Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis." —Dwight B. Crane, Baker Foundation Professor, Harvard Business School "Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs." —Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University "A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past." —John Strangfeld, Vice Chairman, Prudential Financial "Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds." —Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business
Navigate China's business culture and etiquette The fun and easy way to grow your business in China This authoritative, friendly guide covers all the basics, from the nuts and bolts of Chinese business and bureaucracy to negotiating with your Chinese partners. You'll also get the know-how you need to manage day to day, from travel tips and advice on converting money to getting past language barriers. Discover how to: * Understand Chinese markets * Develop a strong business plan * Find the right employees * Work with currency controls and the Chinese banking system * Sell and source in China Explanations in plain English * "Get in, get out" information * Icons and other navigational aids * Tear-out cheat sheet * Top ten lists * A dash of humor and fun
List of Tables List of Maps List of Figures Preface PART 1: THE DEPRESSION AND THE WAR 1930-1945 Introduction Quebec in 1929 The Depression A Troubled Period The Second World War
This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1870 to 1914. In substantive chapters on each country it offers parallel histories of the evolution of their financial infrastructures - commercial banks, non-bank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market. At one level, the work constitutes a quantitative history of the development of the capital markets of five countries in the late nineteenth century. At a second level, it provides the basis for a useable taxonomy for the study of institutional invention and innovation. At a third, it suggests some lessons from the past about modern policy issues.
Today's financial and economic tribulations were a long time in the making. Many people ask, "Why didn't someone see it coming?" A New York Times bestselling book did see it coming. Over 100,000 people read it in time to protect their wealth. The book foresaw and explained the collapse in home prices, plunge in stocks, subprime debacle, liquidity crisis, the demise of Fannie and Freddie, the Federal Reserve's failure to turn the trend, and lots more. The book was Robert Prechter?s Conquer the Crash, published in early 2002, when the Dow was above 10,000 and the financial world was partying around-the-clock. Fast forward to today: the average U.S. homeowner has suffered a decline of 30% to 40% in property value. Stocks and commodities had their biggest fall since 1929-1932. Fannie Mae is a zombie corporation under the government?s protection. The Fed has pushed every button at its disposal (and then some), to no avail. If Prechter thought a whole new book would help, he'd have written one. But Conquer the Crash is a book-length forecast that's still coming true -- only some of the future has caught up with the specific predictions he published back then. There is much more to come. That means more danger, but also great opportunity. Conquer the Crash, 2nd edition offers you 188 new pages of vital information (480 pages total) plus all the original forecasts and recommendations that make the book more compelling and relevant than the day it published. In every disaster, only a very few people prepare themselves beforehand. Think about investor enthusiasm in 2005-2008, and you'll realize it's true. Even fewer people will be ready for the soon-approaching, next leg down of the unfolding depression. In this 2nd edition, Prechter gives a warning he's never had to include in 30 years of publishing -- namely, that the doors to financial safety are closing all over the world. In other words, prudent people need to act while they can. Conquer the Crash, 2nd Edition readers will receive exclusive online access to the Conquer the Crash Readers Page, where Prechter continually updates the book's recommended services and institutions.
Bank lending for agriculture and rural development from the 1970s to the 1980s: will the decline continue? Anticipating the challenges of the 1990s. Regional variations.
In March 1933, in one of his first acts as president, Franklin Delano Roosevelt declared a bank holiday throughout the United States. Considered by many to be a bold step to curb the mounting bank crisis, the decree closed banks in all 48 states and overseas territories, putting money out of reach of citizens, businesses and all levels of government. This narrative history recounts and explains the economic, financial and political backgrounds of the banking panic, arguing that the holiday was not only unnecessary but actually damaging to the economy. The holiday did, however, provide Roosevelt with the momentum to push through a series of historic reforms that remade the federal government. This revisionist work not only reveals the circumstances around the panic but debunks numerous myths that have clung to it ever since.
This title was first published in 2001. In 1997 the author was told, by an official at the Korean embassy in Washington DC, that the most serious economic problem facing Korea was the need for reform of the financial sector. This proved to be true, as a financial crisis hit Korea in November 1997. Though problems arising before November 1997 indicate that Korea's economic problems were not solely financial. This study covers earlier reform efforts, the 1997 crisis and the measures taken by Korea since then to deal with the country's economic problems. It attempts to analyze the problems and offer suggestions as to how problems might corrected or resolved.
Building upon his analysis in the first volume of the series, Canada in Crisis: An Agenda to Unify the Nation, longtime federal employee Robert A. Battram goes beyond explaining what will unify the nation to provide a working roadmap that can help ensure its continued success. Battram identifies problems in all areas of governance, from the simple to the complex, and offers a range of solutions to these problems. He examines why law enforcement agencies and immigration policies are failing, and also explores issues of infrastructure, such as how the placement of electrical transmission grids affects different areas of Canada. Take a deep look into how to improve all areas of government, including • economic policies, • transportation systems, • security of communications, • security of energy and power, • measures taken to combat extremism Join the author as he examines the many changes threatening Canada. Discover how the nation can defend itself, find solutions to its problems, and maintain its heritage, so that it can survive and thrive in Canada in Crisis: An Agenda for Survival of the Nation.
A new edition of the nontechnical undergraduate text analyzing current issues relating to monetary reform and financial restructuring. Using interviews with economists and a selection of essays with supporting commentary, the volume links money creation to credit financing and financial instability providing a broad treatment of money and banking systems and regulations, the most recent debates in monetary policy and their impact on financial instability, and detailing the globalization of finance with an emphasis on the emergence of a new monetary regime. Includes tables and graphs. Paper edition (771-2), $28.95. Annotation copyrighted by Book News, Inc., Portland, OR
With an accessible approach, the third European edition of Principles of Economics provides students with the tools to analyze current economic issues. The book is underpinned by a focus on seven Core Principles, which help students to make the link between economic theory and practice. The 'economic naturalist' approach, supported by exercises, problems and examples, encourages students to employ economics principles to understand and explain the world around them. Developed from the well-regarded US textbook by Frank and Bernanke, it presents an intuitive approach to economics and is suitable for all students taking a Principles of Economics course.
A broad look at the Third World and the role of foreign enterprises in the development process. It merges theory with practical examples of the interaction between multi-national enterprises and LDC governments and also analyzes developing country policies toward foreign economic presence.
The MIT Encyclopedia of the Japanese Economy was the first English-language encyclopedia to cover all major aspects of Japan's postwar economy. The second edition has been fully revised and expanded, and includes previously unpublished data as well as coverage of recent developments in the economy. The definitional entries concisely explain major economic concepts and include translations of Japanese economic terms and cross references to the longer topical essays. The 180 topical essays cover banks, financial systems, major industries, corporate groups, management practices, labor unions, international trade and investments, government economic policies, and more. They also include comprehensive statistics, American and Japanese views on economic relations between the two countries, and suggestions for further reading. A new index contains names of major companies.
Offers advice on creating a long-term financial plan, shopping for insurance and mortgages, managing credit card debt, and establishing a good credit rating.
List of Tables List of Maps List of Figures Preface PART I- LAND AND POPULATION 1867-1929 1. The Land An American Land The Settlement of the Land The Shaping of Physical Space 2.
A collection of papers on the determinants and consequences of foreign direct investment (FDI) in the real and financial sectors of industrial countries. The text sheds new light on the determinants of FDI, in particular the role of governmental incentives. Another main topic is the role of FDI in the east European accession countries. It provides insights into the question of whether EU enlargement will have consequences for capital flows into those countries. Since the start of European monetary union, the discussion on cross-border mergers in the European banking industry has intensified. The final part of the book contains contributions to this debate.
The future of American banking is in doubt and the industry and the federal insurance fund that helps support it are in turmoil. The ingredients of the turmoil have been simmering in public view since at least the early 1980s when commercial bank loans to lesser developed countries (LDCs) began to default. The difficulties began to boil at the end of the decade when the prospect first arose that the banks' deposit insurer, the Bank Insurance Fund (BIF) that is administered by the Federal Deposit Insurance Corporation (FDIC), might require dollars to resolve bank failure as occurred in the savings and loan debacle. This book frames the major economic and policy issues raised by the banking crisis whose resolution largely determines the future of American banking. It focuses on the current reported condition of the banking industry, concentrating on large banks in particular. A longer-run economic prognosis for the banking industry is presented and the implications of future bank failures for the financial services sector and federal regulatory policy are discussed. Most importantly the book contains suggestions for changes in the nation's deposit-insurance system and accompanying banking laws. These changes would reduce the federal government's deposit insurance liability and would provide banks with potentially profitable opportunities. The study includes a wealth of data on the financial condition of American banks and the system as a whole, some of it not easily obtainable from any other source. The authors are internationally recognized as knowledgeable experts on the state of the American banking system and the options and prospects for US banking reform.
Principles of Financial Engineering, Third Edition, is a highly acclaimed text on the fast-paced and complex subject of financial engineering. This updated edition describes the "engineering" elements of financial engineering instead of the mathematics underlying it. It shows how to use financial tools to accomplish a goal rather than describing the tools themselves. It lays emphasis on the engineering aspects of derivatives (how to create them) rather than their pricing (how they act) in relation to other instruments, the financial markets, and financial market practices. This volume explains ways to create financial tools and how the tools work together to achieve specific goals. Applications are illustrated using real-world examples. It presents three new chapters on financial engineering in topics ranging from commodity markets to financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles, and how to incorporate counterparty risk into derivatives pricing. Poised midway between intuition, actual events, and financial mathematics, this book can be used to solve problems in risk management, taxation, regulation, and above all, pricing. A solutions manual enhances the text by presenting additional cases and solutions to exercises. This latest edition of Principles of Financial Engineering is ideal for financial engineers, quantitative analysts in banks and investment houses, and other financial industry professionals. It is also highly recommended to graduate students in financial engineering and financial mathematics programs. - The Third Edition presents three new chapters on financial engineering in commodity markets, financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles and how to incorporate counterparty risk into derivatives pricing, among other topics - Additions, clarifications, and illustrations throughout the volume show these instruments at work instead of explaining how they should act - The solutions manual enhances the text by presenting additional cases and solutions to exercises
It is widely asserted, outside Japan, that the failure of foreign banks to penetrate Japanese financial markets is the direct result of stringent Japanese protectionist policies. However, although there may be some truth in this, it is a one-dimensional argument. Opening Japan's Financial Markets takes a broader view. It accepts that the Japanese bureaucracy have skillfully limited the scope of foreign banks. However, in examining the history of foreign banking activity in Japan, it becomes clear that ineptitude on the part of foreign banks and governments has also been a major factor.
The International Money Game has been fully rewritten to take account of changes in the world economy. It provides a comprehensive overview of international financial developments, including both the structure of payments arrangements and the series of credit and asset bubbles as well as financial crises.
In the years since the publication of the best-selling first edition, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.
The Federal Reserve—the central bank of the United States—is the most powerful peacetime bureaucracy in the federal government. Under the chairmanship of Alan Greenspan (1987-2006), the Fed achieved near mythical status for its part in managing the economy, and Greenspan was lauded as a genius. Few seemed to notice or care that Fed officials operated secretly with almost no public accountability. There was a courageous exception to this lack of oversight, however: Henry B. Gonzalez (D-TX)—chairman of the U.S. House of Representatives Financial Services (banking) Committee. In Deception and Abuse at the Fed, Robert Auerbach, a former banking committee investigator, recounts major instances of Fed mismanagement and abuse of power that were exposed by Rep. Gonzalez, including: Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring—for 17 years—it had no transcripts of its meetings; Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation; Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank—the result of faulty bank examination practices by the Fed; Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars. Auerbach provides documentation of these and other abuses at the Fed, which confirms Rep. Gonzalez's belief that no government agency should be allowed to operate with the secrecy and independence in which the Federal Reserve has shrouded itself. Auerbach concludes with recommendations for specific, broad-ranging reforms that will make the Fed accountable to the government and the people of the United States.
In this massive and truly remarkable work, authors Hudson, Colley and Largan present the most comprehensive and orderly book for treasurers and financial managers in banking every published. While the problems and opportunities inherent in contemporary banking are presented, the core of this book is devoted to understanding and using the capital markets in the broadest sense to enhance the overall strength of banks, finance companies, and other supernumeraries. Extensive treatment of all financial and capital markets is provided, including the: � Foreign exchange markets � Money markets, bills, CDs, and commercial paper � Eurobond markets � Securitized loans � Government securities � Markets in derivative instruments � Forwards � Interest rate and currency swaps � Future and options � Credit derivatives, among others
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