Book Description
A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.
"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.
"A comprehensive selection of the major references in currency option pricing."-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.
"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.
Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.
This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.
The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.
Customer Reviews:
Excellent choice of papers!.......2001-08-18
DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.
Comprehensive.......1999-06-19
This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well.
Average customer rating:
- Packed With Knowledged!
- the true key to prosperity - good governance!
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Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck
Rudiger Dornbusch
Manufacturer: The MIT Press
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ASIN: 0262041812 |
Book Description
The underlying theme of Rudi Dornbusch's work is unabashedly Chicago, namely, the University of Chicago belief that markets solve problems best and that most bureaucrats, even when well-intentioned, are distracted by politics or excessive zeal for perfect solutions. Dornbusch seeks to challenge those in charge with alternative answers and to limit their ambitions. He takes aim at central bankers, bureaucrats, unions, do-gooders, and politicians from Brazil, Japan, Russia, and other scenes of economic disaster.
This book collects Dornbusch's recent commentaries from such publications as Business Week, the Wall Street Journal, and the Financial Times, as well as longer essays from recent and forthcoming books. The pieces focus on issues of domestic and international economic policy, including inflation and debt, exchange rates, trade policy, emerging markets, and the intersection of politics and economics. The writing is lively, opinionated, and informative.
Customer Reviews:
Packed With Knowledged!.......2001-09-28
This entertaining and sharply written collection of essays surveys the essential elements needed to assure prosperity in the 21st-century global economy. Some of the essays are dated (the only major flaw here), and some of author Rudi Dornbusch's predictions have already been proven wrong, but enough of his predictions are dead-on accurate that his views command attention. His policy prescriptions are rooted in the real world and grounded in practical experience. The region-by-region, nation-by-nation analysis is particularly intriguing and accentuates the clarity and accessibility of Dornbusch's sophisticated - if sometimes controversial - economic arguments. We [...] recommend this book as excellent reading for policymakers, investors and anyone interested in international markets and globalization.
the true key to prosperity - good governance!.......2001-02-21
Dornbush forwards a convincing argument for free markets and sound money. However one question begs to be answered. Why didn't these countries adopt the recommended policies?
There's more to prosperity than mere free markets and sound money. The ability (or rather the lack of) to sail these policies through the congress/parliament appears to be a major impedence. And luck only plays a minimal role in good governance.
Overall a good read. Non-technical approach makes this an entertaining book, only to let down by poor documentation (especially the 1st article which contains dubious looking charts with no references)...
Book Description
Investment courses are in demand by 800,000 business majors and lifelong learners in non-degree programs every year. Schaum's Outline of Investments, Second Edition, presents this authoritative learning guide to the decade's hottest topicmaking money grow. Contains clear and concise explanations of investment principles, contemporary investment strategies, and international markets.
Customer Reviews:
A Gem for Supplemental Studies.......2005-03-30
Schaum's Outlines consistently provide good topical studies. I have read several of their finance and accounting books to supplement my CFA curriculum studies. The "solved problems" present a myriad of practical questions / scenarios, followed by detailed solutions. I consider this format a great way to learn!
INVESTMENTS helps round out a finance students' or investment professionals' understanding of a variety of concepts.
The book excels at presenting topical material in an orderly way. Chapters nicely segue into others. Authors Francis and Taylor's early chapters cover various financial instruments (money market securities, common and preferred stock, corporate bonds, US securities, municipal bonds) and then progress to the financial environment in which these instruments operate.
The book explores financial statement analysis, portfolio management and analysis and also specific applications of short positions, hedging, arbitrage, security valuation, put and call options, and capital market theory.
I give this book a 4-star rating instead of 5 because the end-of-chapter problems (true false and multiple choice) are not supplemented with detailed explanations to the correct answer. This being said, I give much credit to the effectiveness of the Solved Problems throughout the book. They are practical and have enhanced my understanding of topics.
The book could be improved if the authors would provide problem-solving guidance using financial calculators. I use an HP 12-C calculator extensively and perhaps had an easier time solving problems with it rather than mulling through the algebraic formulas.
All in all, for the serious CFA candidate or student of investments, I highly recommend this book for supplemental reading. I've learned a lot and hope you do too!
Good introduction to the beginning student of investment.......2002-03-06
This book gives an excellent elementary introduction to investment techniques and concepts for the beginning student of business or economics. It is full of useful examples and solved problems as is characteristic of all books in this series, and it also gives adequate explanation of the terms and results in most areas of investment activity. Some of the parts of the book which are particularly well-written or helpful include: 1. The diagram of the corporate bond rating process . 2. The flowchart detailing a primary offering made through a syndicate of investment bankers. 3. The summary of the different security market indices. 4. The discussion of the "naive buy-and-hold strategy" and their use as benchmarks against which other investment strategies may be compared. 5. The discussion of the Dupont framework for analyzing equity returns and growth to reveal the sources of the growth of the firm. 6. The discussion of time-series comparisons for the ratios of a firm. 7. The discussion of the various problems involved when doing financial statement analysis. 8. The discussion on arbitrage. 9. The treatment of moving averages and the accompanying illustration of different moving averages. 10. The discussion of the random walk theory in the context of the efficient markets theory. The random walk theory has been been taken to be axiomatic by most financial analysts but has recently been challenged recently by empirical studies of financial data. 11. The treatment of the different levels of market efficiency, including the weakly efficient, the semistrong efficient, and the strongly efficient market hypotheses. 12. The discussion of the anomalies in market data that point to deviations from the efficient market hypothesis. 13. The chapter on portfolio analysis via the use of covariance and the treatment of the efficient frontier. 14. The treatment of the capital asset pricing model.
A Good Book For The Do-It-Yourselfer.......1998-09-11
A good book for someone who wants to learn the mathematics and mechanics of the various financial instruments.
Book Description
Discover the principles that made Warren Buffett a billionaire! Developed by legendary Wall Street wizard Benjamin Graham, mentor of Warren Buffett, value investing strategies are the most reliable, fail-safe, and successful money-making methods ever invested for investing on Wall Street. Janet Lowe presents these methods in a crisp, readable, and easy-to-understand style, covering, how to: Size up a company's growth prospects; Spot intentionally manipulated and misleading balance sheets and income figures; Create a "margin of safety" for your investments.
Customer Reviews:
Book:Value Investing Made Easy.......2007-08-06
Concise and through treatment for the uninitiated investor interested in investing in the long view.
"Graham Lite".......2006-06-16
This book was a decent introductory work to value investing a la Ben Graham, but it was just that, an introduction. It is quite a bit more readable than Security Analysis or The Intelligent Investor, but it also lacks the depth of these works.
In particular, this book does an excellent job of summarizing Graham's thoughts with respect to ratio analysis, management analysis, and provides a general overview of how to view financial statements. That being said, it does not explain how to "drill down" into financial statements and adjust them for various condictions as Graham sets forth in "Security Analysis."
Another weakness of this book is that it does not delve into anything other than common stock ownership. This might be a particular problem, as Graham, for example, advised that any issue senior to the one being analyzed must be viewed as debt, since it has a prior claim on the company's earnings. Hence, using Graham's analysis, dividends in respect of preferred stock would be deducted from earnings (as a payment on debt), whereas they are generally considered dividends on a par with common by many investors. Similarly, Security Analysis also discusses adjusting financial statements (for purposes of analysis, including ratio analysis) for warrants, etc.
In all, though, this book is a much easier read than any of Graham's works, and it certainly provides a good introduction to his theories of investing. I would recommend that anyone who likes what is said in this book read Warren Buffett's annual reports and any of Graham's books as well.
Key Lesson- Stick to the Proven Performers.......2006-01-04
The author touts the book as a distillation of the key concepts of Benjamin Graham's classic text, Security Analysis, but fails to elaborate on a key point repeatedly mentioned in Graham's book. Graham noted that at times, some bonds make for better investments than stocks as a class of investments, and at other times, some stocks make for better investments than bonds as a class. This readily follows from Graham's definition of an investment, which he stated most succinctly in his book for the novice investor, The Intelligent Investor:
An investment is any activity which provides safety of capital with a reasonable expectation of income. All other activities are speculative.
Lowe's book concentrates solely on stocks, and ignores the potential of bonds as an investment. As a result, the book distills only some of the wisdom of Security Analysis, which, by the way, can be found in a more accessible form in Graham's book, The Intelligent Investor.
By saying this, I do not mean to imply that Value Investing Made Easy is not a worthwhile read. Rather, it is the book the novice should read if and only if he or she does not want to spend the time reading Graham's Security Analysis, a formidable text nearly a thousand pages long (however, in Graham's defense, most of these pages are devoted to graphs, charts and numerous examples of the application of his techniques).
Lowe's book presents most of the important tenets necessary for picking stocks along the lines of Graham and Dodd (and Warren Buffett). A careful reader will notice, however, that the stock universe for which the tenets are applicable limits him or her to solely the proven performers. Among other things, these stocks typically, but not always, pay dividends, or have a history of doing so.
I found the text to be somewhat of a letdown because most of it was devoted to the justification for value investing, and not on the techniques of value investing per se. The book relied heavily on notable anecdotes- star performers of value investing fame such as (yep, you guessed it) Warren Buffett, Irving Kahn and others, and a bit less on the techniques in action as I would have liked.
However, in its defense, the book contains several pearls of wisdom that the novice investor would do well to know like the back of his or her hand. The book lays down an appropriate definition for intrinsic value, provides a satisfactory explanation of the role and importance of assets and dividends, and most important, the use and limitations of long-term trends in earnings and dividends to make assessments of stock investments.
On a personal note, I feel the most important lesson of the book is contained on Page 20 of the text- How Trustworthy Are the Numbers? Here, Graham warns us that, "Deliberate falsification of the data is rare; most of the misrepresentation flows from the use of accounting artifices, which it is the function of the capable analyst to detect. Concealment is more common than misstatement."
I leave the potential reader with one critical admonishment taken from the text (Page 21) which is perhaps the most relevant of all of Graham's tenets for the novice investor:
"When an enterprise pursues questionable accounting policies, all of its securities must be shunned by the investor, no matter how safe or attractive some of them may appear."
Value Investing Demystified?.......2002-09-16
Intended as a more digestible and accessible version of the teachings of the brilliant Benjamin Graham and his associate David Dodd, Ms Lowe expertly cuts a delicate path between writing, on one hand an overly simplistic overview and on the other an unneccessarily rigorous text book.
Although this Book is more theory than practice and certainly more Art than Science it nevertheless affords the Novice to Intermediate Investor an excellent interpretation of the thinking behind/and the implementation of Value Investment in the Stockmarket,a technique that rewarded it's true Practioners handsomely over the years throughout widely differing market conditions.All of Benjamin Graham's Stock Market Investment tenets,such as The Margin Of Safety, Intrinsic Value,the avoidance of speculation,the preservation of Capital,the need to think and act independently of the crowd,to build an extra margin of safety into estimates by using conservative figures etc,etc are clearly and vibrantly related to the Reader.
Janet Lowe adds value through the use of real life Companies as examples and each chapters comes with several very useful "sturdy pillars" or quotations from Ben Graham to elucidate the central thrust of the particular passage concerned.
Although well written and carefully researched I have some small gripes in that some of the mathematical formula are not that clear but that should not deter potential readers from buying this Book.Furthermore if Buyers are expecting the Book to explain how to calculate a useful range of current intrinsic values for a stock or answer questions such as "at the current price what growth rate is the Stock Market discounting for this Company" using simple fundamental analysis then they will be disappointed(for this purpose I would recommend the excellent "The Vest Pocket Guide To Vale Investing by C.Thomas Howard,ISBN 0-7931-1728-3)
More humourously, in these more politically correct times, Ben Graham's advice for Women to buy there Stocks as if they were buying their Groceries rather than their Perfume is admonished as being sexist.I wonder if Ben Graham had advised Men to buy there Stocks as if they were buying Gardening Equipment and not aftershave have received the same treatment?I don't think so!
However ,in conclusion, I feel this Book will serve as an invaluable guide for the ordinary Investor looking for a time tested and proven technique who is willing to exercise both patience and discipline
Perhaps Value Investing "demystified" rather than "made easy" would have been a better title.Nevertheless I feel that Ben Graham would have approved.
Nice Try - A misinterpretation of the concepts.......2002-07-17
I like the idea, but...
Having recently undertaken the wonderful journey of studying Benjamin Graham and Warren Buffett through reading most of their writings, I felt obligated to comment on this book. Many important concepts are nicely explained, and the format is pleasing, however, a disturbingly significant number of facts presented are gross misinterpretations.
The author does a nice job of explaining commonly used Wall Street terminology and concepts, for the novice. However, she fails in the infinitely more important task of consistently explaining the core concepts of investing (and not just stock speculating -- as so many of us all too often do).
Two (among the many) misleading points involve investment diversification and Buffett's used cigar-butt approach. She implies both Graham and Buffett whole-heartedly embrace diversification. Unless I have been reading the wrong Graham and Buffett, they certainly do not do so, unconditionally. The author further misrepresents Buffett when she actually leaves it that he finds the "cigar butt" approach, a wise way to buy businesses. He indeed called that method, "foolish" [Mr. Buffett: if that is no longer the case, please excuse my error.]
If you are searching for enlightenment, the way I was, you will be 1000 times better served to read "The Essays of Warren Buffett", arranged by Cunningham and, of course, Graham's "The Intelligent Investor".
Book Description
Gross domestic product, business cycles, Consumer Price Index, prime rate, terms we read in the newspapers but possibly don't fully comprehend. With humor, clarity, and a deft touch for simplifying complex ideas, Jacob De Rooy explains the basic concepts of economics in language anyone can understand. Written in accessible question-and-answer format, and divided into 26 concise articles, the book can be used in two ways: read straight through as a short course in economics, or dipped into as a reference work. Throughout the text, anecdotal examples illustrate economic ideas in real-life terms. For anyone involved in the world of business,
Economic Literacy will be an invaluable companion.
Customer Reviews:
Finally, an interesting economics book.......2007-10-23
I always thought that economics and fun dont go together very well, but the author of this book proved me wrong. By using real life examples as often as possible (and being as funny as possible), the author manages to produce one of the best written introductions (if not the best) about the subject.
Economics Lifesaver.......2007-10-22
The economics course as taught in the classroom sometimes revolves around a lot of theory and leaves a poor connection to the real world. This book is the perfect bridge between theory as taught in college and the pragmatic side of the economy in the after-college world. If you are a business student (BBA or MBA),an entrepreneur or a simple citizen that wants to grasp the real deal of economics you should buy this book. After reading this book you will become a knowldegeable person in the practical side of economics with a broad view to make safe and sound arguments about economics with your professor,colleagues and friends. You might even impress them!
Greatest Intro to Economics on the Market.......2007-05-27
De Rooy easy to read commentary is simplistic yet thorough. I own the Idiot's Guide to Economics and Economics for Dummies, but these books do not compare with with Economic Literacy. I strongly urge this as a buy for anyone who wants to learn about the fascinating world of $$$.
simply the best book one can find on economics.......2005-08-31
I am a techy and joined workforce in 2000. I started sensing the bubble and the bust and was really insecure about what the world and job market would look like once all this is over. Realized I need to learn something about economics which until then I thought was a boring dry bunch of theories of no use.
Well this book changed my life, I joined MBA and got a whole new perspective towards life.
A must read for any novice.
Excellent for those who've never read an economics textbook.......2004-02-21
I read this book right after ploughing through Mankiw's economics textbooks, and must say that "Economic Literacy" is an excellent book for illiterates on the subject of economics. There is no abstract and counter-intuitive math, and De Rooy covers most of the subjects found in the econ textbook that I read. One of the best aspects of this book is that the author will clarify econ concepts by giving simple, concrete examples of how said concepts work. Another usefull aspect of this book is that subtitles are in question form (Is inflation always linked to economic growth? Do wage rates influence employment? How does the Fed keep the banking system healthy?), allowing one to use the book as a quick reference if necessary. Overall, I think this is an excellent book as a standalone if one wants to learn about economics in general, knowledgeable terms. For the econ student, it may be helpful as an aid when the going gets rough (though, generally, study groups and visiting hours are much more effective...depending)
Book Description
Discover the Ideal Investment Strategy for Yourself and Your Clients
"To enhance investment results and boost creativity, Jim Ware replaces the maxim know your investments with know yourself. And he gives us specific testing tools to do the job."-Dean LeBaron, Founder, Batterymarch Financial Management, Chairman, Virtualquest.company, and investment author and commentator
"Many investment firms fail, even though they are run by intelligent, qualified professionals, because they lack creativity. This book can rescue you. Jim Ware explains how to organize your business to encourage creative thinking. In five years, your customers will be working with an advisor who read this book, so make sure you are the one who did."-Ralph Wanger, President, Acorn Investment Trust, CFA and author of A Zebra in Lion Country: Ralph Wanger's Guide to Investment Survival
"Jim Ware has a great knack for understanding people and successful investing. This unusual combination of skills creates a rare find: useful insights to improve investment performance through helping people work together better. Jim's wit and humor make this a fun read as well!"-Dee Even, Senior Investment Officer, Allstate Insurance Company, Property & Casualty
"The Psychology of Money represents a major step toward development of a portfolio theory that recognizes human dynamics and differences among people. Jim's content is solid, and his presentation is engaging. This book ought to be on every practitioner's bookshelf."-Kenneth O. Doyle, University of Minnesota, Author, The Social Meanings of Money and Property: In Search of a Talisman
"Finally, an insightful look at the human side of investing. A step-by-step guide to enhancing management performance to increase returns."- Abbie Smith, PhD, Professor of Accounting.University of Chicago Business School
Download Description
This book uses the Myers-Briggs Typology, a psychological test based on Jungian theory, to explain the basic investment "personality types." Professional will not only learn what their own style is, but will learn the value of creative collaboration among various "personality types" to earn the highest returns for their firm
Customer Reviews:
Fluffer Nutter Wisdom - Lacks Practical Advice.......2002-07-02
This book does not stand out in any fashion other than as a forum for the author to show off his anecdotal tales of philosophy and finance.
I found nothing concrete to implement for my investment style. And the exercises to expand my "mental boundries" for unique thinking, seemed like rehashed, rhetorical self-help.
There was little correlation between the title and the content; again reminding us that one should not judge a book by it's cover.
Interesting mix of psychology and investing.......2002-01-02
As a die hard Index fund fan, I would disagree with the author's book title that it is possible to beat the Index year after year. However, the author's unusual mix of Myers-Brigg people type categorization plus investing was an interesting read. I gained the most from this book from the author's thoughts and stories about the creative thinking process more than anything else. Enjoyable book to read, but not sure his techniques can be practically applied by an investor.
Not very useful.......2001-05-02
After reading Mr. Ware's book, I found his writing style to be witty and concise. However, his book is not at all practical or useful as an investment guide. As a professional money manager, I didn't think that the book had good enough concepts in it to warrant "Beating the Market". Definitely not in the same class as, say, Warren Buffett's annual reports and his letters to the shareholders of Berkshire Hathaway.
I seriously doubt that applying the concepts in this book will be helpful in "beating the market", especially the S&P 500 index, which has consistently beaten approximately 80% of all actively-managed mutual funds.
This book makes a nice attempt at relating psychology to finance but falls short, in my opinion, by falling back into common sense generalities that should already be known, without having to read this book, by those hoping to profit in the markets.
Managing money? This one will help you by ..........2001-04-30
... making you aware of your own/your clients' biases and giving you practical tools to defuse them. Specifically, by way of example, money managers (I am one) will learn to:
- recognize their own typical behavior, or that of colleagues or clients, as belonging to one of several psychological types ... - thereby stopping short of saying/doing stupid things and also circumventing problems at the workplace; - identify actions that will boost behavior that you or your firm seem to lack: creativity, focus, a will to use analytical skills, etc; - identify industry mantras ("team approach", etc) for what they are or identify actions that transform a mantra into action
Overall, I agree with the other reviewers that this book is a surprise, a very positive one. Basically it convinced me that every money manager should have, packed with his/her baggage of technical skills and intelligence (standard and "emotional"), also some psychological training. This book goes some way towards such education.
I am uncomfortable with a couple of Ware's ideas, particularly the "listen to intuition" advice towards the end of the book. As an "owl" I would be inclined to say this, but basically I met too many fakers who would justify rash investment moves only on intuition and long-running experience, lose money or fail to recognize the moment to take profit, and never talk about it afterwards. Intuition may come before analysis, but if it cannot be supported by reasoning I don't see that it should be followed; as a matter of practice you won't be able to anyway, because first you have to sell it to clients, team members, or bosses, and you won't.
But stars measure how good is the book, not how much I agree with it, and this one is great. I'm serious, buy it. Even more so if you don't believe in the psych stuff: do violence unto yourself, buy it now and read it, you'll need it more than others do.
It's not just for investment managers.......2001-02-17
I know Jim Ware, and he knows I love to read. So when his book was published he offered to send a copy. Sitting next to me was a large pile of "to-be-read" books, so I was certain a book for investment managers would reside near the bottom for a long while. That was then...
Shortly after it arrived, knowing that reading diverse topics offers insights not available if I stick to the familiar and friendly, I began to read. What a shock (no offense Jim). This is a wonderful book! Even before I was finished, I found myself referring to it in a conversation about different methodologies for strategic planning...totally unrelated to investments. By using Myers-Briggs Typology, Jim gave me a renewed sense for how I can be more successful when I approach others based on what makes them comfortable, rather than from my own comfort zone.
Jim obviously shares my interest in synthesizing diverse subject areas. He, quite naturally I thought, shows how wisdom from quantum physics, large scale change, eastern thought, creativity and-god help those analytical investment types-spirituality can lead to new ways of thinking within any profession. Jim offers a wonderful synthesis for anyone who wants to see the world from several leading-edge vantage points.
And, I loved Jim sense of humor. Near the end, he implies that many investment managers take the "fun" out of fund. I began to wonder if fund is the past tense of fun? Thank you Jim for this enjoyable journey.
Book Description
Floating rates, central-bank intervention, derivatives trading and the very high volumes of speculative and round-the-clock trading are just a few of the facets of the foreign exchange marketplace that make it a highly dynamic and volatile arena. This book addresses the practical applications of foreign currency trading and money market trading and provides comprehensive coverage of these markets.
Coverage includes:
* What the instruments are
* How and why they are used - by both bank dealers and corporate end-users
* How the different instruments are linked one to another
* How you price them
* Structure of the market, EMU etc
* The range of risks arising from dealings in these instruments that affect banks and corporates
* How these risks are measured and managed
* Brings together a range of practical, relevant material on Foreign Exchange and money market trading.
* Focuses on trading situations as well as on calculations
* International in coverage, the concepts and methods covered are not restricted to any country or institution
Product Description
This text takes a real-world, policy-oriented approach to money, banking, and financial markets. It emphasizes the "two pillars of economics." That is, it is built around what motivates participants in an economy to behave in a certain way and how they interact with each other in the marketplace. Boxed features in the book help highlight the authors vast experience at the Federal Reserve. The boxes include FedWatch, MarketWatch, and GlobalWatch which all emphasize real-world incidents.
Average customer rating:
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Financial Structure and Stability (Contributions to Economics)
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ASIN: 379081332X |
Book Description
The basic question of this book is what we can learn from empirical as well as theoretical analysis of financial systems, differing cross-sectional and changing structually over time, with respect to the issue of stability of financial systems. Part I of the book deals with stability issues in a globalizing financial world and addresses topics of convergence, domestic policy, financial bubbles, crises and international coordination. Part II is on banking systems. Country specific adoption and restructuring of (universal but also separation) banking systems are key problems for the industrialized economies, while catching-up is of major concern for the economies in transition. Feeble regional economies and subsidized banking is at the heart of the vivid dispute on public sector banking being taken up in Part III. The last Part is devoted to resource-oriented approaches in quantifiying financial development and risk of sovereign default.
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