The sources of finance for industrial development include (i) banks, (ii) securities markets, (iii) internal finance, (iv) alternative sources of finance such as angel finance, trade credit, families, and friends, and (v) governments. All four countries had sophisticated financial systems and...

Banks need to keep both capital and liquidity against unforeseen events.During the early-mid nineteenth century, there were a number of banking crises. Banks responded by holding higher levels of capital.An analysis of bank capital shows that they adjusted their capital ratios according to the...

Central Bankers are currently facing big challenges in designing and implementing monetary policy, as well as with safeguarding financial stability, with the world economy still in the process of digesting the legacy of the crisis. The crisis has changed central banking in many ways: by shifting...