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International Monetary Fund. External Relations Dept.

is a quick and thought-provoking read—and provides far more economic insight than its title suggests. Irene R. Foster, PhD Associate Professor of Economics The George Washington University Control the Manager Brooke Harrington Capital without Borders Wealth Managers and the One Percent Harvard University Press, Cambridge, Massachusetts, 2016, 358 pp., $22.95 (cloth). Best-selling author John Grisham is famous for his detailed research before he even sits down to write a novel. Sociologist Brooke Harrington, the

allocate a higher fraction of their assets to risky investments. Their risk exposure is rewarded with higher returns. However, the authors find that there is more to the story. Richer individuals enjoy pure returns to scale on their wealth. Specifically, for a given portfolio allocation, those who are wealthier are more likely to get higher risk-adjusted returns, possibly because they have access to exclusive investment opportunities or better wealth managers ( Figure 1 ). Figure 1. Wealthier Individuals Get Higher Returns (Percent) Source: Fagereng and others

International Monetary Fund. External Relations Dept.

Luck: Good Fortune and the Myth of Meritocracy , Robert H. Frank Capital without Borders: Wealth Managers and the One Percent , Brooke Harrington Illustration : p. 26, Michael Gibbs. Photography : Cover, p. 6, Colin Anderson/Getty Images; p. 2, IMF photo; p. 10, Fabrice Coffrini/AFP/Getty Images; p. 12, Toru Yamanaka/AFP/Getty Images; p. 14, Caroline Purser/Getty Images; pp. 18–19, Thinkstock; p. 20, Thinkstock; p. 22, IMF photo; pp. 24–25, agency logos used by permission; p. 29, Imaginechina/AP Images; p. 31, Michael Gottschalk/Photothek/Getty Images; p

Mr. John C Caparusso, Ms. Yingyuan Chen, Mr. Peter Dattels, Rohit Goel, and Paul Hiebert

local and global footprint)—then further classify international activities into wholesale and retail banking strategies based on (iii) funding mix and (iv) legal entity (subsidiary or branch) structure. To sort each bank into strategy buckets consistent with managements’ description of their own business models, we set thresholds to classify bank business line-of-business models into six categories (wealth manager, transaction bank, investment bank, consumer bank, corporate bank, and universal bank) and geographic strategies into three groups (global, regional and

Mr. John C Caparusso, Ms. Yingyuan Chen, Mr. Peter Dattels, Rohit Goel, and Paul Hiebert
The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. G-SIBs have adjusted their business models, especially by reducing market intensity. While G-SIBs have maintained international orientation, pressures on funding models and entity structures could affect the efficiency of capital flows through the bank channel.

distribution remained largely unchanged compared to 2014, with a slight decline in the share of equity in favor of fixed income securities in 2015. 9. With the Asia and Pacific region projected to grow at healthy rates in the medium term, the prospects for the wealth management sector in Singapore remain strong. Given the role of the Singaporean banks in the region, the latter are well-placed to capitalize on the growing middle class and the growing demand for wealth management products. Several foreign wealth managers have retreated or are in the process of

International Monetary Fund. External Relations Dept.
This issue of Finance & Development focuses on how technology is driving growth. The issue looks at “transmission channels.” As with drive-through tellers, ever-more-powerful technology allows us to streamline, replacing less efficient practices (the drive-through teller) with more efficient ones (smartphone deposits). Other articles in this issue cover package chronicle technology’s power to transform: Sanjiv Ranjan Das examines big data’s influence on economics and finance; Aditya Narain documents the rise of a new breed of hybrid financial technology—fintech—firms; and Sharmini Coorey touts distance learning for better policymaking. The issue also examines the impact of remittances on monetary policy, de-dollarization in Peru, and the efficacy of public-private partnerships, among other topics. It also presents profile of Nancy Birdsall, the former head of the Center for Global Development, who has dedicated her career to fighting poverty and inequality through compelling research.