This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.

There is a world that hangs suspended between triumph and catastrophe, between the dismantling of the Wall and the fall of the Twin Towers, frozen in the shadow of suicide terrorism and global financial collapse. Such a world requires a firm hand and a guiding light. But does it need the Concern: an all-powerful organization with a malevolent presiding genius, pervasive influence and numberless invisible operatives in possession of extraordinary powers? Among those operatives are Temudjin Oh, of mysterious Mongolian origins, an un-killable assassin who journeys between the peaks of Nepal, a version of Victorian London and the dark palaces of Venice under snow; Adrian Cubbish, a restlessly greedy City trader; and a nameless, faceless state-sponsored torturer known only as the Philosopher, who moves between time zones with sinister ease. Then there are those who question the Concern: the bandit queen Mrs. Mulverhill, roaming the worlds recruiting rebels to her side; and Patient 8262, under sedation and feigning madness in a forgotten hospital ward, in hiding from a dirty past. There is a world that needs help; but whether it needs the Concern is a different matter.

Analyzes banking in the transition economies of Central and Eastern Europe and makes policy recommendations for banking reform in the region. Compares changes in the structure of the banking industry and the progress of privatization in Hungary, Poland, and the Czech Republic, and looks at strategies for recapitalization and bank failure. Discusses design of new regulatory structures, the evolving role of savings institutions, and the role of foreign banks in reform. For bankers and economists. Annotation copyrighted by Book News, Inc., Portland, OR

Bill Gates’ quote, “Banking is necessary, but banks are not,” showcases the opportunity for financial services digital transformation. The next transition from industry 4.0 to 5.0 will impact all sectors, including banking. It will combine information technology and automation, based on artificial intelligence, person-robot collaboration, and sustainability. It is time to analyze this transformation in banking deeply, so that the sector can adequately change to the ‘New Normal’ and a wholly modified banking model can be properly embedded in the business. This book presents a conceptual model of banking 5.0, detailing its implementation in processes, platforms, people, and partnerships of financial services organizations companies. The last part of the book is then dedicated to future developments. Of interest to academics, researchers, and professionals in banking, financial technology, and financial services, this book also includes business cases in financial services.

The books deals with the questions that really matter for green finance: Where will the money to finance the transition to a low carbon environment come from, how far do the banks’ balance sheets stretch and where will the rest of the money come from? How much can we rely on the capital markets, especially in the EU, to get money to the parts of the economy which really need it, without greenwashing? How do governments organize not just a transition, but a just transition to a low carbon environment? Is it time to revisit received ideas about the proper role for central banks?

There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’