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Complexity and Crisis in the Financial System
Critical Perspectives on the Evolution of American and British Banking
9781783471324 Edward Elgar Publishing
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.
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Critical Acclaim
Contributors
Contents
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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.
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?
Students and scholars of finance, economics, history, financial law, banking and international business will find this book to be of interest. It will also be of use to regulators and policymakers involved in the US and UK banking sectors.
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?
Students and scholars of finance, economics, history, financial law, banking and international business will find this book to be of interest. It will also be of use to regulators and policymakers involved in the US and UK banking sectors.
Critical Acclaim
‘This volume truly brings together an interdisciplinary, long-term, financial and legal understanding of financial crises. Contributions from top scholars in the different fields make this a must read for anyone interested in the business and economic development of financial institutions and practices.’
– Bernardo Batiz-Lazo, Bangor University, UK
‘This important collection of essays uses the historical experiences of various countries to explore how the increasing complexity of financial systems has magnified the risk of crises. I’m extremely confident that this book will be consulted by scholars in disciplines ranging from law to finance to history. I also sincerely hope that this book will also be read by the public servants responsible for macroprudential regulation and the prevention of future financial crises.’
– Andrew Smith, University of Liverpool Management School, UK
– Bernardo Batiz-Lazo, Bangor University, UK
‘This important collection of essays uses the historical experiences of various countries to explore how the increasing complexity of financial systems has magnified the risk of crises. I’m extremely confident that this book will be consulted by scholars in disciplines ranging from law to finance to history. I also sincerely hope that this book will also be read by the public servants responsible for macroprudential regulation and the prevention of future financial crises.’
– Andrew Smith, University of Liverpool Management School, UK
Contributors
Contributors: F. Akinbami, T. T. Arvind, P.H. Bent, M. Billings, I. Bond, R.F. Bruner, A. Campbell, S.D. Carr, M. Casson, J.M. Dahlgreen, J. Foreman-Peck, J. Gray, L. Hannah, M. Hollow, A. Mehedi, D.T. Mitchell, R. Michie, J. Singleton, J. Taylor, R. Tomasic, S. Wilson
Contents
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
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
