Understanding The Language Of Banking

The Language of Banking includes nearly 850 everyday words, phrases, and laws used in the world of finance. Each entry provides an easy-to-understand definition and, when appropriate, a brief background on the phrase or statute. Charts are given to explain such items as annual percentage rate and ability to pay.

While paramount to the modern economy, understanding how the banking system works has been usually cast aside from overall economic education. Even in the aftermath of the recent financial crisis, which has underlined the vital importance of banking in the economy, the workings of the sector remain a black box. To this end, this book provides a comprehensive and easy to read review of the banking sector, covering all issues related to commercial and investment banking and providing experienced as well as non-expert readers the opportunity to expand their knowledge on these topics. After going through the book, readers have the opportunity to gain a deeper knowledge regarding the commercial and investment functions of the banking sector and the ability to evaluate the potential outcome of policy actions.

In this short but ambitious book, Arjun Appadurai argues that the failure of the financial system in 2007-08 in the United States was primarily a failure of language. This argument does not deny that greed, ignorance, weak regulation, and irresponsible risk-taking were important factors in the collapse. But the new role of language in the marketplace, for Appadurai, is the condition of possibility for all these more easily identifiable flaws. Attempts to rectify the social pathologies of contemporary finance must address that failure of language. "Banking on Words "focuses on derivatives as the distinctive innovation of our financial era. Derivatives are written promises concerning the uncertain future prices of financial assets and the substance of these contracts is expressed in terms of money. The recent failure of derivatives markets was systematic and should be understood as failed promises. While it is well-known that derivatives pile risk on risk with little basis in real production and trade, Appadurai reveals this process in a fresh light from which some policy conclusions may be drawn. While critical of derivative finance s present social infrastructure and supporting ideology, Appadurai acknowledges its capacity for creating vast new forms of wealth and asks the crucial question: if we want access to that wealth, what kind of social arrangements would we need to make sure that it benefits all of society rather than reinforcing a system that benefits the few who are already well off? His bold answer involves not the repair of the force of promises but rather the repair and reconstruction of the idea of the individual to enable new sorts of solidarity between dividuals, agents whose very partiality may allow for new aggregations of aspiration, interest and affiliation. This amounts to nothing less than a new ideology of sociality."

Words constantly lose and acquire new meanings, and when these words describe financial activities, people must correctly understand and use them or suffer the consequences. Many financial transactions occur among professionals, who are fluent in the technical vocabularies of their trades, but when transactions include people of all levels of sophistication, as in the banking industry, the potential for misunderstanding and financial loss demands that everyone describe them accurately and in accessible language. Precise, accessible language should form the basis of the mutually-beneficial relationships to which banks and their customers aspire. A com-mon language of representing and understanding banking terms enables eve-ryone to think clearly and critically about services, offerings, and transac-tions. The greatest appeal of The Banking Companion lies in its straightforward definition and presentation of entries. Its 5,000 entries cover words and phrases that constitute the banking vocabulary - from the academic to the practical, and from the formal to the colloquial. There will also be practical example sentences which further illustrate meanings of the entries. SummaryThe Banking Companion features simple, clear English with headwords and phrases drawn from international sources. It can serve the reference needs of undergraduates, graduate students, and professionals requiring assistance, and its explanations about searching and cross-referencing can assist readers worldwide. I researched entries extensively in the banking literature while working on this project. Needless to say, I equally tapped my banking research, writing, training and consulting experience spanning over a quarter of a century. Specifically, The Banking Companion can: * illuminate words and phrases describing financial services, transactions, requests, and relationships * clarify usage by citing examples both technical and non-technical* help readers evaluate banking services, offerings, and transactions, espe-cially as some words and phrases have gain or loss implication in partic-ular banking situations * enable readers to understand, assess, and participate in bank-provided financial services. The Banking Companion thereby directly facilitates the mutually-beneficial banking relationships to which banks and their customers aspire. Audience The Banking Companion serves the reference needs of students, researchers, professionals, and everyone who has anything to do with banking, banks, or banking relationships. Selling Points * Explains each headword or phrase in at least two contexts* Indicates the areas of banking to which particular headwords or phrases apply* Illustrates meanings * Contains example sentences for each of the entries * Shows parts of speech to which the headwords and phrases are classified Competing TitlesThe competing titles somewhat are not strong banking reference texts. This is largely because, in addition to banking, they are also covering insurance, investments, accounting, and other financial subjects. That is the main hole in their coverage. In essence, the competing titles contain a potpourri of financial terms and entries - whereas, in practice, banks are usually isolated from non-bank financial institutions for purposes of industrial classification and regulation. Certainly such titles hardly offer in-depth definitions. Of course, it's unlikely to find an author who has altogether adequate expertise in all of those fields. There are subjects which The Banking Companion covers that the competing titles do not. Mine captures the dynamics of contemporary banking vocabulary and terminologies for every sphere. Readers will find that each headword, phrase and so on is related to particular banking function(s) in which it is predominantly used. Words and phrases have practitioner touch, academic angle and reflect real-life banking insights.

Employing a light and lively writing style, the book starts with the history of central banking in England and then shifts focus to the United States, explains in detail how the Fed works, and covers the Fed's unprecedented activities to prevent the Great Recession from spiraling into the Greatest Depression. The final chapter presents a detailed scorecard for each of the Fed chairmen over the last 40 years.

Banking practitioners and other individuals must understand words and phrases that are used in relation to or while processing financial services, transactions, requests, or in managing banking relationships. Indeed, everyone needs to understand the terms used in banking to be able to evaluate banking services, offerings, and transactions in critical ways. The need to do so is underscored by the fact that some of the words and phrases may have gain or loss implication in particular banking situations, transactions, or relationships. Besides, with sound understanding of banking words and phrases, people will be in a position to objectively assess claims in financial services which banks package, offer, or deliver to them. Such understanding could be one of the ways to achieve mutually beneficial relationships to which banks and their customers aspire. There is a tendency among authors to present words and phrases relating to finance, investment, money and banking in one dictionary text. That approach would be expedient, especially for reference purposes, if it provides a comprehensive coverage of words and phrases used in all of those fields. In this dictionary, I focused largely on banking words and phrases. Doing so, my expectation is that the dictionary should be comprehensive enough to serve as an effective handbook for practising bankers and fulfil their professional banking reference needs. However, in putting together the dictionary, I ensured that it should also be relevant to everyone who has anything to do with banking, banks, or banking relationship. Yet, it will be of immense value to students, especially those in institutions of higher learning. Perhaps the greatest appeal of this dictionary is in simple definition and presentation of entries. Its users will also find that entries in the dictionary cover a broad range of clearly defined words and phrases that constitute the banking vocabulary - from the academic to the practical, and from the formal to the colloquial. There are also practical example sentences which further illustrate meanings of the entries. I need mention at once that most of the entries are largely peculiar to banking in developing economies. Many of the words and phrases especially reflect the conventional and emerging language of banking in Africa. These attributes make A New Basic Dictionary of Banking more adaptable to banking purposes in developing countries.

Everyone needs to understand the terms used in banking to be able to evaluate banking services, offerings, and transactions in critical ways. The need to do so is underscored by the fact that some of the words and phrases may have gain or loss implication in particular banking situations, transactions, or relationships. Besides, with a sound understanding of banking words and phrases, people will be in a position to objectively assess claims in financial services which banks package, offer, or deliver to them. Such understanding could also be one of the ways to achieve mutually beneficial relationships to which the banks and their customers aspire. On the other hand, practising bankers must understand words and phrases that are used in relation to or while processing financial services, transactions, requests, or in managing banking relationships. The dictionary is comprehensive enough to serve as an effective handbook for them and fulfil their professional banking reference needs. However, it's also relevant to everyone who has anything to do with banking, banks, or banking relationship. Yet, it will be of immense value to students, especially those in institutions of higher learning. The greatest appeal of this dictionary is in simple definition and presentation of entries. Its users will also find that entries in the dictionary cover a broad range of clearly defined words and phrases that constitute the banking vocabulary – from the academic to the practical, and from the formal to the colloquial. There are also practical example sentences which further illustrate meanings of the entries. Most of the entries are largely peculiar to banking in Africa. Many of the words and phrases especially reflect the conventional and emerging language of banking in West Africa. These attributes make the dictionary more adaptable to the African environment and banking purposes. Thus, “Dictionary and language of banking” offers specific benefits, summarized below. It, amongst other benefits, •equips the banking public with words and phrases that are used in relation to, or while, processing financial services, transactions, requests, or in managing banking relationships •offers understanding required to evaluate banking services, offerings, and transactions in a critical way, especially as some of the words and phrases may have gain or loss implication in particular banking situations, transactions, or relationships •puts readers in a position to objectively assess claims in financial services which banks package, offer, or deliver to them. Such understanding could also be one of the ways to achieve mutually beneficial banking relationships to which banks and their customers aspire •comprehensively covers banking words and phrases, which makes the dictionary relevant to everyone who has anything to do with banking, banks, or banking relationship •appeals particularly to students and practising bankers as an effective reference handbook •has advantage in simple definition and presentation of entries, with clearly defined words and phrases that constitute the banking vocabulary – from the academic to the practical, and from the formal to the colloquial •contains practical example sentences which illustrate meanings of the entries

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