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Vol 21 No 10 Oct/Nov 2016

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Complexity and Crisis in the Financial System: Critical Perspectives on the Evolution of American and British Banking

Edited by: Matthew Hollow, Folarin Akinbami, Ranald Michie

ISBN13: 9781783471324
Published: January 2016
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £90.00



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What are the long-term causes and consequences of the global financial crisis of 2007–2008? This book offers a fresh perspective on these issues by bringing together a range of academics from law, history, economics and business to look in more depth at the changing relationships between crises and complexity in the US and UK financial markets.

With contributions from across the disciplines of law, history, finance, and economics, Complexity and Crisis in the Financial System offers a truly interdisciplinary study of the relationship(s) between crises and complexity in the US and UK financial markets.

Taken together, the contributions in this volume not only challenge many often taken-for-granted ideas about the nature of financial crises, but also broaden our understanding of the long-term causes (and consequences) of the global financial crisis of 2007–2008.

The contributors are motivated by three main questions:-

  • Is the present financial system more complex than in the past and, if so, why?
  • To what extent, and in what ways, does the worldwide financial crisis of 2007–2008 differ from past financial crises?
  • How can governments, regulators and businesses better manage and deal with increased levels of complexity both in the present and in the future?

  • Subjects:
    Banking and Finance
    Contents:
    Introduction - Rethinking the Crisis–Complexity Nexus
    Matthew Hollow

    PART I COMPLEXITY AND CRISES IN FINANCIAL SYSTEMS
    1. Financial Innovation and the Consequences of Complexity: Insights from Major US Banking Crises
    Robert F. Bruner, Sean D. Carr and Asif Mehedi
    2. Entrepreneurial Failure and Economic Crisis: A Historical Perspective
    Mark Casson
    3. Nature or Nurture: The British Financial System since 1688
    Ranald Michie
    4. The British Banking Population: 1790 to 1982
    Ian Bond

    PART II LEGISLATIVE AND STRUCTURAL CHANGES IN THE FINANCIAL SECTOR
    5. From Tort to Finance: Delaware’s Sedative Duty to Monitor
    Dalia Tsuk Mitchell
    6. Demutualization and Risk: The Rise and Fall of the British Building Society
    Andrew Campbell and Judith M. Dahlgreen
    7. Directors in the Dock: Joint-stock Banks and the Criminal Law in Nineteenth-century Britain
    James Taylor
    8. UK Corporate Law and Corporate Governance before 1914: A Re-interpretation
    James Foreman-Peck and Leslie Hannah
    9. Effective Risk Management and Improved Corporate Governance
    Roman Tomasic and Folarin Akinbami

    PART III MANAGING AND REGULATING COMPLEX FINANCIAL SYSTEMS
    10. The Historical Development of the US Government’s Responses to Economic and Financial Crises
    Peter H. Bent
    11. From the Mid-nineteenth-century Bank Failures in the UK to the Twenty-first-century Financial Policy Committee – Changing Views of Responsibility for Systemic Stability
    T. T. Arvind, Joanna Gray and Sarah Wilson
    12. Financial Reporting, Banking and Financial Crisis: Past, Present and Future
    Mark Billings
    13. Financial Crises and Disaster Management
    John Singleton

    Index