This book reflects the current state of discussion about agricultural and rural finance in developing and transition countries. It provides insight into specific themes, such as commodity value chains, farm banking and risk management in agricultural banking, structured finance, crop insurance, mobile banking and how to increase effectiveness in rural finance. Case studies illustrate various aspects of agricultural and rural finance in developing economies. The book is based on one of the yearly financial Sector Development Symposia held by the KfW Development Bank.

This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems. The authors include professors, a former central bank official, current officials at Japan's Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.

This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.

The mix of debt and equity called capital structure, representing major claims against a corporation's assets, has been the subject of a long debate focusing on its determination, evaluation, and accounting. Riahi-Belkaoui uses both theoretical and contingency approaches to examine the question of whether capital structure really can be determined. Using a bond rating model he looks at the evaluation of capital structure and the resolution of issues pertaining to equity and liabilities and their contribution to the quality of capital structure reports. The book will be of special value to corporate financial officers and to graduate students and their teachers in accounting and finance.

Riahi-Belkaoui presents, first, the popular theories underlying the potential optimality of capital structure, the most popular of which is based on agency costs, asymmetric information, product/input market interactions and corporate control considerations. He then examines the same problem, first under a contingency of diversification and then a contingency of multinationality and investment opportunity. Since the evolution of capital structure rests on the ratings of a corporation's bonds, Riahi-Belkaoui offers a model that can be used for the prediction of industrial bond ratings. He concludes with an examination for equity and accounting for long-term liabilities.

More than 25 experts from around the world have contributed to this unique and provocative book. In a series of illuminating short essays, each author has presented a striking image as an invitation to consider the ghosts of colonialism and imperialism in today's global economy. In defiance of those who claim that today's capitalist system is free of racism and exploitation, this book shows that the past is not behind us, it defines our world and our lives. This book takes the reader on a global tour, from Malaysia to Canada, from Angola to Mexico, from Libya to China, from the City of London to the Australian outback, from the deep sea to the atmosphere. Along the way we meet the financiers, artists, advertisers, activists and everyday people who are grappling with the entangled legacies of empire. -- .

A non-technical introduction to the question of modeling with time-varying parameters, using the beta coefficient from Financial Economics as the main example. After a brief introduction to this coefficient for those not versed in finance, the book presents a number of rather well known tests for constant coefficients and then performs these tests on data from the Stockholm Exchange. The Kalman filter is then introduced and a simple example is used to demonstrate the power of the filter. The filter is then used to estimate the market model with time-varying betas. The book concludes with further examples of how the Kalman filter may be used in estimation models used in analyzing other aspects of finance. Since both the programs and the data used in the book are available for downloading, the book is especially valuable for students and other researchers interested in learning the art of modeling with time varying coefficients.

Self-contained chapters on the most important applications and methodologies in finance, which can easily be used for the reader’s research or as a reference for courses on empirical finance. Each chapter is reproducible in the sense that the reader can replicate every single figure, table, or number by simply copy-pasting the code we provide. A full-fledged introduction to machine learning with tidymodels based on tidy principles to show how factor selection and option pricing can benefit from Machine Learning methods. Chapter 2 on accessing & managing financial data shows how to retrieve and prepare the most important datasets in the field of financial economics: CRSP and Compustat. The chapter also contains detailed explanations of the most important data characteristics. Each chapter provides exercises that are based on established lectures and exercise classes and which are designed to help students to dig deeper. The exercises can be used for self-studying or as source of inspiration for teaching exercises.

Financial intermediaries supply derivatives to their customers when they can hedge the exposures from these transactions. A static hedge is typically employed by arranging an offsetting transaction with a different customer or a dynamic hedge by trading in the underlying derivatives. There is however a broad range of uncertain exposures where intermediaries tend not to offer derivatives or risk management products, as they are unable to hedge the resulting exposures. Baron and Lange suggest a parimutuel auction system adapted from the betting industry as a solution to this problem. They introduce the parimutuel mechanism and the modifications required to apply the mechanism to the capital markets. The PDCA auction and its mechanics are analyzed and finally the mathematics behind the system are described and illustrated. MARKET 1: Investment professionals; Portfolio Managers; Hedge Fund Managers; Financial Engineers; Corporate finance staff; Senior Managers; Risk Managers; Consultants; Trading and Sales Staff; Quantitative Analysts; Credit Analysts; Regulators MARKET 2: MBA courses

During the past few years all the regions of Europe have suffered from the effects of the World Financial Crisis. Most notably in Eastern Europe, countries have adopted different approaches to combat the crisis and the impact has been varying -- politically, economically and socially. This book gives an overview of chosen countries and their situation before and during the crisis, providing a detailed view of the different regions during this difficult period. It also looks at their current status and the individual ways in which they have attempted to stimulate recovery.

Self-organizing maps (SOM) have proven to be of significant economic value in the areas of finance, economic and marketing applications. As a result, this area is rapidly becoming a non-academic technology. This book looks at near state-of-the-art SOM applications in the above areas, and is a multi-authored volume, edited by Guido Deboeck, a leading exponent in the use of computational methods in financial and economic forecasting, and by the originator of SOM, Teuvo Kohonen. The book contains chapters on applications of unsupervised neural networks using Kohonen's self-organizing map approach.

This is the seventh volume in a series which examines advances in the quantitative analysis of finance and accounting.

This publication, the 60th issue of National Accounts Statistics: Main Aggregates and Detailed Tables, contains detailed official national accounts data for over 200 countries or areas of the World for the years 2007 to 2018. It is a valuable source of information on the state and structure of economies worldwide. The data for each country or area are presented in separate chapters with uniform table headings and classifications as recommended in the System of National Accounts 1993 (1993 SNA). Each country chapter also contains a write-up on the methodology and data sources which are used to compile the national accounts. A summary of the SNA conceptual framework, classifications, definitions, is also included in the publication. Other statistical information covered includes gross domestic product, national income, savings, private and government consumption, and transactions of institutional sectors.

This book will provide a firm foundation in the understanding of financial economics applied to asset pricing. It carries the real world perspective of how the market works, including behavioral biases, and also wraps that understanding in the context of a rigorous economics framework of investors' risk preferences, underlying price dynamics, rational choice in the large, and market equilibrium other than inexplicable irrational bubbles. It concentrates on analyses of stock, credit, and option pricing. Existing highly cited finance models in pricing of these assets are covered in detail, and theory is accompanied by rigorous applications of econometrics. Econometrics contain elucidations of both the statistical theory as well as the practice of data analyses. Linear regression methods and some nonlinear methods are also covered. The contribution of this book, and at the same time, its novelty, is in employing materials in probability theory, economics optimization, econometrics, and data analyses together to provide a rigorous and sharp intellect for investment and financial decision-making. Mistakes are often made with far too often sweeping pragmatism without deeply knowing the underpinnings of how the market economics works. This book is written at a level that is both academically rigorous for university courses in investment, derivatives, risk management, as well as not too mathematically deep so that finance and banking graduate professionals can have a real journey into the frontier financial economics thinking and rigorous data analytical findings.

From the start of the financial crisis in 2007, which turned into an economic crisis soon afterwards, it was obvious that public law could not prevent the genesis of this crisis although it has adequate instruments to make a reoccurrence of such a crisis unlikely. Financial law, tax law and even aspects of criminal law are designed to regulate the behaviour of financial institutions and other corporations. Since public law was unable to avoid the 2007 crisis, there can only be one conclusion: its instruments did not work properly or, worse, were badly designed or applied. Since 2007, a lot has been done from a financial, tax or criminal law point of view, confirming this finding. Regulation has thus been at the centre of the financial and legal debate, but a real understanding of the lessons of the crisis also requires account to be taken of private law. Is there a possible connection between private law and the outbreak of a financial and economic crisis? And did private law institutions, mechanisms or instruments in their current design contribute to the crisis? Does private law provide institutions, mechanisms and/or instruments which might have prevented the genesis of a financial or economic crisis? If so, why did these institutions, mechanisms and instruments fail to do so? And is there a need for new or modified instruments to improve the impact of private law on events that may lead to a new crisis? This thought-provoking book makes it clear that private law and the possibility of a financial and economic crisis are strongly intertwined. It shows that private law provides as many useful institutions, mechanisms and instruments against the emergence of such a crisis as public law does. Few other books bring together so many leading legal scholars on private law and its effects and implications. This book is rigorous, thoughtful, enlightening and thought-provoking - a must-read.

The financial crisis that hit a number of economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economic systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing liquidity and volatility, and calls for a more cautious approach to financial liberalization, and reform of the international financial architecture.

This volume is specifically designed to assist the library media specialist in developing skills for project proposal writing. Blanche Woolls meticulously covers all steps, from developing an idea, finding a source of funding, writing and submitting a proposal, through managing a resource project. Beginning with an overview of the current funding situation, Woolls moves to the proposal itself. She discusses such aspects as stating a need, writing goals and objectives, and covers topics such as choosing personnel, itemizing the budget, evaluating the project, and reviewing the proposal itself. Woolls includes a discussion of funding sources other than government agencies, in which she provides suggestions for approaching private foundations and corporations. A bibliography and three appendixes concerning project management appear at the end of the book. Included among them are sample proposals which will serve as excellent models for new project proposals writers.

This is the first book in the Selecta, the collected works of Benoit Mandelbrot. This volume incorporates his original contributions to finance. The chapters consist of much new material prepared for this volume, as well as reprints of his classic papers which are devoted to the roles that discontinuity and related forms of concentration play in finance and economics. Much of this work helps to lay a foundation for evaluating risks in trading strategies.

Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.

Beginning graduate students in mathematical sciences and related areas in physical and computer sciences and engineering are expected to be familiar with a daunting breadth of mathematics, but few have such a background. This bestselling book helps students fill in the gaps in their knowledge. Thomas A. Garrity explains the basic points and a few key results of all the most important undergraduate topics in mathematics, emphasizing the intuitions behind the subject. The explanations are accompanied by numerous examples, exercises and suggestions for further reading that allow the reader to test and develop their understanding of these core topics. Featuring four new chapters and many other improvements, this second edition of All the Math You Missed is an essential resource for advanced undergraduates and beginning graduate students who need to learn some serious mathematics quickly.

This self-contained volume brings together a collection of chapters by some of the most distinguished researchers and practitioners in the fields of mathematical finance and financial engineering. Presenting state-of-the-art developments in theory and practice, the Festschrift is dedicated to Dilip B. Madan on the occasion of his 60th birthday. Specific topics covered include: * Theory and application of the Variance-Gamma process * L?vy process driven fixed-income and credit-risk models, including CDO pricing * Numerical PDE and Monte Carlo methods * Asset pricing and derivatives valuation and hedging * It? formulas for fractional Brownian motion * Martingale characterization of asset price bubbles * Utility valuation for credit derivatives and portfolio management Advances in Mathematical Finance is a valuable resource for graduate students, researchers, and practitioners in mathematical finance and financial engineering. Contributors: H. Albrecher, D. C. Brody, P. Carr, E. Eberlein, R. J. Elliott, M. C. Fu, H. Geman, M. Heidari, A. Hirsa, L. P. Hughston, R. A. Jarrow, X. Jin, W. Kluge, S. A. Ladoucette, A. Macrina, D. B. Madan, F. Milne, M. Musiela, P. Protter, W. Schoutens, E. Seneta, K. Shimbo, R. Sircar, J. van der Hoek, M.Yor, T. Zariphopoulou

The financial crisis prompted financial supervisors to take a critical look at their own performance.The "toolkit" available to supervisors is considerably more varied than it was a few years ago. Supervision has become more forward-looking, taking into account also soft controls, such as conduct and culture, corporate governance, and business models of financial institutions.This collection of essays discusses several significant changes in supervision methods and supervisory organisations and examines what methods contribute to good supervision and what can reasonably be expected of supervisors. The authors are experts in the field and most of them are affiliated to organisations responsible for financial supervision.

Operational risk management is attracting the attention of academics and professionals worldwide. Academics are interested in this topic because it provides opportunities for the application of sophisticated statistical techniques, as well as lucrative opportunities for consultancy work and challenging questions on how to measure operational risk. For the practitioners, acquiring knowledge of operational risk is more than mere luxury as major banks all around the world have to be Basel 2 compliant within the next two years. Moreover, operational losses have, since the notorious collapse of Barings Bank, been haunting banks' top management, prompting a strive to devise measures that can reduce operational losses and the risk of business collapse. Indeed, it has been demonstrated that an operational loss event could lead to a fall in the market value of the affected firm that is greater than the loss itself. This new book is accessible to the average banker, while providing a general survey of the work on operational risk that academics will find invaluable.

This volume contains contributions on a range of important issues in current financial research. Topics included are - the performance of fixed income mutual funds in different economic states, the determinants of long-term excess performance of the ADRs on the NYSE, the models for forecasting the Euro/US Dollar exchange rates and the U.S. mutual funds movements, the fragmentation in day and night markets, the market reactions of the U.S.-listed foreign banks to the passage of the GLB Act of 1999, the upper bounds for American options, the spread-based models for the valuation of credit derivatives, the empirical evidence on the evolution of corporate borrowers, the determinants of private debt source, and the underlying causes and resolution policies for the systematic banking crises. This is a valuable addition to the research of finance. It contains contributions from key figures the world of finance; and offers broad coverage.