Overview

During the 1980s the City made headlines that were not confined to the financial pages. There was Big Bang on the Stock Exchange, the 1987 ""crash"", the Johnson Matthey bank failure, the Guinness scandal and others at Lloyd's and elsewhere. It was a decade of unprecedented change. ""The New City"" offers a guide to all of these developments and to many more. As well as explaining the functions and operation of the various markets that make up the City - markets for shares and for foreign exchange, for futures and options and eurocurrency, for bonds and securities and banking - every effort is made to analyze the changes that have occurred and to discuss their implications for the future. The impact of ERM membership, of the single market and of a common currency are all considered. The question of independence for the Bank of England is addressed and exchange rate and interest rate policy are given full treatment. ""The New City"" looks to the future. Can the City go on being successful? How serious is the competition from Germany and Japan? Do investors need greater protection? It is the first full account of the post-Big Bang, post-Crash, post-Guinness, post-Thatcher City to be written for the non-specialist.

Full Product Details

Author:   Kenneth Durham
Publisher:   Palgrave Macmillan
Imprint:   Palgrave Macmillan
Edition:   1992 ed.
Dimensions:   Width: 14.00cm , Height: 1.40cm , Length: 21.60cm
Weight:   0.311kg
ISBN:  

9780333551509

ISBN 10:   0333551508
Pages:   227
Publication Date:   24 February 1992
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Part 1 Tales of two cities: old and new; signposts to the new city; the clearing-house of the world; deregulation and the challenge of technology. Part 2 The city at work: divine services?; what the city does; city markets today - The International Stock Exchange, retail banking; merchant banking; the foreign exchange market; futures and options; money markets; insurance; fund mangement; the city's contribution; why London?. Part 3 Crazy years at The Stock Exchange: the market goes mad; acording to Cecil; straws in the wind; big, but not much of a bang; musical chairs in the madhouse; beware of the bull; the crash restores sanity; after the smoke has cleared, what changed?; further to go. Part 4 The death of banking: other people's money; the world's banker, or landlord to the world's bankers?; the shadow of debt; securitization; from big bang to big banks; culture shock; the international challenge; flash in Japan?; the challenge at home; bankers no more; has it all been worth it?. Part 5 Free-for-all on the foreign exchanges: the roller coaster; the foreign exchange market at work; what changes exchange rates?, the old, old story, the new pantomine; the magic of the chartists; exchange rate systems and cartels; Europe and the future; Europe and the future of futures; whatever happened to the speculators?. Part 6 Looking to the futures: origins; products; currency contracts; LIFFE's work, financial futures, interest rate contracts, contracts in money market instruments, the FT-SE index contract; punters; the tail wagging in the dog?; swaps. Part 7 Money and interest: wholesale money; the money markets; the nature of euromarkets; euromoney and eurocapital; boom and bust in the euromarkets; the discount market; the bank's work; who really sets interest rates?; gilts; the new gilt-edged market. Part 8 The new old lady: centrepiece of the city; banker to the government; bankers' bank; more than just a bank; the question of independence; the European dimension; the bankand the city; the Johnson Matthey affair. Part 9 From deregulation to rerefulation: the paradox; rape at Lloyd's; the new system; still in the club; insider dealing and slippage; the American way; the European way. Part 10 City limits?: the story so far; the single market; city of the future; too high a price?.

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