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[ 688 ]

I N D E X

competition (continued)

market power 11, 68 – 9, 88 – 9, 101,

173 – 4, 178, 246, 293 – 4, 303 – 4, 478, 495 – 6, 495 – 515, 519 – 20, 529 – 31


monopoly situations				11, 68 – 9, 88 – 9, 101,
173 – 4, 178, 245 – 6, 293 – 4, 303 – 4,
478, 495 – 509, 529 – 31
PR statistic		506 – 9
RE model		495 – 509
regulations		174 – 5, 235 – 6, 247 – 8
SCP	xvii – xviii, 494 – 509
technical progress			475 – 6, 491 – 4
tests	473, 494 – 515
Competition Commission 174, 232 – 3
Competition and Credit Control					1972 228
competitive advantage				xiii, xvii – xviii, 5, 42,
62 – 4, 65
compliance costs, regulations 28, 239
compliance needs, international bank
supervision			216
Comptroller of Currency, USA					245 – 59,
363 – 5, 388 – 9, 392 – 4, 395, 616 – 31
computers
see also technical progress
costs	488 – 92, 520
Monte Carlo approach				148
operational risk			110, 141, 208
concentrated markets
see also monopoly situations
concepts		495 – 520, 529 – 31
M&As	518 – 20, 529 – 31
SCP	495 – 509
Conduct of Business rules				23
conﬁdence intervals, RAROC					144 – 6
conﬂicts of interest			20, 22 – 3, 28, 34, 294 – 7,
322, 368 – 9
consolidations
see also mergers and acquisitions
concepts		517 – 38
types	517 – 24, 527 – 9
consultancy services			20, 53 – 4
consumers
see also customers
regulatory protection				173 – 9, 240 – 3, 279
contagion
concepts		28, 33, 66, 124, 174 – 7, 235, 237,
354 – 5, 360 – 1, 412, 415, 423 – 36
deﬁnition		175, 354, 412

Kaufman’s survey	355
South East Asia	423 –	36
theories 354 – 5
contestable banking markets, concepts
506 – 8, 516

Continental Illinois Bank					xviii, 179 – 80,
356, 363 – 5, 395 – 6, 398, 616 – 31
background		363 – 5, 616 – 31
demise	623 – 31
detailed summary of collapse							617 – 19
problems review				617 – 19
contingent instruments
see also derivatives
concepts	42 – 4, 125 – 6
contract banking see transactional. . .
convertible bonds, concepts						44
convexity risk see gamma
Cooperative Bank			95
cooperative movements					18
Coopers and Lybrand				383 – 6, 394
core functions, banks				15
Core Principal Liaison Group						215
corporate bonds			3, 44 – 5, 72, 422
see also bonds
corporate ﬁnance			26, 155 – 6, 182 – 6,
195 – 219, 301, 474, 632 – 52
corporate governance				xviii, 217 – 18, 315,
532 – 3
correlation risk see basis risk
correspondent banking, concepts							14 – 15
costs
capital	3, 103 – 4, 142 – 6
crises 412 – 13, 454 – 5
current accounts				4 – 5
e-banking 96 – 7
economies of scale/scope						xiii, xvii – xviii, 3,
26, 62 – 4, 239 – 40, 301, 473 – 539
efﬁciency issues			xvii – xviii, 68, 300 – 1,
303 – 5, 411, 473 – 539
information		xii, xiii – xiv, 2 – 5, 37, 42,
87
intermediary services					2 – 5, 37, 92 – 7
marginal costs			487 – 8, 505 – 8
regulations		28, 238 – 42, 245 – 7
remote delivery channels						92 – 7
rescues	353 – 406
sunk costs		506 – 8
technical progress				491 – 4, 520


transaction costs		3, 9 – 10, 58, 90, 92 – 7
X-efﬁciencies xvii – xviii, 473, 477 – 94,
496, 500 – 6, 519 – 20, 525 – 7
counterparty risk		xv, 104, 127, 182 – 3, 329
see also credit risk
concepts	xv, 104 – 5, 127, 182 – 3
deﬁnition	104 – 5

swaps 104 country risk

see also failures; individual countries

bank runs	32 – 3, 38, 176, 179 – 80, 253 – 4,
329, 353 – 6, 360 – 1, 407 – 8, 423 – 36,
454	– 5, 462 – 7
capital accounts		411
case studies 414 – 67
concepts	xi – xii, xvi – xvii, 8, 32 – 3, 102,
128, 156, 161 – 2, 242, 288 – 9, 337 – 47,
351	– 471
controversies		407 – 14

[ 690 ]

I N D E X
crises (continued)
costs		412 – 13, 454 – 5
deﬁnitions			407 – 14
emerging markets				128, 288 – 351, 409 – 12,
	415 – 39, 581 – 59
FX	108 – 9, 282 – 4, 410 – 12, 415 – 36,
	439 – 50, 450 – 5
Japan		407, 412 – 13, 434 – 50, 459 – 67
LTCM		xvii, 50 – 1, 154 – 5, 174 – 5, 212,
	407, 454 – 9, 461, 557
Russia		409 – 10, 413, 456, 465 – 6
Scandinavia xvii, 102, 407, 412 – 13,
	449 – 55
sources		407 – 14
South East Asia				xvii, 297 – 300, 337, 407,
	409 – 10, 415 – 36, 453 – 5, 459 – 67
South Sea Company					414 – 15
types		xvii, 32 – 3, 354 – 5
UK	xvii, 102, 161 – 2, 230, 359 – 60,
	380 – 1, 408, 410 – 11, 460 – 1, 461 – 3
USA		367 – 80, 393 – 8, 408, 432 – 4,
	454 – 60, 461 – 3
cross-currency interest-rate swaps, concepts
	138
cross-guarantee contracts, concepts							212 – 13
Cruickshank’s recommendations							11 – 12, 88,
	174, 232 – 3
CSFB see Credit Suisse First Boston
CSFI	60
Cuba	112
curb market, concepts					289 – 90
currency markets see foreign exchange
currency options, concepts						131
currency risk			58, 104, 108 – 9, 139, 186 – 92,
	329, 410, 581 – 94
concepts			58, 104, 108 – 9, 139, 186 – 92,
	410, 581 – 94
deﬁnition			108 – 9
currency swaps, concepts						133 – 8
current accounts, costs					4 – 5
custody services, concepts						15, 20, 42
customers
liquidity requirements						3 – 5
principal-agent problems						6 – 7, 38, 225,
	353 – 6, 531 – 3
regulatory protection					173 – 9, 241 – 3, 279


relationship banking					xviii, 7 – 8, 139,
	259 – 64, 281, 441 – 2, 571 – 82,
	639 – 41
transactional banking					xviii, 8
Czech Republic			74 – 85, 209, 300, 302,
	304 – 5
Daiwa Bank		387, 392 – 3
data envelope analysis (DEA)						304 – 5,
	478 – 9, 526 – 7
data windows, VaR				148, 187 – 92
Datastream		83
DEA see data envelope analysis
debentures, concepts				44 – 5
debit cards
concepts		4 – 5, 10 – 11, 13 – 15, 56, 91
costs	4 – 5
statistics		13 – 15, 91
types	11
debt-conversion schemes, emerging markets
	345 – 7
debt-currency swaps				345 – 6
debt-equity swaps			345 – 6
debt-trade swaps			346
dedicated capital, concepts						28
delta	141, 147 – 8, 149 – 51
delta-neutral tactics, options						141
demand/supply curves
concepts		1 – 3, 4 – 5, 6
deposits/loans			1 – 3, 6
fee-based products				4 – 5
Demsetz, H.		5
Denmark		13 – 15, 18, 51 – 5, 74 – 85, 94, 237,

267 – 70, 272, 276, 282 – 5, 453 – 5, 482, 490 – 4, 502 – 6, 535

Department of Trade and Industry (DTI) 29, 228 – 30, 247 – 50

deposit boxes 4 – 5, 42

deposit insurance schemes, concepts 7, 38,

176	– 7, 181, 231, 246 – 7, 253 – 7,
262	– 4,	272	– 3, 299 – 0, 321 – 2, 353,
355	– 8,	367	– 72, 398

deposit protection legislation	xvi, 230 – 3
deposit-taking institutions
international comparisons	17 – 18
statistics 17 – 18

Depository Institutions Deregulation and Monetary Control Act (DIDMCA) 368

deposits	xiii – xiv, 1 – 39, 87, 93, 103 – 72,
	230 – 5, 473 – 539
concepts		xiii – xiv, 1 – 39, 87, 93, 103 – 72,
	473 – 7
demand/supply curves					1 – 3, 6
principal-agent problems 6 – 7, 38, 225,
	353 – 6, 531 – 3
term deposits			4 – 5
deregulations		409 – 10
derivatives		xiv – xv, xviii, 9, 42 – 4, 53, 61,
	108 – 9, 125 – 42, 182 – 3, 186 – 92,
	199 – 200, 218, 636 – 8, 640 – 2
see also credit. . .; forwards; futures; options;
swaps
accounting standards					218
concepts		xiv – xv, xviii, 19, 42 – 4, 53,
	108 – 9, 125 – 42, 182 – 3, 186 – 92,
	199 – 200, 218, 636 – 8, 640 – 2
deﬁnition		42, 125 – 6
diversiﬁcation issues					xiv – xv, 42 – 4
examples		126 – 42
exchange-traded/OTC contrasts 42 – 4,
	126 – 8
hybrid types			138
potential dangers				139 – 42
regulations		139 – 42
risk management				43 – 4, 108 – 9, 125 – 42,
	199 – 200, 635 – 9
statistics		42 – 4, 127
types	42 – 4, 125 – 42
uses	139 – 42, 635 – 7
Deutsche Bank			xviii, 7 – 8, 18, 19, 67, 127,
	156, 175, 222, 249 – 50, 263 – 6,
	284 – 6, 631 – 2, 645 – 52
background			631 – 2, 645 – 52
Bankers Trust			631 – 2, 645 – 52
banking storm			648 – 50
Deutsche Terminborse¨					127
DIDMCA see Depository Institutions
	Deregulation and Monetary Control
	Act
direct credits, concepts					9 – 11
direct debits, concepts					9 – 11
Direct Line		97

disclosure needs, international bank supervision 216 – 17

discount rates, concepts 31 discount risk see rho

			[ 691 ]

			I N D E X
discriminant analysis		399, 401 – 3
diseconomies see economies. . .
disintermediation concepts			288
distress selling, concepts			409
diversiﬁcation issues		xi – xii, xiv – xv, 4, 26 – 7,
37 – 8, 41 – 99, 53, 57 – 8, 66 – 7, 85 – 6,
158, 185 – 6, 483 – 92, 520 – 1, 534
concepts	xi – xii, xiv – xv, 4, 26 – 7, 37 – 8,
41 – 99, 53, 57 – 8, 66 – 7, 85 – 6, 158,
185 – 6, 520 – 1, 534
credit risk	158
derivatives	xiv – xv, 42 – 4
ﬁnancial conglomerates			26 – 7
pooled assets 4
portfolios	66 – 7, 185 – 6

securitisation xvi – xvii

Dixit – Stiglitz monopolistic competition model 495

dot.com bubble 411

Dresdner 18, 19, 127, 218, 222, 249 – 50, 262 – 6

DTI see Department of Trade and Industry

dual capacity dealings			22, 227 – 30
due diligence		101
duration analysis, concepts				xv, 120 – 4, 191 – 2
duration gap analysis, concepts xv, 122 – 4
E*Trade	94
e-banking
concepts		92 – 7
costs	96 – 7
performance issues			96
privacy concerns			95
security concerns			95
e-Bay 87 – 8
e-bonds	89 – 90
e-cash
concepts		xiv, 86 – 97
macroeconomic issues				90 – 1
types	86
e-commerce		88 – 97
e-purse	91
e-wallets	86 – 97

EAD see exposure at default EAF, Germany 12

early-redemption charges, mortgages 4 ECB see European Central Bank

ECHO 107

[ 692 ]

I N D E X

economic capital, concepts 197 – 8 economic cycles 101, 124, 203 – 10, 333 – 4,

408 – 9

see also macroeconomic issues Basel 2 Accord 203 – 10 booms 408 – 9, 450 – 5

recessions 101, 124, 203 – 10, 380, 405, 452 – 4

economies of scale/scope xiii, xvii – xviii, 3,


26, 62 – 4, 238 – 40, 301, 473 – 539
clustering factors			62 – 4
concepts	xiii, xvii – xviii, 3, 26, 62 – 4,
239 – 40, 301, 473 – 539
deﬁnitions		483 – 92
empirical studies			484 – 6
ﬁnancial conglomerates				26
increasing/decreasing returns 483 – 92
information		3
M&As	492, 517 – 21
measures	474 – 6
single regulators			238 – 40
statistics	484 – 92, 503 – 6
Edgeworth, F.Y. xv
efﬁciency issues		xvii – xviii, 68, 300 – 1,
303 – 5, 411, 473 – 539
see also performance. . .
concepts	474 – 94, 495 – 509
DEA 304 – 5, 478 – 9, 526 – 7
economies of scale/scope				xiii, xvii – xviii, 3,
26, 62 – 4, 238 – 40, 301, 473 – 539
M&As	492, 517 – 21, 520, 525 – 9
RE model	xvii – xviii, 495 – 509
statistics	478, 481 – 2, 484 – 92, 496 – 506,
525 – 9
stochastic frontier analysis				480 – 2, 526 – 7
X-efﬁciencies		xvii – xviii, 473, 477 – 94,

	496, 500 – 6, 524 – 0, 525 – 7
efﬁcient market hypothesis (EMH) 411
EFTPOS see Electronic Funds Transfers at
	Point of Sale
Egg	94 – 5, 98
Egypt	67, 338 – 9

Electronic Funds Transfers at Point of Sale (EFTPOS), concepts 13 – 15, 91 – 2

electronic trades, concepts 56 ELs see expected losses

emerging markets xi – xii, xvi – xvii, xviii, 26 – 7, 33 – 4, 56 – 7, 66, 72, 173,


	193 – 4, 209, 215, 217, 287 – 351,
	409 – 11, 415 – 36, 581 – 94
see also South East Asia
accountability issues					290
background			217, 287 – 351, 409 – 11,
415		– 36, 581 – 94
Brady bonds			346 – 7
central banks			33 – 4, 287 – 351, 411,
422		– 36, 459 – 67, 581 – 94
commercial banks					288 – 351
cooperation/participation needs							217
creditworthiness assessments 342 – 7
crises	128, 288 – 351, 409 – 12, 415 – 36,
581		– 94
debt problems			337 – 47, 410 – 11, 417 – 36,
581		– 94
debt-conversion schemes						345 – 7
employment issues					290
evolving ﬁnancial systems						288 – 93
external-ﬁnance demands						333 – 7
ﬁnancial conglomerates						26 – 7
ﬁnancial repression					288 – 94, 303 – 4,
314		– 23
foreign banks			291 – 351, 422 – 36
foreign loans			333 – 47, 410 – 11, 417 – 36,
581		– 94
government debt				33 – 4, 333 – 47, 581 – 94
inﬂation rates			290, 314 – 17, 416
innovation shortfalls					290
interference costs				335 – 7
international bank supervision							217
Islamic banking				xii, xvi – xvii, 89, 322 – 32
MNBs	72
moral hazard			335 – 7
pay scales		290
performance comparisons						300 – 1, 304 – 51,
416		– 21
political risk			332 – 47, 581 – 94
rescheduling agreements						339 – 41, 344 – 7,
463		– 7
risk attitudes			329, 334 – 5
securities		333 – 47
sovereign risk			332, 337 – 47,
581		– 94
statistics		290 – 351, 581 – 600
structural issues				288 – 351,
415		– 36
terminology			287

TEAM

FLY
EMH see efﬁcient market hypothesis
employment issues				80 – 3, 111 – 12, 290,
	448 – 9, 488 – 92, 507 – 8, 526
emerging markets				290
international comparisons						80 – 2, 290
Japan	448 – 9
operational risk				111 – 12
statistics		80 – 3, 488 – 92, 507 – 8
EMU see European Monetary Union
enforcement costs, intermediation							2 – 5, 37
Enron	21 – 2, 156, 217
EPM see European Central Bank Payment
	Mechanism
equities	41 – 2, 44, 57 – 9, 65, 72, 83 – 5,
	108 – 9, 133 – 8, 182 – 219, 317 – 18,
	322 – 3, 559 – 61
see also share. . .; stock. . .
concepts		41 – 2, 44, 57 – 9, 108 – 9, 182 – 5,
	190 – 2, 559 – 61
convertible bonds				44
debt-equity swaps				345 – 6
future prospects				89 – 90
statistics		83 – 5
trading costs			59
underwriting services					19 – 25, 72, 89,
	248 – 9, 559 – 60
equity basis swaps, concepts						138
equity participation, Islamic banking							325 – 6
equity swaps, concepts					133 – 8
ERM see Exchange Rate Mechanism
ESC see European Securities Committee
Estonia	288 – 9
EU see European Union
Euﬁserv	12
euro 10, 12, 32, 34 – 6, 107, 109, 278 – 9,
	282 – 6, 520
eurobonds, concepts				44, 59, 65
eurocurrency markets 57 – 9, 69 – 70, 168 – 9,
	290
eurodollar market				57, 168 – 9
Eurogiro	12
euromarkets, importance					65 – 6, 175 – 6
Europay	11
see also Mastercard
European Central Bank (ECB)						xvi, 32, 35,
	62, 221, 262 – 5, 282 – 6
background			282 – 6
creation		282 – 4

							[ 693 ]

							I N D E X
interest rates			282 – 4
roles	281 – 4
structure		282 – 4
European Central Bank Payment Mechanism
(EPM)			12
European Commission					272 – 7, 280 – 1
European Economic Area					284 – 5
European Monetary Union (EMU) 12,
282 – 6
European options, concepts						129 – 33
European Securities Committee (ESC)
280 – 6
European Securities Forum						59
European Union (EU)					xv, xvi, xviii, 1, 10,
12, 35, 49 – 55, 65, 94, 193, 205, 218,
234 – 7, 262 – 87, 385 – 6, 481 – 2,
601 – 5
see also individual countries
ABSs	49 – 50
accounting standards					218, 234
approved credit institutions							56
background			262 – 86
barriers	276 – 83
Capital Adequacy Directives (CADs) 193,
205, 262, 273 – 8, 281 – 3
Directives		193, 205, 271 – 9, 280 – 2,
505 – 6, 520, 601 – 5
ERM	108 – 9, 282 – 4, 410 – 11
ﬁnancial conglomerates						274 – 5
inﬂation rates			282 – 4
internal market				270 – 7
Lamfalussy reforms 275, 280 – 6, 520
M&As	278 – 1, 517 – 38
Maastricht Treaty				1991 35, 281 – 4
mutual-recognition principle							270 – 86
natural barriers				279 – 81
regulations			xvi, 12, 32, 35, 62, 193, 205,
221, 234 – 7, 262 – 86, 385 – 6
retail-market barriers					276 – 83
ROE trends			54 – 5
Second Banking Directive						1989 272 – 4,
505 – 6
securities markets				280 – 3
share prices			83 – 5
Single European Act					1986 270 – 1, 282
single ﬁnancial market					270 – 86, 601 – 5
structural issues				221, 262 – 86
TARGET		12

[ 694 ]

I N D E X

European Union (EU) (continued)

taxation	274 – 5, 278
UK 108 – 9, 271 – 86, 410 – 11
X-efﬁciency scores 481 – 2, 490 – 2
Eurostoxx	84

event study analysis, M&As 520 – 5 evolving ﬁnancial systems, emerging markets

288 – 93

Exchange Rate Mechanism (ERM) 108 – 9, 282 – 6, 410 – 11

exchange rates see foreign exchange exchange-traded derivatives

see also derivatives

concepts	42 – 4, 126 – 8
executor roles	42
exit bonds 346
expected losses (ELs)
Basel 2 Accord 198 – 219
RAROC	143 – 6, 163 – 6
exposure at default (EAD), Basel 2 Accord

197 – 219

external-ﬁnance demands, emerging markets 333 – 7

externalities

clustering factors 62 – 4 concepts 62 – 4, 174

negative externalities 174, 353 – 8

face-to-face contacts, clustering factors 63 failures xi – xii, xvii, xviii, 32 – 5, 102, 105, 156, 161 – 2, 174 – 7, 180 – 1, 241 – 2,

260 – 4, 299 – 4, 351 – 471, 616 – 31 see also crises

asset-management problems 390 – 1 case studies 358 – 90, 616 – 31

causes 105, 156, 161 – 2, 337 – 47, 351 – 406

clustering factors		396 – 7
concepts	xi – xii, xvii, 32 – 5, 102, 105, 156,
161	– 2, 174	– 7, 180 – 1, 242, 351	– 408,
616	– 31
contagion	28, 33, 66, 124, 174 – 7, 235,
237	– 8, 354	– 5, 360 – 1, 412, 423	– 4

dealing tactics 352 – 8, 424 – 36 deﬁnitions 351 – 3

deposit insurance schemes 7, 38, 176 – 7, 181, 231, 246 – 7, 253 – 7, 262 – 4, 272 – 3, 299 – 0, 321 – 2, 353, 355 – 8, 367 – 72, 398

econometric studies				394 – 9, 401
fraud	393 – 4
government rescues				352 – 90, 395 – 6,
	453	– 5, 459 – 67, 609 – 11
historical background					xvii, 102, 180 – 1,
	242, 358 – 90
inﬂation rates			405
interest rates			404 – 5
Japan	102, 105, 162, 260 – 2, 353, 356,
	394	– 7, 434 – 56, 459 – 67
loan-growth rates				404
LTCM		xvii, 50 – 1, 154 – 5, 174 – 5, 212,
	407, 454 – 9, 461, 557
macroeconomic factors					404 – 5, 434 – 50,
	454	– 5
management problems					390 – 3
merger rescues			352 – 8, 424 – 36, 440 – 2
ownership structures					397 – 8
qualitative assessments					390 – 9
quantitative models				xvii, 399 – 405
reasons		390 – 405
receivership considerations						352 – 8
regulators’ roles			352 – 8, 394 – 5
rescues		xvii, xviii, 33, 50 – 1, 162, 174 – 5,
	179	– 80, 237 – 8, 246, 352 – 90, 395 – 6,
	424	– 50, 453 – 5, 459 – 67, 609 – 11
social costs xii, xvii, 32 – 3, 175 – 7,
	353	– 406, 412 – 13
‘too big to fail’ doctrine					50 – 1, 174 – 5, 177,
	365	– 7, 395 – 6
UK	102, 106, 108 – 9, 161 – 2, 230, 242,
	359, 366 – 7, 380 – 6, 394 – 5, 461 – 3
UK small banks			380, 395 – 403
US bank and thrift crises						367 – 80, 390 – 1,
	394	– 5, 432 – 4
US commercial banks					372 – 80, 396 – 7
USA	102, 105, 204, 244 – 6, 252 – 5, 353,
	359	– 62, 363 – 5, 367 – 80, 393 – 8,
	432	– 4, 461 – 3, 616 – 31

Fannie Mae see Federal National Mortgage Association

FASB see Financial Accounting Standards Board

FDI see foreign direct investment FDIC see Federal Deposit Insurance

Corporation

FDICIA see Federal Deposit Insurance Corporation Improvement Act

Federal Deposit Insurance Corporation Act,

USA	244	– 7
Federal Deposit Insurance Corporation (FDIC),
USA	243	– 59, 363 – 5, 367 – 80,

393 – 4, 398, 618 – 31

Federal Deposit Insurance Corporation Improvement Act (FDICIA), USA 254 – 5, 365, 369 – 72, 630

Federal Home Loan Bank Board (FHLBB) 367 – 70

Federal Home Loan Mortgage Corporation (Freddie Mac) 46 – 7, 50 – 1

Federal National Mortgage Association (Fannie Mae) 46 – 7, 50 – 1

Federal Reserve Act 1913, USA 245 – 6 Federal Reserve Bank xvi, 11 – 12, 24 – 5,

27 – 8, 34 – 5, 111, 139, 175, 180, 211, 237 – 8, 245 – 59, 292, 361 – 2, 365, 457 – 60, 460 – 1, 475, 485

Federal Reserve System (FRS) 245 – 59, 460 – 1, 475

Federal Savings and Loan Insurance Corporation (FSLIC) 253 – 5, 367 – 72, 395

Federal Trade Commission (FTC) 247 – 8 Fedwire 12

fee-based products, demand/supply curves 4 – 5

FHCs see ﬁnancial holding companies FHLBB see Federal Home Loan Bank Board ﬁnance houses 226

Financial Accounting Standards Board (FASB)

218
ﬁnancial centres
clustering factors			62 – 4
competition factors				60 – 4
concepts	59 – 72, 219
key locations		59 – 64
market shares		60 – 1
offshore centres			64, 180
statistics	60 – 2
ﬁnancial conglomerates
compliance costs			28
concepts	xiv, 26 – 30, 236, 274 – 5, 564 – 8
critique	26 – 7
deﬁnition	26
diversiﬁcation issues				26 – 7

economies of scale/scope 26

		[ 695 ]

		I N D E X
emerging markets 26 – 7
EU	274 – 5
regulations		27 – 8, 235 – 6, 274 – 5
statistics		26
UK	26 – 30, 236

ﬁnancial crises see also crises

concepts	xvii, 32 – 3, 406 – 71
costs 412 – 13
deﬁnitions	407 – 14

ﬁnancial derivatives see derivatives ﬁnancial fragility, concepts 176 – 7

ﬁnancial holding companies (FHCs), concepts 25, 28, 212, 249 – 51, 261 – 4

Financial Institutions Reform, Recovery and


	Enforcement Act (FIRREA), USA
	253 – 4, 370 – 2, 395
ﬁnancial markets
see also international. . .
concepts		55 – 72, 638 – 40
key markets			56 – 72
market imperfections 68 – 71
market shares			60 – 1
statistics 60 – 2
types	55 – 6, 57 – 9
ﬁnancial repression
characteristics			289
deﬁnition		289
developed countries				292
emerging markets				288 – 94, 303 – 4, 314 – 23
index	292 – 3, 304 – 5
Financial Services Act 1986, UK					22, 227 – 30
Financial Services Action Plan					56, 281
Financial Services Authority (FSA)						22 – 3,
	27, 34, 186, 215, 224, 226, 231 – 7,
	238 – 42, 285 – 6, 460 – 2
background			34, 186, 215, 224, 226, 231 – 7,
	238 – 42, 460 – 2
demands		235 – 7
Handbook		233 – 5
investment banks				22 – 3
risk-based approaches to regulation						234 – 7,
	238 – 40
roles	34, 186, 215, 224, 226, 231 – 7,
	238 – 42, 460 – 2

Financial Services and Markets Act 2000, UK

34, 224 – 42

[ 696 ]

I N D E X

Financial Stability Forum (FSF) 64, 213 – 15,
	216	– 17
Financial Supervisory Agency, Japan 34,
	440	– 50, 470 – 1
ﬁnancial systems, evolution 72 – 3
Finland	74 – 85, 92 – 5, 267 – 70, 282,
	395	– 403, 412 – 13, 449 – 55, 482,
	490	– 2, 502 – 6
ﬁrewalls	21, 28 – 30
ﬁrms, theory		xiii, 5 – 39

FIRREA see Financial Institutions Reform, Recovery and Enforcement Act


First Banking Directive 1977, EU				271 – 3
First Chicago		519
First City	391
First Direct		97 – 8
First Republic Bank			391
First Union		536
Fitch 207, 395 – 6, 403, 405
ﬁxed exchange rates, currency risk				108 – 9,
410, 415 – 36, 450 – 5
ﬂoating rate notes (FRNs), concepts				138,
186 – 7
ﬂoors, concepts 130 – 1
FNB see Franklin National Bank
foreign banks
China	311 – 14, 315 – 14, 315 – 19
emerging markets			291 – 351, 422 – 36
India	317 – 23
Islamic banking			323 – 4, 327 – 8
Japan	258 – 64, 436 – 50
Russia	296 – 9, 302 – 5
USA	256 – 9

foreign bonds, concepts 44 – 5

foreign direct investment (FDI) 65, 68 – 72,

316 – 17,	332	– 47, 417 – 36
foreign exchange (FX) xv, 42, 56 – 7, 64 – 7,
90 – 1, 108 – 9, 191, 296 – 306, 404 – 5,
410 – 36,	560	– 1
see also currency risk

central banks 32, 36

concepts	xv, 32, 36, 42, 56 – 7, 64 – 7,
90	– 1, 108 – 9, 191, 404 – 5, 410 – 12,
560 – 1

crises	108 – 9, 281 – 4, 410 – 12, 415 – 36,
	439 – 50, 450 – 5
debt-currency swaps 345 – 6
e-cash	90 – 1

ﬁxed exchange rates		108 – 9, 410, 415 – 36,
450 – 5
historical background		108
money supply 32
risk xv, 108 – 9, 191
foreign leverage ratio, concepts			334
forward rate agreements (FRAs)			126 – 8,
186 – 92
forwards	xv, 42 – 4, 108, 126 – 9, 131
concepts	xv, 42 – 4, 126 – 9
deﬁnition 128
statistics	42 – 4
Fourier ﬂexible function		488 – 92

fractional reserve lending, concepts 105 – 6,

408
France 12, 13 – 18, 34, 51 – 5, 60 – 4, 68,
73 – 85, 127, 180, 206, 264 – 7, 270 – 1,
292, 395 – 404, 482, 488 – 94, 507 – 8,
536, 595 – 617
reforms	264 – 7
regulations 15 – 18, 264 – 7, 270 – 1, 292,
395 – 6, 595 – 617
statistics	12, 13 – 18, 51 – 5, 61 – 4, 73 – 85,
264 – 7, 482, 488 – 94, 507 – 8, 536,
595 – 617
structural issues		15 – 18, 264 – 7, 270 – 1,
292, 536, 595 – 617
universal banks		264 – 7
Frankfurt	60 – 3
Franklin National Bank (FNB) 102, 105,

180, 361 – 2, 398

FRAs see forward rate agreements

fraud 21, 111 – 12, 141, 174 – 5, 230 – 1, 361, 376 – 89, 393 – 4

failures 393 – 4
investment banks	21
operational risk	111 – 12, 141

Freddie Mac see Federal Home Loan Mortgage Corporation

free banking, concepts 178 – 9, 329, 474

free trade
comparative advantages	65, 68
international ﬁnancial markets 56 – 7,
68 – 9, 289
Freedom National Bank	376
friendly societies 226

FRNs see ﬂoating rate notes

FRS see Federal Reserve System

FSA see Financial Services Authority FSF see Financial Stability Forum

FSLIC see Federal Savings and Loan Insurance Corporation

FTC see Federal Trade Commission

FTSE100		23, 83 – 5, 131 – 3, 199 – 200, 455 – 7
FTSE350 banks index					84
fund management				20, 26, 42, 58, 72
see also asset. . .
funding risk see liquidity risk
futures	xv, 42 – 4, 55, 104, 108, 126 – 8,
	182 – 3, 187 – 92, 218, 382 – 6, 636 – 8
concepts			xv, 42 – 4, 104, 126 – 8, 187 – 92,
218
deﬁnition			128
examples			126 – 8
statistics		42 – 4
FX see foreign exchange
FX swaps, concepts					135
G-7 countries			285 – 6, 415
G-10 countries				180, 193, 209 – 10, 533
gambling on-line				88
gamma	149 – 51
gap analysis, concepts					118 – 24
Garn-St Germain Depository Institution Act
	1982 369
Gates, Bill		72 – 3
GDP statistics			33, 76 – 85, 292, 300 – 2,
	308 – 9, 314 – 15, 322 – 4, 339 – 40, 353,
	404 – 5, 412 – 16, 425 – 36, 446 – 52,
	474
GE Capital			97 – 8, 563 – 8
GE see General Electric
gearing multiplier				109 – 10
gearing risk			xv, 104, 109 – 10
see also capital. . .
concepts			xv, 104, 109 – 10
deﬁnition			109 – 10
General Electric (GE)					97 – 8, 563 – 8
general market risk see systematic. . .
generalised linear pricing models						xvii – xviii,
	508 – 15
generalist banks, concepts 41
geographical markets, deﬁnition						55 – 6, 62 – 3
Germany		xiv, 7 – 8, 12, 13 – 18, 34, 49 – 50,

60 – 85, 102, 106, 127, 141, 180, 186, 196, 206, 217, 237 – 8, 262 – 6, 270,

[ 697 ]

I N D E X

275 – 84, 300, 360 – 1, 482, 488 – 94, 507 – 8, 535 – 6, 645 – 52


ABSs	49 – 50
accounting standards				58, 217
bank failures 102, 106, 360 – 1
Pfandbrief		49 – 50
reforms	263 – 6
regional banks			18
regulations		237 – 8, 262 – 6, 270, 279 – 1
relationship banking				7 – 8
statistics		13 – 18, 51 – 5, 60 – 4, 73 – 85,
262 – 6, 300, 482, 488 – 94, 507 – 8,
535 – 6, 645 – 52
structural issues			15 – 19, 262 – 6, 270,
279 – 1, 535 – 6, 645 – 52
universal banks			19, 25, 263 – 6, 270
Gibson Greetings			139
gilts, money supply			30 – 1

Ginnie Mae see Government National Mortgage Corporation

Glass Steagall Act 1933, USA 18, 19 – 20, 24 – 5, 245 – 51, 461, 520, 636

GLB see Gramm Leach Bliley Act global banking

see also international. . .; multinational. . .

concepts 41, 55 – 72, 169 – 71, 175 – 6

Islamic banking	331 – 2
risk management	169 – 71

global markets

see also international ﬁnancial markets


concepts		55 – 72, 175 – 6, 638 – 40
globalisation issues				xii, 55 – 72, 102
GNP	31 – 2, 78 – 85
going long, concepts				126
going short, concepts				126
gold	182, 191
Goldman Sachs			xviii, 6, 20 – 1, 24, 45, 90,
	175, 323 – 4, 542 – 64
background			542 – 64
losses 552 – 64
peaks and troughs				543 – 50
public listing			546 – 64
risk management				553 – 5
structural issues 557 – 64
trading entry			543 – 6
government bonds
see also bonds
concepts		44 – 5, 297 – 305, 462 – 4, 505

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swaps
Basel 2 Accord				199 – 200, 205 – 6
concepts		135 – 7, 158, 199 – 200, 205 – 6
credit risk		158, 199 – 200, 205 – 6
deﬁnitions		135 – 6
examples		135 – 8, 205
credit events		135 – 8
Credit´ Lyonnais			xvii, xviii, 292, 391 – 2,
	595 – 617
background			595 – 617
‘bad bank’ bungle				611 – 12
government links				605 – 7
launching pad			600 – 1
pan-European playing ﬁeld 601 – 5
rescue	609 – 11
USA	613 – 15
credit ratings		44 – 6, 134, 140, 156 – 62,
	195 – 219, 396, 405, 444 – 5
agencies		162, 206 – 7, 396, 405, 444 – 5
Basel 2 Accord				195 – 219

						[ 689 ]

						I N D E X
global statistics			206
junk bonds		44, 211
credit risk	xiv – xv, 102 – 72, 182 – 219, 638
see also counterparty risk
aggregate credit exposures						161 – 2
assessment methods					158 – 61, 195 – 219,
477, 638
Basel 2 Accord			194 – 219, 393
Basel deﬁnition			169, 182 – 219
concepts		xiv – xv, 102 – 3, 104 – 5, 112 – 13,
128, 135 – 8, 142 – 72, 182 – 219, 639
corporate/retail contrasts						155 – 6, 182 – 6
credit Var		166 – 8
CreditMetrics			142, 145, 166 – 8, 171
default model approach 162 – 6
deﬁnition		102 – 3, 104 – 5
management			155 – 71, 186 – 219
minimisation methods					156 – 8
mitigants		199 – 200
qualitative assessments					158 – 61
quantitative assessments						158 – 61
transfers	206 – 7, 213 – 14
credit scores, concepts					159 – 61
Credit Suisse First Boston (CSFB) 21, 140,
162, 175, 249 – 50
credit swaps, concepts				135
credit unions, North America						xvi, 17 – 18,
244 – 50
credit Var, concepts				166 – 8
CreditMetrics		142, 145, 166 – 8, 171
CreditRisk Plus			162 – 6
creditworthiness assessments						2 – 3, 134,
182 – 219, 342 – 7
CREST, concepts			10
crises xi – xii, xvi – xvii, 8, 32 – 3, 102, 108,

	188 – 92
crashes	xvii, 247 – 8, 360, 408 – 10
see also crises
concepts		409 – 10
Credit´ Agricole Indosuez 536
credit cards		11, 42, 87 – 9, 509 – 15
concepts		11, 13 – 15, 87 – 9
statistics		13 – 15
types	11