Written by a practitioner with years working in CVA, FVA and DVA this is a thorough, practical guide to a topic at the very core of the derivatives industry. It takes readers through all aspects of counterparty credit risk management and the business cycle of CVA, DVA and FVA, focusing on risk management, pricing considerations and implementation.

Global financial turbulence severely affected countries in transition from planned towards market economies. Policy responses of Russia, Poland, the Czech Republic and Hungary are reviewed and compared in this book. Each country analysis is critically discussed. Contributors to this volume include Claudia Buch, Stephen F, Frowen, Jens Hoelscher, Alexander Karmann, Jens Linne, Roman Matousek, Zbigniew Polanski, Bruno Schoenfelder, Vladislav Semenkov, Johannes Stephan, Adam Toeroek, Horst Tomann, Trantisek Turnovec and Uwe Vollmer.

This book demonstrates how shareholder value analysis has become a valuable instrument of strategy assessment. It demonstrates the ways in which management is able to align company policy with the financial goals of its shareholders and describes various methods of value--orientated company planning. Including up to date examples and case studies Shareholder Value Management in Banks represents the application of an important conceptual area to an international industry.

Private Equity and Venture Capital in Europe: Markets, Techniques, and Deals, Third Edition introduces private equity, investments and venture capital markets while also presenting new information surrounding the core of private equity, including secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated with new data, cases, examples, sections and chapters that illuminate elements unique to the European model. With the help of new pedagogical materials, this updated edition provides marketable insights about valuation and deal-making not available elsewhere. As the private equity world continues to undergo many challenges and opportunities, this book presents both fundamentals and advanced topics that will help readers stay informed on market evolution.

This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.

Shinji Ogura's insightful examination of the banking structure of developing Japan shows how Japanese banks became embroiled in the recent financial crisis. He demonstrates that the behavior of banks heading commercial groups was crucial to the development of the economic system. Their sudden expansion into the long-term lending business after the 1970s is shown to have caused the dangerous bubble economy of the following decade. This valuable study throws new light on Japan's current economic crisis.

Bankers in Japan and China are masters of accounting, not risk management, and American-style rescue packages won't solve their banking crises. Cleaning up balance sheets and purging non-performing loans won't work either, say Arayama and Mourdoukoutas. The problem goes deeper. It stems from high growth environments and tight government regulation. The result has been to limit competition in Japan and eliminate it in China. And that led to the control of management behavior, which weakened incentives for Japanese and Chinese bank decision-makers to manage, hands-on, their traditional and nontraditional banking risks. Adding to the problem is rationed credit, reflecting MITI and MOF priorities in Japan and those set by the central planning authorities in China. Japanese bankers have been turned into experts on the abacus, the ancient calculator, but they have little experience with or understanding of the other more important aspects of the banking enterprise. Arayama and Mourdoukoutas lay it all out in a challenging, provocative, readable study and analysis. It is an essential resource for academicians and policymakers in business, government, and international finance and investment.

Arayama and Mourdoukoutas make it clear that Japanese and Chinese bankers must learn how to behave as for-profit institutions, where managers are accountable to the owners and other stakeholders. Second, they must be freed from government directives (in China) and guidance (in Japan) that control their day-to-day operations, and which restrict freedom to develop new products and businesses. Third, Japanese and Chinese bank managers must learn to act as true bankers. They must learn how to manage credit risk and function as public trading corporations. They must also learn how to deal with transparency and full disclosure rules and regulations, just as their Western counterparts must and do. In other words, say the authors, bank managers must escape the abacus mentality and learn how to use their brains rather than their fingers... and that may take much longer than anxious Western observers would have expected.

Based upon a major research project and a high level of access to relevant individuals this is the first book that opens the door on the closed and guarded world of Japanese banking. The book discusses in first-hand terms the nature of the bank's relationships to its client firms, to members of its 'group' and to 'outsiders'; placing these relationships within a competitive strategy which the book sets forth in an original framework, the Relational Access Paradigm.

The polemic about the proper role of monetary policies and the appropriate functions of central banks has received renewed stimulus from a number of very current events. In Europe, the creation of a supranational central bank has been realized. In the United States and other industrial as well as emerging countries, the attributes and functions of central banks have been the subject of lengthy debates. Professional interest has also been centered recently on the issues of exchange regimes and the proper targeting for monetary policy. The various papers in this collection deal with this broad set of monetary and central banking issues, and draw implications of high relevance for post-socialist transition economies. These implications, however, are also important for other emerging markets and for advanced economies as well. The major subjects covered are classified within the following five categories: 1) The definitions, meaning, and results of central bank independence. 2) Goals and objectives of central bank operations. 3) Central banks and financial sector soundness. 4) Capital mobility, currency crises, and the role of capital controls. 5) The implications of European Monetary Unification for transition economies. This book collects the contributions of very well-known experts in monetary and central banking theory and presents the results of original research specially geared to understanding the implications of general economic theory for emerging and transitional economies. The significant and very rapid changes in the nature of good monetary transmission mechanisms require the adaptation of traditional theories to new realities. Such need is most pressing in transitional andemerging countries which lack experience and depth in their financial markets. In this book the particular requirements of these economies are integrated into the main macroeconomic monetary theories. The volume also includes analyses of a number of current issues such as capital flows, currency crises, currency boards, and the implications of European Monetary Union for transition economies.

Given the critical role played by banks and their behaviour during the global financial and sovereign debt crises, this excellent book on Balancing the Regulation and Taxation of Banking by Sajid M. Chaudhry, Andrew W. Mullineux and Natasha Agarwal could not be more timely. It provides an excellent in-depth analysis of how banks are taxed and regulated in various countries - including financial transaction taxes, VAT and other fiscal treatments. It also provides thought provoking recommendations on how tax and fairness of treatment of banks should be balanced.' - Philip Molyneux, Bangor University, UKThis concise book gives a unique overview of bank taxation as an alternative or a compliment to prudential regulation or non-revenue taxation. Existing bank taxation is reviewed with a view to eliminating distortions in the tax system, which have incentivized banks to engage in risky activities in the past. The authors analyse the taxation of financial instruments trading, as well as the taxation of banking products and services to gauge whether this could finance resolution mechanisms and also help to ensure the stability of banks. In this respect, the authors put forward several arguments. Firstly, they contend that a financial transaction tax is economically inefficient, potentially costly for the economy, but if set at an appropriately low rate may be used to assure banks make a 'true and fair contribution' to their implicit insurance by taxpayers. Secondly, they show that a bank levy used to finance deposit guarantee and bank resolution mechanisms is potentially useful for financial stability, but that it poses the threat of double taxation, together with the proposed Basel III liquidity ratios. Thirdly, the authors argue in favour of the elimination of exemption from value added tax (VAT) for financial services in order to provide banks with a level playing field, whilst retaining exemption for basic payment services that are infrastructural. This is expected to improve efficiency by reducing the wasteful use of financial services. This book is an invaluable resource to students, academics and researchers in the fields of banking regulation and taxation. Policymakers and those with a wider interest in the issues will find it both topical and enlightening.

More than ever, banking competition is based on the ability to control the cost of risk and can only be managed with excellent internal rating models and very advanced risk management processes. This book is a comprehensive guide to quantitative and qualitative rating assessments with up-to-date methodologies in the international banking system.

Two consultants examine the need for increased attention to quality in this rapidly growing and changing field. Drawing on numerous examples of successful quality improvement programs in banks, insurance companies, and other organizations, the authors provide detailed suggestions for improving accuracy, timeliness and consistency in service delivery. Changing employee attitudes to reflect the organization's commitment to quality also is covered. Accounting professionals in financial service organizations, particularly at the management level, will want to examine this book. "Journal of Accountancy"

As a result of the deregulation and diversification of the financial service industry, consumers in the 1980s can choose from among a wide range of options. As full-line services are offered by more companies--from banks to insurance firms to mail order and department store chains--competition has grown intense. Financial organizations must distinguish basically similar products and services from those of other companies in order to attract and retain today's increasingly sophisticated customer. This practical handbook, written by two experienced consulting executives in the field, shows how to compete successfully by improving the quality, selection, and delivery of services. Based on proven, field-tested methods developed by the Robert E. Nolan Company, a leading consultant to the banking and insurance industries, it presents clear, step-by-step methods for designing and implementing financial service packages that will satisfy customer needs.

This book is a collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.

The ideal bank or treasury department has a maximum return from effective balance sheet planning through the management of assets and liabilities. Due to the scale of treasury operations and stricter internal and external controls, this management has become increasingly complex. This comprehensive text will therefore serve to guide the financial aspects of asset/liability management such as requirement for capital adequacy through to discussion of duration and gap management. The text is aimed at those involved in plotting long term strategy for major institutions and will provide an invaluable reference source for Chairman, Chief Executives and those involved in portfolio management and the implementation of management information systems. Contributions are from major institutions involved in ALCO work and include; Price Waterhouse, Abbey National, Bank of England, Chase Manhattan, First Chicago and Smith New Court.

Banking Reform in India and China seeks to explore the ways in which banking reform is conditioned by a variety of institutional mechanisms. To uncover these dynamics, Saez draws primarily from analytical tools developed in modern game theory and institutional economics. He provides a multidimensional analysis that covers microeconomic, macroeconomic, and institutional aspects of these two countries banking systems. It ties together three themes of corporate governance, financial deregulation, and central bank independence to banking reform. These unique approaches make this an important contribution to the literature o comparative banking reform in transitional economies.

In this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises - both theoretical and empirical - are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today. Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein, and would also appreciate the companion publication, Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, also published by Edward Elgar Publishing. Contributors include: R. Bellofiore, H. Bougrine, J. Chen, L. Cordonnier, E. Correa, S. Dow, T. Ferguson, G. Fontana, C. Gnos, R. Guttmann, P.D. Jorgensen, P. Kriesler, E. Le Heron, J. Leclaire, V. Monvoisin, A. Parguez, E. Perez Caldentey, P. Petit, J.-F. Ponsot, L.-P. Rochon, S. Rossi, S. Thabet, J. Toporowski, M. Vernengo

Banks' business is increasingly international and an elite group of global banks is emerging. This book outlines the influences on the evolution of international banking and analyses trade and investment in the international banking industry, covering cross-border trade in banking services, foreign direct investment by banks, international financial centres, capital movements, and competition between banks. Focusing on competitive advantage, it compares the leading banks' international business. This book is of interest to academics and students as well as to bankers. It provides a transversal and truly comprehensive overview of the international banking industry, focusing on the organization of the industry and the influences on it, rather than on the functions of banks themselves.

Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance evil and therefore should it be dead? This book suggests neither nor. Even if structured finance can be misused or applied under inappropriate conditions, it can also be an effective tool for reaching development objectives. The authors in this volume focus on the potential of structured finance in the aftermath of the financial crisis. They explore the conditions under which structured finance is suitable for emerging markets highlighting both its benefits and risks. The book combines professional and scientific perspectives and points towards various useful applications of structured finance in support of small and medium-sized enterprises and microfinance. This also includes activities as diverse as infrastructure development, remittances, rural livelihood, and Shari ah-compliant Islamic finance.

The authors present a number of financial market studies that have as their general theme, the econometric testing of the underlying econometric assumptions of a number of financial models. More than 30 years of financial market research has convinced the authors that not enough attention has been paid to whether the estimated model is appropriate or, most importantly, whether the estimation technique is suitable for the problem under study. For many years linear models have been assumed with little or no testing of alternative specification. The result has been models that force linearity assumptions on what clearly are nonlinear processes. Another major assumption of much financial research constrains the coefficients to be stable over time. This critical assumption has been attacked by Lucas (1976) on the grounds that when economic policy changes, the coefficients of macroeconomics models change. If this occurs, any policy forecasts of these models will be flawed. In financial modeling, omitted (possibly non-quantifiable) variables will bias coefficients. While it may be possible to model some financial variables for extended periods, in other periods the underlying models may either exhibit nonlinearity or show changes in linear models. The authors research indicates that tests for changes in linear models, such as recursive residual analysis, or tests for episodic nonlinearity can be used to signal changes in the underlying structure of the market.

The book begins with a brief review of basic linear time series techniques that include autoregressive integrated moving average models (ARIMA), vector autoregressive models (VAR), and models form the ARCH/GARCH class. While the ARIMA and VAR approach models the first moment of a series, models of the ARCH/GARCH class model both the first moment and second moment which is interpreted as conditional or explained volatility of a series. Recent work on nonlinearity detection has questioned the appropriateness of these essentially linear approaches. A number of such tests are shown and applied for the complete series and a subsets of the series. A major finding is that the structure of the series may change over time. Within the time frame of a study, there may be periods of episodic nonlinearity, episodic ARCH and episodic nonstationarity. Measures are developed to measure and relate these events both geographically and with mathematical models. This book will be of interest to applied finance researchers and to market participants.

In recent years, a great deal of scholarly and popular ink has been spilled on the subject of globalization. Relatively few scholars have addressed the political sociology of globalization, and specifically, the emergence of global class formations and a nascent global governance framework. This book is a contribution towards redressing this imbalance. The book traces the emergence of the World Bank as a key driver of globalization, and as a central source of an evolving form of elite-driven transnational governance which the author describes as 'global managerialism'. The book argues that the Bank has expanded its sphere of activity far beyond provision of low-cost capital for development projects, and plays a central role in pursuing global economic and social policy homogenization. The World Bank and Global Managerialism features a new theoretical approach to globalization, developed through an analytical exposition of the key stages in the institution's growth since its creation at the Bretton Woods conference of 1944. The author details the contemporary Bank's central policy framework, which includes the intertwining of public and private initiatives and the extension of global governance into ever-wider policy and geographic spheres. He also argues that contemporary globalization marks the emergence of a transnational elite, straddling the corporate, government, and civil society sectors. The book provides two detailed case studies that demonstrate the practical analytical utility of the theory of global managerialism. The theoretical approach provides a robust but flexible framework for understanding contemporary global development. It is essential reading for courses in areas such as International Organizations, Global Political Economy, and Globalization and its Discontents, and is also relevant to students of development policy and international economic architecture, among others.

This book provides an introduction to the state of the art in financial technology (FinTech) and the current applications of FinTech in digital banking. It is a comprehensive guide to the various technologies, products, processes, and business models integral to the FinTech environment. Covering key definitions and characteristics, models and best practice, as well as presenting relevant case studies related to FinTech and e-Business, this book helps build a theoretical framework for future discussion.

Russell provides a groundbreaking critique of the orthodox position on the nature of New Deal reforms as well as an innovative analysis of the unraveling of those reforms. Russell argues that the success of the New Deal banking reforms in the post-war period initially produced a "pax financus" in which the competitive struggles amongst financial capital were moderated. However, the success of these reforms also produced incentives to undermine the New Deal regulatory framework via a regeneration of competitive struggles among financial capitalists. As these struggles intensified, financial innovations designed to circumvent regulatory restrictions changed the conduct of commercial banking and other financial capitalist activity. As these developments progressed, there has been a resurgence in the diversified financial conglomerates (financial holding companies) reminiscent of those that flourished just prior to the Great Depression. This exceptional work will appeal to historians, economists, and those interested in this vital period of American history.

Venture Capital. A Euro-System Approach covers a wide spectrum of topics: it investigates the way venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of different fields (venture capitalists, financial analysts, regulators, stock exchange executives).