Recent decades have seen a sharp increase in financial competition, intensified by globalisation. Excessive risk-taking leading to inevitable business failures at times reached worrying proportions. A contributing factor arose from the complexities of the derivative and other new markets. This volume attempts to analyse and explain financial market developments at the turn of the millennium with the emphasis on the need for greater responsibility and a more ethical approach to financial decision-making.

Autorentext

STEPHEN FROWEN is Honorary Research Fellow in the Department of Economics, University College London, Senior Research Associate at the Von Hügel Institute, St Edmund's College, University of Cambridge, and External Professorial Research Associate at the Institute for German Studies, University of Birmingham. He was formerly Bundesbank Professor of Monetary Economics in the Free University of Berlin. He has published extensively on monetary and macroeconomics and in banking. He is the editor of many collective works and sits on various editorial boards. In 1993 he was appointed a Commander of the Order of Merit in the Federal Republic of Germany, and in 1996 was awarded a Papal Knighthood. FRANCIS MCHUGH, a catholic priest, is Director of the Von Hügel Institute and a Fellow and Tutor at St Edmund's College, University of Cambridge. His recent publications include A Keyguide to Resources in Business Ethics (1988) and (with Sam Natale) Things Old and New: Catholic Social Teaching Revisited, (1993). He is also a Member of the Editorial Board of International Journal of Value-based Management.

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List of Tables List of Figures Notes on the Contributors Competition Forces and Institutional Structure in the UK and Germany; N.Walker Financial Innovation and Financial Stability: Some Lessons from Germany and the UK; G.Hoggarth, A.Milne & G.E.Wood European Destiny and Macroeconomic Responsibility in the Financial Systems of Germany and the UK: A Balance Sheet Approach; J.Toporowski Discussant; A.Tylecote What Kind of Stability Helps Industry?: Contrasting Experiences with British and German Banking; F.H.Capie & G.E.Wood Discussant; B.Köhler Financial Competition, Risk and Accountability: The Role of Trust Banks; J.A.Kregel The Dynamics of Change and Risk in Corporate and Wholesale Finance; B.Howcroft Discussant; B.Zugenbühler Risk Management and the Ethics of New Financial Instruments; J.Welby Business Ethics in the Banking Industry - Some Remarks; A.Wagner The Savings Ratio Behaviour in Globalised Money and Capital Markets: A Comparison of the UK and German Experience; S.F.Frowen & E.Karakitsos Discussant; E.O.Smith The Role of Central Banks in the Global Competition Environment; N.Kloten Bank Supervision in the Context of Global Competition; J.G.Ellis Economic and Monetary Union: An Ethical Issue?; M.Donnelly Capital and Credit-Based Development: Lessons for Central East Europe; S.Herten & J.Hölscher Discussant; M.Moersch Social Banking and Affordable Housing in Germany; U.Reifner & J.Pfau The Role of Compliance in Germany's Banking Culture; L.Schuster Index