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Mike Buckle and John Thompson

The market for equities is part of the capital market, which refers to the market for long-term finance. This chapter deals with equity markets and examines some general issues relating to the raising of long-term finance by private firms. It focuses on the primary market for equity issues, which is followed by a discussion of the secondary market, where equity securities are traded. The chapter also examines the nature of and causes of the global stock market crash of October 1987 and the 'technology bubble' in the late 1990s that led to global stock market falls from 2000. It considers the degree to which stock markets conform to the efficient markets hypothesis. Two markets exist in London. The main market is the London Stock Exchange (LSE), which deals in the securities of established companies. The second market is the Alternative Investments Market, which is owned and operated by the LSE.

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

The rules concerning the regulation of non-bank financial institutions have mainly originated from the European Union. This chapter discusses the main features of the regulations. It looks at regulation of life insurance companies and pension funds. This is followed by a discussion of the regulation of investment funds in and of market infrastructure. The European Market Infrastructure Regulation came into force in August 2012 and covers over-the-counter derivatives, central counter-parties and trade repositories. The regulation requires anyone who has entered into a derivatives contract to report and risk manage their derivative positions. The chapter also looks at the EU's Market in Financial Instruments Directive, which, in the area of protection, categorises clients into three groups: eligible counter-parties, professional clients and retail clients.

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

Bank regulation has seen significant change as a consequence of the 2007-8 global financial crisis. One development that was evident before the crisis but which has come more to the fore since is global harmonisation of regulation. There are two broad methods used by governments to control and support the banking industry, namely provision of a safety net and regulation. This chapter discusses the rationale for regulation, before moving on to consider how regulation should be structured. The rationale for regulation includes the major failures that have occurred in the UK and the various types of risks faced by the banks. The chapter examines the elements of the safety net such as bank supervision, stress tests and deposit insurance, as well as capital adequacy and the Basel I and II accords. It discusses the Basel III framework and examines banking recovery and 'resolution'.

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

The sterling money market located in London is a wholesale market for short-term funds and consequently provides facilities for economic units to adjust their cash position quickly. This chapter discusses the nature of the London money markets. It reviews the assets traded in the money markets and their valuation, and examines the supply of central bank money. The chapter also reviews the Bank of England's (BofE) and Debt Management Office's (DMO) operation in the money markets. The BofE is the price setter in the money market, as the Monetary Policy Committee (MPC) sets the bank rate, but, on the other hand the DMO is a price taker. The primary object of BofE's intervention is to ensure that short-term interest rates are consistent with the bank rate set by the MPC. This objective also includes the objective that day-to-day and intra-day volatility be limited.

in The UK financial system (fifth edition)
Theory and practice
Authors: Mike Buckle and John Thompson

The early part of the twenty-first century has witnessed a sea-change in regulation of the financial system following the financial crisis of 2007-2008. Prior to that financial crisis, the official policy was directed to deregulating the financial system, whereas after 2008 the move is towards increased regulation. This book begins the study of the UK financial system with an introduction to the role of a financial system in an economy, and a very simple model of an economy. In this model the economy is divided into two distinct groups or sectors. The first is the household sector and the second is the firms sector. The book describes the process of financial intermediation, and in doing so, it examines the arguments as to why we need financial institutions. It highlights the nature of financial intermediation, and examines the various roles of financial intermediaries: banks as transformers, undertaking of transformation process, and providers of liquidity insurance. The nature of banking, the operations carried out by banks, and the categories of banking operations are discussed next. The book also examines the investment institutions and other investment vehicles. It examines the role of central banks in the financial system in principle, particularly, the role of the Bank of England. Primary market for equity issues, secondary market, the global stock market crash of October 1987 and efficient markets hypothesis are also covered. The book also looks at the trading of financial derivatives, risk management, bank regulation, and the regulation of life insurance companies, pension funds.

Author: Alison Hulme

This book surveys ‘thrift’ through its moral, religious, ethical, political, spiritual and philosophical expressions, focusing in on key moments such as the early Puritans and postwar rationing, and key characters such as Benjamin Franklin, Samuel Smiles and Henry Thoreau. The relationships between thrift and frugality, mindfulness, sustainability and alternative consumption practices are explained, and connections made between myriad conceptions of thrift and contemporary concerns for how consumer cultures impact scarce resources, wealth distribution and the Anthropocene. Ultimately, the book returns the reader to an understanding of thrift as it was originally used – to ‘thrive’ – and attempts to re-cast thrift in more collective, economically egalitarian terms, reclaiming it as a genuinely resistant practice. Students, scholars and general readers across all disciplines and interest areas will find much of interest in this book, which provides a multi-disciplinary look at a highly topical concept.

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Thoreau in the city
Alison Hulme

Challenges the conventional view of economic history in which capitalism is assumed as the backdrop. Argues that thrift as frugality is simply the daily reality for the majority of the world’s population; thrift (as frugality and thriving) does not constitute ‘moments’ in a smooth trajectory of capitalism; and that thrift (as thriving, and even in some cases as frugality) proves that material conditions are just as likely to result in reciprocity than maximisation. Attempts to make a small start towards re-thinking the concept of thrift, both in terms of attempting to remove it from frugality per se (as its primary principle or motivation), and in terms of attempting to prove it can be used to carve out future alternatives, not simply shore up existing systems.

in A brief history of thrift
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Keynes, consumer rights and the new thrifty consumers
Alison Hulme

Examines how the context of the Great Depression saw the beginning of consumer rights organisations. Looks at the New Deal and how it taught the American people that not only was the thrift of the Depression no longer necessary, but that it would actually harm recovery. Analyses how being thrifty went from saving, to consuming wisely and well, and how the consumer, not just the worker, was now all-important for the economic survival of a nation. Explores the influence of Keynes in this cultural change and the emergence of the citizen-consumer.

in A brief history of thrift
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Frugality, de-growth and Voluntary Simplicity
Alison Hulme

Explores ideas of de-growth and post-development and their often ecological underpinnings. Relates such ideas to increasing concerns around the Anthropocene. Ideas around collectivity and reciprocity as part of thrift are analysed and related to the idea of thriving. The Voluntary Simplicity movement is looked to as a case study of thrifty living, and its potential for genuine societal change considered.

in A brief history of thrift
Benjamin Franklin, Samuel Smiles and Victorian moralism
Alison Hulme

Looks at the secularisation of thrift through the influence of Benjamin Franklin, and his belief that one can work one’s way into heaven; in other words that salvation can be earned. Explores Victorian writers such as Wharton and Dickens, as well as Samuel Smiles and his emphasis on individual responsibility and self-improvement. Finally, compares today’s austerity policies and emphasis on household economia to Victorian thinking and the influence of Disraeli’s One Nationism.

in A brief history of thrift