• 1 Purpose and Operation of the Shadow Financial Regulatory Committee.- 2 Guaranty of Deposits Under the Banking Act of 1933.- 3 Restructuring Banking: The Shadow Financial Regulatory Committee's Program for Banking Reform.- 4 Market-Value Accounting by Banks: Benefits, Costs and Incentives.- 5 The Savings and Loan Rescue of 1989: Causes and Perspectives.- 6 Never Again: The S & L Bailout Bill.- 7 The Collapse of the Texas Thrift Industry: Causes of the Problem and Implications for Reform.- 8 Defective Regulatory Incentives and the Bush Initiative.- 9 The Need For Timely and Accurate Measures of Federal Deposit Insurers' Net Reserve Position.- 10 Regulatory Reform of Securities and Futures Markets: Two Years After the Crash.- Statement of Purpose.- List of Members.- List of Policy Statements.- Policy Statement No. 26.- Policy Statement No. 36.- Policy Statement No. 39.- Policy Statement No. 41.- Policy Statement No. 43.
• (source: Nielsen Book Data)9780792390732 20160605

In light of the periodic malfunctions in important sectors of the finan- cial services industry in recent years, such as commercial banking, thrift institutions, and the securities market, numerous proposals have been developed for restructuring the financial system to improve both its safety and efficiency. Among the groups analyzing the performance of the financial system and recommending changes where necessary, has been the Shadow Financial Regulatory Committee. This Committee, which is described in greater detail in Chapter 1, consists of 12 independent banking experts from the academic and practitioner worlds that meet quarterly to analyze current developments in the financial services indus- try and to make recommendations for improvements that would be in the public interest. The purpose of the Committee, its members, and a listing of policy statements are included in the Appendix. All but one of the chapters in this volume represent essays by indi- vidual members of the Committee on issues discussed by the Committee at recent meetings and that, for the most part, resulted in policy state- ments. They basically discuss the reasons for the policy statement adopted and place the issue in perspective. Where appropriate, the rele- vant section of the respective policy statement is presented at the begin- ning of each chapter. Each essay, however, reflects only the views of the individual author and not necessarily those of other members of the Committee or of the Committee as a whole.
(source: Nielsen Book Data)9780792390732 20160605

• The emperors of banking have no clothes
• How borrowing magnifies risk
• The dark side of borrowing
• Is it really "a wonderful life"?
• Banking dominos
• What can be done?
• Is equity expensive?
• Paid to gamble
• Sweet subsidies
• Must banks borrow so much?
• If not now, when?
• The politics of banking
• Other people's money.

What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned. Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
(source: Nielsen Book Data)9780691156842 20160610

• Preface ix Acknowledgments xiii 1 The Emperors of Banking Have No Clothes 1 PART I Borrowing, Banking, and Risk 15 2 How Borrowing Magnifies Risk 17 3 The Dark Side of Borrowing 32 4 Is It Really "A Wonderful Life"? 46 5 Banking Dominos 60 PART II The Case for More Bank Equity 79 6 What Can Be Done? 81 7 Is Equity Expensive? 100 8 Paid to Gamble 115 9 Sweet Subsidies 129 10 Must Banks Borrow So Much? 148 PART III Moving Forward 167 11 If Not Now, When? 169 12 The Politics of Banking 192 13 Other People's Money 208 Notes 229 References 337 Index 363.
• (source: Nielsen Book Data)9780691156842 20160610

What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned. Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
(source: Nielsen Book Data)9780691156842 20160610

• The emperors of banking have no clothes
• How borrowing magnifies risk
• The dark side of borrowing
• Is it really "a wonderful life"?
• Banking dominos
• What can be done?
• Is equity expensive?
• Paid to gamble
• Sweet subsidies
• Must banks borrow so much?
• If not now, when?
• The politics of banking
• Other people's money.

What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned. Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
(source: Nielsen Book Data)9780691156842 20160610

• Preface to the Paperback Edition ix Preface xiii Acknowledgments xvii 1 The Emperors of Banking Have No Clothes 1 PART I Borrowing, Banking, and Risk 15 2 How Borrowing Magnifies Risk 17 3 The Dark Side of Borrowing 32 4 Is It Really "A Wonderful Life"? 46 5 Banking Dominos 60 PART II The Case for More Bank Equity 79 6 What Can Be Done? 81 7 Is Equity Expensive? 100 8 Paid to Gamble 115 9 Sweet Subsidies 129 10 Must Banks Borrow So Much? 148 PART III Moving Forward 167 11 If Not Now, When? 169 12 The Politics of Banking 192 13 Other People's Money 208 Notes 229 References 337 Index 363.
• (source: Nielsen Book Data)9780691162386 20160618

The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Anat Admati and Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.
(source: Nielsen Book Data)9780691162386 20160618

• Part I: The financial environment. Introduction ; The economics of financial intermediation and innovations ; Interest rates and term structure of interest rates
• Part II: Banking and other depository institutions. Banks ; Rural and community banks ; Saving and loans institutions and credit unions ; Central bank and monetary policy
• Part III: Non-bank and non-depository institutions. Insurance companies and pension funds ; Finance companies and investment companies ; Investment banks and securities companies
• Part IV: Debt security markets. Money markets ; Bond markets ; Mortgage markets
• Part V: Equity markets. Equity markets
• Part VI: Foreign exchange and derivatives markets. Foreign exchange markets ; Derivative securities markets.

• The changing regulatory environment governing financial and economic crimes
• The compliance of worldwide banking systems with evolving international regulatory and supervisory requirements : facts, challenges, and implications
• The causes and origins of banking crises : a review and critique of theory and evidence
• Bank lending during the financial crisis of 2008 : an empirical investigation
• Corporate governance in the banking industry and Basel III challenges and implications
• Monetary policy in an era of quantitative easing
• Monetary policy in an era of monetary unions, and central banks' holdings of foreign reserves.

The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. Banking and Monetary Policies in a Changing Financial Environment delves into three of these developments and challenges. The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and techniques, terrorist financing after the 9/11 attacks, and the proliferation of weapons of mass destruction. The second development concerns the global financial crisis of 2008 which drastically affected the regulatory environment of various international and domestic financial authorities causing major changes in bank lending and corporate governance policies, and in the development of the Basel III accord on capital adequacy for bank supervision. The third development manifests itself in the creation of a major European monetary union without a fiscal union and a giant European central bank impacting the conduct of monetary policy. This book combines theory, policy, regulation and institutional approaches with empirical testing, analyzing applications and case studies of various international regulatory authorities and administrations, countries and jurisdictions, central banks and commercial banks. This volume is suitable for those who study international finance, Banking and white collar crime.
(source: Nielsen Book Data)9781138913530 20170306

• * Introduction Part 1: Banking Regulation to Combat the Rise in Financial and Economic Crimes * The Changing Regulatory Environment Governing Financial and Economic Crimes * Compliance of Worldwide Banking Systems with Evolving International Regulatory and Supervisory Requirements: Facts, Challenges and Implications Part 2: New Policies in the Wake of the Latest Financial Crisis * Causes and Origins of Banking Crises: Review and Critique of Theory and Evidence * Bank Lending During the Financial Crisis of 2008: An Empirical Investigation * Corporate Governance in the Banking Industry and Basel III Challenges and Implications Part 3: Central Banks in the New Era of Quantitative Easing, Monetary Unions without Fiscal Unions and the Holdings of Foreign Reserves * Monetary Policy in an Era of Quantitative Easing * Monetary Policy in an Era of Monetary Unions, and Central Banks' Holdings of Foreign Reserves * Concluding Remarks and Policy Implications.
• (source: Nielsen Book Data)9781138913530 20161128

The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. Banking and Monetary Policies in a Changing Financial Environment delves into three of these developments and challenges. The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and techniques, terrorist financing after the 9/11 attacks, and the proliferation of weapons of mass destruction. The second development concerns the global financial crisis of 2008 which drastically affected the regulatory environment of various international and domestic financial authorities causing major changes in bank lending and corporate governance policies, and in the development of the Basel III accord on capital adequacy for bank supervision. The third development manifests itself in the creation of a major European monetary union without a fiscal union and a giant European central bank impacting the conduct of monetary policy. This book combines theory, policy, regulation and institutional approaches with empirical testing, analyzing applications and case studies of various international regulatory authorities and administrations, countries and jurisdictions, central banks and commercial banks. This volume is suitable for those who study international finance, Banking and white collar crime.
(source: Nielsen Book Data)9781138913530 20161128

• China's hybrid banks
• Culture matters
• Leninism and pragmatism: of China's Communist Party
• Transformation from bursars to bankers
• Bankers
• Systems
• Power of the state
• Financial structure, deep but narrow
• Coming in and going out
• China's banks, sui generis?
• Collapsing or adapting?
• Reform directions
• Conclusion.

In this timely and provocative book, James Stent, a banker with decades of experience in Asian banking and fluency in Chinese language, explains how Chinese banks work, analyzes their strengths and weaknesses, and sets forth the challenges they face in a slowing economy. Without minimizing the real issues Chinese banks face, China's Banking Transformation challenges negative media accounts and reports of "China bears". Based on his 12 years of service on the boards of China Minsheng Bank, a privately owned listed bank, and China Everbright Bank, a state-controlled listed bank, the author brings the informed view of an insider to the reality of Chinese banking. China's Banking Transformation demonstrates that Chinese banks have transformed into modern, well-run commercial banks, playing a vital role supporting China's extraordinary economic growth. Acknowledging that China's banks are different from Western banks, the author explains that they are hybrid banks, borrowing extensively from Western models, but at the same time operating within a traditional Chinese cultural framework and in line with China's governance model. From his personal experience working at board level, Stent describes the governance and management of China's banks, including the role of the Communist Party. He sees China's banks as embedded in ancient concepts of how government and society work in China, and also as actors within a market socialist political economy. The Chinese banking system today bears similarities with banking in Northeast Asian "developmental states" of recent past, and also pre-1949 Chinese banking. As the first account of Chinese banking by a Westerner who has worked in China's banks, China's Banking Transformation should be read by anyone interested in the political economy of contemporary China, in Asian development issues, and in banking issues generally. The book dispels misconceptions and provides insight into the financial aspects of China's economic growth story.
(source: Nielsen Book Data)9780190497033 20170227

"The book deals with contemporary issues in financial regulation, given the post-crisis regulatory landscape. The major idea put forward is that rampant corruption and fraud in the financial sector provide the main justification for financial regulation. Specific issues that are dealt with include the proposition that the Efficient Market Hypothesis was both a cause and a casualty of the global financial crisis. The book also examines the regulation of remuneration in the financial sector, credit rating agencies and shadow banking. Also considered is financial reform in Iceland and the proposal to move away from fractional reserve banking to a system of sovereign money. A macroeconomic/regulatory issue that is also considered is quantitative easing and the resulting environment of ultra-low interest rates."--Publisher's website.

"Can we prevent another financial crisis? A sensible, actionable, and totally accessible call to arms from an acclaimed financial journalist"-- Back cover.