Financial Competition, Risk and Accountability: British and German Experiences

Overview

Recent decades have seen a sharp increase in financial competition, intensified by globalization. Excessive risk-taking leading to inevitable business failures at times reached worrying proportions. This volume attempts to analyze and explain financial market developments at the turn of the millennium with special reference to the UK and Germany. The emphasis of the papers is on the need for greater accountability and a more ethical approach to...
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Overview

Recent decades have seen a sharp increase in financial competition, intensified by globalization. Excessive risk-taking leading to inevitable business failures at times reached worrying proportions. This volume attempts to analyze and explain financial market developments at the turn of the millennium with special reference to the UK and Germany. The emphasis of the papers is on the need for greater accountability and a more ethical approach to financial decision-making.
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Editorial Reviews

Booknews
In 16 studies presented at a series of seminars at Cambridge University over eight years, mostly British and German economists seek to develop a set of ethics for the financial industry from within its own practices, rather than imposing principles on it that were developed in different contexts. Their topics include a balance-sheet approach to European destiny and macroeconomic responsibility in the financial systems of the two countries, the dynamics of change and risk in corporate and wholesale finance, and the role of central banks in a global competition environment. The volume is published in association with the Anglo-German Foundation for the Study of Industrial Society. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780333735909
  • Publisher: Palgrave Macmillan
  • Publication date: 1/28/2001
  • Pages: 320

Meet the Author

Stephen F. Frowen is Honorary Research Fellow in the Department of Economics at University College London, and Senior Research Associate at the Von Hügel Institute, St. Edmund's College, University of Cambridge.

Francis P. McHugh is a Catholic priest and Director of the Von Hügel Institute as well as a Fellow and Tutor of St. Edmund's College, Cambridge.
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Table of Contents

List of Tables and Figures
Notes on the Contributors
Introduction
Acknowledgements
1 Competition Forces and Institutional Structure in the UK and Germany 1
2 Alternative Routes to Banking Stability: A Comparison of UK and German Banking Systems 11
3 European destiny and Macroeconomic Responsibility in the Financial Systems of Germany and the UK: A Balance-Sheet Approach 33
Discussant's Comments 50
4 What Kind of Stability Helps Industry? Contrasting Experiences with British and German Banking 58
Discussant's Comments 70
5 Financial Competition, Risk and Accountability: The Role of trust Banks 74
6 The Dynamics of Change and Risk in Corporate and Wholesale Finance 94
Discussant's Comments 111
7 Risk Management and the Ethics of New Financial Instruments 119
8 Business Ethics in the Banking Industry: Some Remarks 136
9 The Savings-Ratio Behaviour in Globalised Money and Capital Markets: A Comparison of the UK and German Experiences 146
10 The Conduct and Ethical Underpinnings of Monetary Policy in the United Kingdom and Germany 169
11 The Role of Central Banks in a Global Competition Environment 189
12 Bank Supervision in the Context of Global Competition 206
13 Economic and Monetary Union: An Ethical Issue? 212
14 Capital and Credit-Based Development: Lessons from the Experience of Industrial Countries for Transition Economies in Central East Europe 225
Discussant's Comments 251
15 Social Banking and Affordable Housing in Germany: the Example of an Inclusive Bank Product 257
16 The Role of compliance in Germany's Banking Culture 292
Author Index 305
Subject Index 309
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