. Central to this analysis are differences in bankers’ beliefs and incentives in different banking markets. A boom mentality and fear of being left behind by competitors drove many U.S. and British bank executives to take extraordinary risks in creating new financial products. Intense market competition, poorly understood trading instruments, and escalating system complexity both drove and misled bankers. Formerly illiquid assets such as mortgages and other forms of debt were repackaged into complex securities, including collateralized debt obligations (CDOs). These were then traded on an industrial scale, and in 2007 and 2008, when their value collapsed, economic activity fell into a deep freeze. The financial crisis threatened not just investment banks and their insurers but also individual homeowners and workers at every level. In contrast, because banks in Canada and Australia could make good profits through traditional lending practices, they did not confront the same pressures to reinvent themselves as did banks in the United States and the United Kingdom, thus allowing them to avoid the fate of their overseas counterparts. Stephen Bell and Andrew Hindmoor argue that trading and systemic risk in the banking system need to be reined in. However, prospects for this are not promising given the commitment of governments in the crisis-hit economies to protect the “international competitiveness” of the London and New York financial markets.
Author: Stephen Bell
Publisher: Harvard University Press
ISBN: 0674743881
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
Stephen Bell and Andrew Hindmoor compare banking systems in the U.S. and UK to those of Canada and Australia and explain why the system imploded in the former but not the latter. Canadian and Australian banks were able to make profits through traditional lending practices, unlike their competition-driven, risk-taking U.S. and UK counterparts.
Author: Stephen Bell
Publisher: Harvard University Press
ISBN: 0674073614
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Author: Mehrsa Baradaran
Publisher: Harvard University Press
ISBN: 0674495446
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
The United States has two separate banking systems today—one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities—all thanks to deregulation that began in the 1970s and continues decades later. “Baradaran argues persuasively that the banking industry, fattened on public subsidies (including too-big-to-fail bailouts), owes low-income families a better deal...How the Other Half Banks is well researched and clearly written...The bankers who fully understand the system are heavily invested in it. Books like this are written for the rest of us.” —Nancy Folbre, New York Times Book Review “How the Other Half Banks tells an important story, one in which we have allowed the profit motives of banks to trump the public interest.” —Lisa J. Servon, American Prospect
Author: Mehrsa Baradaran
Publisher: Harvard University Press
ISBN: 0674982304
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
“Read this book. It explains so much about the moment...Beautiful, heartbreaking work.” —Ta-Nehisi Coates “A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.” —The Atlantic “Extraordinary...Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.” —Ezra Klein When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy. “Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.” —Los Angeles Review of Books “A must read for anyone interested in closing America’s racial wealth gap.” —Black Perspectives
Author: Andrew Hindmoor
Publisher: Oxford University Press
ISBN: 0198805993
Category : History
Languages : en
Pages : 298
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Book Description
An unexpected story of how Britain has and has not changed, how things might not be as bad as we routinely think they are and how we really do need to pause before saying sweeping things about neoliberalism.
Author: Quan Li
Publisher: Springer
ISBN: 9811041393
Category : Political Science
Languages : en
Pages : 257
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Book Description
This book offers a critical assessment of governance ideas in the context of Chinese neoliberalism. It argues that the Chinese version of governance has emerged as an important discursive practice in the articulation of the neoliberal spirit of the national reform agenda. The book first examines the institutional and intellectual background of governance ideas, capturing the key features of neoliberalization in transitional China. The main body of investigation is an interpretive analysis of governance in terms of its normative principles and technical skills, which effectively package the mature neoliberal vision and reality so that it indicates the dominant ruling structure of Chinese neoliberalism. The subsequent analysis presents a genealogical review of governance discourse and traces its adaptation to local neoliberal experiments. The book concludes with reflections on possible ways of critical engagement with governance ideas and with the intellectual aspects of neoliberalism.
Author: Lucia Quaglia
Publisher: Oxford University Press
ISBN: 019263562X
Category : Political Science
Languages : en
Pages : 240
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Book Description
This book provides the first comprehensive account of post-crisis international regulation of derivatives by bringing together the international relations literature on regime complexity and the international political economy literature on financial regulation. It addresses three questions: What factors drove international standard-setting on derivatives post-crisis? Why did international regime complexity emerge? And how was it managed and with what outcomes? This research innovatively combines a state-centric, a transgovernmental, and business-led explanations. It examines all the main sets of standards (or elemental regimes) concerning various aspects of derivatives markets, namely: trading, clearing, and reporting of derivatives; resilience, recovery and resolution of central counterparties; capital requirements for bank exposures to central counterparties and derivatives; margins for derivatives non-centrally cleared. It is argued that regime complexity in derivatives ensued from the multi-dimensionality and the interlinkages of the problems to tackle, especially given the fact that it was a new policy area without a focal international standard-setter. Despite these challenges, international cooperation resulted in relatively precise, stringent, and consistent rules, even though there was variation across standards. The main jurisdictions played an important role in managing regime complexity, but their effectiveness was constrained by limited domestic coordination. Networks of regulators gathered in international standard-setting bodies deployed a variety of formal and informal coordination tools to deal with regime complexity. The financial industry, at times, lobbied for less precise and stringent rules and engaged in 'venue shopping', whereas, other times, it contributed to the quest for regulatory consistency.
Author: Katharine Murphy
Publisher: Black Inc.
ISBN: 1743821549
Category : Social Science
Languages : en
Pages : 166
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Book Description
What has the coronavirus pandemic revealed about Scott Morrison, and where is he taking Australia? Epidemics are mirrors. What has COVID-19 revealed about Australia, and about Scott Morrison and his government? In this gripping essay, Katharine Murphy goes behind the scenes to tell the story of the response to the crisis. Drawing on interviews with Morrison, Brendan Murphy, Josh Frydenberg, Sally McManus and other players, she traces how the key health and economic decisions were taken. Her account is twinned with a portrait of the prime minister. She explores his blend of pragmatism and faith, and shows how a leader characterised by secrecy and fierce certainty learnt to compromise and reach out – with notable exceptions. Now, as the nation turns inwards and unemployment rises, our faith in government is about to be tested anew. What does “We’re all in this together” truly mean? Will Morrison snap back to Liberal hardman, or will he redefine centre-right politics in this country? “Morrison’s a partisan, blue team to the core, but his political philosophy is hard to pin down, because it is predominantly trouble-shooting. By instinct, Morrison is a power player and a populist, not a philosopher; a repairer of walls, not a writer of manifestos ... [his] conservatism is extreme pragmatism in defence of what he regards as the core of the nation.” —Katharine Murphy, The End of Certainty
Author: Jenny M. Lewis
Publisher: Oxford University Press
ISBN: 0198805462
Category : Political Science
Languages : en
Pages : 625
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Book Description
"BOOK Abstract: The Oxford Handbook of Australian Politics is a comprehensive collection that considers Australia's distinctive politics-both ancient and modern-at all levels and across many themes. It examines the factors that make Australian politics unique and interesting, while firmly placing these in the context of the nation's Indigenous and imported heritage and global engagement. The book presents an account of Australian politics that recognizes and celebrates its inherent diversity by taking a thematic approach in six parts. The first theme addresses Australia's unique inheritances, examining the development of its political culture in relation to the arrival of British colonists and their conflicts with First Nations peoples, as well as the resulting geopolitics. The second theme, improvization, focuses on Australia's political institutions and how they have evolved. Place-making is then considered to assess how geography, distance, Indigenous presence, and migration shape Australian politics. Recurrent dilemmas centre on a range of complex, political problems and their influence on contemporary political practice. Politics, policy, and public administration cover how Australia has been a world leader in some respects, and a laggard in others when dealing with important policy challenges. The final theme, studying Australian politics, introduces some key areas in the study of Australian politics and identifies the strengths and shortcomings of the discipline. This Handbook is an opportunity for others to consider the nation's unique politics from the perspective of leading and emerging scholars, and to gain a strong sense of its imperfections, its enduring challenges, and its strengths. Key Words: Australia, politics, policy, Indigenous heritage, colonial settlement, political institutions, place-making, political dilemmas, policy, and public administration, studying politics"--
