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Cryptocurrency arose, and grew in popularity, following the financial crisis of 2008 built upon a promise of decentralizing money and payments. An examination of the history of money and banking in the United States demonstrates that stable money benefits from strict controls and commitments by a centralized government through chartering restrictions and a broad safety net, rather than decentralization. In addition, financial crises happen when the government allows money creation to occur outside of official channels. The US central bank is then forced into a policy of supporting a range of money-like assets in order to maintain a grip on monetary policy and some semblance of financial stability.

In addition, this chapter argues that cryptocurrency as a form of shadow money shares many of the problematic attributes of both the privately issued bank notes that created instability during the “free banking” era and the “shadow banking” activities that contributed to the 2008 crisis. In this sense, rather than being a novel and disruptive idea, cryptocurrency replicates many of the systemically destabilizing aspects of privately issued money and money-like instruments.

This chapter proposes that, rather than allowing a new, digital “free banking” era to emerge, there are better alternatives. Specifically, it argues that the Federal Reserve (Fed) should use its tools to improve public payment systems, enact robust utility-like regulations for private digital currencies and limit the likelihood of bubbles using prudential measures.

This study aims to investigate the effect of income and asset diversification on earnings management using discretionary loan loss provisions (LLP) in banks, and the role of risk level in mediating this effect.

A sample of banks operating in Middle East and North Africa countries was used to test the mediation model of Baron and Kenny (1986) with different measures of diversification and risk.

The results show that bank income and asset diversification have unique and combined effects on earnings management. The results also support the idea that a risk-mediating effect contributes to explaining this relationship among banks. Specifically, bank diversification strategies positively affect LLP-based earnings management by increasing bank risk. This result is relevant for conventional banks. However, only a direct and positive effect of diversification strategies on LLP-based earnings management can be observed in Islamic banks, and the indirect effect is not supported.

This study extends previous research by examining the unique and combined effects of income and asset diversification strategies on earnings management in the banking sector. Specifically, it provides new evidence that diversification strategies increase LLP-based earnings management, both directly and indirectly, through bank risk.

This chapter discusses the challenges and opportunities that exist in the realm of management and business education. The author provides an in-depth analysis of the history and development of management education, highlighting the changes and evolution that have occurred over time. Furthermore, the author discusses the dominant paradigm that has shaped management education and the issues that have arisen as a result. Specifically, the author identifies the problems that have contributed to financial crises and business failures, demonstrating the inadequacies of the current approach. Finally, the author argues for the need to revolutionize the current management education system. This involves a significant departure from the traditional methods of teaching and learning, and instead emphasizes the development of critical thinking skills, problem-solving abilities and adaptability in a rapidly changing business landscape. This chapter challenges the current state of management education and offers a compelling call to action for reform. By addressing the issues that have plagued the field and proposing innovative solutions, the author aims to pave the way for a more responsible management education system.

In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo transactions to stabilize financial markets. The systemic risks inherent in repo markets were first highlighted by the global financial crisis and, as a response, global financial authorities such as the Financial Stability Board (FSB) and Bank for International Settlements (BIS) have advocated for the introduction of a central counterparty (CCP). This study examines the structural characteristics of Korean repo markets and proposes the introduction of CCPs as a way to mitigate systemic risk. To this end, the author analyzes the structural differences between US and European repo markets and estimates the potential consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required capital through netting in multilateral transactions, and they can mitigate the effects of risk transfer by isolating counterparty risk during periods of turbulence. In Korea, the latter effect is expected to play a pivotal role in mitigating potential risks.

This study empirically demonstrates a contradiction between pillar 3 of Basel norms III and the designation of Systemically Important Banks (SIBs), also known as Too Big to Fail (TBTF). The objective of this study is threefold, which has been approached in a phased manner. The first is to determine the systemic importance of the banks under study; second, to examine if market discipline exists at different levels of systemic importance of banks and lastly, to examine if the strength of market discipline varies at different levels of systemic importance.

This study is based on all the public and private sector banks operating in the Indian banking sector. The Gaussian Mixture Model algorithm has been utilized to classify banks into distinct levels of systemic importance. Thereafter, market discipline has been observed by analyzing depositors' sentiments toward banks' risk (CAMEL indicators). The analysis has been performed by employing the system Generalized Method of Moments (GMM) to estimate models with different dependent variables.

The findings affirm the existence of market discipline across all levels of systemic importance. However, the strength of market discipline varies with the systemic importance of the banks, with weak market discipline being a negative externality of the SIBs designation.

By employing the Gaussian Mixture Model algorithm to develop a framework for categorizing banks on the basis of their systemic importance, this study is the first to go beyond the conventional method as outlined by the Reserve Bank of India (RBI).

Cost and schedule overruns are rife in dam projects. Normative evidence espouses overruns as though they are inimical to development and prosperity aspirations of stakeholders. This study examines the causal relationship between project financing and overruns.

Causative data were extracted from completion reports of 28 major dam projects in Africa. Each of the projects was financed jointly by up to 10 international development lenders. Relationships between causes of overruns and project outcomes were analysed.

Analyses elicit indicators of remarkable correlations between finance procedures and project outcomes. Lenders’ disposition to risk attenuation was the main debacles to project success. Interests had mounted, whilst release of fund was erratic and ill-timed. Finance objectives and mechanisms were grossly inadequate for projects’ intense bifurcations. Projects had slowed or stalled because lenders’ risks attenuation processes were purposed to favour lenders’ objectives, and not projects’ interests. In addition, findings also show project owners’ own funds and the number of lenders to a single project correlate with overruns.

Findings imply commercial complexities around major projects. They also show transactions are shaped by subtle (mis)trust behaviours in project finance procedures. Thus, scholarly solutions to project performance issues should consider behavioural issues of stakeholding parties more broadly, beyond contractors and project owners. Project finance ecosystems are vulnerable to major actors’ self-interests, opportunism and predatory conducts. Borrowers would manage this by developing and improving their capacity to build resilience and trust. Evidence shows intense borrower nations in Africa have limited capacity and acuity for these.

This study contextualises megaprojects in complexity rather than cost. Its additionality is in how finance steers absolute control of project environment away from project owners and how finance administration triggers risks and overrun.

This paper aims to examine the effect of volatility in prices of internationally traded commodities (the backbone of most economies) on the stability of the banking industry from three main perspectives; bank liquidity reserves, overall bank risk and bank capital adequacy.

Data were compiled from various sources for 30 emerging economies from 2002 to 2018 and were analyzed using the two-step system generalized method of moments estimation technique.

The study finds that all things being equal, the magnitude and direction of impact of commodity price volatility on bank stability among economies in Sub-Saharan African (SSA) depend on the type and nature of the commodity in question; and the bank stability proxy used. For instance, an increase in crude oil prices is found to foster stability in the banking industry (proxied by bank liquid reserves) but insignificant when stability in the banking industry is proxied using other banking sector parameters. Additionally, government effectiveness and corruption control have varying moderating influences on how volatility associated with prices of internationally traded commodities influence various proxies for banking industry stability.

This study highlights the effect of fluctuations in prices of key internationally traded commodities (adjusted for foreign exchange impact) that are important sources of revenue among economies in SSA on banking sector stability from liquidity, overall risk and capital adequacy perspectives. The influential role of governance in the relationship between volatility in the price of commodities and bank stability is also revealed by the study.

The Rajapaksa regime over the 2005–2022 period promoted a national-popular project based on a militarised Sinhala-Buddhist nationalism promoting a market-driven rentier economy. It illustrated a form of patrimonial capitalism undermining public accountability and the efficacy of the state bureaucracy. This popular-national project was dependent on strengthening ties with China while distancing relations with India and the Global North (USA and the EU). The ways in which the external relations were coordinated reinforced discrimination against Tamil and Muslim communities, while disregarding their demands for justice and reparations. The increasing integration of the economy with financial markets, driven by the Central Bank, amplified the commercialisation of the state, restraining public revenues and state oversight. Meanwhile, the militarisation of the state involved the commercialisation of the military, opaque military budgets and violent repression of protests. The Rajapaksa regime, which enabled a minority-privileged (leisure) class to culturally flourish in regulated safe spaces, also instigated multiple protests from below demanding democracy as well as justice.

Despite striving for resilience and a sustainable urban future, European cities face a multitude of crisis caused by both natural and human-induced risks. This paper asks two key questions: How have cities experienced and managed crises situations they encountered? and What are the plans and actions for embedding sustainability at a local level within a clear decision-making structure? Hence, it aims to examine urban resilience in the context of urban crisis and the associated health concerns that took place because of crisis situations, while identifying sustainable urban development initiatives and strategies that were conceived and implemented beyond crisis.

An evidence-based analytical approach is undertaken following two lines of inquiry. The first is case-based and identifies 11 cities that have experienced crisis situations and a further 10 cities that have instigated urban resilience strategies. The second is theme-based and engages with identifying strategies relevant to sustainable urban development at city and project levels. The outcomes of the two lines of inquiry are verified by mapping the lessons learned from the analysis to recent international guidance and a further co-visioning workshop with 6 experts.

The evidence-based analysis reveals key lessons which were classified under two primary types of findings: (a) lessons learned for a future urban resilience resulting from the 1st line of Inquiry (case-based) and (b) lessons learned for a future sustainable urban development resulting from the 2nd line of inquiry (theme-based). The verified lessons provide four areas that can be utilised as key priorities for future urban resilience and sustainable urban development including (a) Governance, effective communication, and decision making for city resilience and urban sustainability; (b) the social dimension of resilience and participatory practices for sustainable urban development; (c) from implicit strategies for health to positive impact on health; and (d) diversification of initiatives and localisation of sustainable development endeavours.

There is always limitation on what a bibliometrics analysis can offer in terms of the nature of evidence and the type of knowledge generated from the investigation. This limitation manifests in the fact that the analysis engages with the body of knowledge but not based on engaging physically or socially with the contexts within which the cases took place or through empirical investigations including systematic observations, focused interviews, and attitude surveys. While the study does not generate empirical findings, the rigour of the bibliometrics analysis offers a credible and reliable evidence on how cities experienced and managed crises situations and their current plans and priority actions for embedding and localising sustainable development measures.

This research conveys significant implications for policy, practice, and action in that it crystalises the view that understanding urban resilience and sustainability, at the city or urban level, requires coupling the two. The findings offer a solid foundation for a more contextualised, evidence-based examination of urban resilience and sustainability during and beyond crisis. Highlighting urban and health challenges that emerged from experienced crisis situations, how these were managed and developing an understanding of sustainable urban development and local resilience strategies elucidate insights that can be adopted and acted upon by city councils and built environment practitioners.

The analysis provides comprehensive insights into urban resilience and sustainable urban development at both city and continental Europe scales in the form of key lessons that represent the first step towards developing rudiments for building a better urban future. Little is known about resilience and sustainability at these scales. The originality of this work lies in the breadth and depth for capturing an inclusive understanding of urban resilience and sustainable urban development based on systematic inquiry and scrutinising the body of knowledge emerged over the past 2 decades.