Abstract
Damaged by the Great Depression — though not by a self-inflicted injury, as happened in 2007 — banks used the capital they obtained from the Reconstruction Finance Corporation (RFC)1 to redress their balance sheets rather than lending. Global banks in the USA, the UK, Germany, France, Belgium and the Netherlands repeated that practice with the lavish amount of money they received from governments during the recent economic crisis. And Japanese banks have done the same, on and off since the early 1990s.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
D. N. Chorafas, Sovereign Debt Crisis and the New Normal, Paigrave Macmillan, Basingstoke, 2011.
GAAP and IFRS have significant differences, but there are other standards as well as IFRS versions. The French, for example, have one that is not totally compatible with what the IASB has designed. D. N. Chorafas, IFRS, Fair Value and Corporate Governance: Its Impact on Budgets, Balance Sheets and Management Accounts, Butterworth-Heinemann, London/Boston, 2005.
D. N. Chorafas, IFRS, Fair Value and Corporate Governance: Its Impact on Budgets, Balance Sheets and Management Accounts, Butterworth-Heinemann, London/ Boston. 2005.
Copyright information
© 2012 Dimitris N. Chorafas
About this chapter
Cite this chapter
Chorafas, D.N. (2012). Basel III Is a Grand Compromise, Not a Bold Initiative. In: Basel III, the Devil and Global Banking. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230358423_4
Download citation
DOI: https://doi.org/10.1057/9780230358423_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-34610-3
Online ISBN: 978-0-230-35842-3
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)