The financial crisis that erupted in 2007 has brought the issues of the size, risk, and regulation of banks to the attention of a wide audience. It is difficult to open a broadsheet newspaper or a business magazine without being confronted with some aspect of bank behaviour, be it their risk levels, bankers' excessive rewards, the intertwining of bank and sovereign risk, or how they should be regulated to avoid problems in the future. In Europe, the recent and on-going crisis has demonstrated that the European Union (EU) was institutionally ill-prepared to manage a financial crisis, especially one involving large cross-border institutions which are systemically important to a number of countries. This book aims at integrating and synthesizing the various perspectives on the size, risk, and governance of banking as applied to the European markets, providing fresh insights and new analysis of the empirical data. The book is divided into three main sections. The first provides an overview of how the size of banking firms affects stability in the European banking sector, reviewing the quantitative empirical literature and offering new insights as to whether bank size motivates risk-taking where explicit or implicit 'too-big-to fail' policies shield bank creditors from market discipline. The next section discusses the debates relating to each of the different elements of risk in European banking, including new insights from a large dataset of European bank risk in different institutional contexts. The third section focuses on regulation, board monitoring, and opacity in European banking, employing a unique and hand collected dataset on the governance of European banks, as well as data on U.S. banks as a benchmark. The final chapter critically reviews the new insights gained from the chapters above, while offering policy implications as regards the role of size, risk and governance in European banking.
Sicilian Visitors Vol 2 - Culture focuses on a wide range of cultural aspects of the island of Sicily including religion, literature, art, music, science, sports, food as well describing visitors who have come to the island and their impressions. Vol.2 is the companion of Vol 1 which describes the island ́s history.
This is the first translation into English of Guicciardini's Dialogue on the Government of Florence. Written in the early 1520s by the author of the famous History of Italy, as well as a History of Florence and Political Maxims and Reflections, this dialogue presents what is arguably the most searching and comprehensive analysis of the politics of his times. Like Machiavelli, his contemporary and friend, Guicciardini rejects classical republican arguments in the name of the new political realism and acknowledges the important role of patronage and graft in contemporary politics and the illegitimacy of nearly all forms of political power. In this Dialogue he provides one of the clearest expositions of the term 'reason of state', which he was one of the first to employ and which he uses to justify the priority of state interest over private morality and religion.
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