banking 2016

Gazelle Academic

Banking & Bank Regulation

New Titles & Selected Backlist

Titles publishedby Nova Science

Banks & BankingDevelopments

Business Economicsin a Rapidly-Changing

World

Economic Issues,Problems &WĞƌƐƉĞĐƟǀ ĞƐ

�ƵƌŽƉĞĂŶ�WŽůŝƟĐĂů͕Economic &

Security Issues

Financial/ŶƐƟƚƵƟŽŶƐ�Θ�̂ Ğƌǀ ŝĐĞƐ

Global EconomicStudies

Housing Issues,Laws & Programs

Studies in FinancialKƉƟŵŝǌĂƟŽŶ�Θ

Risk Management

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CONTENTS

BANKS & BANKING DEVELOPMENTS SERIES 1

BUSINESS ECONOMICS IN A RAPIDLY-CHANGING WORLD SERIES 6

ECONOMIC ISSUES, PROBLEMS & PERSPECTIVES SERIES 7

EUROPEAN POLITICAL, ECONOMIC & SECURITY ISSUES SERIES 11

FINANCIAL INSTITUTIONS & SERVICES SERIES 12

GLOBAL ECONOMIC STUDIES SERIES 14

HOUSING ISSUES, LAWS & PROGRAMS SERIES 16

STUDIES IN FINANCIAL OPTIMIZATION & RISK MANAGEMENT SERIES 16

BANKS & BANKING DEVELOPMENTS SERIES

FINANCIAL REGULATION OF U.S. BANKING & SECURITIES MARKETSAn OverviewEdited by Edwin P. Rouse

Most people in the United States (and other developed nations) have rejected theShakespearean maxim, "neither a borrower nor a lender be". Many people use loans to financeat least part of their education and job training during their youth, use mortgages to finance atleast part of their home while starting a family, invest in stocks and bonds during middle age, andrely on the returns to the value of their stocks, bonds, and homes to at least partially pay forretirement during old age. Business firms, municipalities, and sovereign governments also relyon the financial system to help build the productive capital necessary for a well-functioningsociety and to foster economic growth. This book focuses on the U.S. financial regulatory policyfor banking and securities markets and the U.S. implementation of the Basel Capital regulatoryframework.

PB 9781629489988 £43.50 March 2014 Nova Science Publishers 81 pages


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BANKINGPerformance, Challenges &Prospects for DevelopmentJanice P. Simmons

There is ample literature that argues commercial banks within a country and across countries arein economic harmony when it comes to their capital/asset ratio response to changes in sucheconomic determinants as cost, loans, and profitability. This book focuses on answering thequestion if European banks are in economic harmony. It continues with discussing bankingemployment in the early twenty-first century and ends with a national cohort study onposttraumatic stress symptoms in individuals following a bank robbery.

HB 9781629488974 £57.50 March 2014 Nova Science Publishers 61 pages

COMMUNITY BANKSIssues, Trends & PerformanceChristopher B. Joseph

This book provides an overview of an FDIC Community Banking Study which identifies andexplores the issues and questions relating to community banks. To study community banks, it isnecessary to define them. In the past, most analysts have used a maximum asset size, often $1billion. However, using only a size cut-off does not account for industry growth, and theattributes associated with community banks are not exclusively tied to size. The value ofcommunity banks has always been associated with the unique combination of services theyprovide to their customers, as well as the manner in which they do business. Community bankstend to be relationship lenders, characterised by local ownership, local control, and local decisionmaking. By carrying out the traditional banking functions of lending and deposit gathering on alocal scale, community banks foster economic growth and help to ensure that the financialresources of the local community are put to work on its behalf. Community banks have alwaysbeen inextricably connected to entrepreneurship. As of 2011, they held 14 percent of bankingindustry assets, but 46 percent of the industry's small loans to farms and businesses.

HB 9781626189065 £112.50 July 2013 Nova Science Publishers 161 pages

SAFETY & SOUNDNESS OF U.S. BANKSIssues & Policies in BriefEdited by Steven B. King, Brian L. Carter

Congressional interest in the financial conditions of depository banks or the commercial bankingindustry has increased in the wake of the financial crisis that unfolded in 2007-2009, whichresulted in a large increase in the number of distressed institutions. A financially strained bankingsystem would have difficulty making credit available to facilitate macroeconomic recovery. Thisbook focuses on the financial condition of the banking industry, which can be examined in termsof profitability, lending activity, and capitalisation levels.

PB 9781626189041 £43.50 July 2013 Nova Science Publishers 65 pages


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THE EXPORT-IMPORT BANK OF THE UNITED STATESActivities, Competitiveness & International ComparisonsEdited by Fraser M. Mulder

The Export-Import Bank of the United States (Ex-Im Bank, EXIM Bank, or the Bank), anindependent federal government agency, is the official export credit agency of the United States.It helps finance U.S. exports of manufactured goods and services, with the objective ofcontributing to the employment of U.S. workers, primarily in circumstances when alternativefinancing is not available. The Ex-Im Bank also may assist U.S. exporters to meet foreign, officiallysponsored, export credit competition. Its main programs are direct loans, loan guarantees,working capital guarantees, and export credit insurance. Ex-Im Bank transactions are backed bythe full faith and credit of the U.S. government. This book examines issues related to the Ex-ImBank that centre on the economic rationale for the Bank; the impact of the Bank on the federalbudget and U.S. taxpayers; the Bank's support for specific types of business or industries; thecurrent balance between the Bank's advancement of U.S. commercial interests and other U.S.policy goals; and the Bank's organisational structure.

HB 9781626187092 £91.99 June 2013 Nova Science Publishers 133 pages

COMMERCIAL REAL ESTATE LENDINGRisk Mitigation & Bank SupervisionEdited by Oliver R. Sims, Franklin B. Fields

This book presents the results of a study of FDIC-supervised institutions with significantacquisition, development, and construction (ADC) loan concentrations that did not fail during therecent economic downturn. ADC loans are considered the riskiest type of commercial real estate(CRE) lending. During the recent financial crisis, FDIC analysis shows that failed institutions hadconcentrations of ADC loans to total assets that were roughly three times the average ofconcentrations of non-failed institutions. This book studies the characteristics and supervisoryapproaches for FDIC-supervised institutions that had significant ADC loan concentrations andwere not considered to be problem banks as of April 2011, with a focus on the identifying factorsthat may have helped banks mitigate the risks historically associated with ADC concentrationsduring periods of economic stress.


BANK FAILURES DURING THE FINANCIAL CRISISCauses & ConsequencesEdited by Lawrence C. Armstrong

Between January 2008 and December 2011, a period of economic downturn in the United States,414 insured U.S. banks failed. Of these, 85 percent or 353 had less than $1 billion in assets. Thesesmall banks often specialise in small business lending and are associated with local communitydevelopment and philanthropy. These small bank failures have raised questions about thecontributing factors in the states with the most failures, including the possible role of localmarket conditions and the application of fair value accounting under U.S accounting standards.This book discusses the factors that contributed to the bank failures in states with the most failedinstitutions between 2008 and 2011 and what role, if any, fair value accounting played in thesefailures; the use of shared loss agreements in resolving troubled banks; and the effect of recentbank failures on local communities.



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FEDERAL DEPOSIT INSURANCE CORPORATION & NATIONAL CREDIT UNIONADMINISTRATIONAssessments & ActionsEdited by Joe M. Wallace, Keith R. Barnes

The Federal Deposit Insurance Corporation (FDIC) was established as an independentgovernment corporation under the authority of the Banking Act of 1933. The FDIC is fundedthrough insurance assessments collected from its member depository institutions and held inwhat is now known as the Deposit Insurance Fund (DIF). The proceeds in the DIF are used to paydepositors if member institutions fail. The credit union system has undergone a period offinancial turmoil since the financial crisis began in 2007, resulting in an estimated $5 billion to$10 billion in losses to the 7,400 credit unions and the institutions that support them, known ascorporate credit unions of corporates. This book provides an overview of the FDIC, recent statusof DIF, and efforts to reduce the loss exposure and total risk to the fund. Also discussed is therecent status of the National Credit Union Administration (NCUA) with a focus on assessmentsand actions undertaken to support the funds during the recent period of financial distress andother initiatives to maintain liquidity.

HB 9781622572717 £91.99 November 2012 Nova Science Publishers 169 pages

BANK REGULATION & THE USE OF PROMPT CORRECTIVE ACTIONEdited by David Garcia, Mark J. Hall

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Financial StabilityOversight Council to submit a report to Congress regarding the implementation of promptcorrective action (PCA) by the Federal banking agencies. This book discusses the existing PCAframework and the findings and recommendations of the Government Accountability Officestudy. It also highlights lessons learned from the financial crisis and outlines actions taken thatcould affect PCA, as well as additional steps to modify the PCA framework that could beconsidered.

PB 9781620811498 £43.50 August 2012 Nova Science Publishers 87 pages

BANK FAILURES & REGULATORY RESPONSESLessons & Oversight EffortsEdited by Pauline Owens

Weakness in federal oversight was one of many factors that contributed to the size of federallosses and the number of bank failures in banking-related crises over the past 35 years --including the 1980s thrift and commercial bank crises and the 2007– 2009 financial crisis.Resolving the failures of banks and thrifts due to these crises resulted in estimated costs tofederal bank and thrift insurance funds over $165 billion, as well as other federal governmentcosts, such as taxpayer-funded assistance during the financial crises. Ongoing monitoring ofbanking regulators' efforts to identify and respond to emerging threats to the banking systemcan provide a starting point for identifying opportunities for more targeted and frequentassessments of these efforts. This book discusses regulatory lessons learned from these pastcrises and offers a framework that the Government Accountability Office and other oversightbodies, such as inspectors general, can use to provide continuous future oversight of regulatoryresponses to emerging risks. It analyses failed state member bank reports that the Office of theInspector General issued between 29 June 2009, and 30 June 30 2011, to determine the commoncharacteristics, circumstances, and emerging themes related to the cause of the bank failuresand Federal Reserve supervision of the failed institutions.

HB 9781634842341 £99.99 January 2016 Nova Science Publishers 121 pages


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BANK CAPITAL & BASEL III REGULATIONSImplementation & EffectsEdited by Caroline R. Mendoza

The Basel III international regulatory framework, which was produced in 2010 by the BaselCommittee on Banking Supervision at the Bank for International Settlements, is the latest in aseries of evolving agreements among central banks and bank supervisory authorities tostandardise bank capital requirements, among other measures. Capital serves as a cushionagainst unanticipated financial shocks, which can otherwise lead to insolvency. The Basel IIIregulatory reform package revises the definition of regulatory capital and increases capitalholding requirements for banking organisations. This book summarises the higher capitalrequirements for U.S. banks regulated for safety and soundness. It examines how the U.S. BaselIII regulations may affect U.S. banks, including smaller ones; and implementation of Basel III bydifferent countries and other jurisdictions may affect U.S. banking organisations' internationalcompetitiveness.


THE U.S. EXPORT-IMPORT BANKAnalyses of Risk Management & Exposure LimitsEdited by Selma E. Wynne

From fiscal year 2008 to fiscal year 2012, the U.S. Export-Import Bank's (Ex-Im) outstandingfinancial commitments (exposure) grew from about $59 billion to about $107 billion, largely inlong-term loans and guarantees. Factors associated with this growth include reduced private-sector financing following the financial crisis and Ex-Im's authorisation of direct loans -- a productnot offered by export credit agencies in some other countries -- to fill the gap in private-sectorlending. This book discusses how Ex-Im's business changed in recent years and possible reasonsfor these changes; how Ex-Im determines credit subsidy costs, loss reserves and allowances, andproduct fees, and how these processes account for different risks; how Ex-Im's financial portfoliohas performed and the budgetary impact of its programs; and the extent to which Ex-Im has acomprehensive risk-management framework.

HB 9781634633314 £99.99 December 2014 Nova Science Publishers 111 pages

BANK HOLDING COMPANIES & GOVERNMENT SUPPORT ISSUESColleen Royce

During the 2007-09 financial crisis, the federal government's actions to stabilize the financialsystem provided funding support and other benefits to bank holding companies and theirsubsidiaries. Agencies introduced new programs with broad-based eligibility that providedfunding support to eligible institutions, which included entities that were part of a bank holdingcompany and others. Programs that provided the most significant support directly to bankholding companies or their subsidiaries included Department of the Treasury capital investmentprograms, Federal Reserve System lending programs, and Federal Deposit Insurance Corporation(FDIC) guarantee programs. The federal government extended unprecedented support tofinancial institutions to stabilise financial markets during the financial crisis. While these actionshelped to avert a more severe crisis, they raised questions about the appropriate scope ofgovernment safety nets for financial institutions. This book examines actual government supportfor banks and bank holding companies during the financial crisis; and recent statutory andregulatory changes related to government support for banks and bank holding companies. It alsoexamines how financial reforms have altered market expectations of government rescues andthe existence or size of funding advantages the largest bank holding companies may havereceived due to perceived government support.



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BUSINESS ECONOMICS IN A RAPIDLY-CHANGING WORLD SERIES

BUSINESS CYCLES IN ECONOMICSTypes, Challenges & Impacts on Monetary PoliciesEdited by Jason C. Hsu

This anthology presents papers that challenge conventional viewpoints and ideas about businesscycles and monetary policy. Some of the selections bring fresh thinking to customary topics, suchas business cycle models in perfectly competitive markets, the cyclicality of research anddevelopment expenditures, and the effect of uncertainty shocks on consumer spending. Othersaddress concerns that have come to the fore in the aftermath of the global financial crisis -- theconsequences of quantitative easing, the effectiveness of macro prudential policies, the impactof shadow banking on the fractional-reserve banking system, and correlations in credit defaultlosses, among others. The collection is not meant to be comprehensive (an impossible anduninteresting goal) but rather to bring together noteworthy contributions that might otherwisebe submerged in the torrent of contemporary economic writing. The selection criteria were thequality of thinking, clarity of expression, and soundness of empirical research on topics ofcompelling interest to people who are actively engaged in the field of monetary economics. Thepapers included in this book also represent a range of approaches to theoretical and appliedresearch. Some of them describe econometric tools and analytical techniques that are adaptedto the study of business cycles and monetary policies. Others set forth conceptual frameworksand conduct empirical analyses that offer new insights into macroeconomic fluctuations. Stillothers adopt a strategy closer to field work, in the form of case studies supported by extensivestatistical documentation. In sum, the papers presented in this volume not only tackle topics ofpressing interest; they also illustrate the state of the art in the research methodologies employedby monetary economists.

HB 9781633213227 £141.99 September 2014 Nova Science Publishers 275 pages

U.S. INSURANCE INDUSTRIES AFTER THE 2007-2009 FINANCIAL CRISISEdited by Johnson B. Powell

The U.S. life and property/casualty (P/C) insurance industries wrote over $1 trillion in totalpremiums in 2011 and play an important role in ensuring the smooth functioning of the economy.Concerns about the oversight of the insurance industry arose during the 2007-2009 financialcrisis, when one of the largest U.S. holding companies that had substantial insurance operations,American International Group, Inc. (AIG), suffered large losses. These losses were driven in largepart by activities conducted by a non-insurance affiliate, AIG Financial Products, but also includedsecurities lending activity undertaken by some of its life insurance companies which createdliquidity issues for some insurers. The losses threatened to bankrupt the company, and AIG wasone of the largest recipients of assistance by the Federal Reserve Bank of New York and thefederal government under the Troubled Asset Relief Program (TARP) set up during the crisis. Thisbook examines any effects of the financial crisis on the insurance industry and policyholders, andaddresses what is known about how the financial crisis affected the insurance industry andpolicyholders, and the types of actions that have been taken since the crisis to help prevent ormitigate potential negative effects of future economic downturns on insurance companies andtheir policyholders.



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ECONOMIC ISSUES, PROBLEMS & PERSPECTIVES SERIES

GLOBAL FINANCIAL CRISISCauses, Consequences & Impact on Economic GrowthEdited by Jeanne Barnett

The impact of the Global Financial Crisis was felt in 2008 and its repercussions are still with ustoday. In this book, the authors set the context for examining the crisis by looking at a regionalcrisis that occurred a decade earlier but whose lessons about financial fragility were soonforgotten. The authors then move to the present and discuss the views of a number of economicswho to various degrees predicted or forewarned of the impending crisis. In the second chapter,the elements that caused the latest and current problems in the U.S. and consequently to alleconomies of the world, due to the systemic risk of globalisation, are determined. The thirdchapter advocates the intangible and tacit knowledge in the knowledge based society of the 21stcentury, exacerbates the problem of moral agency in today's organisations, making theboundaries and accountability of decision-making especially vague and ambiguous. The authorsapply this concept as a means to enhance the moral agency to organisations in the context of theknowledge based society, and as a key part of responsible leadership after the global financialcrisis of 2008. The fourth chapter reviews aspects of the new rules that apply to investment firmsand to banks, making comment on individual provisions as necessary. In the last chapter, theserious effects of a bubble and its burst in small countries in Central and Eastern Europe arelooked at and discussed in detail.


FINANCIAL ALARM & FEDERAL RESERVE RESPONSEEdited by Alexander L. Clark, Mason R. Williams

The Federal Reserve (Fed) has been central in the policy response to the financial turmoil thatbegan in August 2007. It has sharply increased reserves to the banking system through openmarket operations and lowered the federal funds rate and discount rate on several occasions.Through new credit facilities, the Fed first expanded the scale of its lending to the banking systemand then extended direct lending to non-bank financial firms. The latter marked the first sincethe Great Depression that firms that are not banks or members of the Federal Reserve Systemhave been allowed to borrow directly from the Fed. This book explores the financial crisis andFederal Reserve Policy responses with a focus on the opportunities that exist to strengthenpolicies and processes for managing emergency assistance.

HB 9781621005827 £179.50 April 2012 Nova Science Publishers 241 pages

SMALL STATES IN A GLOBAL ECONOMYCrisis, Cooperation & ContributionsHilmar Þór Hilmarsson

In an era of globalisation, no country can be an island disconnected from the rest of the worldand small states are now integrated in the global economy. The analysis in this book shows thatthe experiences of small states can be valuable for other countries but at the same time, smallstates can be vulnerable. This book discusses several issues that are of global importance andanalyses how small states are affected, why they can be vulnerable and how their experiencescan be beneficial globally, including for larger states. The issues discussed include the 2008 globaleconomic and financial crisis; governance issues and vulnerabilities in small states with smallinstitutions and limited administrative capacity; international development cooperation; andhow small states can contribute to the global transition to clean energy. Each chapter is a casestudy.



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ECONOMIC GROWTH IN THE 21ST CENTURYPerspectives, Role of Governmental Policies, Potential & ConstraintsEdited by Cody Accosi

The Global Financial crisis that led to the Great Recession resulted in differing levels of economicturmoil across developed industrialised economies, with particularly acute implications forEurozone countries where it triggered a sovereign debt crisis given their fundamental lack ofeconomic cohesion and appropriate policy tools. This book discusses the foreign directinvestment and economic growth in OECD countries. It also discusses the economic growth andself-consumption in oil producing countries; the drivers of economic growth in Latin America;financial education and economic growth; regional development strategy, market segmentationand economic growth; religion, work ethic and economic growth in modern Turkey; and beinghappy in uncertain economic times.


ECONOMICS OF DEBTEdited by Mark A. Petersen

Recently, debates about the economics of debt have been dominated by issues related to theglobal financial crisis. In this edited volume, the relationships between this crisis and Eurozonesovereign debt, debt mechanics, the Greek economic decline, European budget rules, debtobligations, convertible bonds, household indebtedness, financial guarantees as well asproposed Basel III leverage and liquidity regulation is explored.

The sovereign debt crisis and weak European economic growth has damaged the European andMonetary Union and the Euro itself. Among the causes of this crisis is rapid government debtlevel growth, trade imbalances, monetary policy inflexibility and loss of confidence. Moreover,the consequences involve disrupted bond markets and the banking sector, depreciation of theEuro, reduced economic growth, loss of confidence, reduced remittances, tight fiscal measuresand politics. Initial crisis cures included the creation of the European Financial Stability Facility,the European, Financial Stabilization Mechanism and the Brussels Agreement. In particular, thebook investigates which economic mechanisms of the currency union have managed to turn theEuropean political and cultural heterogeneity into such severe external imbalances between theNorthern and Southern Eurozone. Another problem addressed is the extent to which the externaldebt accumulation of Southern EMU countries can be attributed to Euro capital marketintegration.

Also, we employ the most recent data on money, credit, industrial production and productivityto show that the Greek drama is an almost ideal application of the Austrian ideas. A reinforcedbudget rule, according to which structural budget balances must be virtually zero, has beenadopted. In this edited volume, we argue that such a target can make fiscal and monetary policiespro-cyclical.



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RECOVERY AFTER RECESSIONSelect Research & AnalysesEdited by Drew Symmes, Amanda Zulpo

The 2007-2009 recession was long and deep, and according to several indicators was the mostsevere economic contraction since the 1930s (but still much less severe than the GreatDepression). The slowdown of economic activity was moderate through the first half of 2008,but at that point the weakening economy was overtaken by a major financial crisis that wouldexacerbate the economic weakness and accelerate the decline. Economic recovery began in mid-2009. Real gross domestic product (GDP) has been on a positive track since then, although thepace has been uneven and slowed significantly in 2011. The stock market has recovered from itslows, and employment has increased moderately. On the other hand, significant economicweakness remains evident, particularly in the balance sheet of households, the labour market,and the housing sector. This book provides select research and analyses pertaining to theeconomic recovery and sustaining U.S. economic growth in a post-crisis economy.

HB 9781624177774 £112.50 April 2013 Nova Science Publishers 157 pages

THE FEDERAL RESERVEOversight & TransparencyEdited by Gerrie R. Conley, Adolf A. Sanford

Critics of the Federal Reserve (Fed) have long argued for more oversight, transparency, anddisclosure. Criticism intensified following the extensive assistance provided by the Fed during thefinancial crisis. More specifically, critics have focused on the Government Accountability Office(GAO) audits of the Fed and the disclosure of details on the identities of borrowers and the termsof those loans. This book examines oversight and disclosure issues relating to the Federal Reservewith a focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act; QE 3; andFederal Reserve transparency.

HB 9781620810347 £79.50 October 2012 Nova Science Publishers 155 pages

DERIVATIVES REFORM & REGULATIONEdited by Aidan B. Lynch

Financial derivatives allow users to manage or hedge business risks that arise from volatilecommodity prices, interest rates, foreign currencies and a wide range of other variables.Derivatives also permit potentially risky speculation on future trends in those rates and prices.Derivatives markets are very large, measured in the hundreds of trillions of dollars, and they grewrapidly in the years before the recent financial crisis. The events of the crisis have sparked callsfor fundamental reform. This book examines the key issues in derivatives reform and regulation;the conflicts of interest in derivatives clearing and the Dodd-Frank Wall Street Reform andConsumer Protection Act.



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THE GLOBAL CONTEXT & INTERNATIONAL EFFECTS OF THE TROUBLED ASSETRELIEF PROGRAM (TARP)Edited by Andrea I. Gallo, Danielle N. Flora

The Troubled Asset Relief Program (TARP) was created by the Emergency Economic StabilizationAct (EESA) enacted on October 3rd, 2008. EESA was passed by Congress and signed by PresidentBush to address an ongoing financial crisis that reached near-panic proportions in September2008. The Federal Reserve stepped in with emergency measures to restore liquidity, temporarilycalming markets. Losses in mortgage markets, however, continued and spilled into othermarkets. Financial firms eventually wrote down many of these losses, depleting their capital.Uncertainty about future losses on illiquid and complex assets led to some firms having reducedaccess to private liquidity, with the loss in liquidity being in some cases catastrophic. This bookexamines the global context and international effects of TARP, here and abroad.


ECONOMICS & NATIONAL SECURITYEdited by Diane J. Clarke

The global financial crisis and recession have highlighted the trade-off between spending toprotect against external threats and spending to provide jobs and income for citizens at home.This book illustrates how disparate parts of the U.S. economy affect the security of the nation.Security is achieved not only by military means but by the whole of the American economy. Innational security, the economy is both the enabler and the constraint.


U.S. ECONOMIC RECOVERY & STIMULUS MEASURESIssues, Options, & ImpactsEdited by Jessica D. Saparito

The slowdown of economic activity was moderate through the first half of 2008, but at that pointthe weakening economy was overtaken by a major financial crisis that would exacerbate theeconomic weakness and accelerate the decline. Recent evidence suggests that the process ofeconomic recovery has begun. On the other hand, significant economic weakness remainsevident, particularly in the labour and housing markets. This book examines the current issues,options and impacts of the U.S. economic recovery and stimulus measures.

HB 9781612092669 £95.99 August 2011 Nova Science Publishers 193 pages


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EUROPEAN POLITICAL, ECONOMIC & SECURITY ISSUES SERIES

THE EUROZONE ENLARGEMENTProspect of New EU Member States for Euro AdoptionEdited by Yoji Koyama

In May 2004, eight countries of Central and Eastern Europe were admitted to the European Union(EU). In January 2007, Romania and Bulgaria, and in July 2013, Croatia were admitted to the EU.These new EU member states (NMS) are not given the right to opt out as the UK and Denmarkhave, and they are obligated to adopt the Euro. Among eleven new member states, five countriesadopted the euro: first Slovenia (2007), followed by Slovakia (2009), Estonia (2011), Latvia (2014)and Lithuania (2015). This book considers the problems of the Eurozone Enlargement byreviewing the experiences of NMS which have adopted the Euro and considering prospects ofNMS which have not yet adopted the Euro.

The book is divided into two parts. Part One mainly deals with NMS which have already adoptedthe Euro and takes a closer look at their experiences. Chapter One explains the evolution and thecurrent situation of the EMU in order to get an overall picture of the Eurozone. Chapter Twodiscusses Slovenia's experiences of the euro adoption and its lessons. Chapter Three discussesthe experiences of Slovakia which adopted the euro in January 2009 exhibiting, in contrast toSlovenia, a favorable performance. Although having seriously suffered from the 2008 globalfinancial crisis, the Baltic States have recovered quickly. Chapter Four discusses what kind oflessons could be drawn from the experiences of the Eurozone NMS, focusing on Latvia andSlovakia.

Part Two deals with the NMS which have not adopted the Euro yet, but are expected to. ChapterFive not only discusses Poland's prospects for Euro adoption but also serves as an introductionto Part Two as a whole. It deals with not only the criteria which should be met by prospectiveEurozone member NMS (i.e. explicit Maastricht convergence criteria), but also the criteria ofimplicit and substantial convergence (i.e. The Czech Republic and Slovakia maintaining closeeconomic relations in spite of their separation in 1993). Slovakia adopted the Euro in January2009 while the Czech Republic has not yet adopted it. Chapter Six discusses the current situationand challenges of the Czech Republic in comparison with Slovakia. Chapter Seven analyses theHungarian situation both from a perspective of a comparison with other CEE countries, and froma historical perspective of its long-term transition process. Chapter Eight considers challengesfacing Croatia, which has an industrial structure quite similar to Greece. Among prospectiveEurozone member states, Romania is the only one country which has its target date for Euro-adoption of January 1, 2019. Chapter Nine considers Romania's current situation and itschallenges. Chapter Ten discusses challenges facing Bulgaria, which has maintained the currencyboard system.

HB 9781634843638 £158.50 February 2016 Nova Science Publishers 200 pages

EUROPEFinancial Crisis & Security IssuesEdited by Patrick B. Werthers

This book presents and discusses the financial crisis in Europe, as well as the various securityissues these nations face because of this global crisis. In addition, the book also publisheschapters in area studies and comparative politics of Europe. Topics discussed herein include theEuropean Union; a European economic recovery plan; the financial crisis; missile defence; TheLisbon Treaty; the U.S.-U.K. relationship from a historical viewpoint; and the role of theinternational monetary fund.



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FINANCIAL INSTITUTIONS & SERVICES SERIES

FOREIGN HOLDING COMPANIES & HYBRID CAPITAL INSTRUMENTSSelect Analyses Required by the Dodd-Frank ActEdited by Luka Perkuljan

During the 2007-2009 financial crisis, many U.S. and international financial institutions lackedcapital of sufficient quality and quantity to absorb substantial losses. In 2010, the Dodd-FrankWall Street Reform and Consumer Protection Act introduced new minimum capital requirementsfor banks and savings and loan holding companies, including intermediate holding companies offoreign banks. Hybrid capital instruments are securities that have characteristics of both equityand debt. The Federal Reserve allowed bank holding companies to include limited amounts ofhybrid instruments known as trust preferred securities in the highest level of required capital,although other federal banking regulators never approved these or other hybrid instruments forthis purpose. Responding to concerns that these instruments did not perform well during the2007-2009 financial crisis, in 2010 the Dodd-Frank Act required regulators to establish rules thatwill exclude the instruments from Tier 1 capital. This book examines the potential effects ofchanges in U.S. capital requirements on foreign-owned intermediate holding companies and theuse, benefits, and risks of hybrid instruments as Tier 1 capital.


FINANCIAL REGULATORY REFORMBenefits, Costs & Challenges of the Dodd-Frank ActEdited by Breen C. Sanders

The 2007-2009 financial crisis threatened the stability of the U.S. financial system and the healthof the U.S. economy. To address regulatory gaps and other problems revealed by the crisis,Congress enacted the Dodd-Frank Act. Federal regulators will need to issue hundreds of rules toimplement the act. Industry representatives, academics, and others generally have supportedthe act's goal of enhancing U.S. financial stability, but implementation of certain of the act'sprovisions has led to much debate. These experts have expressed a wide range of views on thepotential positive and negative effects that the act could have on the U.S. financial system andbroader economy. This book examines the losses associated with the recent financial crisis; thebenefits of the act for the U.S. financial system and the broader economy; and the costs of theact's reforms. The Government Accountability Office (GAO) reviewed empirical and other studieson the impacts of financial crises and the Dodd-Frank reforms, as well as congressionaltestimonies, comment letters, and other public statements by federal regulators, industryrepresentatives, and others.



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FINANCIAL STABILITY OVERSIGHT COUNCIL & OFFICE OF FINANCIALRESEARCHElements & AssessmentsEdited by Nolan S. Compton

The 2007-2009 financial crisis focused attention on weaknesses in the U.S. regulatory structure,including the lack of an agency or mechanism responsible for monitoring and addressing risksacross the financial system and a shortage of timely information to facilitate that oversight. Inresponse to the crisis, Congress passed the Dodd-Frank Wall Street Reform and ConsumerProtection Act (Dodd-Frank Act) in July 2010, which provided a broad range of regulatoryreforms. Among many other things, the act established the Financial Stability Oversight Council(FSOC) to monitor the stability of the U.S. financial system and take actions to mitigate risks thatmight destabilise the system. This book provides an overview of elements and assessments ofthe Financial Stability Oversight Council and Office of Financial Research with a focus onFrequently Asked Questions.

HB 9781624172175 £91.99 March 2013 Nova Science Publishers 110 pages

THE CONSUMER FINANCIAL PROTECTION BUREAUOverview & AnalysesEdited by Paul J. Cerutti, Margaret Kolchak

In the wake of the worst U.S. financial crisis since the Great Depression, Congress passed and thePresident signed into law sweeping reforms of the financial services regulatory system throughthe Dodd-Frank Wall Street Reform and Consumer Protection Act. This book provides anoverview of the regulatory structure of consumer finance under existing federal law before theDodd-Frank Act went into effect and examines arguments for modifying the regime in order tomore effectively regulate consumer financial markets. Also analysed is how the CFP Act changesthe legal structure, with a focus on the Bureau's organization; the entities and activities that falland do not fall under the Bureau's supervisory, enforcement, and rule-making authorities; theBureau's general and specific rule-making powers and procedures; and the Bureau's findings.


FINANCIAL MARKETSA Guided TourEdited by Manel Antelo

If there were still any doubts as a result of the financial crisis, which began in the summer of 2007and had not ended at the beginning of 2011, everyone is now convinced, first abruptly and thenpainfully, of the extraordinary importance of financial markets in people's lives and activities. Forgood or bad, consecrated by some and demonided by others, the markets have become keypillars of modern economies.

To a large extent, the crisis has made it clear that financial knowledge, such an important aspectof our economies and our environment, is scant. Perhaps because almost no one, includingconsumers and providers for different reasons, had much interest in changing the situation. Thetime has come to tackle the dissemination of financial knowledge from a new, rigorous and solidscientific perspective. This book examines various financial markets and the challenges they facein today's economy.



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GLOBAL ECONOMIC STUDIES SERIES

FINANCIAL CRISESIdentification, Forecasting & Effects on Transition EconomiesEdited by Cooper A. Hawthorne

In this book, the authors present topical research in the study of the identification, forecastingand effects on transition economies relating to financial crises events. Topics discussed includethe relation between the financial health of local governments and the socio-economicenvironment in periods of expansion and economic crisis in Spain; age differentials and theimpact of the financial crisis on social relationships; what Asia and Europe did to fight thefinancial crisis; determinants of firm performance during and after the 200809 financial crisis inEurope and Central Asia; a survey of country versus industry effects in international equityreturns; the Chinese economy in transition; Iceland's financial crisis; an empirical exploration ofthe causes of the 2008 financial crisis; the constitution of financial uncertainties during the Greeksovereign debt crisis; and the correlation and network structure of international financialmarkets in times of crisis.


INTERNATIONAL ECONOMIC COOPERATIONInstitutions, Funds & BanksEdited by Holden J. Murray, Eston E. Baker

The Group of Twenty, or G-20, is a forum for advancing economic co-operation among 20 majoradvanced and emerging-market countries. The G-20 was originally established to facilitatediscussions among the G-20 finance ministers. The prominence of the G-20 increased with theonset of the global financial crisis in the fall of 2008, and the G-20 started meeting at the leaderlevel. In September 2009, the G-20 leaders announced that, henceforth, the G-20 would be the"premier" forum for international economic co-operation. This book examines the major G-20commitments that could influence or shape the policy and legislative agenda for internationaleconomic co-ordination; background and issues of the International Monetary Fund (IMF); theParis Club and international debt relief; multilateral development banks; international climatechange financing; international environmental financing; and The World Bank Group energysector strategy.


INTERNATIONAL DEBT IN INDIVIDUAL COUNTRIESEditors Anthony L. Montefusco

The global financial crisis and economic recession spurred national governments to boost fiscalexpenditures to stimulate economic growth. Government measures included asset purchases,direct lending through national treasuries and government-backed guarantees for financialsector liabilities. The severity and global nature of the economic recession raised the rate ofunemployment, increased the cost of stabilising the financial sector and limited the number ofpolicy options that were available to national leaders. This book focuses on how major developedand emerging-market country governments, particularly the G-20 and Organization for EconomicCooperation and Development (OECD) countries have dealt with the current global recession anddebt crisis.



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GLOBAL FINANCIAL CRISISEdited by Haley J. Scott

What began as a bursting of the U.S. housing market bubble and a rise in foreclosures hasballooned into a global financial and economic crisis. The world now appears to have entered aglobal recession that is causing widespread business contraction, increases in unemployment,and shrinking government revenues. Some of the largest and most venerable banks, investmenthouses, and insurance companies have either declared bankruptcy or have had to be rescuedfinancially. The world is facing the worst economic conditions since the great depression. Thecrisis has exposed fundamental weaknesses in financial systems world-wide, demonstrated howinterconnected and interdependent economics are today and has posed vexing policy dilemmasfor governments. This book is an analysis of the global financial crisis and its policy implications.


CHINA'S NEW DEALEconomic Development Under International Financial CrisisEdited by Xiaoxi Li, Biliang Hu

In recent years, a financial crisis not encountered for almost half a century broke out globally,deeply affecting the economy of China. This book covers topics in relation to the financial crisisin China, such as how the financial crisis intensifies discussion on "the China Model", thecomprehensive interpretation on the scale, structure and effects of the 4 trillion economicstimulus plan and the development of rural finance in China under circumstances of world-widefinancial upheaval.

PB 9781614708155 £74.50 January 2012 Nova Science Publishers 407 pages

GLOBAL ECONOMICSCrisis & CooperationEdited by Jonathan P. Castle

The world appears to be recovering from the global recession that has caused widespreadbusiness contraction, increases in unemployment, and shrinking government revenues. Althoughthe industrialised economies have stopped contracting, for many, unemployment is still rising.The United States likely hit bottom in June 2009, but numerous small banks and households stillface huge problems in restoring their balance sheets, and unemployment has combined withsubprime loans to keep home foreclosures at a high rate. Nearly all industrialised countries andmany emerging and developing nations avoided dropping into another "Great Depression" byimplementing sizeable economic stimulus and/or financial sector rescue packages. This bookanalyses the crisis which has exposed fundamental weaknesses in financial systems world-wide,demonstrate how interconnected and interdependent economies are today, and has posedvexing policy dilemmas.



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HOUSING ISSUES, LAWS & PROGRAMS SERIES

MORTGAGESPolicies, Proposals & TrendsEdited by Foster Murphy, Owen C. Jensen

Congressional interest in residential mortgage markets has increased following the collapse ofthe housing bubble, government financial support to the mortgage market, and housing'sperceived importance to the broader economic recovery. Since 2008, the residential mortgagemarket has experienced some of the highest default and foreclosure rates since the GreatDepression. This book provides an overview of the changing residential mortgage market,focusing on trends in housing prices, home-ownership, mortgage characteristics, and financing.It also examines legislation and regulations designed to promote the efficient functioning of themortgage market.


STUDIES IN FINANCIAL OPTIMIZATION & RISK MANAGEMENT SERIES

NEW TRENDS IN BANK EFFICIENCYEdited by Kyriaki Kosmidou, Constantin Zopounidis

The recent financial crisis and the rapid changes in the economic and technological environmenthave highlighted the need for further reinforcement of the financial sector. Banks have beenforced to be competitive and to implement risk assessment and management systems. Due tothe competitive financial environment that has been developed, the principles of the SecondBanking Directive, have provided equal competitive conditions for all European bankinginstitutions, and lead us to the principles of Basel III. Moreover, new banking products andtechniques are developed to accommodate increased customer needs. The establishment ofthese new products requires the implementation of innovative processes for their efficientmanagement.

There is plenty of research about bank efficiency and especially with the methodological toolsthat can be used to improve performance of the banking sector. Therefore, the purpose of thisedited volume is to contribute to the understanding of issues dealing with new trends in bankefficiency during the years of financial crisis, covering a range of banking problems, such as bankperformance, efficiency, profitability, credit risk and stress testing.



17

COMPUTATIONAL TECHNIQUES FOR BANKING & RISK MANAGEMENTEdited by Constantin Zopounidis

The last decades have been strongly characterised by vertiginous technological, social andeconomic changes. Those changes have in part positively affected our lives; however they alsoled to an increasing uncertainty and instability at every field of human activity. In addition, theinterdependence and the interrelationship among various fields and especially between theglobal financial markets have created a fragile environment, which requires delicate handlingand attentive movements. Thus the complexity of the systems considered in every field,nowadays, more than ever, needs the skilful manipulation of the known methodologies andtechniques for the best management. Research and development give emphasis on thecomputational optimisation as an essential, critical component. At every field of human activity,optimisation is more than important. Everybody tries to optimise, minimise or maximise the cost,profit, efficiency, output. In the area of economics and finance, simple and more complex toolshave been created towards this direction. Different methodologies and analytical techniqueshave been developed to analyse a vast number of problems such as risk management, assetpricing, portfolio construction, forecasting, interest rate modelling, capital measurement,efficiency estimation, investment evaluation, business failure, etc.,


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Titles publishedby Nova Science

Banks & BankingDevelopments

Business Economicsin a Rapidly-Changing

World

Economic Issues,Problems &WĞƌƐƉĞĐƟǀ ĞƐ

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Security Issues

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Global EconomicStudies

Housing Issues,Laws & Programs

Studies in FinancialKƉƟŵŝǌĂƟŽŶ�Θ

Risk Management

banking 2016

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