Financial System in US: Emerging Issues

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This book deals with the emerging perspectives of the financial system in the US, dwelling on its monetary environment, banking system, financial services sector, securities market, mortgages, securitization environment besides certain governance issues. It also discusses the status of the greenback in the context of the global imbalances, besides providing insights into the M&A activities in financial services. American monetary system may be reformed to move away from the present fractional reserve system so that the power to create money shifts to the US treasury from banks, as recommended by the American Monetary Institute. With regard to the problem of Global imbalances, the US prefers gradual fall in the value of the greenback and the real effective solution however emerges from the ability of the US to reduce its twin deficits, enhance savings and reduce consumption. United States of America has a strong, stable and profitable banking system. It has community banks, commercial banks and Universal banks. US banks resort to substantial cross-border outsourcing, credit risk transfer and large-scale securitization. Financial services sector M&A activity demonstrates that the convergence of the banking, securities, commercial finance and consumer finance industries, while being an ever-evolving concept, is a reality and that competitive pressures remain strong. With regard to the retail securities market the recent reforms stipulate severance of research departments from investment banking departments and include vital clauses that are investor friendly. The US seems to have found a formula for offering favorable conditions and choices to mortgage borrowers, maintaining liquidity in mortgage markets and managing the risks of lending at fixed interest rates. The home loans market, however, has been facing, of late, problems of sub-prime lending, predatory lending and rise in interest rates. The present structure of corporate governance, to be more effective, should include employees.

ABOUT THE AUTHOR Katuri Nageswara Rao

Katuri Nageswara Rao (b. 1946) has worked in Indian Overseas Bank for 27 years followed by a brief stint of 20 months in Karur Vysya Bank as Head of the Staff Training College, Karur. During his tenure at Indian Overseas Bank, he had exposure in critical areas like credit appraisal and supervision, senior level branch management, inspection and rehabilitation of sick units. He holds an M.Sc. degree (Mathematics) from Sri Venkateswara University and is a CAIIB from the Indian Institute of Bankers, Mumbai. Presently, he is the Associate Dean, ICFAI University, Hyderabad. He is also the Consulting Editor of Professional Banker, a monthly magazine, published by the ICFAI University Press. His articles on banking and general management have been published in The Economic Times, The Hindu Business Line and The Times of India. He has already edited a few books for the ICFAI University Press on banking related topics. He has authored a book titled, "Global Banking-Asia-Pacific Region" also published by the ICFAI University Press.