Book Description
One of the few books on the subject, Country Risk Assessment combines the theoretical and practical tools for managing international country risk exposure.
- Offers a comprehensive discussion of the specific mechanisms that apply to country risk assessment.
- Discusses various techniques associated with global investment strategy.
- Presents and analyses the various sources of country risk.
- Provides an in depth coverage of information sources and country risk service providers.
- Gives techniques for forecasting country financial crises.
- Includes practical examples and case studies.
- Provides a comprehensive review of all existing methods including the techniques on the cutting-edge Market Based Approaches such as KMV, CreditMetrics, CountryMetrics and CreditRisk+.
Book Description
China is the world's number-one growth story now. But how is it that China has achieved such quick growth in this era? How is it that made-in-China products can flood the globe? Is a trade war going to happen? Or is a new world order in the making? This second volume of a trilogy-by Chinese journalist/consultant George Zhibin Gu-aims to answer these questions and more.
Today, more than a half-million overseas companies conduct business inside China. Learn about all the opportunities this exploding market presents, including banking, insurance, and stock market, as well as the yuan and trade and cross-border business issues. Moreover, it contains extensive studies on China's political-economic reform as well as evolving international relations.
This volume addresses eight key topics:
I. China's New Role in the World Development
II. The Yuan, Trade, and Investment
III. China's Fast-Changing Society, Politics, and Economy (in light of Chinese and global history)
IV. China's Banking, Insurance, and Stock Market Reforms
V. Chinese Multinationals vs. Global Giants
VI. The Taiwan Issue: Current Affairs and Trends (federation as an alternate way for unity)
VII. India vs. China: Moving Ahead at the Same Time
VIII. The Japan-China Issue: Evolving Relations in Light of History
Today, all nations increasingly rely on one another for development, a trend that will only strengthen as time passes. As a saying goes, "The future is being shaped today." This book will appeal to readers everywhere regardless of their particular interests.
Customer Reviews:
Cooking With the Iron Rice Bowl.......2007-03-27
Part reference, part musing, part insightful and timely analysis, George Zhibin Gu's latest book "China and the New World Order: How Entrepreneurship, Globalization, and Borderless Business are Reshaping China and the World" is a welcome and refreshing read among the endless new titles printed on China today.
Picking up on a focus of his previous book "China's Global Reach...," Gu goes further and identifies the chief impediment to China's latest and perhaps most difficult transition as the Chinese state itself. Gu reveals the seemingly historical inevitability of China's vast government apparatus but explains that Communist Party bureaucracy is unique in Chinese experience in the size and scope of its all-encompassing control.
In topics relative to today's readers Gu ably demonstrates through the book that changes in China come from the revived entrepreneurial instinct of the Chinese. Along with huge foreign investment China's ever-growing private sector is the outside influence that is challenging Chinese bureaucracy as never before. But while the Chinese people struggle to create a law-based society and break the bureaucracy's grip on all aspects of economic life, the Chinese state seeks an equal footing among world national powers.
"China and the New World Order" is nicely segmented into short but highly relevant chapters. As in his earlier works Gu deftly examines the pros and cons of numerous hot-button issues on China. For example he takes on the Taiwan - China knot and proposes an interesting solution, a federation or federal system as a means toward meaningful (and mutually beneficial) reunification although his federal system shares more similarity to a commonwealth in the opinion of this reviewer. Gu's look at delicate state of Japan and China relations reveals that Japan remains as apprehensive over Chinese growth and potential as it was in the past. In examining the India versus China debate Gu shows that there is far less competition (as Western press prefers to portray it) and more similarities between the two giants of Asia.
There is plenty of current information here and the detailed contents and summaries make the book a good quick reference for anyone with an interest in what's happening right now in China. And there are goodies such as a lengthy interview with Mark Mobius and a foreword by Hoover Institute fellow William Ratliff.
At one point in his analysis, Gu intriguingly compares the struggle in China to the old European church-state alliance. With that view in mind, what may be needed next and with luck what Chinese entrepreneurs may succeed in bringing is a Chinese "Glorious Revolution."
The most important book I read in the last 5 years.......2006-12-25
This new book from Dr. George Zhibin Gu is a geo-economics and geopolitical masterpiece from an insider, someone that thrives his consulting work and daily life inside China, not writing or comment from a comfortable chair in London or New York paid by a western think tank, or only for academic proposals. His challenge is to write for a broad audience out of China. I must refer his clever suggestions about Taiwan - a political proposal for a a federation - and the way he sees the go global from Chinese emergent multinationals. It is needed a lot of courage for an insider to be so clear in his proposals and to identify the old Chinese problem - bureaucracy, the same that stopped admiral Cheng Ho and the Discoveries in the XV Century, that closed China for so many centuries and gave an opportunity for foreign powers to humiliate China, hyper-bureaucracy that in the Mao period pulled China for chaos and economic and social distress. China and the New World Order is a must reading. Jorge Nascimento Rodrigues, editor of www.gurusonline.tv and translator of Made in China (published in Portuguese language).
Is a new world order in the making?...It might just happen........2006-12-15
Base on the number of book in relation to this matter so far I believe that no one has come close to capturing "new China's" spirit and meaning as Gu. After reading his second volume I found it to be hugely insightful on the current events of China and global affairs. It greatly explores the key factors that shape Chinese and global development in the next stages. It gives tremendous info and analysis on the Chinese government, politics, business and economy for any one's interest.
There's a huge amount of info on foreign businesses inside China. You will be able to see about twenty five American and global multinationals inside of China that are studied. In the meantime it gives us a very provocative analysis on China's new role in the world. Gu details this general picture of how China is walking away from a practical society and embracing an open, restless and dynamic society. It claims that an overextended, self-appointed bureaucracy remains the key problem for China. To overcome countless technical barriers, greater openness, entrepreneurship and global involvement is all needed. Again, it's very insightful on the issues between China, Taiwan, Japan, India and West. I will add that his analyses on Japan-China line up are very interesting as well as Taiwan. There' a tremendous amount of info and analysis on China's financial, banking, insurance and stock market.
Author George Zhibin Gu is a very outspoken and a well known Chinese journalist who has generally covered mergers and acquisitions, capital activities, business expansion, and restructuring. He's an insider who gives us scrupulous examination on current China and global affairs which is more than a reason why you should grab hold to this book.
Insightful and Intelligent.......2006-12-11
George Gu provides a depth of understanding that distinguishes his work from most other business books. His wide network of contacts gives insight into emerging trends. He provides useful context that western authors often lack and Chinese authors frequently take for granted.
Prepare for the Dragon Market - Winston Ma, Author of "Investing in China: New Opportunities in a Transforming Stock Market.......2006-11-07
For the international investor community, "Investing in China" in the new century is more or less a one-way investment and capital flow. Mr. Gu's book, however, looks one step further to explore how all these interactions would reshape the global horizon, both for China and the rest of the world.
In fact, China's outward influence is increasingly obvious. For instance, whether China would diversify its foreign currency reserve -- and consequently whether China will enter into the gold market to hedge its US dollar exposure -- has profound implications in the global financial markets.
Comparing to many other books on China, Mr. Gu's book has a truly "authentic Chinese" flavor. The reason is obvious: He is an INSIDER. As a native Chinese, he captures the spirit of China's latest developments in its not-too-short historic context.
Average customer rating:
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The Economics of Natural Hazards, 2 Volume Set (International Library of Critical Writings in Economics)
Manufacturer: Edward Elgar Publishing
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ASIN: 1840648155 |
Book Description
All property and casualty insurers are required to carry out loss reserving as a statutory accounting function. Thus, loss reserving is an essential sphere of activity, and one with its own specialized body of knowledge. While few books have been devoted to the topic, the amount of published research literature on loss reserving has almost doubled in size during the last fifteen years.
Greg Taylor's book aims to provide a comprehensive, state-of-the-art treatment of loss reserving that reflects contemporary research advances to date. Divided into two parts, the book covers both the conventional techniques widely used in practice, and more specialized loss reserving techniques employing stochastic models. Part I, Deterministic Models, covers very practical issues through the abundant use of numerical examples that fully develop the techniques under consideration. Part II, Stochastic Models, begins with a chapter that sets up the additional theoretical material needed to illustrate stochastic modeling. The remaining chapters in Part II are self-contained, and thus can be approached independently of each other. A special feature of the book is the use throughout of a single real life data set to illustrate the numerical examples and new techniques presented. The data set illustrates most of the difficult situations presented in actuarial practice. This book will meet the needs for a reference work as well as for a textbook on loss reserving.
Book Description
Catastrophe Modeling: A New Approach to Managing Risk is the first book that systematically analyzes how catastrophe models can be used for assessing and managing risks of extreme events. It focuses on natural disaster risk, but also discusses the management of terrorism risk. A unique feature of this book is the involvement of three leading catastrophe modeling firms, AIR Worldwide, EQECAT, and Risk Management Solutions, who examine the role of catastrophe modeling in rate setting, portfolio management and risk financing.
Using data from three model cities (Oakland, CA, Long Beach, CA and Miami/Dade County, FLA), experts from the Wharton School of the University of Pennsylvania examine the role of catastrophe modeling to develop risk management strategies for reducing and spreading the losses from future disasters. Given the uncertainties associated with terrorism the book points out the opportunities for utilizing catastrophe models to set insurance rates and to examine public-private partnerships for providing financial assistance in the event of a terrorist attack.
"This book fills a critical need in setting forth the role of modern risk analysis in managing catastrophe risk. There is no comparable reference work for this important subject area. The book is well written and well organized. It contains contributions from many of the most distinguished experts in the fields of risk analysis and risk management. It strikes a good balance between the technical aspects of the subject and the practical aspects of decision making."
"This book is strongly recommended for individuals who must make decisions regarding the management of impacts of catastrophe risks including those in both the public and private sector."
Wilfred D. Iwan
Professor of Applied Mechanics, Emeritus
Director, Earthquake Engineering Research Laboratory
California Institute of Technology
"The authors have captured the essence of catastrophe modeling: its value, its utility and its limitations. Every practitioner in the catastrophe risk field should read this book."
Franklin W. Nutter, President
Reinsurance Association of America
Customer Reviews:
Disaster insurance rate determination (guessing or otherwise).......2005-08-11
An excellent survey of disaster insurance premium estimation. The volume is written by a variety of contributors, but they follow an outline predetermined by the editors. The material starts with an introduction to natural disasters (hurricanes and earthquakes), then reviews the primary 'technique' recommended by the authors: using GIS databases and sophisticated computer models to predict disaster costs (disaster models). Unfortunately, the details of running these models are hard to communicate without giving the reader access to an interface of a sample model.
Despite this difficulty, there is an excellent chapter detailing the legal battles between the insurance industry and consumer advocates. The battle was fought after the Northridge, CA earthquake, and the GIS data and disaster models were the heavy artillery employed by the insurance brokers. The authors review difficult issues regarding 'fair premium price' determination for regulated retail insurance policies. The purchasers of disaster insurance tend to see the brokers collecting risk-free profits. The brokers counter that the Northridge earthquake insurance payouts exceed all the premiums paid in California for over 20 years. Elsewhere the authors mention hurricane Andrew insurance payouts exceeded all insurance payments ever collected in Florida.
The final chapter covers 'terrorism insurance', and represents an excellent survey of issues facing the insurance industry after September 11. One of the interesting issues raised in the mismatch between industry assessment of 'fair premium' and public assumptions that a 9/11 type disaster could not happen, again. At least this is what sale of terrorism insurance demonstrates.
The book will probably suggest more questions than it answers. In particular, the chapter on terrorism raises interesting issues about 'governmental' coverage versus 'private' coverage. At a certain level, victims of terrorism can expect taxpayers to 'aid' those suffering from the disaster. 'Aid' is another term for insurance, but 'coverage' is universal and payments hidden in various taxes. Coming up with fair 'retail terrorism insurance premiums' seems beyond the capabilities of the US insurance system. The problems are structural and won't go away any time soon.
Catastrophe Modeling: A New Approach to Managing Risk .......2005-07-24
Excellent choice to educate user community -- topic well presented to lead "those less comfortable with statistics" through the Catastrophe Risk modeling history and process
Excellent!.......2005-04-03
This book covers so many great topics that it is impossible to go into all of them in an amazon review. Suffice to say, for anyone in the reinsurance business, or anyone interested in risk management in general, this is simply a terrific book. The subject matter is dense, but the writing is lucid and engaging. Nicely done!
Book Description
Based on the author's experience of teaching final-year actuarial students in Britain and Australia, and suitable for a first course in insurance risk theory, this book focuses on the two major areas of risk theory - aggregate claims distributions and ruin theory. For aggregate claims distributions, detailed descriptions are given of recursive techniques that can be used in the individual and collective risk models. For the collective model, different classes of counting distribution are discussed, and recursion schemes for probability functions and moments presented. For the individual model, the three most commonly applied techniques are discussed and illustrated. Care has been taken to make the book accessible to readers who have a solid understanding of the basic tools of probability theory. Numerous worked examples are included in the text and each chapter concludes with exercises, which have answers in the book and full solutions available for instructors from www.cambridge.org.
Average customer rating:
- State of the Art
- An excellent addition to any quants library
- A Book That Was Long Overdue
|
Mathematical Methods for Foreign Exchange: A Financial Engineer's Approach
Alexander Lipton
Manufacturer: World Scientific Publishing Company
ProductGroup: Book
Binding: Hardcover
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Similar Items:
-
The Economics of Exchange Rates
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The Volatility Surface: A Practitioner's Guide (Wiley Finance)
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Foreign Exchange: A Practical Guide to the FX Markets (Wiley Finance)
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Inside Volatility Arbitrage : The Secrets of Skewness
-
FX Options and Structured Products (The Wiley Finance Series)
ASIN: 9810246153 |
Book Description
This comprehensive book presents a systematic and practically oriented approach to mathematical modeling in finance, particularly in the foreign exchange context. It describes all the relevant aspects of financial engineering, including derivative pricing, in detail. The book is self-contained, with the necessary mathematical, economic, and trading background carefully explained. In addition to the lucid treatment of the standard material, it describes many original results.
The book can be used both as a text for students of financial engineering, and as a basic reference for risk managers, traders, and academics.
Customer Reviews:
State of the Art.......2003-01-11
I own pretty much all of the books on quantitative finance
and this one holds a cherished place on my bookshelf.
Anybody either working as a quant or with aspirations to become one should dust off some space on their bookshelf as well.
Anybody who does serious research in finance in either academia or industry already knows that it is somewhat rare for top researchers to pen books of any length. Time is at a premium and the payoff to publishing journal articles or to finishing off code is typically much greater than it is for writing books.
This is what distinguishes this book from its competitors.
The author is well known in financial circles as one of a handful of quants who is capable of meaningfully contributing new results to this fascinating field. The book contains many results which cannot be found elsewhere in the public domain.
Although the book title suggests that the results apply only to
foreign exchange, it is straightforward to adapt the results to
equities, commodities, and many other underlyings.
Wall Street is a very secretive place and it is not easy to get a glimpse of the kind of things that consume a quant's time.
I suspect that the only reason that this book was able to come to light is due to the acquisition of Banker's Trust, the author's former employer. Banker's was well known to be a fertile training ground for the best derivative minds and this book should prove to be a lasting legacy to that view.
An excellent addition to any quants library.......2002-11-10
Alexander Lipton Lifschitz has brought his extensive
experience and years of research in the most diverse areas
of applied mathematics as well as his experience
in the financial industry to bear in authoring this
very interesting book.
The range of this book is impressive.
Although the author chose to focus on currency
options, his book really is a treatise on
a wide spectrum of problems and methodologies
which any quant wishing to tackle the
sophisticated world of option pricing at a high level
must master.
The author demonstrates his mastery of
the arsenal of the classic applied mathematician,
asymptotic analysis, self-similarity, Laplace
and Fourier transform, and uses these to give an
incisive analysis of both standard topics
such as American options and more exotic topics
such as options on one currency with
barriers on the other currency, passport
options (for which he was a pioneer in developping
pricing tools) , asian options and much much more.
No, this is not as easy a read as Willmott's
books. Willmott's books were and remain
an important contribution with their
quick and intuitive explanation of a variety
of instruments. Lipton- Lifschitz's
book is more challenging and the reader will
have to pull up his sleeves on
occasions where the author, while dealing
with a case analogous to one just treated
says " the details are left to the reader".
But let's face it, if you work on Wall Street
or nearby, you'll have to tackle those details
alone at some point and Lipton-Lifschitz
gives you all you need to know to do
pull this off.
And. last but not least, let's not forget the price. At less than 50$ thisbook is a real bargain and for a first
printing, unusually free of typos or others
errors.
I highly recommend you buy this book now before the publisher
doubles the price.
A Book That Was Long Overdue.......2002-05-14
Most of the books on mathematical finance fall in one of the two domains. Some books are written for people who are new to the field and, as such, do not go deeply into the mathematical details that are crucial for implementing these methods in practice. The more advanced books are usually written by academic mathematicians and sometimes suffer from poor readability and lack of awareness of relevant problems. What many people are looking for is a detailed and readable description of how to apply the latest mathematical methods to solving the problems appearing in day-to-day work of derivatives desks. Such books are few and far between: that is why Alex Lipton's manuscript was so welcome.
As a quant in one of the Wall Street investment banks, I found this book a very valuable resource. Though written on a fairly high level, this book remains a readable and consistent exposition of latest methods of foreign exchange modeling. I particularly appreciated that the author does not skip steps in his derivations and gives out all those little practical details that are so important to people planning to use these methods in their work. The range of topics covered is fairly wide, with main emphasis on derivative pricing. I found the two chapters on path-dependent options to be particularly interesting and extensive. Some of the results included in the book came out of author's original work at Deutsche Bank. I also had an impression that some of his latest work was not included in the book, which is a pity.
All in all, an excellent book. Well worth the price.
Book Description
The Glossary of Insurance and Risk Management Terms is your personal interpreter of 2,800 key insurance and risk management terms. The terms are written in plain English with a focus on practical application. This popular Glossary of Insurance and Risk Management Terms gives you quick answers to questions involving unfamiliar terminology used in insurance specifications and proposals, risk management reports, and other written documents you receive. It also can help you write more effective reports to management by explaining the subtleties behind the jargon. Your support personnel also will find it useful as both a practical manual and a training guide. In addition to defining 2,800 terms, the IRMI Glossary:
Cross references to specific sections in your IRMI manuals
Provides directory of important organizations and regulatory offices
Contains a unique glossary of more than 860 frequently used abbreviations and acronyms.
Book Description
In classical life insurance mathematics the obligations of the insurance company towards the policy holders were calculated on artificial conservative assumptions on mortality and interest rates. However, this approach is being superseded by developments in international accounting and solvency standards coupled with other advances enabling a market-based valuation of risk, i.e., its price if traded in a free market. The book describes these new approaches, and is the first to explain them in conjunction with more traditional methods. The various chapters address specific aspects of market-based valuation. The exposition integrates methods and results from financial and insurance mathematics, and is based on the entries in a life insurance company's market accounting scheme. The book will be of great interest and use to students and practitioners who need an introduction to this area, and who seek a practical yet sound guide to life insurance accounting and product development.
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