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澳洲UNSW代写高分87分HD作业展示,商科金融finance代写论文高分范例

澳洲UNSW代写高分87分HD作业展示,商科金融finance代写论文高分范例
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The financial services industry is one of key industries that support UK economy. Since the implementation of liberalization in 1986 till the 2008 global economic crisis, there has been a booming development of the financial sectors in UK, including banking, insurance, capital market, and other financial service industries, thanks to the liberalization of the financial market and effective policies and regulation, or deregulation to the sector. However, the industry suffered during the global economic crisis in 2008 and the double dip in later years. UK financial sector has only been mildly recovered in recent years. This essay will first look into the development trace of this important sector before and after the financial crisis. In the main body of the essay, the specific sectors in the UK financial industry will be discussed. Then the function and regulation of the key financial institution will be analyzed to weigh their effectiveness in the industry. Then the process, cause and consequence of the UK financial crisis will be reviewed, and how certain banks survive and recover through this crisis will be investigated.

Before the global financial crisis in the first decade of the twenty first century, the financial industry has enjoyed rapid development since the financial reform in 1986. The history of the British financial system is to establish a clear division of labor specialization, there are clear boundaries between different financial institutions on the basis. But compared with other countries (such as Japan USA, etc.) British separated business operation is not defined by law. In English law does not prohibit commercial banks to engage in investment banking or insurance business. Boundaries between different business is a result of anti competitive mechanism and self-discipline restrictive business practices, the separate management practices were supported by the regulatory departments especially Bank of England. In 1986 October the UK introduced sharp financial reform called the financial "Big Bang" to abolish the financial investment control which allowed commercial bank to provide comprehensive financial services including investment, insurance and securities business (European Commission 2009). The British Financial "Big Bang" destroyed its native and Commonwealth countries operation of the financial system and promoted the mutual fusion of commercial banks and investment banks. After the financial reform, the competition of financial service sectors increased, UK clearing banks had acquisitions and mergers of securities brokers that formed no business boundaries; Commercial banks such as HSBC and RBS have become diversified financial giant in later decades.

The golden age of UK financial sector can be reflected by the surge of the ‘City of London’. In London on the east side, there is a 1.4 square mile central financial district "City within a city"-‘London City Corporation’. The establishment of the ‘London City’ improved the London financial services industry in the global supremacy. Known as the global financial centre, ‘The London City’ to UK is what the New York Wall Street to the United States.

In 2001, the British financial services takes up 5.5% of UK total Gross Domestic Products; by 2007 this proportion has risen to 8.5%. In 2007, the UK financial sector net exports amounted to 24 billion pounds, compared with growth of 26.4% in 2007,19 billion pounds. By the end of 2007, the employment in the UK financial services sector reached 1.07million people. London has become not only the world center for financial services, but also an important global financial market place. In addition, Scotland's financial industry has 300 years of development history, is the second to London's financial center in UK. In the first decade of 21 century, the UK financial sector not only covers the domestic banking, insurance, securities, foreign exchange, funds, derivatives and other financial field in all aspects, but also has export the expertise of financial service to the international market.

The banking sector

In the city center of London, there is a windowless fortress like eight floor building, which is known as the "king of the British central bank"- the Bank of England, surrounded around more than 100 domestic banks and 520 foreign banks.

Having been a separate company for 250 years, in 1946, the Bank of England eventually became a nationalized bank, acting as the Britain’s central bank role, responsible for the British government debt management and monetary policy formulation and implementation. The Bank of England, through development of half century, now emphasis management of national monetary and financial system, including casting British coins and printing pound notes and protect the national inventory, monitoring the complex banking system that UK set up from eighteenth century (the functions including bills exchange, housing loans and auction), and is also the only authorized financial institution to the issued public bonds. In 1997, through the British finance minister's approval, the Bank of England to become the truly independent institution to formulate the UK interest rates without approval of financial department (City of London 2014).

At the end of 2007, there are 333 banks in UK, including 255 foreign banks setting up branches or subsidiaries in Britain, ranking first in the world. By the end of 2007 British banks had total assets of more than 6.2 trillion pounds, where foreign banks manage assets accounted for 53%; deposit and loan balance were more than 1.4 and 1.7 trillion pounds respectively, of which the proportion of individual customer service reached 41%; cross-border bank lending amounted to 5.1 trillion pounds, accounting for 20% of the world, at the top of the list. In recent years, the UK retail banking business has achieved unprecedented development, HSBC and Royal Bank of Scotland, Barclays, HBOS and LLOYDS TSB, etc. in 2009, these five major bank’s market size reached 3.5 trillion pounds. In the investment banking sector, the 2007 British investment banking revenues of approximately $6 billion, half of the investment banking business in Europe is conducted in London. In addition, UK was one center of the major global private banking business, in 2007 by the British financial institutions management of private client securities amounted to 276 billion pounds (Maximilian, 2009).

Insurance sector

Britain has Europe's largest and the world's third largest insurance industry (after the United States and Japan), a dominant position in the international market of insurance and reinsurance. In 2007 the global premium income of British insurance industry amounted to 180 billion pounds, in which overseas business accounted for 21%; the number of employees more than 330000 people, accounting for 1/3 employment of the UK financial services industry; the size of the fund management of 902 billion pounds. London is the world's only financial center that brought together the world's top 20 insurance and reinsurance companies, premium income in 2007 the London area up to 28 pounds, around 1/6 of global insurance and reinsurance market share. Established in 1688, the Lloyd's of London, is an insurance market located in London's primary financial district, famous for high risk management of insurance business, its business covers more than 200 countries and regions throughout the world, in which 92% of FTSE 100 companies and 93% of the Dow Jones index company against Lloyd in the market, in 2007 the premium income accounted for 52% in the London area. In addition, London was the major aviation insurance and maritime insurance center, its global market share of respectively 27% (2004) and 20.2% (2007) respectively.

 

Capital market.

London is an important stock and bond trading center in the world. By the end of 2007 a total of 1276 companies in the LSE main market transactions, securities market value amounted to 2 trillion pounds; on GEM (Growth Enterprises Market) there were 1634 listed company at the end of 2007, securities market value reached 100 billion pounds; two listing Foreign Company a total of 649, far more than America NYSE (451) and the Nasdaq Stock Exchange (321), transaction accounts for 42.4% of the global market. In the initial public offering business fields, London in 2007 with 17.2% of the global market share of more than New York (16.8%). In the field of international bond trading, London enjoys 70% global market share and the transaction volume growth of more than 5 times in the past 10 years. London also has four derivatives exchange, the London Metal Exchange is the world's largest metal exchange. In addition, the exchange market in London daily transactions amounted to $1.2 bollion, account for more than 30% global market share, trading volume of the dollar and the euro in the UK were more than in volume in US and all euro zone countries.

The fund management industry

Britain is second only to American and Japan, as the world's third largest fund management center, the total size of the end of 2007 UK fund management industry is up to 3.5 trillion pounds, majorly covering pension funds, insurance funds, mutual funds, hedge funds, private equity funds and other types of funds, including institutional funds accounted for 66%; before financial crisis, in the year 2007 the fund management industry in the UK economy contribution a value of 9 billion pounds.

The British financial industry into the era of post financial crisis

While the UK financial service industry developed rapidly before 2007, the global financial crisis triggered by the U. S. subprime crisis has brought huge impact for the UK financial sector and the economy as a whole (Folarin, 2013).

 

The global financial crisis started in the 2003-06 years where USA real estate marketenjoyed a substantial boom, large numbers of financial derivative products were producedthe financial bubble in 2007. Because of the subprime mortgage lenders bankruptcy, investment funds were forced to close, followed by the stock market turmoil, the fund chain break, banks continue to bankruptcy and international debt soared.

While the UK is a financial and service based economies, the British economy scale is waysmaller than America, the financial sector accounted a larger proportion of the national economy than that in US. At the same time, bubble also existed in the real estate market, combined with the banking mismanagement caused the Bank of England denominations shrink heavily. The market value of the major banks dropped rapidly from October 13, 2008 to January 19, 2009: Barclays Bank from 17 billion pounds down to 7.4 pounds; HSBC from 95.6 billion down to 60.8 billion pounds; LLOYDES TSB bank from 18billion down to 10.6billion pounds; the Royal Bank of Scotland from 11.9 billion down to 4.6billion pounds. The British bank balance sheets has a total of 4 trillion pounds of assets, a figure roughly equivalent to 2.5 times the British GDP. At the end of 2008, the British Treasury bonds and GDP ratio is 54%, if banks market value continued to shrink, the government continued to rescue banks, treasury bonds and the ratio of GDP is likely to double. This may make the UK's treasury bond reputation has fallen below 3A. But once the British government credibility is reduced to below 3A, it is likely to lead to sell sterling, which would lead Sterling crisis (Quinn,2012).

The devaluation of the pound after the financial crisis is serious, since 2008 the pound against the dollar exchange rate had fell a total of 27%, the largest annual decline since 1971 to cancel the gold standard. The euro against the pound sterling exchange rate during the year rose more than 32%, the pound against the euro exchange rate was close to parity, the worst depreciation performance since the birth of the euro.

 

The crisis in the financial service sector has also transferred to the real economy.British companies become hard to survive at the end of 2008. For example, the British supermarket giant Marks and Spenser Christmas sales dropped reduced 7.1% than the same period in 2007. It announced the closure of its UK 25 food stores. The British sales of specialized chocolate during the Christmas sales fell 2.3% chain corporation Thorntons.

Because of lower corporate profits and trade depression, most enterprises take off or cut salaries or pensions. In 2012, half the enterprises close its defined benefit pension plan to all employees.

 After the outbreak of the crisis, the British government has taken active measures to rescue operations at the same time, to protect the interests of financial consumers and the fairness of market participants. Also in the analysis of the reasons for the crisis, the world's financial experts generally agree that the main reason of the crisis lies in the deficiencies and loopholes in financial supervision and regulation. The financial industry is the core of economic activities, the effective financial supervision is the important prerequisite to ensure the stable development of financial industry and the healthy development of the economy(Quinn,2012). As the lessons learned from the financial crisis, correcting the defects of financial supervision and prevent another outbreak of the financial crisis, the British advance financial regulatory reform actively, promulgated a financial regulatory reform. British Chancellor George Osborn has publicly said, the UK financial supervision system reform scheme is proposed based on conscientiously sum up the experience and lessons of the most serious financial crisis in recent decades (McCarthy,2013).

 The main goal of financial regulatory reform in England is to maintain financial stability and guard against financial risks, to ensure that the London's position as an international financial center. The main content of the reform including the establishment of the core status of central banks in financial supervision, expand the central bank prudential through larger supervision right; in the mean time, the reform attaches greater importance to the monitoring of systematic risk, the financial supervision and the focus of work to maintain the stability of the overall system of financial industry. In addition, more international cooperation in financial supervision, especially cooperation within European countries is highlighted. Britain is the world main developed financial market, as the current one of the world's developed economies in the wake of the financial crisis, the UK regulatory system reform has certain representativeness, also have certain guiding role for the international financial regulatory system reform in the future (Folarin,2013).

Statistics shows that the financial reforming worked well for UK financial industry and financial crisis influence has been shrinking. According to the Confederation of British industry and the latest PWC joint investigation, the British banking industry and other financial business conditions to reach the highest point in 17 years, Britain's financial industry will indicate present good signs of recovery (Wearden, 2014). Nevertheless, the recovery of the economy in the post financial crisis time, especially in the financial sector was not smooth. Right after London Olympics in 2012, the double dip-a second recession combined with Barclays market manipulation scandal made British financial industry under serious social condemn. Barclays to manipulate the LIBOR scandal event continuous fermentation, leading financial institutions involved. the British financial industry is facing an unprecedented crisis of confidence, and rebuild market confidence requires more time and effort. Another big challenge is the UK, especially London’s position as a global financial center. The city of France and Germany supported the European Central Bank (ECB), which hopes Euro securities settlement that resides at the euro zone. Because few people think Paris is competitive enough, it may actually cause the euro bonds and derivatives were attracted to Frankfurt. London and UK must make more effort in enhancing its role in the financial service industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

bReferece

 

European Commission 2009 Economic crisis in Europe: Causes, consequences and responses. European Economy,

McCarthy R. 2013 UK Banks Performance Benchmarking Report - Bank to the future. KPMG. 

Akinbami, Folarin 2013 'Is meta-regulation all it's cracked up to be? The case of UK financial regulation.', Journal of banking regulation., 14 (1). pp. 16-32.

 

Maximilian J. B. Hall 2009, The reform of UK financial regulation Journal of Banking Regulation, 2009, vol. 11, issue 1, pages 31-75

Wearden G. 2014 US economy grows at fastest pace in a decade. Online available at http://www.theguardian.com/business/live/2014/dec/23/uk-us-growth-greek-presidential-vote-business-live

Quinn J.2012 Libor scandal: Was Barclays the worst offender? Online available athttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9366976/Libor-scandal-Was-Barclays-the-worst-offender.html

City of London 2014 History and heritage online available athttp://www.cityoflondon.gov.uk/about-the-city/history-and-heritage/Pages/default.aspx

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