This official ICSA study text has been specially designed to support students taking the Trust and Company Administration module of ICSA's Level 5 qualifications in International Finance and Administration.The text covers the syllabus for each module and is structured to help in planning a programme of study. Learning outcomes linked to the syllabus are highlighted to help students focus on the examination requirements for each module.The text follows a standard format and includes a range of features to encourage active learning and to help students apply principles and theory to real-life business situations, including: case law and case examples stop and think scenarios worked examples test yourself review questions and answers glossaries of key termsThe text provides an excellent guide for students, but also serves as a useful reference for anyone who needs an accessible and practical introduction to the subject.

The Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature. Taking the perspective that finance and macroeconomics are intertwined, this illuminating Research Handbook brings together prominent experts to investigate key market interactions. Chapters act as self-contained case studies of particular markets, allowing for a thorough individual examination of each. Ultimately, they offer a holistic understanding of financial markets and the current state of research. Academics and researchers in economics and finance curious about developments within financial regulation and banking will find this comprehensive Handbook to be hugely valuable. Market participants will additionally find it to be a useful reference, along with regulators seeking to mitigate financial instability.

Utilizing a multi-paradigmatic approach in considering the scientific methodology of mainstream financial economics, and suggesting improvements, this book identifies eleven biases of the scientific methodology of mainstream financial economics. It explores intellectual bias, local bias, fad bias, ideological bias, automaticity bias, confirmation bias, cultural bias, stereotyping bias, under-productivity bias, homogeneity bias, and isolation bias. Applying this approach, which consists of four key paradigms; functionalist, interpretive, radical humanist, and radical structuralist; Kavous Ardalan considers the methodology of mainstream financial economics and identifies these biases, the rectification of which provides a broad and balanced understanding of the multi-faceted subject matter. Generating insightful theories, concepts, and analytical tools, the multi-paradigmatic approach enables a systematic and methodical approach, in the discussion of which Ardalan commences with a foundational philosophical introduction and then applies it to the methodology of financial economics. The book concludes with useful guidance on broadening both teaching and research techniques using this valuable approach in a diverse world. Active scholars and researchers in financial economics and related fields will find this a fascinating alternative read to the more traditional books, alongside those looking for an alternative method of teaching this all-important field.

This timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process. Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.

The modern world is built on commodities - from the oil that fuels our cars to the metals that power our smartphones. We rarely stop to consider where they have come from. But we should.

The World for Sale lifts the lid on one of the least scrutinized corners of the world economy: the billionaire commodity traders who buy, hoard, and sell the earth's resources. It is the story of how a handful of swashbuckling businessmen became indispensable cogs in global markets, enabling an enormous expansion in international trade and connecting resource-rich countries - no matter how corrupt or war-torn - with the world's financial centers.

The result is an eye-opening tour through the wildest frontiers of the global economy, as well as a revelatory guide to how capitalism really works.

Islamic Social Finance provides an introduction to the Waqf system, which has played a significant socio-economic role throughout the history of Islamic civilization. In a contemporary framework, Waqf creates new networks between micro-entrepreneurs, Small and Medium Sized Enterprises (SMEs), and entrepreneurship through voluntary donations made by individuals in a society. In other contexts, Waqf supports the financial system and contributes to the UN sustainable development goals (SDGs). The authors explore the relationship between the roles Waqf plays in realizing the SDGs, its contributions in many sectors of the economy, and the Waqf practices among the Southeast Asia countries, particularly Malaysia. They highlight the existing Waqf models and framework that have been used by many countries for entrepreneurship that can be used or adapted for the benefits of SMEs. This book is a comprehensive overview for academics, postgraduate students, entrepreneurs, and policy makers who wish to understand how Waqf can contribute to the economic progress of individuals and society at large.

This thought-provoking book investigates the political and economic transformation that has taken place over the past three decades in Central, Eastern and Southeastern Europe (CESEE) since the fall of the Iron Curtain. Through an examination of both the successes and shortcomings of post communist reform and the challenges ahead for the region, it explores the topical issues of economic transition and integration, highlighting important lessons to be learned. Featuring contributions from both top academics and experienced policymakers, 30 Years of Transition in Europe first discusses the process of transition in CESEE from a historical perspective, analysing the impacts of differing approaches on economic and monetary policy, the role of central banks and the speed of reform in various countries of the region. Chapters also compare CESEE transformations to emerging economies in Asia, and examine contemporary concerns around financial and monetary stability, as well as exploring the long-term determinants of economic growth such as digitalization, climate change and demographic trends. Economists, central bankers, and policymakers in the banking sector and other international financial organizations will find this book an enlightening read. It will also be useful for academics in economics and politics with a particular interest in emerging European economies and European integration.

COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture. This insightful book outlines what can be done to innovate the current set-up in the face of pressing issues such as climate change, BigTech and crypto assets. Revisiting the debate on financial sector oversight in Europe, a range of highly acclaimed international academics and influential policymakers discuss the scope of institutional arrangements. Chapters examine how the architecture of European financial supervision currently works, analysing the trends in banking supervision design and the influence that recent financial and economic crises have exerted. Providing a rare insight into the role that central banks play in the supervisory set-up, their accountability and democratic legitimacy, the book also considers the ways that macro- and micro-prudential and monetary policies interact. Gleaning lessons from the FinTech revolution and the COVID-19 crisis, the book ultimately concludes by seeking a path for optimal architecture for European financial supervision. With invaluable industry insights, this cutting-edge book will prove vital to academics in the field of financial economics and financial regulation, alongside policymakers looking to transform their current supervisory architecture.

This insightful book offers a comprehensive analysis of how macroeconomics can steer development and reduce poverty. It untangles how developing countries can apply effective economic policies in spite of the challenges they face. With an aim to design a macroeconomic strategy which would provide a stable and long-term growth plan, Basil Oberholzer explores the multiple constraints which prevent developing countries from reducing poverty. The author reveals how countries' scope of action is strongly limited by international economic dynamics, including current account imbalances, capital flight, foreign debt accumulation, and exchange rate fluctuations. His detailed examination of how international payments take place within the current monetary structure also illuminates fundamental flaws that are harmful for developing countries. Applying a newly developed monetary macroeconomic model, Oberholzer suggests a reform of countries' international payments as a solution to these key problems. This book will prove to be a valuable resource for students and scholars of development economics and macroeconomics. Its analysis of how appropriate macroeconomic strategies can be established, pragmatic policy recommendations, and explanation of critical macroeconomic constraints will also be beneficial for policy-makers in progressive governments.

Islamic Finance in Africa discusses the progress, issues and innovations in African Islamic financial markets. It provides a comprehensive overview of Islamic finance in Africa by exploring legal, regulatory and governance challenges while balancing the issues and innovations found in both Islamic commercial and social finance. The chapters in the book can be broadly classified into three parts. The first part covers legal, regulatory and governance developments and issues of Islamic finance in Africa, the second part deals with issues and innovations in Islamic commercial finance, and the third explores issues and innovations in Islamic social finance. The editors use a case study format to present the topic in discussion effectively and provide insight into actual or potential areas of growth. Scholars and Islamic finance stakeholders, including research and education institutes, will find this book invaluable in understanding this important topic and region. In depth case studies allow the reader to zoom into selected markets to understand issues/innovation in detail. This book also will be useful to policymakers and regional standard setting bodies, including multilateral and humanitarian agencies, in understanding the potential of Islamic finance in financial inclusion and resolving humanitarian crises.

Emerging markets are increasingly facing significant challenges, from a slowdown in productivity, rising debt, and trade tensions to the adverse effects of proliferating global uncertainty on domestic financial systems. This incisive Handbook examines the ongoing dynamics of global financial markets and institutions within the context of such rising uncertainty and provides a comprehensive overview of innovative models in banking and finance. Chapters investigate the implications of the COVID-19 pandemic on health and economic activities, as well as other global factors such as geopolitical shifts, digital transformation, and climate change. This expansive range of perspectives demonstrates how emerging market policymakers have been forced to rethink their banking and financial industries to spur sustainable and inclusive growth. Global in scope, the Handbook features contributions from more than 70 experts, offering key insights into new developments in banking and finance, and considering how emerging markets might overcome the pandemic, shape the new normal, and foster economic sustainability. This ambitious Handbook will be an essential read for regulators and policy analysts who will benefit from its innovative perspectives on advancing governance of banking and finance sectors in emerging markets. Its exploration of forthcoming directions for research will be of special interest to academics and research scholars in related fields.

Commodities are basic goods used in commerce and are most often used as inputs in the production of other semi-finished or finished materials. They are very important products in our lives today and constitute non-negligible sources of income for many countries. This book serves as a guide to the marketing of these goods and provides scholars and commodity market participants with useful concepts, tools and guidelines to better organize and operate commodities exchanges. Issouf Soumare explains in detail commodities exchanges, from conceptualization of the exchange to its operationalization. He describes the architecture of a typical commodities exchange, looking at its trading and clearing functions, the warehouse receipt system and the regulatory framework. The book also presents practices of commodities exchanges around the world and discusses commodity products and instruments traded on these exchanges, their pricing and usage. This book is very useful and timely, as many emerging countries are setting up commodities exchanges. Academics interested in commodities and their marketing as well as industry professionals such as commodity traders, commodity exporters, risk managers, clearing officers, market makers, commodity producers, agricultural cooperatives, commodity processors, bankers, warehouse operators, and regulators will find this a useful reference.

Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth, and income. Concerned with exploring the implications of globalization for government revenue policy and increasing inequality in wealth and income, it identifies the connection between ongoing inequality and the ability of the wealthy to avoid income taxes by exploiting differential treatment of capital income and wage income. The author explores the various ways in which the emergence of globalization has impacted the traditional national model of raising income tax revenue. He then offers policy recommendations that shift government revenue sources to taxes that are difficult for the wealthy to avoid and that better capture the goals of vertical and horizontal tax equity. This book will appeal to those directly involved in industry and public policy and may be used in university courses at all levels in public finance, financial economics, actuarial science and management. It will also be of interest to research libraries, individuals working in government and readers in the general public curious about topics such as 'the one percent'.

This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties. Chapters outline how politicians, regulators and market players are linked in various political and administrative accountability mechanisms. Providing analysis of how the accountability channels are linked to policy content, contributors ask whether specific regulatory objectives and results give rise to the mobilising of accountability mechanisms. Regulating Finance in Europe critically examines the implementation of major EU legislative packages in financial regulation (MiFID II and CMU), offering a unique empirical insight into how different modes of accountability in financial market regulation are linked with different policy effects. This comprehensive yet accessible book will be an invaluable read for politicians and practitioners working in finance as well as academics in EU politics and policies. It will also provide a useful resource for undergraduate and postgraduate students of political science, law and economics.

'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.

Offering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. It discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large. Drawing together contributions from top scholars in the field, this Modern Guide addresses both the causes and consequences of financial instability after the Global Financial Crisis (GFC) at both micro and macro levels. Chapters conceptualise financial crises, highlight their main channels of transmission, and explore the role of public policies, looking at how to learn from past financial crises to prevent future ones. The book further examines why financial shocks will be a permanent trait in the future, and the potential impacts of market economics continuing to expand financialisation as they have done over recent decades. This Modern Guide will be a timely resource for economics students and scholars, particularly as it compares the impacts of the GFC and Covid-19 and explores why these are so different. It will also be an important read for policy makers seeking advice on how to manage and avoid financial crises.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports. Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time. This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.

This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region. As a result, large corporations and financial markets became central institutions in developing economies. In this context, Latin American countries globalized their economies, modifying their productive and financial structures and strengthening large corporation and non- financial structures. This economic order was a failure, as it was unable to achieve development in Latin America; large capital corporations either re-primarized their productive activity or developed an organization based on assembly manufacture, and, as such, financial markets remained underdeveloped because large corporations did not operate through domestic financial markets. In this book, the effects of these trends are analyzed in regional and country studies, while the impact of the 2008 Great Financial Crisis on Latin American economies are also considered. Researchers and students, especially those interested in a Post-Keynesian or heterodox view of the region, will find these studies illuminating.

This original book examines how investment theory and regulatory constraints are linked to the professional processes of portfolio investments, and how the principles of Islam as defined by sharia fit into these processes. It also explores the measures required to create and grow a global Islamic asset management industry. Established on a foundation of Modern Portfolio Theory, the book extends the theory to include asset management based on sharia. Chapters also consider how ethical investing is quickly becoming the driving force of the $100 trillion asset management industry. Taking a practical approach, John A. Sandwick, M. Kabir Hassan and Pablo Collazzo compare conventional and sharia portfolio performance and risk through measurement tools commonly used in asset management, including Sharpe ratio, standard deviation, Value at Risk, annualized mean return, and correlation. They map conventional portfolio construction and optimization, then reproduce the same processes with real-world, sharia-compliant portfolios. This book will be critical reading for scholars and students of Islamic economics and finance, Islamic studies, and financial regulation. Considering Islamic asset management as a unique function of Islamic finance, this book will also be a useful resource for practitioners and finance professionals.

'The thoroughgoing disaster inflicted on the global economy in 2008 by the gambling of the financial system should have resulted serious sanctions for financial actors and the jettisoning of any belief in the efficacy and fairness of the neoliberal regime. But the tepid action of policy makers has allowed the system to muddle through and undermined any remaining trust and faith among the polity. It is not hard to see the breakdown of political stability across the world in the last two to three years as resulting direct from the justified belief that the rules of the global economy favor the very few. In this book, a group of critical scholars painstakingly identify and illuminate key aspects of the global financial system that continue to reinforce global inequalities of power and that contribute to dangerous political and economic instability. Through a series of thorough case studies ranging from the macroeconomic instability engendered by untrammeled capital flows, to the way sovereign debt restructuring favors northern creditors, to the hierarchy of the monetary system that concentrates enormous power in the hands of a few central banks, these studies throw light on the ways global financial neoliberalism and political and social power work to undermine macroeconomic stability and social justice. It will be read by serious scholars of the political economy of finance with great interest.' - Arjun Jayadev, Azim Premji University, India and Institute for New Economic Thinking The essays in this book describe and analyze the current contours of the international financial system, covering both developed and developing countries, and focusing on the ways in which the current international financial system structures and is affected by profound inequalities in the international system. This keen analysis of key topics in international finance takes a heterodox perspective, with focus on the role of inequalities in power in shaping the structure and outcomes in the international sphere. The Political Economy of International Finance in an Age of Inequality begins with a discussion of capital flows and financial crisis, moves into an up-to-date discussion of the political economy of currency unions, and then focuses on analysis of capital flows and economic crises. New and established academics present a broad variety of special case studies within that general framework focusing on understudied yet important up to date cases from understudied regions and countries for a unique and important exploration of the field. This book will be of interest to students and specialists in international finance, who will benefit from the combination of the strong general framework and illustrative case studies. Its approach will appeal both to generalists and specialists. Contributors include: M. Arora, E. Braunstein, H. Comert, D. Dutt, N. Eichacker, G. Epstein, I. Grabel, S. Khalil, M. Majd, F. Perez, L.D. Rosero, Z. Ybrayev

'Already an accomplished scholar Shen Wei offers a masterly study of the Chinese shadow banking sector in context. The book constitutes a thorough analysis of the nature of the Chinese shadow banking sector and of the political events, economic rationales and institutions that have shaped it. Beyond offering expert legal analysis this book is also very rich on information and research about the institutional and economic necessities that have shaped the Chinese financial system in its present form and gave rise to a mighty shadow banking sector. The book is very well organized and competently drafted, thus, it is easily accessible to both the expert and non-expert reader. I have no doubt that this is bound to become the standard reference work for everybody wishing to study the nature of the Chinese shadow banking sector and of the institutions underpinning it in context.' - Emilios Avgouleas, University of Edinburgh, UK 'Shadow Banking in China: Risk, Regulation and Policy by Professor Shen Wei is a timely book, presenting readers with a comprehensive and coherent conceptualization of shadow banking in China. It systematically defines shadow banking, describes how the different types of shadow banking subsectors -- including wealth management products, peer-to-peer lending, local government financing vehicles, and underground lending -- are growing, and examines how Chinese regulators are responding. It also explains the risk-taking, economics, and behavioral aspects of each of these subsectors, revealing the endogenous market forces driving their expansion and describing how shadow banking is innovatively helping to channel funding to the cash-starved private sector and real economy.' - from the Foreword by Steven L. Schwarcz, Duke University, School of Law In light of the current regulatory regime in China's banking sector, this book investigates the causes, key forms, potential risks and regulation of shadow banking in China. The first China-specific book of its kind, the author takes policy considerations into account whilst providing an analysis of the regulatory instruments tackling the systematic risks in its banking as well as shadow banking sectors. Key shadow banking subsectors discussed include P2P lending, wealth management products, local government debts, and the underground lending market. This book will be of interest to students and scholars in the legal field, as well as those from other disciplines including social science, business, and finance. It will also be of use to lawyers, policymakers and regulators looking for practical solutions in tackling the issues facing a rising shadow banking sector today.

Anyone trying to understand finance has to contend with the evolving and dynamic nature of the topic. Changes in economic conditions, regulations, technology, competition, globalization, and other factors regularly impact the development of the field, but certain essential concepts remain key to a good understanding. This book provides insights about the most important concepts in finance. Drawing from a broad background in finance, Benton Gup has brought together sixteen chapters written by leading academics and professionals to deal with topics including Bitcoin, cyber security, banking, corporate governance, state vs. private ownership, pension plans, interest rates, multi-asset investing, real estate, US and Islamic banking, and other issues that have a direct impact on the field, its practitioners and scholars trying to make sense of it. This book covers timely issues in a way that academics, regulators, investors, and bankers will find relevant and useable. Contributors include: P. Agrrawal, S. Aliyu, J.R. Barth, J. Brodmann, R.P. DeGennaro, G.P. Dwyer, B. Faulk, W. Faulk, M.J. Flannery, M.B. Frye, T.J. Gallagher, S.B. Guernsey, B.E. Gup, M.K. Hassan, M.A. Hines, J.S. Jahera, Jr., K.N. Johnson, S. Joo, T. Lutton, M.B. McDonald, W.L. Megginson, S.L. Schwarcz