IMPROVING BANKING SUPERVISION
|
|
- Leon Owen
- 5 years ago
- Views:
Transcription
1 IMPROVING BANKING SUPERVISION
2 Also by David G. Mayes PUBLIC INTEREST AND MARKET PRESSURES (with W. Hager, A. Knight and W. Streeck) MODERN PORTFOLIO THEORY AND FINANCIAL INSTITUTIONS (with D. C. Corner) THE EVOLUTION OF THE SINGLE EUROPEAN MARKET SOURCES OF PRODUCTIVITY GROWTH THE SINGLE MARKET PROGRAMME AS A STIMULUS TO CHANGE (with P. E. Hart) INEFFICIENCY IN INDUSTRY (with C. Harris and M. Lansbury) THE EVOLUTION OF RULES FOR A SINGLE EUROPEAN MARKET (editor) 1 Industry and Finance 2 Rules, Democracy and the Environment 3 Social and International Issues FOREIGN DIRECT INVESTMENT AND TRANSITION (editor with G. Csaki and G. Foti) THE EXTERNAL IMPLICATIONS OF EUROPEAN INTEGRATION (with others) ACHIEVING MONETARY UNION (with A. Britton) A NEW STRATEGY FOR SOCIAL AND ECONOMIC COHESION AFTER 1992 (with I. Begg) THE EUROPEAN CHALLENGE A STRATEGY FOR THE ECU (with A. Britton and Ernst & Young) SHARPBENDERS (with P. Grinyer and P. McKierman) INTEGRATION AND EUROPEAN INDUSTRY (with M. Macmillen and P. van Veen) THE EXCHANGE RATE ENVIRONMENT (with S. Brooks and K. Cuthbertson) APPLICATIONS OF ECONOMETRICS THE PROPERTY BOOM INTRODUCTORY ECONOMIC STATISTICS (with A. C. Mayes)
3 Improving Banking Supervision David G. Mayes Liisa Halme and Aarno Liuksila The views expressed in this publication are those of the authors and are not necessarily shared by the Bank of Finland
4 David G. Mayes, Liisa Halme and Aarno Liuksila 2001 Softcover reprint of the hardcover 1st edition All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 0LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act First published 2001 by PALGRAVE Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y Companies and representatives throughout the world PALGRAVE is the new global academic imprint of St. Martin s Press LLC Scholarly and Reference Division and Palgrave Publishers Ltd (formerly Macmillan Press Ltd). ISBN ISBN (ebook) DOI / This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Mayes, David G. Improving banking supervision / David G. Mayes, Liisa Halme, and Aarno Liuksila. p. cm. Includes bibliographical references and index. 1. Banks and banking State supervision Scandinavia. 2. Banking law Scandinavia. 3. Banks and banking State supervision. 4. Banking law. I. Halme, Liisa. II. Liuksila, Aarno. III. Title. HG3140.A6 M dc
5 Contents List of Tables List of Figures Preface Acknowledgements vi vii ix xiii 1 Introduction 1 2 The Financial Crisis of the Early 1990s and its Lessons 11 3 Coming Challenges to Financial Supervision 49 4 Principles of Good Financial Supervision 65 5 Corporate Governance and Financial Stability 91 6 The Rationale for a More Market-based Regime A Disclosure Regime Robust Exit Policies to Underpin Market Discipline A New Approach to Orderly Bank Exit Exit Policy Co-ordination at EU Level The Way Forward 256 Notes 269 References 286 Index 295 v
6 List of Tables 02.1 Characteristics of the Nordic financial crises Losses and provisions made by Nordic banks, Public sector support for the banking system in the Nordic countries, Banking league table Major acquisitions and mergers in Western Europe Key elements of efficient regulation Functions of financial system oversight Responsibilities in Finland Main changes to the financial system in Finland since Disclosure requirements in New Zealand Registered banks as at 30 September Llewellyn s 25 principles of good banking regulation 259 vi
7 List of Figures 1.1 Asset prices and credit in Sweden, Financial market liberalisation in Finland The macroeconomic picture in the Nordic countries, House prices in relation to consumer prices Real increase in lending Household savings and real after-tax lending rates Fall in GDP compared with trade share with the Soviet Union Bank lending to the corporate and household sectors in Finland Ratio of loan losses to average total assets of Nordic banks Rates of growth in bank lending in the Nordic countries Bank branches and employees per 1000 inhabitants in the Nordic countries Credit losses of deposit banks (parent companies) 45 vii
8 This page intentionally left blank
9 Preface At the time one always tries to take the best decisions in the light of the expected future and the practicalities of the present circumstances. With the benefit of hindsight it is possible to see that different decisions might have been better and hence one always poses the question Could we have done this better even with what we knew at the time? When mistakes have been made, there is always a post-mortem and a set of changes implemented to try to make sure that history does not repeat itself. The Finnish banking crisis at the beginning of the 1990s was one of the most difficult economic challenges policy-makers have had to face since the postwar recovery. While it was clear at the time that action was needed, most of the parties involved found themselves relatively powerless to act. Where action was possible there was always the fear that it would precipitate the very crisis everybody hoped to avoid and that subsequently those who took it might be blamed for imposing unnecessary costs on society. It is easy to list what might have happened that would have made the crisis much milder. There was a general expectation that the changes in the former Soviet Union would be quite rapid and would not involve anything like as deep a downturn as has actually been experienced. Although the authorities were convinced that adherence to the exchange rate peg with the ECU was the only viable route to price stability, they had hoped that the exchange rate tensions within the European Monetary System s Exchange Rate Mechanism would be resolved much earlier and with little drama. These and other factors would have meant that fewer of the exposures of the Finnish banking system would have resulted in non-performing loans and the rapid upward valuation of liabilities. However, these ifs and maybes are not the way to look at the problem. It would be equally inappropriate to take no action if one had taken a large risk but been lucky enough to get away with it if you drive round a corner too fast but don t hit anything, you still don t drive round too fast next time. Finland had the misfortune to endure the crisis an experience from which it has not yet fully recovered. The sensible thing to do is to reflect on it and then implement a series of changes that will make the chances of repetition small. Of course, the new precautions must not themselves impose disproportionate costs on society. An efficient and effective financial system helps the economy grow faster and invest in the process of structural change. Such investment inevitably involves risks. Good management of both financial and commercial companies means managing those risks, not failing to take them. The authorities have to try to design a system that is likely to deliver the appropriate balance. ix
10 x Preface But Finland is not special in these regards. It may have endured a worse crisis than other western industrialised countries, but the ingredients of the problem and its solution are generally applicable. Unfortunately the learning process is slow. Some of the same mistakes have been made again in the run-up to the Asian crises at the end of the 1990s. It is therefore important for the authorities in Finland not just to do their best to learn themselves from the experience and implement measures in response but to help others avoid getting into similar difficulties. This book forms part of that response. The Bank of Finland has already published articles on the crisis and how it was tackled. Outsiders have, of course, done the same, drawing on different parts of the inside experience. However, the Bank of Finland has a particular responsibility not just because of its role in trying to maintain the stability and efficiency of the financial system but also because one of the responses to the crisis has been to transfer administrative responsibility for the supervision of banks and securities markets from the Ministry of Finance to the Bank of Finland an operation that is kept separate from the Bank and run by the Financial Supervision Authority. The Bank has therefore been responsible for ensuring the return of the both the banking system as a whole and all the individual banks within it to adequate capitalisation and to implementing a regime whereby good management in the future will make any repetition of the experience of the early 1990s unlikely. The early stages of this process involved detailed negotiations with the banks and very tight controls. It also involved very large injections of public money, a substantial portion of which has now been repaid. With a return to healthy banks and strong growth in the economy over a number of years expected to continue into the future we are now in a position to step back and consider a more fundamental change to the system. That is the intention of this book. The book blends law and economics to suggest how a regulatory system that provides a network of incentives for all those involved in financial markets can be put together to try to ensure that banks manage their risks prudently. Many of the ideas employed here have already been adopted in practice some in the United States, most notably in New Zealand but Europe on the whole has been slow to adopt them. There are three key messages. First of all, banks must have good corporate governance structures, proper capitalisation and be run by people of repute if they are to stand a proper chance of success. Secondly, the banks need to disclose, in public and using clear and comparable information, enough detail on their financial state and risk management practices that market participants as well as the regulators can hold an informed view of their state and prospects. Lastly we need to have a credible means of persuading banks that next time we will act early and ensure bank resolutions without public money if they become undercapitalised. Banks must come to expect that they will not be allowed to
11 Preface xi continue trading unchanged if they fail to meet the minimum levels for prudent operation. People are always surprised that regulators would prefer not to have the opportunity to exercise discretion in favour of individual banks. If the opportunity for discretion exists everyone will tend to act in the expectation that it will be exercised in their favour. This will tend to result in people running just the sort of risks we want to avoid. In New Zealand intervention by the authorities is not only compulsory but progressive as banks become undercapitalised. If the banks involved do not act voluntarily the authorities will compel them, ultimately taking them into statutory management and out of the hands of the existing shareholders. In the United States intervention becomes mandatory if capital falls too far and the bank is then closed. The proposals in the book do not seek to attain a hypothetical world outside previous experience but to implement the best of current practice. They are deliberately a practical proposition. All of the changes advocated will involve quite substantial alterations in behaviour and indeed legislation, but these will be swimming with the tide of the modern age of transparency, and encouragement of the process of change. We can never be in a position where we can provide legislation that will cover every detailed development that can happen to financial markets in advance. However, moving towards widespread public disclosure does not mean that we will cease to pay attention to banks either individually or as a group. On the contrary, disclosure means that the process of supervision is widened. All the stakeholders in banks need to take a view and not just the regulator. Furthermore, the regulator can turn its focus more towards problems that affect the financial system as a whole and concentrate on the increasing problems of cross-border supervision. International co-ordination among authorities is becoming increasingly important as our main banks themselves become more international. The ECB Banking Supervisory Committee is focusing on what it describes as macro-prudential supervision while the European supervisors continue to develop their bilateral exchanges of information. It is likely that there will be increased pressure for wider international institutional changes as well. However, it is no good getting the microstructures right if macro-policy creates instability. Here Finland has done a lot to get away from the shocks that can destabilise a small country. Finland joined EMU in the first wave so that it now has the stability of the euro area as a whole. This entails not just a single monetary policy but prudent constraints on fiscal management as well. It is not that prudence would not have been possible in the previous independent regime but, rather, that having the peer pressure of ten fellow members and the Commission (not to mention the ECB) makes good performance seem much more likely to financial markets, price setters and hopefully to wage bargainers. Credibility may seem an overused word but it is the credibility of macroeconomic policy
12 xii Preface and financial supervision in international eyes that matters. It is no good simply believing in ourselves others have to believe us. That belief depends upon the regulatory framework, the institutional set up and the visible incentives for all those concerned to make it work. Emerging markets may find it will take some time to adopt these principles but the less the reputation of current systems the greater the benefits from making credible improvements. The international organisations are joining the chorus for prudent behaviour in both macroeconomic policy and financial sector management. It is to be hoped that this book offers food for thought on how to speed up achieving those goals. The 1990s have been a decade of hard lessons. Learning them will provide a benefit in the decades to come. Finland does not want to experience the costs of the financial crisis again and naturally would want others to avoid them as well. Helsinki DAVID G. MAYES
13 Acknowledgements We are grateful to current and former colleagues in the Bank of Finland and the Finnish Financial Supervisory Authority who have written material on financial supervision over the last ten years that we have been able to draw on in writing this book. Although, where possible, their contribution has been cited in the text, more informal influence will have been ignored. We thank in particular, Heikki Koskenkylä, for his contributions to Chapters 2 and 3, Jukka Vesala for his contributions to Chapters 3, 4 and 10, and Juha Tarkka, who suggested we write the book and provided insights into the handling of the Finnish crisis. Other colleagues have provided comments, particularly on Chapter 2. Mikko Niskanen and Markku Malkamäki were especially helpful. The Board of the Bank of Finland have been very supportive Matti Louekoski in formally releasing all the material we use and Esko Ollila, Deputy Governor, in encouraging our work. However, we must make it clear that the views we express are our own. The book draws heavily on the experience in New Zealand and Geoff Mortlock, Denys Bruce, Peter Ledingham and Bruce White of the Reserve Bank of New Zealand were helpful, both in articulating many of the original ideas and in correcting misperceptions. Senior executives in New Zealand banks willingly participated in interviews and provided helpful material for us to understand the impact of the system. Deutsche Bank, formerly through Bankers Trust, have continued to provide us with disclosure material some of which is reproduced in Chapter 7 our use of their material rather than that from other registered banks does not imply any favourable or unfavourable judgement on status and performance of any bank. We have benefited from the comments of others in a range of seminars given on parts of the book in Finland, Sweden, the United Kingdom, Estonia, New Zealand and Germany among others over the three years the work has been in the making. The Bank of England provided specific help for Liisa Halme through the Centre for Central Banking Studies and the UK Financial Services Authority for David Mayes. Jeremy Richardson was particularly helpful in his detailed scrutiny of part of the material we draw on. We thank Bill Allen, Richard Brealey, Charles Goodhart, Juliette Healey and David Swanney for their comments on Chapters 4 and 5. Kevin Dowd offered some constructive referee s comments as did David Llewellyn and Karel Lannoo. We hope they are not too disappointed by the result. Some of the work was undertaken while David Mayes was at South Bank University and has been an important contribution to the founding of its new Centre for Monetary and Financial Economics. xiii D. G. M. L. H. A. L.
Trade, Investment and Competition in International Banking
Trade, Investment and Competition in International Banking This page intentionally left blank Trade, Investment and Competition in International Banking Aidan O Connor Aidan O Connor 2005 Softcover reprint
More informationInternational Papers in Political Economy
International Papers in Political Economy International Papers in Political Economy Series Series Editors: Philip Arestis and Malcolm Sawyer Titles include: Philip Arestis and Malcolm Sawyer (editors)
More informationFiscal Sustainability and Competitiveness in Europe and Asia
Fiscal Sustainability and Competitiveness in Europe and Asia This page Intentionally left blank Fiscal Sustainability and Competitiveness in Europe and Asia Ramkishen S. Rajan Adjunct Senior Research Fellow,
More informationMarketing in the Emerging Markets of Latin America
Marketing in the Emerging Markets of Latin America Also by Marin Marinov MARKETING IN THE EMERGING MARKETS OF CENTRAL AND EASTERN EUROPE: The Balkans INTERNATIONALIZATION IN CENTRAL AND EASTERN EUROPE
More informationThe Future of Financial Markets
The Future of Financial Markets Also by David Mayes ADJUSTING TO EMU (with B. Ardy, I. Begg, D. Hodson and I. Maher) WHO PAYS FOR BANK INSOLVENCY? (with A. Liuksila) IMPROVING BANKING SUPERVISION (with
More informationStructural Revolution in International Business Architecture
Structural Revolution in International Business Architecture Structural Revolution in International Business Architecture Modelling and Analysis: Volume 1 Dipak Basu Nagasaki University, Japan Victoria
More informationGlobal Stock Markets and Portfolio Management
Global Stock Markets and Portfolio Management Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides
More informationAlso by Steven I. Davis
Banking in Turmoil Also by Steven I. Davis AFTER THE CREDIT CRISIS: Best Practice in Banking the High Net Worth Individual BANCASSURANCE: The Lessons of Global Experience in Banking and Insurance Collaboration
More informationRisk Management in Emerging Markets
Risk Management in Emerging Markets Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides a forum for
More informationThis page intentionally left blank
The Future BRICS This page intentionally left blank The Future BRICS A Synergistic Economic Alliance or Business as Usual? Rich Marino Rich Marino 2014 Softcover reprint of the hardcover 1st edition 2014
More informationRegionalism among Developing Countries
Regionalism among Developing Countries Also by Sheila Page HOW DEVELOPING COUNTRIES TRADE TRADE, FINANCE AND DEVELOPING COUNTRIES: Strategies and Constraints in the 1990s MONETARY POLICY IN DEVELOPING
More informationThe Reform of Macroeconomic Policy
The Reform of Macroeconomic Policy Also by f. 0. N. Perkins A GENERAL APPROACH TO MACROECONOMIC POLICY ANTI-CYCLICAL POLICY IN AUSTRALIA AUSTRALIA IN THE WORLD ECONOMY AUSTRALIAN MACROECONOMIC POLICY,
More informationBANCASSURANCE IN EUROPE
BANCASSURANCE IN EUROPE Also by Tobias C. Hoschka CROSS-BORDER ENTRY IN EUROPEAN RETAIL FINANCIAL SERVICES Bancassurance in Europe Tobias C. Hoschka E. C. Research Fellow University ofoxford MSt. Martin's
More informationAlso by Francis A. Lees
CHINA SUPERPOWER Also by Francis A. Lees BANKING AND FINANCIAL DEEPENING IN BRAZIL (with James M. Botts and Rubens Penha Cysne) FOREIGN BANKING AND INVESTMENT IN THE UNITED STATES GLOBAL FINANCE INTERNATIONAL
More informationDark Pools. The Structure and Future of Off-Exchange Trading and Liquidity ERIK BANKS
Dark Pools Palgrave Macmillan Finance and Capital Markets Series For information about other titles in this series please visit the website http://www.palgrave.com/business/finance and capital markets.asp
More informationTHE ECONOMIC IMPACT OF LEASING
THE ECONOMIC IMPACT OF LEASING Also by David G. Mayes THE EXCHANGE RATE ENVIRONMENT (with S. Brooks and K. Cuthbertson) 'MODERN PORTFOLIO THEORY AND FINANCIAL INSTITUTIONS (editor with Desmond C. Corner)
More informationLeveraged Exchange-Traded Funds
Leveraged Exchange-Traded Funds Leveraged Exchange- Traded Funds A Comprehensive Guide to Structure, Pricing, and Performance Narat Charupat and Peter Miu LEVERAGED EXCHANGE-TRADED FUNDS Copyright Narat
More informationSmall Countries in a Global Economy
Small Countries in a Global Economy Also by Dominick Salvatore INTERNATIONAL ECONOMICS (seventh edition) MANAGERIAL ECONOMICS IN A GLOBAL ECONOMY (fourth edition) Also by loze P. Damijan SMALL COUNTRIES
More informationMIDDLE-CLASS BLACKS IN BRITAIN
MIDDLE-CLASS BLACKS IN BRITAIN Middle -Class Blacks in Britain A Racial Fraction of a Class Group or a Class Fraction of a Racial Group? Sharon J. Daye M St. Martin's Press Sharon J. Daye 1994 Softcover
More informationGovernance and Risk in Emerging and Global Markets
Governance and Risk in Emerging and Global Markets Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides
More informationGreen Taxation in Question
Green Taxation in Question Also by Carsten Daugbjerg POLICY NETWORK UNDER PRESSURE: Pollution Control, Policy Reform and the Power of Farmers Also by Gert Tinggaard Svendsen PUBLIC CHOICE AND ENVIRONMENTAL
More informationEquity Derivatives Explained
Equity Derivatives Explained Financial Engineering Explained About the series Financial Engineering Explained is a series of concise, practical guides to modern finance, focusing on key, technical areas
More informationSovereign Risk and Public-Private Partnership During the Euro Crisis
Sovereign Risk and Public-Private Partnership During the Euro Crisis This page intentionally left blank Sovereign Risk and Public- Private Partnership During the Euro Crisis Maura Campra University of
More informationDO WORLD BANK AND IMF POLICIES WORK?
DO WORLD BANK AND IMF POLICIES WORK? Also by Shahrukh Rafi Khan HANDING BACK RURAL WATER SUPPLY SCHEMES TO COMMUNITIES: A Case for Collective Action JUST DEVELOPMENT: Beyond Adjustment with a Human Face
More informationUnderstanding the Crisis in Greece
Understanding the Crisis in Greece Also by Theodore Pelagidis WELFARE STATE AND DEMOCRACY IN CRISIS (co-edited) Understanding the Crisis in Greece From Boom to Bust Michael Mitsopoulos and Theodore Pelagidis
More informationLENDING IN INTERNATIONAL COMMERCIAL BANKING
LENDING IN INTERNATIONAL COMMERCIAL BANKING INTERNATIONAL BANKING SERIES Published by Palgrave Macmillan General Editor: Steven I. Davis Steven I. Davis THE MANAGEMENT OF INTERNATIONAL BANKS T. H. Donaldson
More informationTHE BANKING SYSTEM OF CYPRUS
THE BANKING SYSTEM OF CYPRUS Also by Kate Phylaktis FINANCIAL DATA OF BANKS AND OTHER FINANCIAL INSTITUTIONS INTERNATIONAL FINANCE AND THE LESS DEVELOPED COUNTRIES (editor with M. Pradhan) The Banking
More informationMicrocredit Guarantee Funds in the Mediterranean
Microcredit Guarantee Funds in the Mediterranean Palgrave Studies in Impact Finance Series Editor: Mario La Torre The Palgrave Studies in Impact Finance series provides a valuable scientific hub for re-searchers,
More informationEUROPEAN MACROECONOMICS
EUROPEAN MACROECONOMICS EUROPEAN MACROECONOMICS Robert Barro and Vittorio Grilli M MACMILLAN Robert J. Barro and Vittorio Grilli 1994 All rights reserved. No reproduction, copy or transmission of this
More informationPublic Credit Rating Agencies
Public Credit Rating Agencies Public Credit Rating Agencies Increasing Capital Investment and Lending Stability in Volatile Markets Susan K. Schroeder PUBLIC CREDIT RATING AGENCIES Copyright Susan K.
More informationTHE REGIONAL DISTRIBUTION OF FOREIGN MANUFACTURING INVESTMENT IN THE UK
THE REGIONAL DISTRIBUTION OF FOREIGN MANUFACTURING INVESTMENT IN THE UK Also by Stephen Hill FUNDAMENTALS OF MANAGERIAL ECONOMICS (with Julian Gough) MANAGERIAL ECONOMICS TIME, WORK AND ORGANISATION (with
More informationHybrid Securities Structuring, Pricing and Risk Assessment
Hybrid Securities Hybrid Securities Structuring, Pricing and Risk Assessment Kamil Liberadzki and Marcin Liberadzki Warsaw School of Economics, Poland Kamil Liberadzki and Marcin Liberadzki 2016 Softcover
More informationU r b a n L a n d. Economics. J a c k H a r v e y & E r n i e J o w s e y
U r b a n L a n d Economics J a c k H a r v e y & E r n i e J o w s e y S i x t h E d i t i o n URBAN L A N D ECONOMICS By Jack Harvey BASIC ECONOMICS BASIC ECONOMICS WORKBOOK ELEMENTARY ECONOMICS WORKBOOK
More informationEstimating SMEs Cost of Equity Using a Value at Risk Approach
Estimating SMEs Cost of Equity Using a Value at Risk Approach This page intentionally left blank Estimating SMEs Cost of Equity Using a Value at Risk Approach The Capital at Risk Model Federico Beltrame
More informationMonetary Policy and the Economy in South Africa
Monetary Policy and the Economy in South Africa Monetary Policy and the Economy in South Africa Mthuli Ncube African Development Bank Group, South Africa and Eliphas Ndou Reserve Bank of South Africa,
More informationTHE SEPARATION OF COMMERCIAL AND INVESTMENT BANKING The Glass-Steagall Act Revisited and Reconsidered
THE SEPARATION OF COMMERCIAL AND INVESTMENT BANKING The Glass-Steagall Act Revisited and Reconsidered STUDIES IN BANKING AND INTERNATIONAL FINANCE Published by Macmillan in association with the Department
More informationPROJECT ANALYSIS IN DEVELOPING COUNTRIES
PROJECT ANALYSIS IN DEVELOPING COUNTRIES This page intentionally left blank Project Analysis in Developing Countries Steve Curry Lecturer, Development and Project Planning Centre University of Bradford
More informationINTERNATIONAL DEBT AND CENTRAL BANKING IN THE 1980s
INTERNATIONAL DEBT AND CENTRAL BANKING IN THE 1980s STUDIES IN BANKING AND INTERNATIONAL FINANCE Published by Macmillan in association with the Centre for Banking and International Finance, The City University,
More informationCross-border Mergers and Acquisitions
Cross-border Mergers and Acquisitions This page intentionally left blank Cross-border Mergers and Acquisitions Theory and Empirical Evidence Ottorino Morresi and Alberto Pezzi cross-border mergers and
More informationReform and Responsibility in the Remaking of the Swedish National Pension System
Reform and Responsibility in the Remaking of the Swedish National Pension System Reform and Responsibility in the Remaking of the Swedish National Pension System Opening the Orange Envelope Anette Nyqvist
More informationENERGY HEDGING IN ASIA
ENERGY HEDGING IN ASIA This page intentionally left blank Energy Hedging in Asia: Market Structure and Trading Opportunities PETER C. FUSARO AND TOM JAMES Peter C. Fusaro and Tom James 2005 Softcover reprint
More informationMACROECONOMICS An Introductory Text
Macroeconomics MACROECONOMICS An Introductory Text John Evans-Pritchard B.Sc. Econ. M MACMILLAN John Evans-Pritchard 1985 Softcover reprint of the hardcover 1st edition 1985 978-0-333-39058-0 All rights
More informationFiscal Policy without a State in EMU?
Fiscal Policy without a State in EMU? This page intentionally left blank Fiscal Policy without a State in EMU? Germany, the Stability and Growth Pact and Policy Coordination Jani Kaarlejärvi Jani Kaarlejärvi
More informationINWARD INVESTMENT, TECHNOLOGICAL CHANGE AND GROWTH
INWARD INVESTMENT, TECHNOLOGICAL CHANGE AND GROWTH This page intentionally left blank Inward Investment, Technological Change and Growth The Impact of Multinational Corporations on the UK Economy Edited
More informationQUANTITATIVE METHODS FOR ELECTRICITY TRADING AND RISK MANAGEMENT
QUANTITATIVE METHODS FOR ELECTRICITY TRADING AND RISK MANAGEMENT This page intentionally left blank Quantitative Methods for Electricity Trading and Risk Management Advanced Mathematical and Statistical
More informationMarket Timing and Moving Averages
Market Timing and Moving Averages Market Timing and Moving Averages An Empirical Analysis of Performance in Asset Allocation PASKALIS GLABADANIDIS MARKET TIMING AND MOVING AVERAGES Copyright Paskalis
More informationJohn Wigley and Carol Lipman: The Enterprise Economy
Taxation ECONOMICS TODAY Edited by Andrew Leake The Ecanomics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert in the field in a style
More informationMicroeconomic Reform in Britain
Microeconomic Reform in Britain This page intentionally left blank Microeconomic Reform in Britain Delivering Opportunities for All HM TREASURY Foreword by Gordon Brown Chancellor of the Exchequer Edited
More informationThe Multinational Subsidiary
The Multinational Subsidiary Also by Neil Hood Chrysler UK: A Corporation in Transition (with S. Young) European Development Strategies of US Multinationals Located in Scotland (with S. Young) Foreign
More informationPLANNING PUBLIC SPENDING IN THE UK
PLANNING PUBLIC SPENDING IN THE UK Other books by Grahame Walshe International Monetary Reform Mergers and Concentration in British Industry (with P. E. Hart and M.A. Utton) Recent Trends in Monopoly in
More informationGCSE. Accounting. D. E. Turner P. H. Turner MACMILLAN
GCSE Accounting GCSE Accounting D. E. Turner P. H. Turner M MACMILLAN D. E. Turner and P. H. Turner 1991 All rights reserved. No reproduction, copy or transmission of this publication may be made without
More informationREGISTER. -of- DEFUNCT COMPANIES
REGISTER -of- DEFUNCT COMPANIES REGISTER OF DEFUNCT COMPANIES fl M stork MACMILLAN E\
More informationTHE ECONOMICS OF NORTH SEA OIL TAXATION
THE ECONOMICS OF NORTH SEA OIL TAXATION Also by Danny Hann GOVERNMENT AND NORTH SEA OIL Also by Chris Rowland THE ECONOMICS OF CHOICE BETWEEN ENERGY SOURCES (co-editor) The Economics of North Sea Oil Taxation
More informationGlobal Financial Markets series
Global Financial Markets series Global Financial Markets is a series of practical guides to the latest financial market tools, techniques and strategies. Written for practitioners across a range of disciplines
More informationCover: The cover graph shows GDP growth (white line) and inflation (private consumption deflator) (grey line) in the Eurozone, using outturn data for
FROM EMS to EMU Cover: The cover graph shows GDP growth (white line) and inflation (private consumption deflator) (grey line) in the Eurozone, using outturn data for 1979 to 1997 from the OECD's December
More informationTAX POLICY IN THE NORDIC COUNTRIES
TAX POLICY IN THE NORDIC COUNTRIES Also by Peter Birch S rensen PUBLIC FINANCE IN A CHANGING WORLD (editor) Tax Policy in the Nordic Countries Edited by Peter Birch SfZ}rensen Professor of Economics University
More informationA GENERAL APPROACH TO MACROECONOMIC POLICY
A GENERAL APPROACH TO MACROECONOMIC POLICY Also by J.O.N. Perkins ANTI-CYCLICAL POLICY IN AUSTRALIA AUSTRALIA IN THE WORLD ECONOMY AUSTRALIAN MACROECONOMIC POLICY, 1974-85 THE AUSTRALIAN FINANCIAL SYSTEM
More informationAlso by Shirley Dex BRITISH AND AMERICAN WOMEN AT WORK (with Lois B. Shaw) FRENCH AND BRITISH MOTHERS AT WORK (with Patricia Walters and David Alden)
FLEXIBLE EMPLOYMENT Also by Shirley Dex BRITISH AND AMERICAN WOMEN AT WORK (with Lois B. Shaw) FRENCH AND BRITISH MOTHERS AT WORK (with Patricia Walters and David Alden) LIFE AND WORK HISTORY ANALYSES
More informationDOI: / Risk and Trading on London s Alternative Investment Market
DOI: 10.1057/9781137361301.0001 Risk and Trading on London s Alternative Investment Market Other Palgrave Pivot titles Franklin G. Mixon, Jr: Public Choice Economics and the Salem Witchcraft Hysteria Elisa
More informationBanking and Financial Systems in the Arab World
Banking and Financial Systems in the Arab World Also by Philip Molyneux and Munawar Iqbal THIRTY YEARS OF ISLAMIC BANKING Banking and Financial Systems in the Arab World Philip Molyneux Professor of Banking
More informationAsset Markets, Portfolio Choice and Macroeconomic Activity
Asset Markets, Portfolio Choice and Macroeconomic Activity Asset Markets, Portfolio Choice and Macroeconomic Activity A Keynesian Perspective Toichiro Asada Professor of Economics, Chuo University, Tokyo,
More informationA GUIDE TO UNEMPLOYMENT REDUCTION MEASURES
A GUIDE TO UNEMPLOYMENT REDUCTION MEASURES Also by Edwin Whiting HOW TO GET YOUR EMPLOYMENT COSTS RIGHT A GUIDE TO BUSINESS PERFORMANCE MEASUREMENTS A Guide to Unemployment Reduction Measures Edwin Whiting
More informationBehavioral Finance and Capital Markets
Behavioral Finance and Capital Markets This page intentionally left blank Behavioral Finance and Capital Markets How Psychology Influences Investors and Corporations A d a m S z y sz ka BEHAVIORAL FINANCE
More informationThe Cost of Capital. Eva R. Porras
The Cost of Capital The Cost of Capital Eva R. Porras Eva R. Porras 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-20183-5 All rights reserved. No reproduction, copy or transmission
More informationInvestigating Social Issues
Investigating Social Issues ECONOMICS TODAY Edited by Andrew Leake The Economics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert
More informationMacmillan Work Out Series. Accounting. A-Level
Macmillan Work Out Series Work Out Accounting A-Level The titles in this series For GCSE examinations Accounting Biology Business Studies Chemistry Computer Studies Economics English French Geography German
More informationACCOUNTING IN AN INFLATIONARY ENVIRONMENT
ACCOUNTING IN AN INFLATIONARY ENVIRONMENT STUDIES IN FINANCE AND ACCOUNTING General Editors: M. J. Barron and D. W. Pearce Published Michael Firth: MANAGEMENT OF WORKING CAPITAL Michael Firth: THE VALUATION
More informationCURRENT ISSUES IN INTERNATIONAL MONETARY ECONOMICS
CURRENT ISSUES IN INTERNATIONAL MONETARY ECONOMICS CURRENT ISSUES IN ECONOMICS General Editor: David Greenaway, University of Nottingham Vol. I Vol. 2 Vol. 3 Vol. 4 Current Issues in Microeconomics Edited
More informationQuantitative Exchange Rate Economics in Developing Countries
Quantitative Exchange Rate Economics in Developing Countries This page intentionally left blank Quantitative Exchange Rate Economics in Developing Countries A New Pragmatic Decision-Making Approach M.
More informationConsumer Credit Fundamentals
Consumer Credit Fundamentals This page intentionally left blank Consumer Credit Fundamentals Steven Finlay Steven Finlay 2005 Softcover reprint of the hardcover 1st edition 2005 978-1-4039-3978-4 All rights
More informationProject Analysis in Developing Countries
Project Analysis in Developing Countries Project Analysis in Developing Countries Steve Curry Senior ProjectEconomist Asian Development Bank Manila, Philippines and John Weiss Professor o( Development
More informationBALANCE-OF-PA YMENTS THEORY AND THE UNITED KINGDOM EXPERIENCE
BALANCE-OF-PA YMENTS THEORY AND THE UNITED KINGDOM EXPERIENCE Also by A. P. Thirlwall * GROWTH AND DEVELOPMENT: with Special Reference to Developing Economies * INFLATION, SA VING AND GROWTH IN DEVELOPING
More informationMASTERING ACCOUNTING
MASTERING ACCOUNTING MACMILLAN MASTER SERIES Accounting Arabic Astronomy Australian History Background to Business Basic English Law Basic Management Biology British Politics Business Communication Business
More informationTHE FUTURE FOR DEPOSIT INSURANCE. David G Mayes University of Auckland. Abstract
THE FUTURE FOR DEPOSIT INSURANCE David G Mayes University of Auckland Paper prepared for the 15 th Melbourne Money and Finance Conference 31 May 1 June 2010 Abstract This paper considers some major issues
More informationPolitical Economy of Brazil
Political Economy of Brazil Also by Philip Arestis: FINANCIAL LIBERALIZATION (Co-editor with Malcolm Sawyer) THE POLITICAL ECONOMY OF ECONOMIC POLICIES (co-editor with Malcolm Sawyer) MONEY AND BANKING:
More informationFinancial Instrument Accounting
1 Financial Instrument Accounting Speech given by Sir Andrew Large, Deputy Governor, Bank of England At the 13 th Central Banking Conference, Painter s Hall, London 22 November 2004 All speeches are available
More informationPalgrave Macmillan Studies in Banking and Financial Institutions
Palgrave Macmillan Studies in Banking and Financial Institutions Series Editor : Professor Philip Molyneux The Palgrave Macmillan Studies in Banking and Financial Institutions are international in orientation
More informationFACTORS INFLUENCING THE FINANCIAL SYSTEM STABILITY ORIENTED POLICIES OF A SMALL COUNTRY SOON TO BECOME AN EU MEMBER ESTONIAN EXPERIENCE 1
VAHUR KRAFT FACTORS INFLUENCING THE FINANCIAL SYSTEM STABILITY ORIENTED POLICIES OF A SMALL COUNTRY SOON TO BECOME AN EU MEMBER ESTONIAN EXPERIENCE 1 Vahur Kraft Introduction The efficiency of financial
More informationis co-author of Industrial Economics and managing editor of Journal of Industrial
UNQUOTED COMPANIES This study provides the first ever in-depth analysis of a group of firms that make an important contribution to the UK economy. Much has been said and written by policy-makers about
More informationAsian Fixed. Income. Markets
E m e r ~ n g Asian Fixed Income Markets E m e r ~ n Asian Fixed Income Markets Erik Banks -- MACMILLAN Eric Banks, 1994 Softcover reprint of the hardcover 1st edition 1994 All rights reserved. No reproduction,
More informationBancassurance. palgrave. Nadege Genetay and Philip Molyneux. macmillan
BANCASSURANCE Bancassurance Nadege Genetay and Philip Molyneux palgrave macmillan Nadege Genetay and Philip Molyneux 1998 Softcover reprint of the hardcover 1 st edition 1998 All rights reserved. No reproduction,
More informationWorkshop Summary Remarks
Workshop Summary Remarks by Donald Kohn Robert S. Kerr Senior Fellow, Brookings Institution Prepared for the workshop, Implementing Monetary Policy Post Crisis: What have we learned? What do we need to
More informationThe Global Financial Crisis in Retrospect
The Global Financial Crisis in Retrospect Anthony Elson The Global Financial Crisis in Retrospect Evolution, Resolution, and Lessons for Prevention Anthony Elson Chevy Chase, Maryland, USA ISBN 978-1-137-59749-6
More information2018 Report. July 2018
2018 Report July 2018 Foreword This year the FCA and FCA Practitioner Panel have, for the second time, carried out a joint survey of regulated firms to monitor the industry s perception of the FCA and
More informationMONETARISM AND THE DEMISE OF KEYNESIAN ECONOMICS
MONETARISM AND THE DEMISE OF KEYNESIAN ECONOMICS Monetarism and the Demise of Keynesian Economics G. R. Steele Lecturer in Economics University 0/ Lancaster Palgrave Macmillan ISBN 978-1-349-09996-2 ISBN
More informationINTRODUCTION TO ACCOUNTANCY AND FINANCE
INTRODUCTION TO ACCOUNTANCY AND FINANCE TITLES IN THIS SERIES Published R. J. Briston Introduction to Accountancy and Finance H. K. Jaeger The Structure of Consolidated Accounting Ernest Laidler Variance
More informationStefan Ingves: Regulatory challenges of cross-border banking possible ways forward
Stefan Ingves: Regulatory challenges of cross-border banking possible ways forward Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Reserve Bank of Australia, Sydney, 23 July 2007.
More informationThe Touche Ross Tax Guide for the Self-Employed
The Touche Ross Tax Guide for the Self-Employed Also available in Papermac: The Touche Ross Tax Guide to Pay and Perks by Bill Packer and Elaine Baker The Touche Ross Tax Guide for the Self-Employed BILL
More informationPENSIONS IN THE EUROPEAN UNION: ADAPTING TO ECONOMIC AND SOCIAL CHANGE
PENSIONS IN THE EUROPEAN UNION: ADAPTING TO ECONOMIC AND SOCIAL CHANGE PENSIONS IN THE EUROPEAN UNION: ADAPTING TO ECONOMIC AND SOCIAL CHANGE Edited by Gerard Hughes The Economic and Social Research Institute,
More informationInvestment Insights. How to survive the EU referendum?
Investment Insights How to survive the EU referendum? Quarter two - 2016 Policymakers have played an increasing role in the direction of investment markets over recent years and with a host of activity
More informationTHE FUNDING OF RESOLUTION. David G Mayes University of Auckland
THE FUNDING OF RESOLUTION David G Mayes University of Auckland THE RESEARCH QUESTION Who is likely to pay for bank resolution under the BRRD? Does this meet the objective of minimising the impact of bank
More information16 NOVEMBER Strategic goals
16 NOVEMBER 2016 Strategic goals 2017-2020 Introduction 2 Introduction The Swiss Financial Market Supervisory Authority FINMA is an independent, public law institution. Under Article 5 of the Financial
More informationJürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools?
Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Frankfurt
More informationBANKING AND FINANCE IN THE ARAB MIDDLE EAST
BANKING AND FINANCE IN THE ARAB MIDDLE EAST Commercial banking is expanding more rapidly in the Middle East than in any other area of the world, but the increasing complexity of regional finance perplexes
More informationYOUTH UNEMPLOYMENT. Mark Casson
YOUTH UNEMPLOYMENT By the same author Introduction to Mathematical Economics The Future of the Multinational Enterprise (with Peter J. Buckley) Alternatives to the Multinational Enterprise YOUTH UNEMPLOYMENT
More informationRedrawing the Global Economy
Redrawing the Global Economy Also by Alice Landau BARGAINING ON POWER, BARGAINING ON POLICY: The CAP Reform and the Negotiations on Agriculture in the Uruguay Round CONFLITS ET COOPERATION DANS LES RELATIONS
More informationMANAGEMENT ACCOUNTING, ORGANIZATIONAL THEORY AND CAPITAL BUDGETING
MANAGEMENT ACCOUNTING, ORGANIZATIONAL THEORY AND CAPITAL BUDGETING Over the past decade the research effort devoted to accounting problems has expanded considerably and the volume of publications has increased
More informationEconomic Capital. and Financial Risk Management for Financial Services Firms and Conglomerates BRUCE T. PORTEOUS AND PRADIP TAPADAR
Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates BRUCE T. PORTEOUS AND PRADIP TAPADAR Bruce T. Porteous and Pradip Tapadar 2006 Softcover reprint of the hardcover
More informationWhat Should the Fed Do?
Peterson Perspectives Interviews on Current Topics What Should the Fed Do? Joseph E. Gagnon and Michael Mussa discuss the latest steps by the Federal Reserve to help the economy and what tools might be
More informationAndres Sutt: Are ROEs peaking?
Andres Sutt: Are ROEs peaking? Luncheon speech by Mr Andres Sutt, Deputy Governor of the Bank of Estonia, at the 9th Annual Nordic Financial Services Conference, Stockholm, 31 August 2006. Background slides
More information