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Enron, Andersen, Worldcom: although these companies have stopped dominating the headlines, the shock waves they sent through the business community in 2002 have not yet subsided. The belief that accounting is an exact science has been shattered, while economic relations are upset by the knowledge that financial information may be untrustworthy. Yet the market economy profoundly requires relevant and reliable information about the activity and financial situation of businesses. Taking into account the increasing strength of capital markets and international investors, the authors outline the basic elements that could constitute a new, balanced system of accounting that would accompany the nec...
This title begins its description of how we created a financially-intergrated world by first examining the history of financial globalization, from Roman practices and Ottoman finance to Chinese standards, the beginnings of corporate practices, and the advent of efforts to safeguard financial stability.
Shifts in global economic dominance are by nature tectonic and never precipitated by single events. The Great Recession of 2008–09, however, has presented the European Union, its common currency the euro, and the United States with new global challenges. The transatlantic partnership has dominated the world economy since the early 20th century and, based upon US and European values and interests, has designed and sustained all its principal global political and economic institutions. But countries outside the European Union and United States now account for about half of the world economy, and in the aftermath of the Great Recession their share is growing rapidly. Hence their increasing ro...
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.
European banking supervision, also known as the Single Supervisory Mechanism, is the first and arguably the main component of European banking union. In late 2014, the European Central Bank became the supervisor for the region's largest banking groups; the ECB also oversees the supervision by national authorities of smaller banks. This Blueprint is the first in-depth study of how this ground-breaking reform is working in practice. Despite teething troubles and occasional misjudgements, this assessment finds that overall European banking supervision has been effective, demanding and broadly fair, at least for the banks under the ECB's direct watch. Even so, achieving a truly single market in banking services will require more time, further supervisory initiatives and new Europe-wide regulatory and legislative steps.
We compile a historical dataset covering nearly 40 years of booms and busts in the commodity terms of trade of over 150 countries. We discuss the characteristics of these events and their effects on macroeconomic performance and, in particular, compare the most recent commodity-price cycle with its historical precedents.
Chapter 7 WILL REVAMPED FINANCIAL REGULATIONS WORK? -- Upgrading the Basel Rules -- Moving Toward a Euro Area Banking Union -- Taming the US Shadow Banks -- Charting the Post-Crisis Changes in the Financial System -- The Road Ahead -- Chapter 8 MAKING MACROECONOMICS MORE RELEVANT -- The Way We Were -- Expanding the Focus of Macroeconomics -- Strengthening Domestic Policy Cooperation -- A More Inclusive Approach to Macroeconomic Theory -- Toward a More Encompassing View of Macroeconomics -- Chapter 9 WHITHER EMU? -- The Institutional Response to the Euro Area Crisis -- What Makes a Good Currency Union? -- How Fast Is EMU Integrating? -- The Future of EMU -- FINAL THOUGHTS -- NOTES -- REFERENCES -- INDEX
A special series outlining policy priorities and solutions in 2021 by the Peterson Institute for International Economics.
Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. In From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, scholars affiliated with the Peterson Institute for International Economics and the Asian Development Bank argue in separate essays that Asian systems must strengthen their quality, diversity, and resilience to future shocks in order to deliver growth in coming years. The book examines such phenomena as the dominance of state-owned banks, the growth of non-bank lending (the so-called shadow banks), and the need to develop local bond markets, new financial ...