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With an introduction by Benjamin J. Cohen
Author: Susan Strange

This book begins with a recapitulation of the main themes of Strange's earlier Casino Capitalism, stressing the major policy decisions and non-decisions that, in her opinion, had first allowed financial markets seemingly to outgrow governmental control. It adds a number of newer systemic developments that had emerged in the years after Casino Capitalism was published. Following this opening tour d'horizon, the book evaluates many of these developments in greater detail, covering the revolution in information technology interstate politics, contagion risks, global debt, money laundering and the roles of both national governments and multilateral agencies such as the International Monetary Fund and Bank for International Settlements. Great emphasis is placed on the relationship between the United States and Japan, the 'US-Japan axis', which is considered crucial to the effective management of financial crises. All the strings of Strange's discussion are pulled together where she turns her eyes to the future. Most financial research at the time seemed biased toward midlevel theory building, focusing primarily on key relationships within a broader structure whose characteristics were assumed, normally, to be given and stable. The book discusses hypotheses about the most important changes that have affected the global financial system and the international political economy. Key decisions, or non-decisions in the case of failures to act when positive action would have been possible, are also discussed.

Susan Strange

With national regulators caught in the midst of change brought on by forces of financial innovation and integration beyond their control, attention shifts to the possibilities of internationally negotiated systems of control. Two very different international institutions have been engaged in financial regulation, namely the Bank for International Settlements (BIS) and the International Monetary Fund (IMF). By the late 1990s, while the BIS was effectively abdicating regulatory authority to the banks themselves, the IMF was increasingly acting as the world's lender of last resort. The IMF also suffers from various limitations on its role as guardian. It is accustomed to dealing with governments, with finance ministry officials who often share professional and ideological mind sets with staff missions and are therefore inclined to cooperate. There is also the concept of deposit insurance as a means of maintaining confidence in the financial system in times of trouble.

in Mad Money
Mike Buckle and John Thompson

currency trading and trading of currencies has grown at a rapid rate in recent years. In fact, the Bank for International Settlements has estimated that daily turnover in these markets was $5.3 trillion in 2013 (Bank for International Settlements 2014a ). In this chapter we first examine, in section 10.2 , the nature of exchange rates and this is followed by a discussion of the

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

Credit and Commerce International (BCCI) 3 led the Bank for International Settlements (and in particular the Basel Committee 4 ) to issue a new set of minimum standards for the supervision of international banking. Under this accord, a bank operating in many countries will be supervised by a single home-country regulator, if it can ‘capably perform consolidated supervision’, with enhanced powers to acquire

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

financial statistics, table 10. (Note that table 10 was discontinued after 2011.) Table 11.5 shows the volume of international equity issues from 1990 to 2011 (when the data stopped being reported by the Bank for International Settlements). Up until 1987, growth of international equity issues had been rapid, owing to

in The UK financial system (fifth edition)
State, market, and the Party in China’s financial reform
Author: Julian Gruin

Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.

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Types of banks and the risks they face
Mike Buckle and John Thompson

. We now move on to consider the reasons for financial innovation, which arise from both the demand and supply sides of the market. Demand factors The demand for financial innovation can be explained by reference to a number of factors, discussed below (see also Bank for International Settlements 1986 ). Changes in the

in The UK financial system (fifth edition)
Oonagh McDonald

Bank Surveys produced by the Bank for International Settlements. The first one which is relevant is the 2004 survey, the results of which were published in March 2005. Triennial Survey 2004 The survey showed a sharp increase in the traditional FX markets compared with 2001: a 57% increase, to $1.9 trillion, more than reversing the fall in global trading volumes between 1998 and 2001, especially in the spot and forward markets. The BIS concluded that there were three factors responsible: more active asset managers; investors’ interest in foreign exchange as an asset

in Holding bankers to account
Abstract only
Susan Strange

Certificates of deposit issued TOTAL  703  505  940   21   14 2183  422  504  935  125  101 2087 281 0.8 4.4 2104 287 95 Source: Bank for International Settlements, May 1985. Note that the figures relate to the situation three or six months earlier. No one knows the situation at any given moment. Table 7.2  Shares and net positions of banks’ interbank transactions in major countries at end 1984 ($ billion) US banks Japan France Britain Germany Italy Canada Switzerland TOTAL BIS banks Assets % of total Net positions  614.3  513.7  197.1  161.4  142.1   88.2   88

in Casino Capitalism
Oonagh McDonald

markets. More complex hedging techniques are likely to emerge. Moves to increase the tradability of swaps might include a swap futures contract….22 These remarks are interesting and perspicacious. The swaps contract formed the basis for the master agreements. The use of swaps in hedging and extending the markets continued, but above all the market grew far beyond those expectations. First of all, the Bank for International Settlements (BIS), wary of the growth of the market in swaps, had worked on developing techniques for its measurement. The BIS announced in 1998

in Holding bankers to account