This volume in the Mastering Mathematical Finance series strikes just the right balance between mathematical rigour and practical application. Existing books on the challenging subject of stochastic interest rate models are often too advanced for Master's students or fail to include practical examples. Stochastic Interest Rates covers practical topics such as calibration, numerical implementation and model limitations in detail. The authors provide numerous exercises and carefully chosen examples to help students acquire the necessary skills to deal with interest rate modelling in a real-world setting. In addition, the book's webpage at www.cambridge.org/9781107002579 provides solutions to all of the exercises as well as the computer code (and associated spreadsheets) for all numerical work, which allows students to verify the results.

An introduction to the mathematical theory and financial models developed and used on Wall Street Providing both a theoretical and practical approach to the underlying mathematical theory behind financial models, Measure, Probability, and Mathematical Finance: A Problem-Oriented Approach presents important concepts and results in measure theory, probability theory, stochastic processes, and stochastic calculus. Measure theory is indispensable to the rigorous development of probability theory and is also necessary to properly address martingale measures, the change of numeraire theory, and LIBOR market models. In addition, probability theory is presented to facilitate the development of stochastic processes, including martingales and Brownian motions, while stochastic processes and stochastic calculus are discussed to model asset prices and develop derivative pricing models. The authors promote a problem-solving approach when applying mathematics in real-world situations, and readers are encouraged to address theorems and problems with mathematical rigor. In addition, Measure, Probability, and Mathematical Finance features: * A comprehensive list of concepts and theorems from measure theory, probability theory, stochastic processes, and stochastic calculus * Over 500 problems with hints and select solutions to reinforce basic concepts and important theorems * Classic derivative pricing models in mathematical finance that have been developed and published since the seminal work of Black and Scholes Measure, Probability, and Mathematical Finance: A Problem-Oriented Approach is an ideal textbook for introductory quantitative courses in business, economics, and mathematical finance at the upper-undergraduate and graduate levels. The book is also a useful reference for readers who need to build their mathematical skills in order to better understand the mathematical theory of derivative pricing models.

The global halal industry is likely to grow to between three and four trillion US dollars in the next five years, from the current estimated two trillion, backed by a continued demand from both Muslims and non-Muslims for halal products. Realising the importance of the halal industry to the global community, the Academy of Contemporary Islamic Studies (ACIS), the Universiti Teknologi MARA Malaysia (UiTM) and Sultan Sharif Ali Islamic University (UNISSA) Brunei have organised the 4th International Halal Conference (INHAC) 2019 under the theme "Enhancing Halal Sustainability'. This book contains selected papers presented at INHAC 2019. It addresses halal-related issues that are applicable to various industries and explores a variety of contemporary and emerging issues. It covers aspects of halal food safety, related services such as tourism and hospitality, the halal industry - including aspects of business ethics, policies and practices, quality assurance, compliance and Shariah governance Issues, as well as halal research and educational development. Highlighting findings from both scientific and social research studies, it enhances the discussion on the halal industry (both in Malaysia and internationally), and serves as an invitation to engage in more advanced research on the global halal industry.

The progression of risk management techniques provides the crucial applications and benefits to all of society. By analyzing the current trends and techniques used to assess and mitigate risks, safer processes can be used for all professional fields, as well as society as a whole. Novel Six Sigma Approaches to Risk Assessment and Management is a vital scholarly resource that provides an in-depth examination on innovative Six Sigma methods for risk mitigation initiatives. Featuring an array of relevant topics such as project management, production scheduling, information systems security, and agricultural planning, this is an ideal reference book for professionals, academicians, students, and researchers interested in detailed research on recent advancements in the management of risk in all fields.

This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.

Foundations of Airport Economics and Finance analyzes the impact key economic indicators play on an airport's financial performance. As rapidly changing dynamics, including liberalization, commercialization and globalization are changing the nature of airports worldwide, this book presents the significant challenges facing current and future airports. Airports are evolving from quasi-monopolies to commercial companies operating in a global environment, with ever-increasing passenger and cargo volumes and escalating security costs that put a greater strain on airport systems. This book highlights the critical changes that airports are experiencing, providing a basic understanding of both the economic and financial aspects of the air transport industry.

The book analyses the role of private bankers who were pivotal in modernizing the economic and financial system of Italy in the XIX century. To achieve this they needed to interact with the international haute banque to organize and place the public loans and the large investments associated with the joint-stock companies. The theme of reputation, which is currently at the centre of the historiographical debate, is fundamental for the study of the private banker figures, whose professional success is linked to the limitless trust accorded to them by their circle of personal contacts. Historiography has studied the role of Italian bankers in the trade, credit and international finance during the modern age (XVI-XVIII centuries), but it has not analysed the banking system in the XIX century and its national and international relations. The case study of Banca Parodi of Genova fills the historiographical gap concerning the role of private bankers and banking institutions in Italy, highlighting the network between the Parodi family and the international haute banque; one of the most emblematic cases is the Rothschild family. The book presents a re-elaborates series of unpublished data, placing them at the disposal of the scientific community and analyses the role of private bankers in the development of Italian banking institutions in the XIX century to launch a scientific debate.

Since the financial crisis of 2008/09, the world's major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.

This book is about labor income share, which measures the share of national income paid in wages. The global share of income going towards labor is declining, which suggests a more unequal distribution of income. This has sparked debates about fair distribution of personal incomes among academics and policymakers alike. This book joins the discussion by bringing together recent developments in theoretical and empirical research on labor income share and novel insights on the measurement of the labor income share. The aim of this book is to help design policies to reduce inequality and provide useful knowledge to academics, policymakers from government agencies, policy aides in research institutions and think tanks, and broader audiences from public and private organizations.

This reference work provides a detailed and comprehensive analysis of the legal status of swap agreements and swap-based products under US, UK and international and EC law, covering such wide-ranging fields as contract law, banking and financial regulation, taxation and accounting. The author thoroughly analyzes the economic substance and economic rationale of swap transactions, which increasingly present the most important determining factors in resolving the complex legal issues concerning swaps and engineered swap structures. Swaps are examined in the context of their broader transactional structure, highlighting the need for legal solutions to be economically efficient. The original nature of this work, together with its comprehensive coverage of this highly technical subject, makes it suitable for both academic lawyers and practitioners active in the field of swap finance.

With World War II still raging, nations came together to create a new international monetary order, the Bretton Woods system. This agreement created the International Monetary Fund, the World Bank, and a system of stable exchange rates with currencies pegged against the dollar. One man saw the political, economic, and moral tensions inherent in keeping the dollar, a national currency, as a global reserve currency. When the monetary arrangement collapsed in 1973, economist Robert Triffin had already predicted its downfall two decades previously. Robert Triffin, a Belgian-American scholar and policy advisor, was a defining voice in economics and international politics in the twentieth century and an architect of the new multilateral liberal world order in his own right. Best known for his analysis of the vulnerabilities of the international monetary system - the "Triffin dilemma" - Triffin was a voice of reason and compassion in the postwar period. Triffin played a key role in the debates on European monetary integration, especially with his proposals for a European Reserve Fund and a European currency unit, becoming one of the intellectual fathers of Europe's single currency, the euro. This intellectual biography evaluates what made Triffin a crucial figure in modern economic history. With an emphasis on the ideas that shaped the postwar international system, Robert Triffin: A Life explores both the man and the mission. In addition to analyzing his work in economics and policymaking, Ivo Maes and Ilaria Pasotti trace Triffin's story from a very modest background, as the son of a butcher, who grew up through the interwar period, to a singularly influential economist in the late twentieth century. The first biography of one of the intellectual giants of the postwar era, Robert Triffin critically examines the accomplishments and the legacy of a scholar who believed that innovations in economic policy could lead to a better and more peaceful world.

This book explores the evolution of credit and financing in Europe from the Middle Ages through to Modern Times. It engages with the distinct political, economic and institutional frameworks of the examined areas (England, Italy, France, Germany, Spain, the Netherlands and Turkey) and discusses how these affected the credit market. It covers a wide range of different types of lending and borrowing instruments, the destination of capital, the way it was raised, and the impact it had on local or national economies in a very long run. Presented in two parts, part one of the book focuses on credit markets in the preindustrial age, in particular the period before the advent of modern joint stock banks. Part two examines the evolution of credit at the time of the emergence of modern banks. This volume will be of interest to academics and researchers in the field of finance who are interested in the historic evolution of credit and the credit market.

Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.

The book shows that self-help in commercial law is a fast, inexpensive and efficient alternative to court enforcement. Self-help remedies and private debt collection are largely but not exclusively features of common law jurisdictions, since remnants of private enforcement can still be found in contract law in civilian systems. The book argues that - despite their usefulness - self-help and private debt collection entail significant risks, especially for consumer debtors. This means that private enforcement needs to be accompanied by the introduction of tailor-made consumer-debtor protection regulation. Specific attention is given to factoring, which functions in many instances as a form of pseudo-private debt collection and which has been exploited to bypass sector-specific consumer protection regulations.

This book explores the history of the Organization for Economic Co-operation and Development (OECD) and its place within capitalist development. Since 1948, the OECD and its forerunner, the Organization for European Economic Cooperation (OEEC) worked on almost every subject of interest to national governments ranging from economic growth to education (PISA rankings), statistics, to the environment. With varying success the OEEC/OECD thus played a key role as a warden of the West and of capitalist development. However, it has remained one of the least understood international organizations. Bringing together a number of case studies by scholars from around the world, this first source-based volume on the history of the OEEC/OECD in global governance offers not only a new understanding of the Organization's key areas of activities, but also its multiple relations to member states, other international organizations, and private networks. The volume thus critically re-examines postwar international history, most importantly decolonization and the Cold War, through the prism of one international organization in its various contexts.

This book provides a concise analysis of behavioural biases and their implications for financial decision making. The book is written in the normative tradition, arguing strongly for the superiority of behavioural finance with respect to explaining observed phenomena in financial markets. It offers some unique features, including a discussion of the issue of conspiracy theory and how behavioural biases lead to belief in conspiracy theories. Lingering belief in the principles of neoclassical finance is attributed in part to the doctrine of publish or perish, which dominates contemporary academia. The offshoots of behavioural finance are discussed in detail, including ecological finance, environmental finance, social finance, experimental finance, neurofinance, and emotional finance. A comprehensive discussion of narcissism is presented where it is demonstrated that narcissistic behaviour is prevalent in the finance industry and that it led to the eruption of the global financial crisis.

This book brings together conceptual and empirical analyses of the causes and consequences of changing business-government relations in China since the 1990s, against the backdrop of the country's increased integration with the global political economy. More specifically, it provides an interdisciplinary account of how the dominant patterns of interactions between state actors, firms and business organizations have changed across regions and industries, and how the changing varieties of these patterns have interacted with the evolution of key market institutions in China. The contributors to this edited volume posit that business-government relations comprise a key linchpin that defines the Chinese political economy and calibrates the character of its constitutive institutional arrangements.

This book focuses on the alternative techniques and data leveraged for credit risk, describing and analysing the array of methodological approaches for the usage of techniques and/or alternative data for regulatory and managerial rating models. During the last decade the increase in computational capacity, the consolidation of new methodologies to elaborate data and the availability of new information related to individuals and organizations, aided by the widespread usage of internet, set the stage for the development and application of artificial intelligence techniques in enterprises in general and financial institutions in particular. In the banking world, its application is even more relevant, thanks to the use of larger and larger data sets for credit risk modelling. The evaluation of credit risk has largely been based on client data modelling; such techniques (linear regression, logistic regression, decision trees, etc.) and data sets (financial, behavioural, sociologic, geographic, sectoral, etc.) are referred to as "traditional" and have been the de facto standards in the banking industry. The incoming challenge for credit risk managers is now to find ways to leverage the new AI toolbox on new (unconventional) data to enhance the models' predictive power, without neglecting problems due to results' interpretability while recognizing ethical dilemmas. Contributors are university researchers, risk managers operating in banks and other financial intermediaries and consultants. The topic is a major one for the financial industry, and this is one of the first works offering relevant case studies alongside practical problems and solutions.

This book presents a comprehensive analysis of the alterations and problems caused by new technologies in all fields of the global digital economy. The impact of artificial intelligence (AI) not only on law but also on economics is examined. In the first part, the economics of AI are explored, including topics such as e-globalization and digital economy, corporate governance, risk management, and risk development, followed by a quantitative econometric analysis which utilizes regressions stipulating the scale of the impact. In the second part, the author presents the law of AI, covering topics such as the law of electronic technology, legal issues, AI and intellectual property rights, and legalizing AI. Case studies from different countries are presented, as well as a specific analysis of international law and common law. This book is a must-read for scholars and students of law, economics, and business, as well as policy-makers and practitioners, interested in a better understanding of legal and economic aspects and issues of AI and how to deal with them.

This book provides a comprehensive overview of Private Equity (PE) financing in the infrastructure and real estate sectors. In doing so, it analyzes the impact of such investments in the two sectors, evaluates the types of financing strategies, and explores the value created by such investments.  Infrastructure and Real Estate have emerged as a significant asset class for PE investors. In the last three decades, PE firms have invested significant amounts of capital in infrastructure and real estate – sectors which did not feature in their radar before 2000. Between 2000 and 2009, PE firms invested more than USD 200 billion in infrastructure. Real estate sector also witnessed investments of a similar scale as that of infrastructure. Fundraising for infrastructure and real estate was about USD 100 billion and USD 150 billion respectively in 2019, setting new records and reaching all-time highs.  This book examines such PE investments – both at a global level and at an emerging economy level, to identify how PE firms have created an impact with their investments, to provide both ready capital and value-addition to sectors which seem to urgently need both.  The book is divided into three sections – impact of PE investments, strategies used by PE firms, and value created by such investments. The findings of this research and the corresponding best practices are useful and applicable to students, academicians, researchers, financial institutions, policy makers and law makers, commercial banks and funding agencies, practitioners, the Government, and other parties who are directly or indirectly associated with the development of infrastructure and real estate; and could aid funding agencies, practitioners and policy makers who are directly responsible for creating and developing infrastructure and real estate for their economies.

Rapid growth in financial services regulation in many countries has led to demand for high quality data about agencies and institutions involved in national and international regulatory systems and explanation of the legal context in which they operate. This major new information service provides detailed, consistently presented information for nearly 1400 institutions globally. It is divided into four regional volumes, each published twice annually, covering organizations with regulatory responsibilities, whether primary or secondary, for the banking and financial services industry on both national and international levels. These include: statutory regulators for all financial services sectors; ministries of finance; central banks; self-regulatory organizations and other bodies which help maintain the integrity of financial markets such as stock exchanges, clearing houses, ombudsmen, compensation schemes, deposit insurers, corporate governance initiatives; and professional financial services associations setting mandatory standards for their members. Also included are international bodies that influence the financial services sector within their regions.

This book provides a detailed examination of foreign direct investment (FDI) inflows in Central and Eastern Europe (CEE) after closer integration in the European Union. An important facet of European economic integration was the development of a free-trade area in Central and Eastern Europe, which improved market accessibility. However, to date these relations have been little explored theoretically.The book examines foreign investments in different transition countries from both a theoretical and an empirical perspective. It analyzes changes in the choice of location by foreign investors in nineteen CEE countries between 1992 and 2015, and shows that it is linked to the removal of intra-regional trade barriers. The findings suggest that regional integration increases the incentives for multinationals to invest in the participating countries, especially in those with larger markets and lower production costs.

Asia-Pacific Contemporary Finance and Development collects a well-informed range of fourteen chapters, investigating banking, finance, production, and consumer sectors that are vital shares of modern economies and definitive drivers of growth in the Asia-Pacific economies. The chapters, authored by internationally renowned and experienced academics, showcase the most updated economic and entrepreneurial dynamism in the Asia-Pacific, a large and thriving region that is recognized as a driving force of innovation and economic growth worldwide. From the TPP and the U.S., to short-term cross-currency basis swap and Japanese government bond markets, and from volatility and risk-taking firms and corporate diversification strategy and the political effects of the Corporate Social Responsibility, to consumption propensity and entrepreneurship, this volume of The International Symposia in Economic Theory and Econometrics explores and investigates contemporary challenges and issues facing the Asia-Pacific economies. For researchers and students of economics and finance, this volume is a fascinating exploration of emerging topics in one the fastest growing economies in the world.

This newly revised edition of the highly successful 1997 book offers professionals and students an up-to-date, in-depth understanding of how payments are made electronically across the Internet. The second edition explores the very latest developments in this quickly expanding area, including the newest security techniques and methods, and features a completely new chapter on the exciting advances in mobile commerce. Pub 8/01.