The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors. Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers' protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors. The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

Throughout the eighteenth century hundreds of thousands of men and women were cast into prison for failing to pay their debts. This apparently illogical system where debtors were kept away from their places of work remained popular with creditors into the nineteenth century even as Britain witnessed industrialisation, market growth, and the increasing sophistication of commerce, as the debtors' prisons proved surprisingly effective. Due to insufficient early modern currency, almost every exchange was reliant upon the use of credit based upon personal reputation rather than defined collateral, making the lives of traders inherently precarious as they struggled to extract payments based on little more than promises. This book shows how traders turned to debtors' prisons to give those promises defined consequences, the system functioning as a tool of coercive contract enforcement rather than oppression of the poor. Credit and Debt demonstrates for the first time the fundamental contribution of debt imprisonment to the early modern economy and reveals how traders made use of existing institutions to alleviate the instabilities of commerce in the context of unprecedented market growth. This book will be of interest to scholars and researchers in economic history and early modern British history.

With the spread of interest-based transactions, major problems such as inequality, poverty and debt-based slavery have emerged. Those who practiced professions such as usury have, despite the negative connotations attributed to them, contributed extensively to the construction of the conventional financial system in the global economy, suggesting that the core concepts in this practice need to be analyzed in greater depth and from a historical perspective. This book analyzes the evolution of interest-bearing debt transactions from ancient times to the era of Abrahamic religions. In modern times, interest is strictly prohibited by Islam, but this book demonstrates that it is a practice that has been condemned and legally and morally prohibited in other civilizations, long before Islam outlawed it. Exploring the roots of this prohibition and how interest has been justified as a viable practice in economic and financial transactions, the book offers deep insight into the current nature of finance and economics, and the distinctive features of Islamic finance in particular and enables researchers to further delve into a review of interest-free financing models. Islamic finance, or alternative financial methods, have become extremely popular particularly in the aftermath of global financial crises, suggesting that they will attract further interest in the future as well. The book is primarily aimed at undergraduate and graduate students but, as it avoids the use of technical jargon, it also speaks to a general readership. It will appeal to those who have an interest in financial history, particularly the history of debt as well.

This book provides a technical and specialised discussion of contemporary and emerging issues in foreign exchange and financial markets by addressing the issues of risk management and theory and hypothesis development, which have general implications for finance theory and foreign exchange market management. It offers an in-depth, comprehensive analysis of the issues concerning the volatility of exchange rates. The book has three main objectives. First, it applies the integrated study of exchange rate volatility in terms of depth and breadth. Second, it applies the integrated study of exchange rate volatility in Malaysia, as a case study of a developing country. Malaysia had imposed capital control measures in the past and has now liberalised its exchange rate market and will continue to liberalise it further in the long run. Hence, the need to understand exchange rate volatility measurement and management will be even more important in the future. Third, the book highlights new conditional volatility models for a developing country, such as Malaysia, and develops advanced econometric models which have produced results for sound risk management strategies and for achieving risk management in the financial market and the economy. Additionally, the authors recommend risk management themes which may be of relevance to other developing countries. This work can be used as a reference book by fund managers, financial market analysts, researchers, academics, practitioners, policy makers and postgraduate students in the areas of finance, accounting, business and financial economics. It can also be a supplementary text for Ph.D. and Masters' students in these areas.

It would be difficult to examine interest- free alternative fi nancial systems without reviewing the evolution of debt; thus, this book offers a chronological account of the development of interest- bearing debt and contributors offer their take on how the issue of interest has been addressed throughout medieval and modern civilizations. The Evolution of Interest and Debt provides a review of the impact of these interest-bearing debt and practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time and, as such, will shed light on the ongoing problems as well. The authors assert that the development of the concept of interest can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Abrahamic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt, particularly how the stance of major religions has been translated into a basis of support for these transactions. The third and final part offers a chronological account of the development of interest-bearing debt transactions and their disruptive impacts throughout the history of modern economics from the medieval to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. Each period presents its own dynamics and helps analysts better understand the history and roots of interest-bearing debt. While the book is grounded on research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in fi nance, economics, history, religion and sociology.

This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

South Africa was one of the first countries in the Global South that established a financialized consumer credit market. This market consolidates rather than alleviates the extreme social inequality within a country. This book investigates the political reasons for adopting an allegedly self-regulating market despite its disastrous effects and identifies the colonialist ideas of property rights as a mainstay of the existing social order. The book addresses sociologists, political scientists, anthropologists and legal scholars interested in the interaction of economy and law in contemporary market societies.

The term 'housing crisis' has, in recent times, been associated with rising foreclosure rates and tottering financial institutions, particularly in the US and Europe. However, in many rapidly urbanizing emerging countries, the housing crisis is about urban poverty, unplanned settlements, overcrowded slums and homelessness. Both these faces of the housing crisis require solutions for housing finance mechanisms and systems that lie at the root of each. A well functioning housing finance system can play an important role in helping to fulfil multiple objectives - promoting social and political stability, enhancing housing market performance, as well as contributing to financial sector stability and development. However, the complex systems within which it is embedded are also vulnerable to risks from multiple sources of market, political, and regulatory failures. This book draws on a wealth of examples from around the world to provide a road map for building more resilient housing finance systems.

This book is a research monograph addressed to a wide range of academics interested in corporate short-term capital. The study shows the role of trade credit in the functioning of economic entities. It constitutes a comprehensive source of knowledge about the role of trade credit in the development of enterprises, as well as the impact of this form of finance on the development of economies. Apart from an extensive review of the theoretical aspects of the role of trade credit in the economy, the study discusses the importance of factors influencing trade credit behaviour. Trade credit, despite its versatility, has not yet been fully described, particularly with regard to the specificity of domestic markets. This study aggregates and supplements the existing sources. The monograph is of an international character, as it covers a substantial group of European countries. Therefore, it is likely to have international appeal. The findings may be of interest to those involved in finance management. Understanding the differences in receivables management resulting from the country specificity can contribute to a better understanding of business finance and its operational functions. This knowledge may support the effective management of receivables and liabilities, especially in companies operating on the global market. Chapters 1 and 5 of this book are freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license available at http://www.taylorfrancis.com

This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a "blank check company", is created as an empty shell with lots of money to spend on a corporate shopping spree. Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007-2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation. The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.

Nick Mayhew has made key contributions to fields as diverse as medieval European monetary history, numismatics, financial history, price and wage history, and macroeconomic history. These essays, in his honour, demonstrate the analytical power and chronological reach of the novel interdisciplinary approach he has nurtured in himself and others.

This fascinating study follows the fortunes of the Hoechstetter family, merchant-manufacturers and financiers of Augsburg, Germany, in the late-fifteenth and early-sixteenth centuries, and sheds light on the economic and social history of failure and resilience in early modern Europe. Carefully tracing the chronology of the family's rise, fall and transformation, it moves from the micro- to the macro-level, making comparisons with other mercantile families of the time to draw conclusions and suggest insights into such issues as social mobility, capitalist organization, business techniques, market practices and economic institutions. The result is a microhistory that offers macro-conclusions about the lived experience of early capitalism and capitalistic practices. This book will be valuable reading for advanced students and researchers of economic, financial and business history, legal history and early modern European history.

In its pursuit to equip the reader with a basic knowledge of Islamic economics, this book divulges the micro-foundations of the discipline, and highlights the predominant schools of thought that exist in the field. It explains, in simple terms, what Islamic economics entails and how it can be studied as a science in relation to the Holy Quran, the Sunnah and the Islamic intellectual tradition based on these two sources. The book familiarizes the reader with knowledge of the basic maxims of the discipline. It then establishes the arguments that are presented by the proponents of religion-based economics, specifically Islam, and apprises readers about the aforementioned schools as they exist. A number of chapters consider the dimension of the dilemmas the discipline is facing, and the chronological progress of the field is reviewed, hence providing a comprehensive overview of the topic. The book deals with the issues about the origins of Islamic economics, the basic methodological questions, the use of the opportunities offered by fiqh in the methodological discussions and the main problems arising from the encounter with other cultures and civilizations. It offers practical solutions, despite the differing schools of thought, not unlike the development of conventional Economics where radical differences between Keynesian, Classical and Monetarist approaches existed. It concludes by incorporating some of the finest works that explain to the reader how Islamic economics may progress as a discipline. This guide will provide both students and researchers in Comparative Economic Studies, Islamic Economics and Islamic Finance with an essential overview of the field.

This book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001. The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees. This book makes a very useful reference to understanding financial planning licencing model in Australia.

Already in just a decade of existence, cryptocurrencies have been the world's best-performing financial asset, outperforming stocks, bonds, commodities and currencies. This comprehensive yet concise book will enable the reader to learn about the nuts and bolts of cryptocurrencies, including their history, technology, regulations and economics. Additionally, this book teaches sound investment strategies that already work along with the spectrum of risks and returns. This book provides a plain-language primer for beginners worldwide on how to confidently navigate the rapidly evolving world of cryptocurrencies. Beginning by cutting to the chase, the author lists the common burning questions about cryptocurrency and provides succinct answers. Next, he gives an overview of cryptocurrency's underlying technology: blockchain. He then explores the history of cryptocurrency and why it's attracted so much attention. With that foundation, readers will be ready to understand how to invest in cryptocurrency: how cryptocurrency differs from traditional investments such as stocks, how to decide which cryptocurrency to invest in, how to acquire it, how to send and receive it, along with investment strategies. Additionally, legal issues, social implications, cybersecurity risks and the vocabulary of cryptocurrency are also covered, including Bitcoin and the many alternative cryptocurrencies. Written by a journalist-turned-professor, this book's appeal lies in its succinct, informative and easy-to-understand style. It will be of great interest to anyone looking to further their understanding of what cryptocurrency is, why it's a big deal, how to acquire it, how to send and receive it, and investment strategies.

Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It's time for MPT to evolve. The authors propose a new imperative to improve finance's ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT's focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.

The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of the principles, institutions and experience of banking and financial regulation. The origins and resolution of the credit crisis are explored in depth.
This volume offers extensive coverage of subjects on the regulation of banks and securities markets.It provides tools to help illustrate the principles of regulation, and presents real examples of the credit crunch. The analysis of functions of financial institutions demonstrates how structures, such as the government, react to innovations such as securitization. The authors of this volume, both prominent experts in this field, illustrate how regulatory reform will provide a balance between financial stability and economic growth, whilst strengthening the recovery of the economy and ultimately leading to future prosperity.
This book is indispensable reading for all interested in international banking and finance, macroeconomics and capital market regulation, and forinstitutions, professionals, practitioners, postgraduates and students engaged in international financial business.

International Macroeconomics for Business and Political Leaders explains the fundamentals of international macroeconomics in a very efficient and approachable text. It explores key macro concepts such as growth, unemployment, inflation, interest, and exchange rates. Crucially, it also examines how these markets are interconnected so that readers will fully understand why economic, political, and social shocks to nations, such as the United States, China, Germany, Japan, and Brazil, must be evaluated in the context of all three macroeconomic markets: goods and services, credit, and foreign exchange. This book is as relevant and useful to individuals who have successfully taken and passed a Principles of Economics course, or more, as it is to those who have never taken any economics in high school or college but are motivated to understand the way international economies act and react. It uses an innovative approach to teach supply and demand principles, without using graphs, so as to be understandable and accessible to any interested reader or audience. This is not a theory-for-theory's-sake textbook but a practice-oriented, common-sense approach to explaining international macroeconomics which quickly connects readers to real world events.

Originally published in 1995, Beyond Capital Labor is a comprehensive empirical study about how and how much technology and regional contextual factors may influence company production and productivity growth. The book constitutes a conceptually consistent and empirically efficient study and provides a consolidated model and an analytical framework to examine the contributions of technology and regional factors to company production and productivity growth. This work goes beyond the current state and brings many scattered theoretical components together to establish an integrated model.

Predicting foreign exchange rates has presented a long-standing challenge for economists. However, the recent advances in computational techniques, statistical methods, newer datasets on emerging market currencies, etc., offer some hope. While we are still unable to beat a driftless random walk model, there has been serious progress in the field. This book provides an in-depth assessment of the use of novel statistical approaches and machine learning tools in predicting foreign exchange rate movement. First, it offers a historical account of how exchange rate regimes have evolved over time, which is critical to understanding turning points in a historical time series. It then presents an overview of the previous attempts at modeling exchange rates, and how different methods fared during this process. At the core sections of the book, the author examines the time series characteristics of exchange rates and how contemporary statistics and machine learning can be useful in improving predictive power, compared to previous methods used. Exchange rate determination is an active research area, and this book will appeal to graduate-level students of international economics, international finance, open economy macroeconomics, and management. The book is written in a clear, engaging, and straightforward way, and will greatly improve access to this much-needed knowledge in the field.

Micro, small and medium enterprises (MSMEs) are considered the backbone of the Indian economy, but limited access to external finance can be a major constraint which hinders their growth and productivity. This barrier acts as a double-edged sword in the case of women and socially disadvantaged owners who are also subjected to discrimination in credit markets. This book investigates the role of credit constraints in determining the performance of MSMEs in India and considers how gender- and caste-based prejudices influence and inform a firm owner’s access to formal credit. Combining micro-econometric techniques with large-scale firm surveys, it offers readers new findings, which shed light on the effect of ownership characteristics on credit access and firm performance. It also examines recent credit policy initiatives aimed at weaker sections of society including Scheduled Caste (SC), Scheduled Tribe (ST) and women-owned enterprises and puts forward valuable policy recommendations. This volume will serve as a useful reference text for students and researchers of economics, finance, business and management, entrepreneurship, credit policy, development economics, caste discrimination, gender discrimination and South Asian studies.

Cryptocurrencies have had a profound effect on financial markets worldwide. This edited book aims to explore the economic implications of the use of cryptocurrencies. Drawing from chapter contributors from around the world, the book will be a valuable resource on the economics of cryptocurrencies. The intended audience is composed of academics, corporate leaders, entrepreneurs, government leaders, consultants and policy makers worldwide. Over the past few years, the topic of cryptocurrencies has gained global attention and has been the subject of discussion in various news media, in policy-making bodies and government entities, and in financial institutions, classrooms and boardrooms. Despite widespread interest, much remains unknown on what the economic implications of cryptocurrencies are. This book enhances the reader's understanding of cryptocurrencies, its impact on industry and its implications on the political and economic environment. Drawing from chapter contributions from leading academics and thought leaders from around the world, this book is the definitive guide on the economics of cryptocurrencies. There is scarcity of well conceived, academically grounded literature on the impact of cryptocurrencies on industry, politics and economics. This pioneering book provides up-to-date and in-depth analysis on the subject. The book will be appealing to academic communities, business professionals and entrepreneurs in their quest for better understanding the challenges and opportunities brought about by cryptocurrencies. Consultants, government officials and policy makers will find the information helpful in defining strategic pathways into the future.

Luxury, Fashion and the Early Modern Idea of Credit addresses how social and cultural ideas about credit and trust, in the context of fashion and trade, were affected by the growth and development of the bankruptcy institution. Luxury, fashion and social standing are intimately connected to consumption on credit. Drawing on data from the fashion trade, this fascinating edited volume shows how the concepts of credit, trust and bankruptcy changed towards the end of the early modern period (1500 1800) and in the beginning of the modern period. Focusing on Sweden, with comparative material from France and other European countries, this volume draws together emerging and established scholars from across the fields of economic history and fashion. This book is an essential read for scholars in economic history, financial history, social history and European history.