By Dominic Barton
A company consultant to quandary administration in unstable monetary marketsCurrent monetary crises in Argentina, Japan, and Turkey are being performed out at the entrance pages of newspapers, and those are only the newest monetary crises that experience rolled around the globe within the final decade and whose far-reaching impression hurts company worldwide. risky Markets: dealing with in monetary Crises acknowledges that no international company or bank can find the money for to disregard the possibility of a monetary typhoon and may aid best administration and monetary pros navigate via this frequently disastrous maze.While many books talk about monetary crises and their ramifications, none has offered an motion plan for handling those storms—until now. harmful Markets: handling in monetary Crises offers a style that enables executives and monetary pros to acknowledge the symptoms of a monetary trouble and act properly prior to the location spirals uncontrolled. in accordance with years of study and perform in cleansing up the mess, McKinsey specialists Barton, Newell, and Wilson show the symptoms of capability monetary catastrophes and supply particular ideas that may be to form and deal with a method for survival.
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Extra info for Dangerous Markets: Managing in Financial Crises (Wiley Finance)
8 Nations strictly regulated competition between banks and other types of financial institutions, and many, such as Germany and Japan, used their financial systems to directly promote export industries and protect domestic producers and distributors. Economies operated largely within national borders, and the main form of exchange between nations was the trade of goods and the money needed to finance that trade, which grew quickly starting in the 1950s. Because central banks controlled the money supply and exchange rates, full-blown financial crises in the post-war era were almost unknown, particularly crises with repercussions on other national markets.
In the following chapters, we describe what our practical consulting experience has taught us about surviving and prospering in financial storms. These are the real world lessons that we believe will make individual companies, national financial systems, and, ultimately, the global financial order safer from financial crises, more resilient and resistant to dangerous markets, and more conducive to supporting real economic growth and development in the years ahead. PART I Understanding Financial Crises CHAPTER 2 Recognizing New Global Market Realities O n September 16, 1992, financier George Soros challenged the British government to one of the highest-bidding poker games in history, betting that the British had overvalued the pound relative to the German deutsche mark and other European currencies.
Current earnings must be jump-started and operating costs must be cut, often dramatically. Governments, too, are usually the first ones to face the difficult issues of bank turnarounds. Often by default, they inherit a failed bank, and immediately need to protect depositors while deciding what to do with the rest of the bank’s franchise and the NPLs that invariably have caused the bank failure in the first place. ■■■ When credit workout programs are carefully managed and executed, the costs of crises can be reduced significantly, as recovery rates on failing assets can be maximized, many bad loans can be salvaged, and stronger loan portfolios can be built.
Dangerous Markets: Managing in Financial Crises (Wiley Finance) by Dominic Barton