Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets.
This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies - taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies - would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns.
No doubt the democratisation of financial market policy would be opposed by big firms - their interests being served by regulatory convergence - and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.
Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history.
The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future.
The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.
Автор: Benninga, Simon Название: Financial modeling ISBN: 0262026287 ISBN-13(EAN): 9780262026284 Издательство: Wiley Рейтинг: Цена: 9066 р. Наличие на складе: Невозможна поставка.
Описание: Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. This work bridges this gap between theory and practice by providing a guide to solving common financial models with spreadsheets. It takes you through each model, showing how it can be solved using Microsoft Excel.
Описание: Suitable for lab courses and experimental teaching, this book presents over 40 real-life teaching experiments that are divided into five main principles of sustainable and green chemistry: catalysis, solvents, high yield and one-pot synthesis, limiting waste and exposure, as well as special topics.
Автор: Dunn, John Название: Financial reporting and analysis ISBN: 047069503X ISBN-13(EAN): 9780470695036 Издательство: Wiley Рейтинг: Цена: 9255 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Financial reporting provides an overview of a business` profitability and financial condition in both short and long term. A hot topic in the current market climate. Financial Reporting and Regulation explains the meaning behind the rules of financial reporting, as opposed to just the implementation of these rules.
Автор: Weygandt Jerry J Название: Financial Accounting ISBN: 1118285905 ISBN-13(EAN): 9781118285909 Издательство: Wiley Цена: 37569 р. Наличие на складе: Поставка под заказ.
Описание: While there is a growing interest in IFRS within the US, interest outside the US has exploded. Weygandt's 2nd edition of "Financial Accounting: IFRS" highlights the integration of more US GAAP rules, a desired feature as more foreign companies find the United States to be their largest market.
The highly anticipated new edition retains each of the key features (e.g. TOC, writing style, pedagogy, robust EOC) on which users of Weygandt Financial have come to rely, while putting the focus on international companies/examples, discussing financial accounting principles and procedures within the context of IFRS, and providing EOC exercises/problems that present students with foreign currency examples (e.g. yen, euro) instead of solely U.S. dollars.
New features and updates to the new edition include: "Another Perspective" section which presents a US GAAP overview, differences between GAAP and IFRS, etc.; New Understanding U.S. GAAP margin boxes; Updated Chapter-Opener Stories and revised real world insight boxes integrated throughout each chapter; New Common Chart of Accounts; People, Planet, Profit Insight box; More Visual Equation Analysis and Anatomy of a Fraud Boxes; Updated End-of-Chapter Material and a new design.
Описание: This hands-on guide helps both developers and quantitative analysts get started with Python, and guides you through the most important aspects of using Python for quantitative finance.
Автор: Glasserman Название: Monte Carlo Methods in Financial Engineering ISBN: 0387004513 ISBN-13(EAN): 9780387004518 Издательство: Springer Рейтинг: Цена: 10394 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Monte Carlo simulation has become an essential tool in the pricing of derivative securities and in risk management. These applications have, in turn, stimulated research into new Monte Carlo methods and renewed interest in some older techniques.This book develops the use of Monte Carlo methods in finance and it also uses simulation as a vehicle for presenting models and ideas from financial engineering. It divides roughly into three parts. The first part develops the fundamentals of Monte Carlo methods, the foundations of derivatives pricing, and the implementation of several of the most important models used in financial engineering. The next part describes techniques for improving simulation accuracy and efficiency. The final third of the book addresses special topics: estimating price sensitivities, valuing American options, and measuring market risk and credit risk in financial portfolios.The most important prerequisite is familiarity with the mathematical tools used to specify and analyze continuous-time models in finance, in particular the key ideas of stochastic calculus. Prior exposure to the basic principles of option pricing is useful but not essential.The book is aimed at graduate students in financial engineering, researchers in Monte Carlo simulation, and practitioners implementing models in industry.Mathematical Reviews, 2004: "... this book is very comprehensive, up-to-date and useful tool for those who are interested in implementing Monte Carlo methods in a financial context."
Описание: All Finance Professionals Need to Understand Risk Companies must take risks to survive and prosper, but deciding which risks are acceptable, which are not, and what action to take is the tricky part. To be successful, all finance professionals need a solid understanding of risk. Risk Management and Financial Institutions, written by one of the most respected authorities on financial risk management, is thorough, textbook–level instruction for all finance professionals, on all aspects of financial risk. Fully revised and updated, this top–selling book clarifies such complex topics as the diff erent types of financial institutions and how they are regulated, valuation and scenario analysis, credit risk, margin and collateral, volatility, and much more. You?ll find new coverage of timely subjects, such as central clearing, scenario analysis, enterprise risk management, and the latest regulatory issues and gain access to a supplementary website with additional software and helpful learning aids. try." JOURNAL OF MOLECULAR GRAPHICS AND MODELLING "One cannot generally do better than to try to find an appropriate article in the highly successful Reviews in Computational Chemistry. The basic philosophy of the editors seems to be to help the authors produce chapters that are complete, accurate, clear, and accessible to experimentalists (in particular) and other nonspecialists (in general)." JOURNAL OF THE AMERICAN CHEMICAL SOCIETY