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International Finance Regulation

Author: Georges Ugeux
Publisher: John Wiley & Sons
ISBN: 1118829611
Size: 79.35 MB
Format: PDF
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As the global market expands, the need for internationalregulation becomes urgent Since World War II, financial crises have been the result ofmacroeconomic instability until the fatidic week end of September15 2008, when Lehman Brothers filed for bankruptcy. The financialsystem had become the source of its own instability through acombination of greed, lousy underwriting, fake ratings andregulatory negligence. From that date, governments tried to puttogether a new regulatory framework that would avoid using taxpayermoney for bailout of banks. In an uncoordinated effort, theyproduced a series of vertical regulations that are disconnectedfrom one another. That will not be sufficient to stop finance frombeing instable and the need for international and horizontalregulation is urgent. This challenge is the focus of GeorgesUgeux’s book. International Finance Regulation: The Quest for FinancialStability focuses on the inspirations behind regulation, andexamines the risks and consequences of fragmentation on a globalscale. Author Georges Ugeux has four decades of experience in thelegal and economic aspects of international business operations. Hecreated and run the New York Stock Exchange’sinternationalgroup in charge of developing the NYSE’s reach to non-UScompanies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the ColumbiaUniversity School of Law. Ugeux is uniquely positioned to providerecommendations and suggestions from the perspective of a topglobal authority. In the book, he explores international regulationwith topics such as: • Laws, regulations, and risks of overregulation • Transformation of the U.S. market and creation of theEurozone • Development of a global framework and stability of thebanking system • In-depth examination of Basel III, the Dodd-Frank Act, theEuropean Banking Union, and the Volcker Rule The book also contains case studies from real-world scenarioslike Lehman, CDS, Greece, the London Whale, and Libor to illustratethe concepts presented. Finance consistently operates within anincreasingly global paradigm, and an overarching regulation schemeis becoming more and more necessary for sustainable growth.International Finance Regulation: The Quest for FinancialStability presents an argument for collaboration toward acomprehensive global regulation strategy.

Regulating From The Inside

Author: Iris H-Y Chiu
Publisher: Bloomsbury Publishing
ISBN: 1509901388
Size: 14.54 MB
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This book examines a key aspect of the post-financial crisis reform package in the EU and UK-the ratcheting up of internal control in banks and financial institutions. The legal framework for internal controls is an important part of prudential regulation, and internal control also constitutes a form of internal gate-keeping for financial firms so that compliance with laws and regulations can be secured. This book argues that the legal framework for internal control, which is a form of meta-regulation, is susceptible to weaknesses, and such weaknesses are critically examined by adopting an interdisciplinary approach. The book discusses whether post-crisis reforms adequately address the weaknesses in regulating internal control and proposes an alternative strategy to enhance the 'governance' effectiveness of internal control.

Reforming Global Economic Governance

Author: Carlo Monticelli
Publisher: Routledge
ISBN: 135110926X
Size: 53.21 MB
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The architecture of global economic and financial governance has undergone a deep and pervasive reform in the last ten years, radically transforming international institutions and groups, such as the International Monetary Fund, the G7, and the G20. This book investigates the new, unsettled order which is now prevailing, driven by the change in the balance of power between advanced economies and key emerging market economies. Bringing together multiple strands of analysis, traditionally kept separate, Reforming Global Economic Governance: An Unsettled Order particularly explores the role of Europe within this changing world. The book documents and examines a broad range of events, building on methods from economics and other disciplines, as well as on the insights from the author’s personal involvement. This innovative approach allows the reader to ascertain the defining features of the reform: the increasing fragmentation of governance; the interconnectedness of its different elements; and the strong concern for inclusiveness. Furthermore, it presents analyses highlighting the controversial nature of the new order which underpins the current policy debate on international economic relations, including the resurgence of nationalism and trade conflicts. Through these explorations, this engaging book has direct relevance for the future prospects of international economic affairs. Offering a comprehensive view of these issues, this accessible text will appeal to scholars, insiders, and the general reader. Its detailed and thorough analyses will also be of great use to those studying economics, international political economy, and international relations.

Globalization And Islamic Finance

Author: Hossein Askari
Publisher: John Wiley & Sons
ISBN: 1118178904
Size: 14.56 MB
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This is an extremely valuable book written by three highlyqualified scholars whose credentials for writing such a book aredifficult to match. The timing of the book is also perfect, havingcome at a time when the worst financial crisis in living memory hasintensified the quest for reform of the international architecture.The proposals made by the authors should go a long way in not onlyreforming the system but also in accelerating the move towardsfinancial globalization and convergence of the conventional andIslamic financial systems. Dr. Umer Chapra Prominent Scholar of Islamic Economics and currently ResearchAdvisor Islamic Research and Training Institute (IRTI), Islamic DevelopmentBank (IDB) Globalization and Islamic Finance, by threewell-respected authors in Islamic finance, provides athought-provoking analysis of an important and topical issue,particularly, given the global impact of the current financial andeconomic crises. The book is the first attempt to make a compellingcase of convergence between globalization and Islamic finance.Askari, Iqbal and Mirakhor should be praised for this seriouseffort, which is a must-read for academics and practitionersinterested in Islamic finance. Professor Rifaat Ahmed Abdel Karim Secretary General Islamic Financial Services Board (IFSB) This book has a robust discussion of the growth and spread ofIslamic finance within the umbrella of globalization. The bookprovides a unique view of Islamic finance, not only from theperspective of how Islamic finance fits within globalization ingeneral, but globalization of finance in particular. This is a mustread for anyone interested in the complex and complicated world ofIslamic finance. Scheherazade S. Rehman, Ph.D. Director, European Union Research Center Professor of International Finance, School of Business The George Washington University I have not come across any literature that has delved sointensely in financial globalization, in particular Islamicfinance. Due to this reason, I would encourage all interested inthis area to read this book. Hajah Salma Latiff Managing Director, Crescent Sdn. Bhd. Former Director, Centre for Islamic Banking, Finance and Management(CIBFM), Universiti Brunei Darussalam The recent crisis has evoked wide interest in Islamic financepublications. Globalization and Islamic Finance is bothtimely and needed. Sani Hamid Director, Wealth Management Financial Alliance (Singapore)

Das Geld Der Medici

Author: Tim Parks
Publisher: Antje Kunstmann
ISBN: 3888978351
Size: 54.33 MB
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Die Medici umgibt bis heute der Mythos einer Dynastie unermesslich reicher und kunstsinniger Herrscher, die das moderne Bankwesen erfanden und ihre Heimatstadt Florenz mit den schönsten Werken der Renaissance schmückten. Tatsächlich brauchte man im Florenz des 15. Jahrhunderts mehr als finanzielles Geschick, um sich an der Macht zu halten: Geld gegen Zins zu verleihen, galt der Kirche als Wucher. Die Macht der Medici stand auf schwankendem Boden, wie Tim Parks zeigt. Die Bank, 1397 gegründet, brach bereits 1494 zusammen. Knapp 100 Jahre, die unser Verständnis der Beziehung zwischen Hochkultur und Kreditwesen sowie von der Verquickung von Religion und Politik entscheidend prägen sollten.

Corporate Governance Regulation

Author: Nicholas V. Vakkur
Publisher: John Wiley & Sons
ISBN: 1118496361
Size: 10.82 MB
Format: PDF
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Why U.S. corporate governance regulation has lost its way, andwhat must be done to improve it Modern history persuasively demonstrates the inexorable linkthat binds comprehensive regulation to the global economy. Thisimportant book, rather than simply recount a litany of corporategovernance failures, persuasively explains why, despitepolicymakers' best intentions, regulation has failed in the modernera. An objective study intended for a diverse readership,Corporate Governance Regulation unveils the underlying, rootcauses of regulatory failure. The result: A compelling and originalanalysis, broadly suited for a global audience of allbackgrounds. Written by published, subject-area experts, the authorscarefully delineate how U.S. corporate governance regulation,beginning with Sarbanes Oxley, lacks an adequate rational basis, asmay be attributed to a non-existent policy dialogue The witnessed result: A conspicuous lack of regulatoryefficacy, enormous costs, coupled with paltry benefits The focus is upon reigniting a stalled, non-productive policydialogue, by eschewing stale, overly-polemicized arguments, asneeded to develop a common ground Drawing from an eclectic, analytic framework, governance expertsNicholas Vakkur and Zulma Herrera offer both the professional andglobal citizen alike a multi-dimensional understanding of issuescritical to global economic health. Nuanced and persuasivelyargued, Corporate Governance Regulation represents aformidable catalyst in the elusive, ongoing quest for globaleconomic stability.

Die Globalisierung Der Ungleichheit

Author: Francois Bourguignon
Publisher: Hamburger Edition HIS
ISBN: 3868546030
Size: 45.27 MB
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Segen oder Teufelswerk? Ist die Globalisierung für den beispiellosen Anstieg von Ungleichheit in der Welt verantwortlich? Verweist sie alle Hoffnungen auf soziale Gerechtigkeit ins Reich der Utopie? Kaum eine Debatte wird so erhitzt geführt wie jene um die Globalisierung. Das Verhältnis von Ungleichheit und Globalisierung muss in der doppelten Perspektive - national und international - betrachtet werden, um in seiner Komplexität begreifbar zu werden. So steht dem Anstieg nationaler Ungleichheit paradoxerweise eine Abnahme globaler Ungleichheit gegenüber. Bourguignon, ehemaliger Chefökonom der Weltbank, analysiert diese antagonistischen Effekte der Globalisierung. Mit Blick auf die Schwellenländer ist die Ungleichheit im Weltvergleich geringer geworden: Der Lebensstandard in Brasilien, China oder Indien nähert sich langsam demjenigen der Nordamerikaner und Europäer an. Binnenstaatlich betrachtet sind die Ungleichheiten jedoch in einer nicht geringen Anzahl der Länder eklatant geworden, was zu sozialen Spannungen führen musste. Ohne neue Marktregularien, einer steuerlich indizierten Umverteilung und Gehaltsobergrenzen wird die zunehmende Ungleichheit nicht einzudämmen sein. Bourguignon beschreibt das Instrumentarium, das den nationalen wie internationalen Entscheidungsträgern zur Verfügung steht, um eine an Gerechtigkeitsmaßstäben ausgerichtete Verteilungspolitik zu verwirklichen. Wer heute zunehmende Globalisierung der Ungleichheit verhindern will, muss für eine Globalisierung der Umverteilung eintreten.

Dieses Mal Ist Alles Anders

Author: Carmen Reinhart
Publisher: FinanzBuch Verlag
ISBN: 3862484394
Size: 13.75 MB
Format: PDF, ePub, Docs
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Dieses Mal ist alles anders, dieses Mal kann es gar nicht so schlimm werden wie beim letzten Mal. Denn dieses Mal steht die Wirtschaft auf soliden Füßen und außerdem gibt es diesmal viel bessere Kontrollmechanismen als beim letzten Mal. Wann immer es in der Geschichte der Menschheit zu Krisen kam, diese oder ähnliche Sätze waren jedes Mal zu hören. Doch was ist dran an derartigen Behauptungen? Nicht besonders viel, haben Kenneth Rogoff und Carmen Reinhart herausgefunden. In akribischer Arbeit haben die beiden Autoren die Finanzkrisen der letzen acht Jahrhunderte in über 66 Ländern analysiert. In sechs Abschnitten stellen Reinhart und Rogoff ihre Untersuchungsergebnisse vor, beginnend bei den zugrundeliegenden theoretischen Ansätzen. Darauf basieren die folgenden Kapitel, in denen Auslands- und Inlandsschuldenkrisen sowie Bankenkrisen abgehandelt werden. Der vierte Abschnitt widmet sich dann auch der US-Subprimekrise und zeigt eindrucksvoll die Parallelen zu den vorhergegangenen Kapiteln. Zum Schluss ziehen die beiden Autoren die Lehren aus ihrer Untersuchung und kommen zu dem Ergebnis: Es ist dieses Mal eben doch nicht anders.