The Political Economy of Microfinance

The Political Economy of Microfinance PDF Book
  • Author : Philip Mader
  • Publisher : Springer
  • Release : 2016-01-12
  • ISBN : 9781137364210
  • Language : En, Es, Fr & De
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Book Description :

According to the author, rather than alleviating poverty, microfinance financialises poverty. By indebting poor people in the Global South, it drives financial expansion and opens new lands of opportunity for the crisis-ridden global capital markets. This book raises fundamental concerns about this widely-celebrated tool for social development.

A Diary of the Euro Crisis in Cyprus

A Diary of the Euro Crisis in Cyprus PDF Book
  • Author : Panicos Demetriades
  • Publisher : Springer
  • Release : 2017-10-14
  • ISBN : 9783319622231
  • Language : En, Es, Fr & De
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Book Description :

This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure. Written in chronological order, and broadly based on the author’s personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations. Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus’ links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro? What are the lessons for regulators around the world? The book will appeal to readers interested in financial crises, the euro’s architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.

Housing Markets and Housing Institutions An International Comparison

Housing Markets and Housing Institutions  An International Comparison PDF Book
  • Author : Björn Hårsman
  • Publisher : Springer Science & Business Media
  • Release : 2012-12-06
  • ISBN : 9789401139151
  • Language : En, Es, Fr & De
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Book Description :

International comparisons of economic institutions and government poli cies are fraught with difficulties. After1he selective barriers of language and culture are overcome, differences in programs and outcomes are far more subtle than those that can be revealed by highly aggregated national data. Rela tively "soft" comparisons are the norm in international comparative research. This is particularly true in comparative analyses of housing and the operation of housing markets. Housing markets are local or regional in character, and the effects of government programs on market outcomes depend upon important economic characteristics of the local environment. Moreover, the institutions that influence the production, distribution, and consumption of housing differ enormously across nations. The distribution of housing and the role of the market in provision depend upon historical and social factors as well. Aggregate national data are unlikely to allow for much depth in comparisons across societies. Yet in the absence of such comparisons, the very visibility of housing may lead to inadequate or erroneous generalizations. Photographs emphasing the aesthetics of ''well planned" housing agglomorations or urban slums are compelling. Documen tation that middle-class households must wait in a queue for a decade to be housed is notably less graphic.

Sovereign Risk and Financial Crises

Sovereign Risk and Financial Crises PDF Book
  • Author : Michael Frenkel
  • Publisher : Springer Science & Business Media
  • Release : 2013-03-14
  • ISBN : 9783662099506
  • Language : En, Es, Fr & De
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Book Description :

Sovereign risk and financial crises play a key role in current international economic developments, particularly in the case of economic downturns. As the Asian economic crisis in the late 1990s revealed once again, financial crises are the rule rather than the exception in capitalist economies. The event also revealed that international public debt agreements are contingent claims. In a world of increasing economic interdependencies, the issues of financial crises and country defaults are of critical importance. This volume goes to the heart of the academic discussion on sovereign risk and financial crises by centering on quantitative-empirical aspects, evaluating prominent approaches, and by proposing new methods. Part I of the volume identifies key factors and processes that are central in analyzing sovereign risk while Part II focuses on the determinants and effects of financial crises.

Transmission Channels of Financial Shocks to Stock Bond and Asset Backed Markets

Transmission Channels of Financial Shocks to Stock  Bond  and Asset Backed Markets PDF Book
  • Author : Massimo Guidolin
  • Publisher : Springer
  • Release : 2015-11-12
  • ISBN : 9781137561398
  • Language : En, Es, Fr & De
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Book Description :

Researchers, policymakers and commentators have long debated the patterns through which adverse shocks in a few markets may quickly spread to a range of apparently disconnected financial markets causing widespread losses and turmoil. This book uses modern linear and non-linear econometric methods to characterize how shocks to the yield of risky fixed income securities, such as sub-prime asset-backed or low-credit rating sovereign bonds, are transmitted to the yields in other markets. These include equity and corporate bond markets as well as relatively risk-free fixed income securities, such as highly rated asset-backed securities and sovereign bonds from core Eurozone countries. The authors analyse and compare the results from linear and non-linear models to identify and assess four distinct contagion channels characterizing both US and European financial markets. These include the correlated information, risk premium, flight-to-liquidity, and flight-to quality channels. The results of this study support the theory that both investors and policy-makers ought to pay special attention to liquidity and commonalities in the perceptions of the probabilities of default, as channels through which financial shocks propagate.

Derivative Securities and Difference Methods

Derivative Securities and Difference Methods PDF Book
  • Author : You-lan Zhu
  • Publisher : Springer Science & Business Media
  • Release : 2013-07-04
  • ISBN : 9781461473060
  • Language : En, Es, Fr & De
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Book Description :

This book is mainly devoted to finite difference numerical methods for solving partial differential equations (PDEs) models of pricing a wide variety of financial derivative securities. With this objective, the book is divided into two main parts. In the first part, after an introduction concerning the basics on derivative securities, the authors explain how to establish the adequate PDE boundary value problems for different sets of derivative products (vanilla and exotic options, and interest rate derivatives). For many option problems, the analytic solutions are also derived with details. The second part is devoted to explaining and analyzing the application of finite differences techniques to the financial models stated in the first part of the book. For this, the authors recall some basics on finite difference methods, initial boundary value problems, and (having in view financial products with early exercise feature) linear complementarity and free boundary problems. In each chapter, the techniques related to these mathematical and numerical subjects are applied to a wide variety of financial products. This is a textbook for graduate students following a mathematical finance program as well as a valuable reference for those researchers working in numerical methods in financial derivatives. For this new edition, the book has been updated throughout with many new problems added. More details about numerical methods for some options, for example, Asian options with discrete sampling, are provided and the proof of solution-uniqueness of derivative security problems and the complete stability analysis of numerical methods for two-dimensional problems are added. Review of first edition: “...the book is highly well designed and structured as a textbook for graduate students following a mathematical finance program, which includes Black-Scholes dynamic hedging methodology to price financial derivatives. Also, it is a very valuable reference for those researchers working in numerical methods in financial derivatives, either with a more financial or mathematical background." -- MATHEMATICAL REVIEWS

Retail Credit Risk Management

Retail Credit Risk Management PDF Book
  • Author : M. Anolli
  • Publisher : Springer
  • Release : 2013-01-29
  • ISBN : 9781137006769
  • Language : En, Es, Fr & De
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Book Description :

Introducing the fundamentals of retail credit risk management, this book provides a broad and applied investigation of the related modeling theory and methods, and explores the interconnections of risk management, by focusing on retail and the constant reference to the implications of the financial crisis for credit risk management.

Advances in Quantitative Analysis of Finance and Accounting

Advances in Quantitative Analysis of Finance and Accounting PDF Book
  • Author : Cheng-Few Lee
  • Publisher : Center for PBBEFR & Airiti Press
  • Release : 2009-01-01
  • ISBN : 9789868518247
  • Language : En, Es, Fr & De
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Book Description :

Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. The papers in this volume cover a wide range of topics including corporate finance and debt management, earnings management, equity market, auditing, option pricing theory, and interest rate theory. In this volume there are eleven chapters, five of them are corporate finance and debt management: 1. Liquidity and Adverse Selection: Evidence from the Five-or-Fewer Rule Change; 2. Changing Business Environment and the Value of Relevance of Accounting Information; 3. Pricing Risky Securities in Hidden Markov-Modulated Poisson Processes; 4. An Empirical Assessment of Alternative Dividend Expectation Models; 5. Quantitative Market Risk Disclosure, Bond Default Risk and The Cost of Debt: Why Value At Risk? There are two of the other six chapters which cover interest rate theory: 1. Positive Interest Rates and Yields: Additional Serious Considerations; 2. Collapse of Dimensionality in the Interest Rate Term Structure. The remaining four chapters cover financial analysts earnings forecasts, equity market, auditing, and option pricing theory. These four papers are: 1. Investors’ Apparent Under-weighting of Financial Analysts’ Earnings Forecasts: The Role of Share Price Scaling and Omitted Risk Factors; 2. Predicting Stock Price by Applying the Residual Income Model and Bayesian Statistics; 3. Intertemporal Associations Between Non-Audit Services and Auditors’ Tendency to Allow Discretionary Accruals; 4. Put Option Portfolio Insurance vs. Asset Allocation.

The Taxation of Capitalistic Bequests

The Taxation of Capitalistic Bequests PDF Book
  • Author : Verena Kley
  • Publisher : Springer Science & Business Media
  • Release : 2011-10-14
  • ISBN : 9783834971364
  • Language : En, Es, Fr & De
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Book Description :

The taxation of bequests has long been and still is subject to intensive discussions in many industrialized countries. Triggered by these discussions, Verena Kley analyzes the taxation of bequests from economic perspectives, focusing on wealth transfers of very rich individuals. Given empirical findings, bequests of these individuals generate almost the entire revenues from wealth transfer taxation. Due to this, their specific preferences prove to be decisive for the optimal taxation of bequests. The author analyzes normative as well as positive implications for optimal wealth transfer taxation, accounting for a ‚capitalist spirit’ – traditionally associated with the upper tail of the wealth distribution.

Methods and Finance

Methods and Finance PDF Book
  • Author : Emiliano Ippoliti
  • Publisher : Springer
  • Release : 2016-12-23
  • ISBN : 9783319498720
  • Language : En, Es, Fr & De
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Book Description :

The book offers an interdisciplinary perspective on finance, with a special focus on stock markets. It presents new methodologies for analyzing stock markets’ behavior and discusses theories and methods of finance from different angles, such as the mathematical, physical and philosophical ones. The book, which aims at philosophers and economists alike, represents a rare yet important attempt to unify the externalist with the internalist conceptions of finance.

Environmental Finance and Investments

Environmental Finance and Investments PDF Book
  • Author : Marc Chesney
  • Publisher : Springer Science & Business Media
  • Release : 2013-05-24
  • ISBN : 9783642366239
  • Language : En, Es, Fr & De
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Book Description :

The current economic and environmental situation poses fundamental questions that this book aims to answer: Under which conditions could a market-based approach contribute to a decrease in emissions? How are abatement and investment strategies generated or promoted under permit regimes like the European Union Emission Trading Scheme (EU ETS)? In the context of the EU ETS, what is the trade-off between production, technological changes and pollution? This book is intended to provide students and practitioners the knowledge and theoretical tools they need in order to answer these and other more general questions in the context of so-called environmental finance theory, a new field of research that investigates the economic, financial and managerial impacts of market-based environmental policies.

International Banking and Financial Centers

International Banking and Financial Centers PDF Book
  • Author : Yoon S. Park
  • Publisher : Springer Science & Business Media
  • Release : 2012-12-06
  • ISBN : 9789400925045
  • Language : En, Es, Fr & De
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Book Description :

The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.