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Dangerous Markets: Managing in Financial Crises

توضیحات

Financial crises are hardly limited to the purview of central bankers and regulators. The authors skillfully demonstrate that financial crises offer both peril and promise. A 'must-read' for top management of any global company, whether a financial or a nonfinancial institution. --Ronald P. O'Hanley, Vice Chairman, Mellon Financial Corp.

"Based on their vast experience in financial crises around the world during recent years, the authors have developed an impressive review of the origins of and solutions to financial crises. The cost of such crises can be minimized and the path to recovery established earlier if bankers, other corporate executives, and public finance officials take advantage of this effort and apply the lessons learned from their significant work." --Charles H. Dallara, Managing Director, Institute of International Finance, Inc.

"Dangerous Markets is a 'must-read' in the current global environment for all serious investors and senior executives. The McKinsey authors bring a unique practitioners' perspective to the challenges of anticipating, managing, and succeeding in financial crises, and close with an intriguing call for leading private sector players to s tep up their role in promoting new market standards and structures to help avoid future financial crises and minimize their potential impact." --Robert R. Glauber, Chairman and CEO, NASD; former Under Secretary of the U.S. Treasury Department and former Harvard Business School professor

Don't get caught off-guard by the next financial crisis. Pick up Dangerous Markets and be prepared to act, rather than react.


DOMINIC BARTON is a director with McKinsey & Company and managing partner of the Firm's Korea practice. He also is a leader in the Firm's financial institutions practice. Barton has advised the Korean Financial Supervisory Commission on restructuring their banking system as well as strategized with the Monetary Authority of Singapore. He led a major McKinsey study on how to transform companies into sustainably high performers and has led numerous studies for private and public sector clients in the financial sector. He holds an M. Phil. in economics from Oxford University, where he was a Rhodes Scholar, and a BA in economics from the University of British Columbia.

ROBERTO NEWELL is a former director at McKinsey & Company where he led projects for governments and private sector clients in financial crisis. Dr. Newell has served clients immersed in financial crises throughout the Americas, including Argentina, Colombia, Ecuador, Mexico, the United States, and Venezuela. He holds a BA and MA from the Universidad de las Americas in Mexico and a PhD in economics from the University of Texas at Austin. A Mexican citizen, he is currently CEO of FESSA (Fondo de las Empresas Expropiadas del Sector Azucarero), a Mexican government entity charged with turning around and privatizing twenty-seven failed sugar mills. With Luis Rubio Frieberg, Newell wrote an award-winning book on Mexico's financial crisis of the 1980s, entitled Mexico's Dilemma: The Political Origins of Economic Crisis.

GREGORY WILSON is a principal in McKinsey & Company's Washington, D.C. office, specializing in strategic issues that affect private and public sector clients in the financial services industry. Wilson has worked on financial sector restructuring around the world, including many recent crisis countries in Asia and South America, and has conducted numerous client studies on policy, strategic, regulatory, and structural issues. He holds a BA in history, and politics and government from Ohio Wesleyan University. From 1974-1976 he attended the Fletcher School of Law and Diplomacy where he studied international business and law. Prior to joining McKinsey, Wilson served as Deputy Assistant Secretary for Financial Institutions at the U.S. Treasury Department during the U.S. savings and loan crisis.
Preface.

Why Manage Financial Crises Proactively?

Why We Wrote Dangerous Markets.

Acknowledgments.

CHAPTER 1: Introduction to Dangerous Markets.

Financial Storms Are Destabilizing.

Financial Crises Can Be Understood, Anticipated, Managed, and Prevented.

What This Book Is and Is Not.

Who Needs to Read Dangerous Markets?

Part I: Understanding Financial Crises.

Part II: Earning the Right to Win.

Part III: Managing Unique Banking Risks.

Part IV: Building for the Future.

PART I: Understanding Financial Crises.

CHAPTER 2: Recognizing New Global Market Realities.

Increasing Risk of Financial Crises.

Why Financial Crises Are on the Rise.

You Can Run, But You Can't Hide From Crises.

Looking Ahead.

CHAPTER 3: Using Crisis Dynamics to See Growing Risks.

The Chronology of a Crisis.

The Dynamics of a Financial Crisis.

The Corporate Sector: Assessing Value Destruction.

The Financial Sector: Banks in Distress.

Understanding the Impact of Macroeconomic Catalysts, Foreign Funding, and Asset Bubbles.

Conclusions and Outlook for Future Crises.

Appendix 3.1: Ten Warning Signs of a Financial Crisis.

Appendix 3.2: Estimating Value Destruction in the Economy.

Appendix 3.3: Why Corporate Sectors Underperform in Crisis Economies.

PART II: Earning the Right to Win.

CHAPTER 4: Managing the First Hundred Days.

Taking Five Tactical Steps When a Crisis Hits.

Developing a Crisis Management Approach.

Managing the CEO Agenda.

Appendix 4.1: Painting the Picture of a Financial Crisis.

Appendix 4.2: How Companies Can Strengthen Funding Before a Crisis.

Appendix 4.3: Using Scenario Planning in Financial Crises.

CHAPTER 5: Capturing Strategic Opportunities After the Storm.

Recognizing Significant Opportunities in a Crisis.

Moving from Boundaries to Greater Degrees of Freedom.

Executing Successfully to Capture Crisis Opportunities.

Appendix 5.1: Leveraging Strategic Opportunities in Financial Crises: The Successful Story of NCNB.

PART III: Managing Unique Banking Risks.

CHAPTER 6: Driving Successful Bank Turnarounds.

Ensuring Turnaround Success: Seven Management Actions.

Mellon Bank's Successful Turnaround.

Christiana Bank's Successful Turnaround.

Filanbanco's Failed Turnaround.

Government Stewardship of Troubled Banks.

Government's Role in Bank Turnaround Strategies.

Appendix 6.1: Building a Rationale for Official Support in a Financial Crisis.

CHAPTER 7: Minimizing Costs Through NPL Recovery Excellence.

Developing World-Class NPL Recovery Capabilities.

Special Issues Raised When NPLs Are Managed by Governments.

Management Lessons: Good Banks/Bad Banks in Scandinavia.

PART IV: Building for the Future.

CHAPTER 8: Strengthening System Safeguards.

Moving to Global Standards for Corporate Governance.

Adopting Better Accounting Standards.

Developing Capital Markets.

Resetting Regulatory Regimes.

Building an Effective Legal Foundation.

Appendix 8.1: Sixteen Elements of Good Corporate Governance.

Appendix 8.2: Singapore's Development as an International Financial Center.

Appendix 8.3: The Discipline of the Market for Corporate Control: Issues for CEOs.

CHAPTER 9: Designing a New, Market-Driven Financial Architecture.

Recognizing the Limitations of Current Standards and Approaches.

Enhancing the Private Sector's Role in Setting Standards to Reduce the Risk of Future Crises.

Appendix 9.1: FSF Compendium of Standards.

Endnotes.

Glossary.

Index.