A crucial issue in the era of globalization and internationalization, is whether the relationship between investment and finance is beneficial to growth and development. Similar questions have been raised about education and its rate of social return; is education necessary for improving the skill of the workforce, or does it serve primarily to facilitate the adoption of these new technologies? This book brings together a case of leading international scholars to analyze the importance of education, research, and human capital and the impact of financial systems on growth and development.

Ever since the 2007-8 global financial crisis and its aftermath, Hyman Minsky's theory has never been more relevant. Throughout his career, Jan Kregel has called attention to Minsky's contributions to understanding the evolution of financial systems, the development of financial fragility and instability, and designing the financial structure necessary to support the capital development of the economy. Building on Minsky, Kregel developed a framework to analyze how different financial structures develop financial fragility over time. Rather than characterizing financial systems as market-based or bank-based, Kregel argued that it is necessary to distinguish between the risks that are carried on the balance sheets of banks and other financial institutions. This volume, brought together by Felipe C. Rezende, highlights these major contributions from Kregel through a collection of his influential papers from various journals and conferences. Kregel's approach provides a strong theoretical background to understand the making and unfolding of the crisis and helps us to draw policy implications to improve financial stability, and suggest an alternative financial structure for a market economy. In this book, his knowledge is consolidated and the ideas he puts forward offer a path for future developments in economics which will be of great interest to those studying and researching in the fields of economics and finance.

The Bachelier Society for Mathematical Finance, founded in 1996, held its 1st World Congress in Paris on June 28 to July 1, 2000, thus coinciding in time with the centenary of the thesis defence of Louis Bachelier. In his thesis Bachelier introduced Brownian motion as a tool for the analysis of financial markets as well as the exact definition of options, and this is widely considered the keystone for the emergence of mathematical finance as a scientific discipline. The prestigious list of plenary speakers in Paris included 2 Nobel laureates, Paul Samuelson and Robert Merton. Over 130 further selected talks were given in 3 parallel sessions, all well attended by the over 500 participants who registered from all continents.

Providing the most up-to-date tools and techniques for pricing interest rate and credit products for the new financial world, this book discusses pricing and hedging, funding and regulation, and interpretation, as an essential resource for quantitatively minded practitioners and researchers in finance. This book will be required reading for quantitative practitioners who need to keep up-to-date with the latest developments in derivatives pricing, and will also be of interest to academic researchers and students interested in how instruments are priced in practice.

Any financial asset that is openly traded has a market price. Except for extreme market conditions, market price may be more or less than a fair value. Fair value is likely to be some complicated function of the current intrinsic value of tangible or intangible assets underlying the claim and our assessment of the characteristics of the underlying assets with respect to the expected rate of growth, future dividends, volatility, and other relevant market factors. Some of these factors that affect the price can be measured at the time of a transaction with reasonably high accuracy. Most factors, however, relate to expectations about the future and to subjective issues, such as current management, corporate policies and market environment, that could affect the future financial performance of the underlying assets. Models are thus needed to describe the stochastic factors and environment, and their implementations inevitably require computational finance tools.

Business and information managers have struggled to meet several challenges in aligning information strategies and business cultures. The consequences of a misalignment or misfit of strategy and culture are well known in business literature, and better guidance on how to better align strategy and culture is needed. This means expanding the puzzle to align business and information cultures, align business and information strategies, and ensuring that there is a good ongoing fit between information cultures and business strategies. It also means that awareness of the information capabilities of an organization needs to be raised along with the different levels and types of information cultures. Relating Information Culture to Information Policies and Management Strategies is a critical scholarly publication that provides a holistic picture of information cultures in order to help business managers understand those cultures and to provide a foundation upon which to ground and grow future information culture research. Highlighting a wide range of topics such as information culture, business strategies, and risk assessment, this book is essential for business managers, organizational executives, information managers, cultural experts, practitioners, academicians, managers, researchers, and students.

The solution to the uninhibited lending that was commonplace before the financial crisis has been to introduce tighter regulation to ensure robustness within banks. However, this solution has overlooked the underlying problem of ethical failure in the industry. In the wake of numerous bank collapses, many survivors continue in unprincipled conduct because ethical virtues have not been instilled. This book investigates the ethical basis of banking practice. It explores the conflict between the interests of banks and their customers, and how this conflict plays out in relation to the lending policies and fee structures of banks. Where such lending policies have a significant effect on banks, their customers and a range of stakeholders, the author investigates the views of leading bankers on their lending practices. The author then goes on to debate the events of the global financial crisis from a moral perspective, and argues that ethical failure triggered the American sub-prime calamities which have devastated homeowners and the global economy. The book argues that American banks and regulators both operated on the erroneous supposition that the quest after extreme profits would be restrained by free market forces. Where banks have a central role and importance in all commerce and hence in all societies, the author concludes by revealing a set of virtues that are necessary for banks to espouse moral conduct. He suggests that these virtues can be embedded through leadership and cultural change, with the aim of developing an account of the virtues appropriate to bankers and banking.

Greece's New Political Economy traces the course of Greece from a postwar developmental state to its current participation in the Euro-zone. Taking an innovative comparative approach, George Pagoulatos examines the political economy of financial interventionism and liberalization, banking politics, relations between the government and central bank, the winners and losers of financial reform, the effects of globalization and EMU, and the implications of the new economic role of the state.

Bruce Gauthier was strung along for years as a child and told to believe in Santa Claus. There were whispers about a big payout on Christmas Day, but it really all just a lie. As an adult, he realized that those who tell you to rely on the stock market for retirement are just like the people who lie about the man in the big red suit. The only difference is that the stakes are much higher. Take a journey with the author as he shares his personal experiences with money and helps you: understand how the privileged few take your money out of the stock market for their benefit-just like a thief who steals presents from under a Christmas tree; recognize the absurdities of a financial world that actually makes it hard to build a retirement nest egg; avoid fraud and bad advice that could lead you toward financial ruin. "Santa Claus Is Alive and Well and Living on Wall Street" is not for financiers, brokers, investment advisers, or anyone with access to inside information from Wall Street. Instead, it's for the everyday worker who wants to build their retirement savings.

Over the past several decades, as the pace of globalization has accelerated, operational issues of international coordination have often been overlooked. For example, the global financial crisis that began in 2007 is attributed, in part, to a lack of regulatory oversight. As a result, supranational organizations, such as the G-20, the World Bank, and the International Monetary Fund, have prioritized strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions.

Prevailing characteristics of the global economic systems, such as the increasing power of financial institutions, changes in the structure of global production, decline in the authority of nation-states over their national economy, and creation of global institutional setting, e.g., global governance have created the conditions for a naturally evolving process towards enabling national epistemic communities to create institutions that comply with global rules and regulations can control crises.

In this context, transfer of technical knowledge from the larger organizations and its global epistemic communities to member communities is becoming a policy tool to "convince" participants in the international system to have similar ideas about which rules will govern their mutual participation. In the realm of finance and banking regulation, the primary focus is on transfer of specialized and procedural knowledge in technical domains (such as accounting procedures, payment systems, and corporate governance principles), thereby promoting institutional learning at national and local levels. In this volume, the authors provide in-depth analysis of initiatives to demonstrate how this type of knowledge generated at the international organization level, is codified into global standards, and disseminated to members, particularly in the developing world, where the legal and regulatory infrastructure is often lacking.
They argue that despite the challenges, when a country intends to join the global system, its institutions and economic structures need to move toward the global norms. In so doing, they shed new light on the dynamics of knowledge transfer, financial regulation, economic development, with particular respect to supporting global standards and avoiding future crises. "

New banking and investment business models to navigate the post-financial crisis environment

The financial crisis of 2007-2008 has discredited business models in the banking and fund management industries. In "The Future of Finance, " Moorad Choudhry and Gino Landuyt argue that banks must realign their business models, implying a lower return-on-equity; diversifying their funding sources; and increasing liquidity reserves. On the investment side, the authors discuss how diversification did not reduce risk, but rather amplified it, and failed to stabilize returns. The authors conclude that the clear lesson from the crisis is to know one's risk. A lesson that is best served by concentrating on assets and sectors that you understand.Examines the weaknesses in the business models of many institutions, as well as the theoretical foundation for professionals in the field of financeIdentifies the shortcomings of Modern Portfolio TheoryAddresses how investment managers can find new strategies for creating "alpha" and why they need to re-vamp their fee structures

Filled with in-depth insights and practical advice, "The Future of Finance" will provide bankers and investment managers with a guide to realigning their businesses in order to prosper in the post-crisis financial markets.

Thought provoking, engaging and to the point "The Financial Fitness Blueprint" addresses the importance of taking responsibility for our financial lives. For those serious about escaping the rat race and taking charge of their money, this book is a must read

Author Courtney Carroll draws upon stories from his life and the lives of others so you can benefit from established principles of finance.

By following a few simple disciplines on a daily basis, such as saving more, spending less, protecting and investing your money wisely, you can avoid the financial mistakes made by the majority in society and create a financially fit future.

Written for individuals seeking financial freedom, this guidebook will help you:

Avoid the financial pitfalls and credit traps that have gotten so many into trouble;

Earn reasonable and consistent returns on your investments and protect your money from loss;

Reduce expenses and secure your retirement by paying yourself first;

Use life insurance to secure your families' future wealth

Carroll explores three primary vehicles for wealth creation-business ownership, stocks and real estate investing-and shares his views as to which vehicle he believes is best suited for achieving financial fitness

Working professionals and students at any level will benefit from reading The Financial Fitness Blueprint, as it teaches you how to develop the habits and behaviours needed to achieve financial success.

The book gives a thorough introduction into object orientated design and programming using C++. At the same time it can be used as a library of very useful programs chosen from the fields of finance, adminstration and statistics. These include programs for calculating loan periods, amortization, least squares fitting, a spelling checker, Gregorian calendar, data compression and encryption, searching and sorting. Basic C++ programming is introduced with simple introductory programs while object-oriented programming in C++ is explained as we develop useful classes. Finally we give an introduction into object orientated design and we demonstrate its power by developing a banking package.

The Math of Money is filled with wha at first glance looks like anomaly and paradox, but it ends up showing us that a good deal of what we consider common sense actually make no sense at all. With a wealth of entertaining and counterintuitive examples, it delights as well as informs, and will help readers treat their financial resources more rationally. The Math of Money is filled with wha at first glance looks like anomaly and paradox, but it ends up showing us that a good deal of what we consider common sense actually make no sense at all. With a wealth of entertaining and counterintuitive examples, it delights as well as informs, and will help readers treat their financial resources more rationally. The Math of Money is filled with wha at first glance looks like anomaly and paradox, but it ends up showing us that a good deal of what we consider common sense actually make no sense at all. With a wealth of entertaining and counterintuitive examples, it delights as well as informs, and will help readers treat their financial resources more rationally. The Math of Money is filled with wha at first glance looks like anomaly and paradox, but it ends up showing us that a gooate consider common sense actually make no sense at all. With a wealth of entertaining and counterintuitive examples, it delights as well as informs, and will help readers treat their financial resources more rationally. The Math of Money is filled with what at first glance looks like anomaly and paradox, but it ends up showing us that a good deal of what we consider common sense actually make no sense at all. With a wealth of entertaining and counterintuitive examples, it delights as well as informs, and will help readers treat their financial resources more rationally.

After decades covering war and disaster, bestselling author and acclaimed satirist P. J. O'Rourke takes on his scariest subjects yet: business, investment, finance and the political chicanery behind them. Want to get rich overnight for free in 3 easy steps with no risk? Then don't buy this book. (Actually, if you believe there's a book that can do that, you shouldn't buy any books because you probably can't read.) P.J.'s approach to business, investment and finance is different. He takes the risks for you in his chapter 'How I Learned Economics by Watching People Try to Kill Each Other.' He proposes 'A Way to Raise Taxes That We'll All Love' - a 200% tax on celebrities. He offers a brief history of economic transitions before exploring the world of high-tech innovation with a chapter on 'Unnovations,' which asks, 'The Internet - whose idea was it to put all the idiots on earth in touch with each other?' He pokes fun at bitcoin, and closes with a fanciful short story about the morning that he wakes up and finds that all the world's goods and services are free! This is P.J. at his finest, a book not to be missed.

This book reports initial efforts in providing some useful extensions in - nancial modeling; further work is necessary to complete the research agenda. The demonstrated extensions in this book in the computation and modeling of optimal control in finance have shown the need and potential for further areas of study in financial modeling. Potentials are in both the mathematical structure and computational aspects of dynamic optimization. There are needs for more organized and coordinated computational approaches. These ext- sions will make dynamic financial optimization models relatively more stable for applications to academic and practical exercises in the areas of financial optimization, forecasting, planning and optimal social choice. This book will be useful to graduate students and academics in finance, mathematical economics, operations research and computer science. Prof- sional practitioners in the above areas will find the book interesting and inf- mative. The authors thank Professor B.D. Craven for providing extensive guidance and assistance in undertaking this research. This work owes significantly to him, which will be evident throughout the whole book. The differential eq- tion solver "nqq" used in this book was first developed by Professor Craven. Editorial assistance provided by Matthew Clarke, Margarita Kumnick and Tom Lun is also highly appreciated. Ping Chen also wants to thank her parents for their constant support and love during the past four years.

Part of a series which discusses advances in the quantitative analysis of finance and accounting, this volume is the fourth in the series.

This book presents the mathematical issues that arise in modeling the interest rate term structure by casting the interest-rate models as stochastic evolution equations in infinite dimensions. The text includes a crash course on interest rates, a self-contained introduction to infinite dimensional stochastic analysis, and recent results in interest rate theory.

From the reviews:

"A wonderful book. The authors present some cutting-edge math." --WWW.RISKBOOK.COM

This volume is concerned with contributing to the growing body of literature that examines the extent of, and the implications of enhanced independence and integration that will result from the recent EU enlargement for the development of emerging European financial markets. The objective is to provide a perspective on the nature and complex problems associated with financial market development in the emerging European economies and their relationships with the EU (and other major regions) in the post-EU enlargement environment. The volume is divided into five parts. Part A focuses on the important implications for fiscal policy, part B deals with monetary policy and banking, part C explores issues concerned with financial innovation and liberalization, part D examines recent developments in equity market integration, and part E looks at the implications.
*Fills a substantial gap in this field
*Broad in scope
*Serves as an invaluable reference for those interested in European Financial Markets