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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.

Mike Buckle and John Thompson

4.1   Introduction In this chapter we examine the investment institutions and other investment vehicles (i.e. funds which finance investment). The number of these intermediaries has grown rapidly in recent years and collectively they provide an alternative type of intermediation from the banks; although they too channel funds from ultimate lenders

in The UK financial system (fifth edition)
The Manchester School, colonial and postcolonial transformations
Author: Richard Werbner

Anthropology after Gluckman places the intimate circle around Max Gluckman, his Manchester School, in the vanguard of modern social anthropology. The book discloses the School’s intense, argument-rich collaborations, developing beyond an original focus in south and central Africa. Where outsiders have seen dominating leadership by Gluckman, a common stock of problems, and much about conflict, Richard Werbner highlights how insiders were drawn to explore many new frontiers in fieldwork and in-depth, reflexive ethnography, because they themselves, in class and gender, ethnicity and national origins, were remarkably inclusive. Characteristically different anthropologists, their careers met the challenges of being a public intellectual, an international celebrity, an institutional good citizen, a social and political activist, an advocate of legal justice. Their living legacies are shown, for the first time, through interlinked social biography and intellectual history to reach broadly across politics, law, ritual, semiotics, development studies, comparative urbanism, social network analysis and mathematical sociology. Innovation – in research methods and techniques, in documenting people’s changing praxis and social relations, in comparative analysis and a destabilizing strategy of re-analysis within ethnography – became the School’s hallmark. Much of this exploration confronted troubling times in Africa, colonial and postcolonial, which put the anthropologists and their anthropological knowledge at risk. The resurgence of debate about decolonization makes the accounts of fierce, End of Empire argument and recent postcolonial anthropology all the more topical. The lessons, even in activism, for social scientists, teachers as well as graduate and undergraduate students are compelling for our own troubled times.

Abstract only
Mike Buckle and John Thompson

for either residents or non-residents. It is also a financial system which has seen a considerable degree of change over the years – in the development of both new markets (e.g. financial futures), new instruments (e.g. commercial paper), new methods of trading (e.g. high-frequency trading), new types of investment institutions (e.g. private equity), the introduction of central

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

category ‘monetary financial institutions’ (which includes retail and wholesale banks, as well as building societies). 2.7.2   Growth of investment institutions Since 1980, the investment institutions (pension funds, life assurance companies, unit and investment trusts) have grown at a fast rate which is comparable with

in The UK financial system (fifth edition)
The Big Society narrative
Timothy Heppell

businesses to set up and then run their own schools, free from local authority control (see Wright, 2012 ; Higham, 2014 ). Third, the National Citizen Service was established for 16- to 17-year-olds as a voluntary, personal and social development programme (see Mycock and Tonge, 2011 ; Mills and Waite, 2017 ). Fourth, the Big Society Bank was launched under the name Big Society Capital, as an independent social investment

in Cameron
Mike Buckle and John Thompson

these placings will be re-placed with further investors, who are generally the long-term investment institutions. Offers for sale by tender. In this case the public is invited to purchase shares at any price over a publicised minimum. A single so-called ‘striking price’ is established at which it is believed that the issue will be fully

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

saw significant falls in property prices. Rather, it is to say that over a number of years property has tended to increase in value by more than inflation. This, as we shall see in chapter 4 , explains why the long-term investment institutions are significant holders of property in their portfolios. Expected return Most financial instruments offer an explicit cash return to their holders. This return

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

exposure, but interest rate exposure may be analysed in the same way. Transaction exposure occurs through changing interest payments or receipts following a change in the interest rate structure. Translation exposure can occur through changes in the value of financial assets held originating from changes in interest rates. This is particularly applicable to the position of investment

in The UK financial system (fifth edition)
Richard Werbner

directorates, cosmopolitanism each other well, and most are or have been more or less close friends for decades. Among them – and the list is not complete3 – are the late chief justice, the former attorney general and later foreign minister, the late minister of finance, the late minister of mines, former high commissioners, the former managing director of British Petroleum, the long-term chairman of Barclays Bank, directors of this and other financial or investment institutions, the retired head of one of the biggest retail chains who was an assessor on the Industrial

in Anthropology after Gluckman