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Bank Guarantees in International Trade:The Law and Practice of Independent (First Demand) Guarantees and Standby Letters of Credit in Civil Law and Common Law Jurisdictions

Bank Guarantees in International Trade is a comprehensive study of the legal and practical aspects and implications of independent (first demand) guarantees and standby letters of credit. It serves to broaden the understanding of the law on the subject of bank guarantees, while placing marked emphasis upon the practical implications and issues which can arise in the daily functioning of these legal instruments. The work comprises all reported case law from the Netherlands, Germany, France, the United Kingdom and Belgium. It also takes into account the law in certain other European countries and the United States and provides valuable insight into the governing law of bank guarantees in numerous regions, particularly within the Middle East and North Africa. Written from a transnational perspective, this book can be used in other jurisdictions. The texts of the 1992 ICC Uniform Rules for Demand Guarantees and the UNCITRAL Convention have been included.

Written from a transnational perspective, this book can be used in other jurisdictions. The texts of the 1992 ICC Uniform Rules for Demand Guarantees and the UNCITRAL Convention have been included.

Banking and Financial Markets

How Banks and Financial Technology Are Reshaping Financial Markets

The traditional role of a bank was to transfer funds from savers to investors, engaging in maturity transformation, screening for borrower risk and monitoring for borrower effort in doing so. A typical loan contract was set up along six simple dimensions: the amount, the interest rate, the expected credit risk (determining both the probability of default for the loan and the expected loss given default), the required collateral, the currency, and the lending technology. However, the modern banking industry today has a broad scope, offering a range of sophisticated financial products, a wider geography -- including exposure to countries with various currencies, regulation and monetary policy regimes -- and an increased reliance on financial innovation and technology. These new bank business models have had repercussions on the loan contract. In particular, the main components and risks of a loan contract can now be hedged on the market, by means of interest rate swaps, foreign exchange transactions, credit default swaps and securitization. Securitized loans can often be pledged as collateral, thus facilitating new lending. And the lending technology is evolving from one-to-one meetings between a loan officer and a borrower, at a bank branch, towards potentially disruptive technologies such as peer-to-peer lending, crowd funding or digital wallet services. This book studies the interaction between traditional and modern banking and the economic benefits and costs of this new financial ecosystem, by relying on recent empirical research in banking and finance and exploring the effects of increased financial sophistication on a particular dimension of the loan contract.

This book studies the interaction between traditional and modern banking and the economic benefits and costs of this new financial ecosystem, by relying on recent empirical research in banking and finance and exploring the effects of ...

Valuing Banks

A New Corporate Finance Approach

This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model. The book includes also a constructive comparison of equity and asset side methods. The authors present a novel framework entitled, the “Asset Mark-down Model”. This method incorporates an Adjusted Present Value model, which allows practitioners to identify the main value creation sources of a particular bank: from asset-based cash flow and the mark-down on deposits, to tax benefits on bearing liabilities. Through the implementation of this framework, the authors offer a more accurate and more specific approach to valuing banks.

This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model.

The Restructuring of Banks and Financial Systems in the Euro Area and the Financing of SMEs

The 2007-2009 financial crisis has had a worldwide impact on banks and financial systems. It has also brought about major changes in Europe's financial regulatory framework which could lead to financing problems for SMEs. The book explores the restructuring process of banking and financial systems to its impact on the financing of SMEs.

The book explores the restructuring process of banking and financial systems to its impact on the financing of SMEs.

Macroprudential Regulation and Policy for the Islamic Financial Industry

Theory and Applications

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry.

Islamic Economics and Finance

A European Perspective

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance. These highlights of the symposium and original articles specifically address the post-crisis application of this growing and relevant economic philosophy in Europe.

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance.

Social Capital and Risk Sharing

An Islamic Finance Paradigm

This exciting new addition to Palgrave Studies in Islamic Banking, Finance, and Economics argues that social capital can facilitate rule-compliance and co-operation in the sharing of risk in financial and economic activities.

This exciting new addition to Palgrave Studies in Islamic Banking, Finance, and Economics argues that social capital can facilitate rule-compliance and co-operation in the sharing of risk in financial and economic activities.

Ethical Dimensions of Islamic Finance

Theory and Practice

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice.

Law Without Frontiers:A Comparative Survey of the Rules of Professional Ethics Applicable to the Cross-Border Practice of Law

This book is a comparative study which covers a number of major jurisdictions, viz., Australia, Belgium, Canada, England and Wales, France, Germany, Italy, Japan, Spain, Sweden, The Netherlands and the USA. A separate chapter deals with developments in the context of the European Union. The study is based on a questionnaire of the IBA Section on Business Law Subcommittee on the Structure and Ethics of Business Law. Part one of each country report covers the basic rules applying to the domestic legal profession, such as the method of qualifying as a lawyer, the extent to which legal services are reserved to lawyers, and the ethical rules which apply to matters such as advertising, fees, correspondence, etc. The second part sets out what rules the jurisdiction in question imposes on its own lawyers when they are involved outside the jurisdiction. The third part deals with the rules which apply to a foreign lawyer practising within the jurisdiction. The last part deals with the various kinds of international associations to which lawyers may be party, such as alliances, office-sharing and multi-national and multi-disciplinary partnerships. In a final chapter the editor draws some conclusions on the current situation and on where international practice is heading. A number of useful appendices have been added, which set out the most important texts including the IBA International Code of Ethics.

This book is a comparative study which covers a number of major jurisdictions, viz., Australia, Belgium, Canada, England and Wales, France, Germany, Italy, Japan, Spain, Sweden, The Netherlands and the USA.

Rights, Liability and Ethics in International Legal Practice

The legal profession has played a key role in enabling business to move goods and services across borders, but the regulation of the legal profession has not kept pace with the changes that have occurred in communications, transportation and technology. Lawyers who regularly counsel clients on transactions and litigation having an international dimension frequently find themselves without clear guidance on their ethical responsibilities. The extent and scope of their potential liability to clients is similarly uncertain. This work is the first major study by transnational lawyers and academics of ethical and practice-related problems and challenges arising from the provision of cross-border legal services. it discusses such topics as conflicts of interest from the perspective of the US, English, French and Dutch legal systems, And The rights of foreign lawyers to practice in Belgium, France, Great Britain, Germany, Japan And The US. Particular attention is paid To The Code of Conduct for Lawyers in the European Community And The Draft Directive on the Right to Establishment for Lawyers in the European Community. Audience: Practitioners and academics will find the work an invaluable resource. For practitioners, The chapters are sensitive to real-life dilemmas that are regularly encountered. For academics, there is a comparative approach and analysis that is both intellectually rich and provocative.

This work is the first major study by transnational lawyers and academics of ethical and practice-related problems and challenges arising from the provision of cross-border legal services. it discusses such topics as conflicts of interest ...