The 2008 financial crisis has become one of the defining features of the twenty first century’s first decade. The series of events which unfolded in the aftermath of the crisis has exposed major structural flaws in many of the financial systems around the globe, triggering a global call for legal and regulatory reforms to address the problems that have been uncovered.
This book deals with a neglected angle of the 2008 financial crisis looking in-depth at the implicit effects of the 2008 crisis on the UK financial market. The book considers new trends in finance which have emerged since the crisis as well as the challenges faced by some older practices in the UK financial markets. After providing a reflective account of the history of law and creditors in the UK the book investigates the proliferation of certain forms of financing that have recently become very visible parts of the UK financial market’s structure, such as high cost short term lending and peer to peer lending. It provides legal and economic accounts of these forms of alternative lending, charting their developments, current status and critically assesses their impact on the UK financial market. Also examined are the ongoing funding difficulties faced by Small and Medium Enterprises (SMEs) and the suitability of the UK current legal framework to support these institutions. The book goes on to look at the viability and safety of some other post crisis trends such as banks use of Contingent Convertible Bonds (CoCos) to improve their resilience.
1. Introduction. Providing a Different Narrative: The 2008 Financial Crisis and the UK Financial Market Abdul Karim Aldohni 2. Law, Creditors, and Crises: The Untold Story of Debt TT Arvind 3. Peer-To-Peer Lending and Financial Innovation in the UK David Bholat and Ulrich Atz 4. High Cost Short Term Credit in the New United Kingdom Market Place Nicholas Ryder 5. Contingent Convertible Capital: a Perfect Tool for More Resilient Banks Gabriel Adeoluwa Onagoruwa 6. Exploring the Myth of Ethical Finance in the UK Financial Market Post the 2008 Financial Crisis: The Prospects and Challenges Abdul Karim Aldohni 7. SMEs and Access to Finance: A Vulnerability Perspective Orkun Akseli 8. Conclusion: The Lessons to Be Learned From the Now Told Stories of the 2008 Financial Crisis Abdul Karim Aldohni
This series explores the key developments in financial and banking law, offering critical analyses of legislation and regulatory frameworks at the international regional and domestic levels. Legislation, case law, regulatory structures and institutions are discussed from a variety of theoretical and methodological approaches. The books in this series provide valuable and far-reaching investigations into the challenges of regulating finance and banking in a fast-moving and interconnected global economy.