Prompted by the widespread curiosity aroused by the proceedings of the Parker Bank Rate Tribunal, the author has written a non-technical account of daily life in a City office and Boardroom. The author describes the ways in which money is put to work, and explains why the Sterling Area is so important to Britain's prosperity. He also discusses political developments affecting the City and its future. The book includes references to America and Wall Street.

This book was written at a time when the market for government stocks in London, the gilt-edged market of the title, had undergone a period of rapid innovation in the forms of its instruments - index-linked stocks, variable rate stocks, and other new types - and of methods of issue. This had been the response of a government that had needed to fund a massive public sector borrowing requirement despite its attempts to slash public expenditure. In the same period the opening of the London International Financial Futures Exchange (LIFFE), with its 20-year gilt contract, had introduced a new method for hedging risk for investment managers. This book charts and analyses these developments.

The study of financial history has never been more important. This volume focuses on theories about the relationship of financial markets to the rest of the economy. Searching out information on financial institutions and markets from the past, this work tests theories from the 1980s and 90s with this data, mainly in two fields of economics: financial structure and performance and economic development. Understanding and testing the relationship between money and credit and the level of output in the economy, the author emphasizes, may help predict or prevent business cycles and even make it possible to increase the rate of development and growth of an economy. Although this volume focuses on one geographical and historical area of the US economy, the lessons and implications are relevant for the global economy of the 21st century.

This book examines the fundamental nature of banking in the economy of the 1970s and 80s, arguing that banking cannot be properly understood unless it is regarded as the retailing of financial services. In analysing the nature of banking the book demonstrates how banking might operate without regulatory constraints; surveys the patterns of regulatory constraint in a wide range of economies; analysis the effects of these various forms of constraint on the operation of a previously unregulated bank; examines the move to multinational banking; explores risks peculiar to multinational banking, whilst providing a diagrammatic illustration of those risks. When originally published this was one of the first books to treat banking from both a theoretical and empirical perspective and is unique in reviewing the case of a completely unregulated commercial bank and following the progression of banking through to the multinational stage.

Global payments imbalances and the rise of emerging economies provide the background to this analysis of risk exposure and near-insolvency at the world s major banks. Emerging Risk was published in 1985, three years after the first international banking crisis of the post-War era, but prior to resolution after 1989 of the underlying sovereign debt overhang. With episodes of international financial instability punctuating the following quarter century until the Lehman collapse of 2008, this re-issue will contribute to the historical perspective on modern diagnoses of policy weakness and financial sector excess that is clearly needed. Whereas OPEC price increases in the 1970s were a source of the earlier global imbalances, Chinese surpluses and those occasioned by her rapid growth among commodity and oil producing countries are today s equivalents. Emerging Risk documents the earlier poor employment of surplus funds recycled to Latin America, much as the failure of the USA and others to use Asian financing productively is now evident. The role of the main global banking institutions in each of these outcomes reveals common threads. As a reading of Emerging Risk will confirm, both the special consequences of free competition in a global banking market, and the perverse incentives inherent in the remuneration of loan officers, were clearly present in the mid-1980s. The interaction of regulation and the competitive response of banks to produce increased reliance on wholesale borrowing and lending, together with enhanced gearing, have clear echoes in modern debates over the consequences of the Basel provisions.

This volume draws together diverse sources of information from the EIB's own reports and bulletins, as well as reports of the Us Federal Reserve Board, the IMF and OECD, together with press and journal sources to examine the history, borrowing and lending operations from 1958-1980. It also discusses some of the environmental and social effects of its lending activities. Some consideration has also been given to the bank's operations beyond EU boundaries. The book sheds light on an important EU institution which is crucial to EU member states' infrastructure, industry and economy.

This and the previous volume chart the history of financial institutions in England in the mid-late nineteenth century as well as examining the periods of boom and bust, their causes and effects. Using hitherto unpublished sources from the International Financial Society this book provides an unrivalled record of the development of the modern banking industry.

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With increased resilience in the financial systems, emerging Asian economies were less affected by the recent global financial crisis, recovering more quickly from the crisis than major advanced economies. Yet, Asian financial systems remain underdeveloped. More open and efficient financial systems continue to be a key priority for Asia's development strategy. Emerging Asian economies need to tackle the new challenges to macroeconomic and financial stability posed by financial globalisation. This book identifies the key challenges to Asia's financial development in an era of rapid financial globalisation and discusses their policy implications for financial reforms and regional cooperation in East Asia. Particular areas of focus include: the impact of financial globalisation on economic stability and inequality in East Asian economies; the progress of Asia's regional financial cooperation and lessons from the recent European economic crisis; and the priority of financial reforms in individual Asian economies. Combining advanced econometric methods and in-depth case studies, this book provides rigorous and contextual analyses of the most critical issues for Asia's financial development. It offers a comprehensive and useful guide for students, academics, and policymakers interested in the current state and future prospects of Asian financial systems.

Um den Jahresabschluss kommt keiner herum. FA1/4r all jene, die sich kompakt und leicht verstAndlich A1/4ber Bilanzen informieren wollen, ist dies genau das richtige Buch. ZunAchst erklAren die Autoren den Unterschied zwischen internem und externem Rechnungswesen, damit Sie das Thema Jahresabschluss einordnen kAnnen. Und dann geht es ans Eingemachte: Sie erfahren, wie eine Bilanz aufgebaut ist, welche Gewinnermittlungsarten es gibt und welche unterschiedlichen Bewertungsvorschrift befolgt werden mA1/4ssen. Und zu guter Letzt erlAutern die Autoren, was es mit einem Konzernabschluss und dem GeschAftsbericht samt Anhang und Lagebericht auf sich hat.

In the wake of the global financial crisis, Heads or Tails answers the question: what changes should financial institutions undergo to ensure reliable protection against extreme risks? Recent massive failures among large and respected financial institutions, clearly demonstrate that contemporary risk management and regulation fail to provide adequate responses to the challenges set by extreme risks. Dr Evgueni Ivantsov combines analysis of the nature of extreme risk (so-called tail risk), risk management practices and practical solutions to build a robust, enterprise-wide, extreme risk management framework which includes three lines of defence, ranging from strategic to tactical, designed to help address the tail risk during different stages of its development. The author also discusses: c Why modern 'sophisticated' risk management frameworks, strong capitalisation and liquidity do not prevent banks from failure in the face of systemic crisis; c What it means to build an effective defence against systemic and catastrophic losses; c What risk architecture should look like to ensure that extreme risk events are identified early and efficiently mitigated; c How modern management practices, regulation and risk and business culture need to change to guarantee sustainability. While the context of Dr Ivantsov's writing is financial services, the book contains an important message for specialists from any industries exposed to the extreme risks (oil/gas, energy, mining, chemical productions, transportation, etc.). Until the shortcomings of current risk management and regulation are resolved, financial services and other at risk industries will repeat the painful mistakes of the past, over and over again.

The landscape for implementing energy efficient projects is rapidly changing and the need for energy project financing has never been greater. This book provides the key success factors for structuring a finance energy project and getting it approved by top management. Part I covers the need for financing as well as the basic concepts. Part II covers some practical applications of financing such as performance contracts, power purchase agreements and other items like PACE financing. Part III contains articles that have helped many engineers get more projects implemented as they include information that can be used to present projects and get them approved.

Build your strongest-ever portfolio from anywhere in the world Now in its third edition, Millionaire Expat is the world's most trusted, bestselling guide for expat investors. It shows readers how to protect themselves from financial sharks and build effective portfolios that maximize profits and tax efficiency. This updated guide includes model portfolios of ETFs or index funds. It recommends subtle differences for investors based on nationality, while explaining why all-in-one portfolio funds are even simpler and more profitable than individual ETFs. Millionaire Expat also provides investment models for socially responsible funds. Best of all, this book is specific. Author Andrew Hallam doesn't just offer theory. He shows you exactly what to buy and where to buy it from. He explains how much you should sell each year, upon retirement, and discusses repatriation: showing how different countries deal with the taxation of portfolios that were built abroad. And if you're looking for a hands-free approach, Millionaire Expat offers something for you as well: lists of roboadvisors and full-service financial firms that offer guidance and build portfolios of ETFs and index funds. But what if you started investing late and can't afford to retire? In that case, Andrew Hallam has you covered. He profiles several low-cost countries that are popular with expats. He explains what countries are great for Global Nomads and for retirees looking for tax breaks, safety, solid health care systems and a low-cost, enjoyable standard of living. Millionaire Expat (3rd edition) is an entertaining guide, showing readers how to maximize their money and their life satisfaction based on simple, smart investing and their choice of retirement destination. Author Andrew Hallam was a high school teacher who built a million-dollar portfolio--on a teacher's salary. He knows how everyday people can achieve success in the market. In Millionaire Expat, he tailors his best advice to the unique needs of those living overseas to give you the targeted, real-world guidance you need.

Portfolio theory and much of asset pricing, as well as many empirical applications, depend on the use of multivariate probability distributions to describe asset returns. Traditionally, this has meant the multivariate normal (or Gaussian) distribution. More recently, theoretical and empirical work in financial economics has employed the multivariate Student (and other) distributions which are members of the elliptically symmetric class. There is also a growing body of work which is based on skew-elliptical distributions. These probability models all exhibit the property that the marginal distributions differ only by location and scale parameters or are restrictive in other respects. Very often, such models are not supported by the empirical evidence that the marginal distributions of asset returns can differ markedly. Copula theory is a branch of statistics which provides powerful methods to overcome these shortcomings. This book provides a synthesis of the latest research in the area of copulae as applied to finance and related subjects such as insurance. Multivariate non-Gaussian dependence is a fact of life for many problems in financial econometrics. This book describes the state of the art in tools required to deal with these observed features of financial data. This book was originally published as a special issue of the European Journal of Finance.

Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more generally the rule of law and basic human rights. With contributions from international leading experts, topics will include: Policy, High-level Principles, Trends and Perspectives Fintech and Lending Fintech and Payment Services Fintech, Investment and Insurance Services Fintech, Financial Inclusion and Sustainable Finance Cryptocurrencies and Cryptoassets Markets and Trading Regtech and Suptech This Handbook will be of great relevance for practitioners and students alike, and a first reference point for academics researching in the fields of banking and financial markets law.

Today's leader needs to be equipped with the tools and skills to find an effective way to collaborate with others. Global organizations today are highly complex, involving multiple parties, offshore operations, and matrix management structures. Leaders can only successfully deliver their strategic goals if they have the ability to build collaboration across the silos these create. Collaborative Leadership in Financial Services is a practical guide which focuses on technologists within investment banking and capital markets. It is intended for everyone within the hierarchy of an organization whose collaboration is essential for the smooth running of a technology operation with many stakeholders. It shows how to improve leadership by explaining how to make this collaboration successful and effective.

Education, employment policy, and pensions are inextricably linked and critical to any sort of business or economic revival, let alone success, and all three are addressed in Education and Employment in the European Union. In the first part of this meticulously researched and highly informative book, Dimitris Chorafas argues that European educational standards, from primary schools through to universities, leave much to be desired. The author then turns to employment. Already affected by problems with education, employment is fettered by structural issues, ranging from inflexible labour laws to heavy social costs. Here, the author suggests what might be done to get employment moving again in difficult economic times. Employment and pensions work in synergy. In the final part, Chorafas examines the implications of and future for pension provision, taking a polyvalent approach which embraces state pensions, company pensions and the workings of pension funds - as well as healthcare issues and the longevity risk. The evidenced analysis of the three interlinked policy areas in this book identifies the issues and the relationships between them. The findings and suggestions will be important to business practitioners, business educators, government authorities, policy makers, consultancies and others either within or wishing to learn lessons from the European Union.

This textbook, designed for a single semester course, begins with basic set theory, and moves briskly through fundamental, exponential, and logarithmic functions. Limits and derivatives finish the preparation for economic applications, which are introduced in chapters on univariate functions, matrix algebra, and the constrained and unconstrained optimization of univariate and multivariate functions. The text finishes with chapters on integrals, the mathematics of finance, complex numbers, and differential and difference equations. Rich in targeted examples and explanations, Mathematical Economics offers the utility of a handbook and the thorough treatment of a text. While the typical economics text is written for two semester applications, this text is focused on the essentials. Instructors and students are given the concepts in conjunction with specific examples and their solutions.

This book is a 'crossover' treatment of quantitative and qualitative risk analysis within the setting of new high technology ventures in the UK. Reid and Smith have based their research on extensive fieldwork in patent-intensive, high-technology firms. This has included face-to-face interviews with leading investors, and is illustrated by two chapters of case studies. Their aim is to advance the understanding of methods of risk assessment and to illuminate current policy concerns about stimulating innovative output and securing intellectual property. This book is unique in being academic in intent and purpose, yet strongly grounded in practice, without becoming merely a practitioner volume. Reid and Smith find a considerable consensus in the venture capital industry on the spectrum of investments by risk, and on key commercial factors affecting risk. This book offers a useful and interdisciplinary approach to an increasingly popular field of study.

In a 24/7 world and a global economy, there is no doubt that relationships impact virtually every economic transaction. In Relationship Economics, Lindon Robison and Bryan Ritchie argue that what needs to be understood is not just whether relationships matter (which, of course, they do), but also, how much, and in what circumstances they should matter. Providing a rigorous and measurable definition of the way that relationships among individuals create a capital, social capital, that can be saved, spent, and used like other forms of capital, Robison and Ritchie use numerous examples and insightful analysis, to explain how social capital shapes our ability to reduce poverty, understand corruption, encourage democracy, facilitate income equality, and respond to globalization. The first part of the book explains how social capital can be manipulated, stored, expended, and invested. The second part explores how levels of social capital within relationships influence economic transactions both positively and negatively, which in turn shape poverty levels, economic efficiency, levels and types of political participation, and institutional structures.

Starting from the practical viewpoint of, "I would rather be approximately right than perfectly wrong" this book provides a commonsense comprehensive framework for small business valuation that offers solutions to common problems faced by valuators and consultants both in performing valuations and providing ancillary advisory services to business owners, sellers, and buyers. If you conduct small business valuations, you may be seeking guidance on topics and problems specific to your work. Focus on What Matters: A Different Way of Valuing a Small Business fills a previous void in valuation resources. It provides a practical and comprehensive framework for small and very small business valuation (Companies under $10 million of revenues and often under $5 million of revenues), with a specialized focus on the topics and problems that confront valuators of these businesses. Larger businesses typically have at least Reviewed Accrual Accounting statements as a valuation starting point. However, smaller businesses rarely have properly reviewed and updated financials. Focus on What Matters looks at the issue of less reliable data, which affects every part of the business valuation. You'll find valuation solutions for facing this challenge. As a small business valuator, you can get direction on working with financial statements of lower quality. You can also consider answers to key questions as you explore how to value each small business. Is this a small business or a job? How much research and documentation do you need to comply with standards? How can you use cash basis statements when businesses have large receivables and poor cutoffs? Should you use the market method or income method of valuation? Techniques that improve reliability of the market method multiplier How might you tax affect using the income method with the advent of the Estate of Jones and Section 199A? Do you have to provide an opinion of value or will a calculation work? How do you calculate personal goodwill? As a valuation professional how can you bring value to owners and buyers preparing to enter into a business sale transaction? How does the SBA loan process work and why is it essential to current small business values? What is the business brokerage or sale process and how does it work? How do owners increase business value prior to a business sale? This book examines these and other questions you may encounter in your valuation process. You'll also find helpful solutions to common issues that arise when a small business is valued.

Stop making a living and start making a life with The New Retirementality(TM) In 2000, when top financial philosopher and bestselling author Mitch Anthony first presented a new way of thinking about retirement, it was novel, and many critics didn't buy into it. Originally written to get the attention of baby boomers, Mitch ended up starting a revolution by showing us that everything we had read about retirement was wrong--we needed a "new retirementality." Fast-forward to today, when most of us are facing a very different retirement: fewer pensions, escalating healthcare costs, and inadequate savings. For many of us, retirement may never happen, or it will take place much later than we expected. Far from being full of doom and gloom, The New Retirementality, Fifth Edition, offers a message of hope, along with a roadmap for navigating the choppy waters of retirement planning. While most books focus on Return on Investment, Mitch shows us that Return on Life(TM)--living the best life possible with the resources we have--is a more fulfilling and achievable approach. New to this edition: The latest research and studies, as well as a discussion of Life-Centered Planning(TM)--a unique approach to financial and retirement planning, focused on individual goals and needs instead of the outmoded one-size-fits-all approach. Explores the role of purpose in retirement planning, including the expanding role of work in retirement, and why it can take three or four tries to get retirement right. Features the New Retirementality Profile, the ROL Index for helping you analyze and reflect on how you are using your money toward improving your life, and worksheets to help you get organized. Filled with engaging anecdotes, practical advice, and inspirational suggestions, this book will motivate you to rethink what retirement means--and put you in a better position to enjoy the new retirementality you deserve.

This book looks at the effectiveness of the 1999 restructuring of the UK through the establishment of the Scottish Parliament and the Assemblies for Northern Ireland and Wales, considering the process of devolution and its consequences on the key mechanisms of accounting and democratic accountability. Many of the chapters in this book examine whether devolution is enhancing democratic accountability, or creating a fragmentary state with conflict and tensions between the Westminster government and the devolved bodies. The focus is on the financial mechanisms for democratic accountability both in the UK and in international comparator countries (New Zealand, Norway, and the US). This book examines the turbulent pattern of relationships between central and devolved government and explores whether the present arrangements for devolution in the UK represent an end game, or whether they may be merely a stepping stone to a more fully fledged federal state. It is argued that the main thrust of many of the financial reforms in the UK has confounded, obfuscated, and complicated the desire for democratic accountability.

From Canada's best-selling real esate author, Don R. Campbell, and his team.

From rental properties to business offices, more and more Canadians buying real estate are unwittingly setting themselves up for problems. Real estate investments and their corresponding tax policies are complicated--without knowing the tax rules, investors will see how quickly seemingly viable investments can become financial disasters. "81 Financial and Tax Tips for the Canadian Real Estate Investor" offers practical advice on successfully navigating the tax implications of property ownership, including tips on a) deductions from income; b) preparing for an audit; and c) leveraging professional help. Filled with insights and Canadian-specific tips, there's no other book like it on the market.