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.

This is a study of the law governing the bank-customer relationship pertaining to the disposition of funds by cheques and credit transfers, covering both paper-based and electronic payments. The work addresses, with various degrees of detail, common law, civilian, and `mixed' jurisdictions, particularly, Australia, Canada, England, France, Germany, Israel, Italy, Japan, South Africa, Switzerland and the United States. In addition to the description of the law in these jurisdictions, the book contains an in-depth analysis of the common issues and the responses to them, in light of desired policies. Accordingly, an evaluation of the various rules and proposals for reform are integral parts of the study.

This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.

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.

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.

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.

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.

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 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.

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.

For courses in International Finance. A balanced approach to theory and policy applications International Finance: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to international finance theory is followed by detailed coverage of policy applications. With this new 12th Edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University continues to set the standard for International Finance courses. Also available with MyLab Economics: MyLab (TM) Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts. Students, if interested in purchasing this title with MyLab Economics, ask your instructor for the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information.

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.

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.

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.

The corporate world is typically structured in silos. Managers urgently need to overcome this "silo" effect by fusing ideas across different functional areas in the firm. In Fusion for Profit, Sharan Jagpal, a well-known and highly respected multidisciplinary researcher and business consultant, explains in simple language using real-world examples how managers can use sophisticated concepts to fuse different functional areas in the firm, especially marketing and finance, to increase the firm's value. The author provides novel solutions to a wide range of complex business problems ranging from choosing pricing and bundling strategies, to positioning and messaging strategies, to measuring brand equity, to measuring advertising productivity in a mixed media plan including Internet advertising, to compensating a multiproduct sales force, to measuring the potential gains and risks from mergers and acquisitions. These concepts are illustrated using case studies from a variety of firms in different industries, including AT&T, Coca-Cola, Continental Airlines, General Electric, Home Depot, Southwest Airlines, and Verizon.

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'.

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.

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.

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.

'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

This timely Handbook collates a range of evidence from top scholars in the field to help readers understand who microfinance reaches, how it helps, and why clients come back. It offers updated views on important concepts that enable a broader framework for understanding poverty and the corresponding financial needs of poor households. Chapters cover recent findings on social impacts, the role of gender, fairness of interest rates, financial resilience in emergencies, and financial education, to provide a thorough coverage of key areas of the field. The Handbook focuses on delivery mechanisms for financial services including group liability lending, agent banking, and digital finance, as well as the special role of value chain finance and insurance for smallholder agriculture. The case studies from both developed and developing countries and regions, illustrating the novel aspects of the link between microfinance, financial inclusion and development will make this a critical read for economics and development studies scholars. The practitioner views on the role of microfinance included in the Handbook will also make this a relevant and useful read for policy makers and practitioners in the area

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