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This book explores some relevant distortions and market failures in financial and banking markets caused by the recent financial crisis and offers important insights to policymakers as well. After having introduced the reader to the economic background behind the origin of the present financial turmoil, the book proposes a distinct angle to look at some macro and microeconomic aspects. The volume discusses whether and to what extent policies, implemented by governments and monetary authorities to countervail bank defaults and avoid a disastrous financial instability, have in some way determined opportunistic conducts (moral hazard), changes in banks’ behaviour, distortive incentives and market failures. Furthermore, the book offers a viewpoint on the effects of the evolution of regulation for the banking sector. Finally, the book assesses how the increase in the cost of funding and the shrinking in credit supply (credit crunch) has modified the financial structure of small and medium firms. To illustrate this, some specific cases at Italian regional level are examined.
This book explores how the global financial and European sovereign debt crises have forced small-and-medium-sized businesses (SMEs) to reassess and adapt their funding strategies. At the heart of the matter is the worsening access to bank credit for such enterprises. Through this discussion we learn how crucial an understanding of SME-financing is to policy makers, in light of the fact that SMEs dominate the business landscape in Europe and are the main drivers of employment, growth and innovation in the European economy. Contributing chapters present expert analysis and investigate many topics including the problems faced by SMEs in accessing bank credit and the cost of funding and its determinants. Particular attention is also given to how credit-constrained enterprises may reformulate their funding strategies by employing alternative, non-bank, financial resources, and how regulators could support SMEs in broadening and improving their funding opportunities.
This book explores the evolution of the banking sector and the financing tools it fosters, addressing the impact of new regulations and the ensuing opportunities for financial institutions, firms, and individuals. Written in two parts, the project includes papers presented at the 2019 Annual Conference of the Wolpertinger Club - The European Association of University Teachers in Banking and Finance. The first part addresses the impact of policy changes on banks and financial institutions, particularly the impact of recent changes in European policy. The authors explore how policy has been, and is, communicated and how it shapes new incentives and challenges for the banking sector and institu...
How the creation of money and monetary policy can be more democratic The power to create money is foundational to the state. In the United States, that power has been largely delegated to private banks governed by an independent central bank. Putting monetary policy in the hands of a set of insulated, nonelected experts has fueled the popular rejection of expertise as well as a widespread dissatisfaction with democratically elected officials. In Our Money, Leah Downey makes a principled case against central bank independence (CBI) by both challenging the economic theory behind it and developing a democratic rationale for sustaining the power of the legislature to determine who can create mon...
The new forum for acupuncturists and Chinese medicine specialists The Thieme Almanac is a concise summation of the state of the study, teaching, practice, and development of acupuncture and Chinese medicine around the world. Prepared by editors who are renowned international experts in the field, the aim of the Thieme Almanac is both novel and two-fold: To offer the field of acupuncture and Chinese medicine a voice To develop greater cooperation among the diverse parties involved in the field The Almanac includes wide ranging information on all aspects of related arts and sciences as well as clinical articles, historical tidbits, research findings, an international survey of educational prog...
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