This text provides a modern statement of the theory and practice of domestic and international banking and finance. Today, banks are no longer limited to retail deposit-taking and lending operations; they engage in wholesale banking activities, off-balance sheet business, and activities beyond domestic markets. The principles of all these types of bank services are lucidly discussed. Separate chapters provide general background on payments systems, Eurocurrency markets, bank safety and depositor protection. The authors' conception is unique in providing a comparative study in a geographical sense (they deal with banking in the U.S., Britain, and Australia) and in an institutional sense, tracing parallels between operations of banks and other financial institutions, particularly insurance companies. With the growing impact of financial innovations and the internationalization of financial markets, Domestic and International Banking is the innovative text needed for courses on monetary and banking policy and on capital markets and financial institutions. Mervyn K. Lewis is Midland Bank Professor of Money and Banking at the University of Nottingham, and Kevin T. Davis is Professor of Finance at the University of Melbourne.
Public private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money.
Public private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money. ¬+ The author analyses the extensive use of PPPs for hospitals and transport megaprojects and outlines the key challenges to implementing them, shaping the future direction of the PPP model. Exploring the psychological influences on decision-making, the book also puts a new focus on the people delivering the project; it is not only a matter of selecting the right model. Professor Lewis concludes that, although the PPP model remains problematic, if chosen appropriately every procurement approach has its place in good policy. ¬+ Providing an in-depth exploration of the features of PPPs and the complexities of megaprojects, Rethinking Public Private Partnerships will be of considerable interest to academics and students of public policy, economic regulation and governance, and public finance. Its re-assessment of the field will also prove invaluable for government procurers, advisory firms and PPP experts.
A Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements. The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand. Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.
Judaism, Christianity and Islam all impose obligations and constraints upon the rightful use of wealth and earthly resources. All three of these religions have well-researched views on the acceptability of practices such as usury but the principles and practices of other, non-interest, financial instruments are less well known. This book examines each of these three major world faiths, considering their teachings, social precepts and economic frameworks, which are set out as a guide for the financial dealings and economic behaviour of their adherents.
There is widespread acceptance of the importance of infrastructure, but less agreement about how it should be funded and procured. While most public infrastructure is still provided in-house or by traditional procurement methods – with well-researched strengths and weaknesses – the development of service concession arrangements has seen a greater emphasis on lifecycle costing, risk assessment and asset design as featured in a variety of public private partnership (PPP) delivery models. This book examines the various procurement approaches, and provides a framework for comparing their advantages and disadvantages. Drawing on international experience, it considers some of the best and worst examples of PPPs, and infrastructure projects generally, along with the lessons for improving infrastructure procurement processes.
ÔRichard Iley and Mervyn Lewis have written an extremely useful book on the global economy since the Western financial crisis. Well-written, well-informed and easily accessible to non-economists, it offers much good sense about many questions, from the future of the renminbi to that of the United States. They wisely urge that, as ChinaÕs rise continues, the United States should engage with China rather than resist it. This is a book full of good judgement that deserves a wide readership.Õ Ð Martin Jacques, author, When China Rules the World: The End of the Western World and the Birth of a New Global Order ÔThe interplay between the macro-economic imbalances, notably in the relationship between the USA and China, and the more micro-economic shortcomings of the WestÕs financial systems, particularly the lax regulation, forms the centre-piece of this excellently written book. In the disputes about the relative culpability of China and the USA for current macro-economic problems, they tend to support the Chinese arguments, and give well-considered arguments for so doing. This book provides an excellent, clear, and at times provocative, assessment of the course of the macro-monetary problems of the world since the Ògreat recessionÓ struck.Õ Ð Charles A.E. Goodhart, London School of Economics, UK This thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have laboured under the great recession. The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could ÔChina as number oneÕ see the renminbi soon challenge the dollar and the euro as a major international currency? Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool.
Presents an analysis of key areas in governance from an Islamic standpoint. This book draws on classical Islam and contemporary sources to provide a comprehensive Islamic governance framework to contrast with the Western position.
This book is informative and readable. It will be of interest to anyone wanting to learn about the development of the Chinese economy in general and the reforms of state-owned enterprises in particular. The data and in-depth discussion presented in the book will appeal to academics as well as policymakers. Yin-Fang Zhang, Journal of the Asia Pacific Economy China watchers will welcome a book which provides a detailed insight into the two pillars of that economy: the state-owned enterprises (SOEs) and the state-owned banks (SOBs). This is a scholarly work, rich in detail. Shelagh Heffernan, The Financial Regulator For China to sustain her transformation requires that she tackle reform of her state-owned enterprises (SOEs) and banks. This book comprehensively assesses the scale of the problem, reviews previous reforms and suggested solutions. Finally the authors propose their own reform agenda, sensitive to Chinese realities. Michael Artis, European University Institute, Italy This is an excellent study of the nexus between the effects of party control, the soft budget of state-owned enterprise (SOEs) and the financial fragility of the state-owned banking system (SOBs) in China. It is both sympathetic and knowledgeable about the problems of achieving reform and progress. Beautifully written, it should become the most influential work in this field in the English-speaking world. Charles A.E. Goodhart, London School of Economics, UK This book s starting point is that after two decades of experiments, during which other transition economies have effectively privatised all of their former state enterprises, China is still endeavouring to find a way to reinvent and re-engineer its own state-owned economic establishments. The authors explore these reforms along with the problems of China s state-owned banks, which have long been troubled by the adverse loans of Chinese enterprises and face foreign competition in 2007 under China s WTO commitments. Drawing on wide-ranging case studies of enterprise reform, Becky Chiu and Mervyn Lewis combine their extensive experience to give an authoritative account of China s enterprise and bank reform agenda, involving property rights, improved corporate governance and stimulating enterprise. This book will be of great interest to business economists, academic economists and those following the development of the Chinese economy.
Public private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money.
This text provides a modern statement of the theory and practice of domestic and international banking and finance. Today, banks are no longer limited to retail deposit-taking and lending operations; they engage in wholesale banking activities, off-balance sheet business, and activities beyond domestic markets. The principles of all these types of bank services are lucidly discussed. Separate chapters provide general background on payments systems, Eurocurrency markets, bank safety and depositor protection. The authors' conception is unique in providing a comparative study in a geographical sense (they deal with banking in the U.S., Britain, and Australia) and in an institutional sense, tracing parallels between operations of banks and other financial institutions, particularly insurance companies. With the growing impact of financial innovations and the internationalization of financial markets, Domestic and International Banking is the innovative text needed for courses on monetary and banking policy and on capital markets and financial institutions. Mervyn K. Lewis is Midland Bank Professor of Money and Banking at the University of Nottingham, and Kevin T. Davis is Professor of Finance at the University of Melbourne.
The book would be a good companion text for an undergraduate class in international finance or open-economy macroeconomics. Catherine L. Mann, Journal of Economic Literature Untangling the US Deficit is a unique and well-researched book and will be of great interest to academic economists and postgraduates. Policymakers, business and market economists will also find it an enlightening and challenging analysis. sirreadalot.org The book is written in a very accessible fashion, even though the authors strive to accommodate competing and complex views on the causes and cures of the US external deficit, which makes for enjoyable and informative reading. Their reliance on data, charts and bibliography result in persuasive arguments. Recommended. General readers; upper-division undergraduates through practitioners. A. Sharma, Choice What are the causes of the US current account deficit? Are the problems made in the US or the rest of the world? Are these deficits sustainable, at what level? These are the types of questions the authors set out to answer, and in essence conclude that the answers do not matter for global stability as long as imbalances are left to market forces and the US can avoid large net income outflows. The beauty of this book, however, is watching the authors (the unusual combination of a business economist and an academic economist) arrive at this conclusion. They provide insights that can come only from years of practical and theoretical experience. William E. Becker, Indiana University Bloomington, US As the US current account deficit has expanded to a record level of $811 billion in 2006, debate about the deficit s causes and consequences has also grown. Is the deficit a product of American profligacy or a glut of savings in the rest of the world? Is it a serious problem or essentially benign? Untangling the US Deficit charts a course between the competing explanations in a systematic and rigorous approach, incorporating the latest academic research and market data. Particular attention is given to the China United States trade imbalance and to the special role of the US dollar and US capital markets in global finance. This unique and well-researched book will be of great interest to academic economists and postgraduates. Policy-makers, business and market economists will also find it to be an enlightening and challenging account.
This path-breaking book considers the recent trend for governments to look increasingly to private sector finance, provided by private enterprises constructing and managing public infrastructure facilities in partnership with government bodies. 'The boundaries between the public and private sector are the most important political issue of our time.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.