This edition provides a mix of research perspectives to examine the economic and non-economic outcomes of global developments in financial regulation, monetary and fiscal measures, or sustainable development, with a tailored focus on specifics in emerging and transitioning countries. The volume combines a mix of approaches to investigate relevant newly emerged topics (e.g., economics of emissions, corporate social responsibility reporting) as well as traditional issues requiring new approaches (e.g., exchange rate mechanisms, investment strategies, the impact of corporate reporting on economic fundamentals). Such a comprehensive view of contemporary economic phenomena makes the volume attractive not only to academia, but also to regulators and policymakers, when deliberating on the potential outcomes of competing regulatory mechanisms.

This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to combat irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis.

This book challenges conventional wisdom by revealing an extensive and heterogeneous community of foreign businesses in Australia before 1914. Multinational enterprise arrived predominantly from Britain, but other sender nations included the USA, France, Germany, New Zealand, and Japan. Their firms spread out across Australia from mining and pastoral communities, to portside industries and CBD precincts, and they operated broadly across mining, trading, shipping, insurance, finance, and manufacturing. They were a remarkably diverse population of firms by size, organisational form, and longevity. This is a rare study of the impact of multinationals on a host nation, particularly before World War One, and that focuses on a successful resource-based economy. Deploying a database of more than 600 firms, supported by contemporary archives and publications, the work reveals how multinational influence was contested by domestic enterprise, other foreign firms, and the strategic investments of governments in network industries. Nonetheless, foreign agency - particularly investment, knowledge and entrepreneurship - mattered in the economic development of Australia in the nineteenth as well as the twentieth centuries. This book will be of interest to students and researchers in Australian and international economic and business history, the history of economic growth and scholars of international business.

Begins with the essential questions: - whether brokerage and dealing in securities is regulated in a jurisdiction - what aspects of the activity could bring it in scope for authorisation; and - how it is determined which regulator has legal competence to supervise the business in scope. The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner. Also covers: - dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services, - the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such, - principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere, - the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and - electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities.

Written under the shadow of the global financial crisis, this book charts the current shape of global finance and tries to explain why the crisis arose and what can be done about it. Economics alone cannot fully explain how global finance operates, and why it is so crisis prone. Global Finance offers a wider approach in three key ways, by:

• setting markets and financial market failure in a historical context
• bringing politics and culture back into the analysis of global finance
• drawing on the latest thinking by sociologists of economic life.

With a convincing argument for better regulation of markets, Robert Holton provides a fascinating insight into the volatile and often misunderstood world of global finance. This is a key text for undergraduate students of sociology, economics, business, and politics, as well as being an incisive, informative read for anyone with an interest in this topical issue.

The Pink Book provides detailed estimates of the UK balance of payments for the last 11 years, including estimates for the current account (trade in goods and services, income and current transfers), the capital account, the financial account and the International Investment Position. It includes a geographical breakdown of the current account of 63 countries. The data are consistent with the International Monetary Fund's "Balance of Payments Manual" (5th Edition).

What is money, where does it come from, what is its purpose? Does it increase national and international inequalities? Remy Herrera's book analyzes how the changes in the capitalist world system have consolidated, over the last decades, the supremacy of the U.S. dollar, but also how this hegemony has recently been challenged, both by rising State resistance initiatives and by the emergence of crypto-currencies, which raises many questions. Reviewing the situation of each continent, this book invites us to debate the liberation from the dollar domination, as well as the future of the euro, that of the CFA and CFP francs, of the Cuban peso or of the Chinese yuan, among others, but also the means to take in hand our collective future by mastering money.

This book integrates Working Capital Management, Trade Credit, and Supply-Chain Finance in a comprehensive framework, illustrated by dozens of case studies, including a leading case which explains how improved working capital practices have led to over U$1 billion in savings for a large company. The General Model of Working Capital Management consolidates the aspects of these subjects spread across different disciplines, such as finance, accounting, operations, marketing, and more. It includes enough material to make the book accessible to a broad audience, from introductory undergraduate courses to business executives. Offering managerial lessons to optimize companies' cash flow, case studies run the whole gamut, from the small business owner who cried in an executive class when realizing how bad working capital management almost destroyed his business to the significance of Amazon's and Tesco's negative cash conversion cycle for their expansion. Formal models include the relationship between market power and value extraction through changes in payment terms for consumers and suppliers, in-kind finance, and trade credit with asymmetric competing retailers. The book also explores how just-in-time strategies developed under capital constraints to limit working capital investments; they are more than the search for production efficiency. Finally, the chapter about the greening of supply chains describes how companies that can extract resources from their supply chain or act as trade credit lenders have a crucial role in mitigating climate change.

This book is an in-depth study of how to promote integrity and avoid fraud & corruption in the work of international organisations, in particular multilateral development banks, such as the European Investment Bank, World Bank, Asian/Inter-American/African Development Banks and European Bank for Reconstruction and Development. A number of issues are reviewed, including procurement, compliance, corporate governance, business ethics, anti money laundering and a number of relevant case studies highlighted. In addition, effective methods and tools of prevention, proactive monitoring and detection are reviewed and, if misconduct is identified, sanctioning the perpetrators of such misconduct is discussed.

Currency values, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but while PPP rates are widely used and well understood, they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called Big Mac Index, which uses hamburger prices as a standard of measurement, and second, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth W. Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices.

In this book Harold L. Vogel comprehensively and holistically examines the business economics and investment aspects of major components of the travel industry, including airlines, hotels, casinos, amusement and theme parks, cruise lines, and tourism. The book is designed as an economics-grounded text that uniquely integrates reviews of each sector's history with economics, accounting, and financial aspects and analysis. As such, it provides a concise, up-to-date reference guide for financial analysts, economists, industry executives, legislators and regulators, advertisers, and journalists interested in the economics, financing, and marketing of travel and tourism-related goods and services. The fourth edition of this well-established text updates, refreshes, and significantly broadens the coverage of tourism economics. It includes new sections on travel law and applications of big data and artificial intelligence technologies as well as additional material on demographic spending patterns, the online travel agency business, the pandemic's effects and affects on industry finances, expanded coverage of the cruise line industry, and information on the damage to tourist destinations caused by excessive pollution and traffic.

This book addresses key issues in corporate finance and explores them from financial development and financial stability perspectives in emerging markets. Emerging economies are susceptible to rapidly changing financial sectors and products as well as financial upheavals. In this light, the growing interdependence of states and capital markets, and the risk of crises have an impact on the financing of firms. The chapters in this book highlight how companies and policies in emerging markets are affected and deal with the current post-crisis world. By combining academic and industry insights, the critical issues in corporate finance, financial development, and the preparedness of emerging markets are explored.

The book, organized in three parts, offers a guide to constructing financial instruments based on cash waqf in alignment with the Sustainable Development Goals. The first part discusses the alignment between the Shari'ah economic objectives and the SDGs, the Islamic social finance concept, its instruments and institutions and the intersection between Islamic finance and Islamic social finance. The second part presents a product structure that is based on cash waqf and is targeting the SDGs specifically. Some of these product structures involve zakat collection. The third part of the book presents the methodology to gather all these product structures in a national cash waqf ecosystem that is targeting SDGs. The aim of this ecosystem is to increase the impact of the various initiatives and instruments. In addition to this, the third part of the book presents the concept of Waqf offshore centers and the methodology to conceive and implement them. The aim of these Waqf offshore centers is to connect national cash waqf ecosystems and individuals with investment opportunities bringing more impact. This book will be of interest to academics, researchers, and practitioners of not only Islamic finance but sustainable finance.

The SDGs, developed by the UN in 2012, focuses on 17 goals for the betterment of humanity and humanitarian causes. Among the core objectives of Shari'ah in Islamic finance is to offer a helping hand, emphasizing the efforts and scope of the SDGs. This book explores how Islamic ethical wealth is structured to contribute to the SDGs and an overall socio-economic impact within the principles of Maqasid al-Shari'ah. Focusing areas such as Islamic micro-finance, wealth inclusion, corporate and agro-Zakat, Awqaf, SRI Sukuk, and green Sukuk, this book will feature contributions from the leading researchers in sustainability and Islamic finance and will be of interest to scholars, researchers, industrialists, NGOs, UNDP and students studying both areas.

Economic growth and development critically depends on the quality of infrastructure. Each aspect of the economy and its infrastructure are linked systemically. Public-Private Partnerships (PPPs) are increasingly being promoted as the solution to the shortfall in financing needed to achieve the Sustainable Development Goals (SDGs). Public-private partnerships enable the public entity to utilize the expertise and efficiencies of the private sector to deliver services and facilities that traditionally have been delivered by the public sector, either through public sector employees or by traditional procurement methods. To be beneficial to all stakeholders, a PPP project requires careful planning, implementation, and strong governance. This book breaks down the steps involved and the traps to circumvent. Despite its globally growing importance, project finance has been somewhat underrepresented in research. This book analyzes project finance from an interdisciplinary perspective-finance, management, and international business-and includes international laws of arbitrage and perspectives of international financial institutions as never endeavored by any previous research projects. The book also includes case studies assessing the relevance of private-public partnerships by comparing the country expectations and the real outcomes. The gap between expectations and results does not necessarily mean that significant progress has not been made. To the contrary, the book suggests that some of the original targets set may have been unrealistic, and that the requisite financial resources-or the financial sector policies that could have generated those resources-may have been lacking.

'Soros has become a standard bearer for liberal democracy' Financial Times George Soros - universally known for his philanthropy, progressive politics and investment success, and now under sustained attack from the far right, nationalists, and anti-Semites around the world - gives an impassioned defence of his core belief in open society. George Soros is among the world's most prominent public figures. He is one of the history's most successful investors and his philanthropy, led by the Open Society Foundations, has donated over $14 billion to promote democracy and human rights in more than 120 countries. But in recent years, Soros has become the focus of sustained right-wing attacks in the United States and around the world based on his commitment to open society, progressive politics and his Jewish background. In this brilliant and spirited book, Soros offers a compendium of his philosophy, a clarion call-to-arms for the ideals of an open society: freedom, democracy, rule of law, human rights, social justice, and social responsibility as a universal idea. In this age of nationalism, populism, anti-Semitism, and the spread of authoritarian governments, Soros's mission to support open societies is as urgent as it is important.

For many academics, students, and professionals, the field of commodities is a black box. This book explores commodities in a holistic manner, presenting concepts from a multidisciplinary business and financial perspective, and offering a panoramic view of the global commodity business and markets. In this book, the author presents core issues related to global commodities with recent data including COVID-19. The book introduces the key physical commodities traded globally and some related issues such as the global supply chain, global trading, transportation, storage, and how to finance global commodity trades. Then, it discusses how global commodity businesses and traders manage global risks related to commodity production (generation or extraction), transportation, storage, the final delivery, and currency exchange. Additionally, the book discusses financial commodities, the origins of global commodity derivatives and exchanges, the rationale behind the birth of commodity futures and trading, hedging, speculation, financialization, and manipulation of commodity markets, and how financial trading is executed in real life. In the last section, the author also discusses sustainability issues related to global commodities and the financial valuation aspects of the global commodity businesses supported by examples from real cases with recent data.

"In this remarkably ambitious and insightful book, Jean Tirole tackles the core issues in the economics of international lending with his usual superb clarity of thought. This book is essential reading to anyone interested in understanding the economics behind the recent drive to improve the international financial architecture."--Ken Rogoff, Chief Economist and Director of Research, International Monetary Fund

"Jean Tirole is living proof of the value of good economic thinking. He shines new light on, and dissipates heat from, every issue he touches. In this book he offers us an amazing combination of detailed facts and rigorous theory about international financial crises. His perspective of dual and common agencies enriches our understanding of the roles and shortcomings of international economic institutions, and points the way to reform. All the supposed experts who engage in controversies on these matters should learn from this book."--Avinash Dixit, Princeton University

"This book presents one of the first comprehensive attempts to bring rigorous theoretical foundations into the debate on the international financial architecture. The analysis is simple, elegant, and yields insights that are often unconventional and always thought-provoking. This is an indispensable reference for all economists interested in the current debates on the international financial architecture."--Olivier Jeanne, International Monetary Fund

"Most proposals for reforming the international financial system derive from ad hoc explanations for recent crises. Jean Tirole goes back to first principles. He asks how relations between lenders and borrowers differ in the international context from those inthe domestic context. You may not agree with all of his conclusions but will have to rethink your own views after you have read it."--Peter B. Kenen, Princeton University

"Jean Tirole uses the tools of corporate finance to analyse some key aspects of international finance. As we expect from him, we get deep and fruitful insights into issues such as borrower and lender behavior, the appropriate role of the IMF, and private sector involvement in orderly workouts. This is essential reading for all those concerned with the 'international financial architecture.'"--Richard Portes, London Business School

Currency values, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but while PPP rates are widely used and well understood, they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called Big Mac Index, which uses hamburger prices as a standard of measurement, and second, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth W. Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices.

The New World of Treasury Functions.

The Treasurer's Responsibility for Risk Management.

Problems in Risk Control: How the Japanese Face the Challenge.

Transacting Foreign Exchange Deals.

Foreign Exchange Operations.

Swaps, Hedging, Bond Dealing, and Currency Management.

Dealing in Currencies.

West European Currency, Political Union, and the Financial Infrastructure.

The ECU, the German Mark, and the Dollar.

Economic Planning and the East European Transformation.

Commodities and Futures Trading.

Dealing in Options.

Arbitrage, Spread Management, and Gap Analysis.

A Financial Advisor System Project.

Looking Forward: Treasury Operations in the Year 2000.

Index.

Banking on Global Markets uses the story of the U.S. business and political dealings of Germany s largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany s principal vehicles for forging economic and other links with the rest of the world. Despite some early successes in the face of severe obstacles for Deutsche Bank, the U.S. market probably remained Deutsche Bank s highest foreign priority and its most frustrating challenge. As with many foreign investors, Deutsche Bank found its hopes of harnessing America s enticing opportunities often dashed by many regulatory and political barriers. Relying on primary-source material, Banking on Global Markets traces Deutsche Bank involvement with the United States in the context of a changing national and international regulatory and economic environment that set the stage for its strategies and activities in the United States, and, at times, even in its home country. It is the story of how international cooperation furthered and conflict hindered those endeavors, and how international banking evolved from a very personalized business between nations to one dominated by enormous transnational markets. It is a work designed for anyone interested in how cross-border flows of information and capital have affected history and how our modern form of globalization distinguishes itself from that of earlier periods. A professor of finance and writer of history, Christopher Kobrak weaves together how these financial, political, and institutional developments have helped shape the emerging new international order.

This book explores financial trends in the age of financial globalization and explores the changing roles within the global financial industry. At the same time, the book provides a solid foundation for understanding the dramatic process of financial globalization specifically in the emerging Balkans. More elaborately, the book examines financial trends and developments of eight countries in the emerging Balkans defined to include: Albania, B&H, Bulgaria, Croatia, Montenegro, North Macedonia, Serbia, and Romania. Building on this background, this book addresses issues related to the emerging Balkans in terms of financial development compared with the benchmark of mature economies and highlights issues related to the growing impact of financial globalization, global trade, and FDI flows. It brings the focus onto the recent trends in Intra-Balkan trade liberalization and cooperation through the transition process and on the eve of EU membership. It also assesses progress made in banking development, stock market development, and economic growth and critically examines financial trends in the emerging Balkans and changes in its financial landscape.

History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the "classic" gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system's centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new "rules of the game" promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern.

This book examines how multinational enterprises and international finance influenced the course of electrification around the world. Multinational enterprises played a crucial role in the spread of electric light and power from the 1870s through the first three decades of the twentieth century. Their role did not persist, as over time they exited through domestication (buy-outs, confiscations, or other withdrawals), so that by 1978 multinational enterprises in this sector had all but disappeared, replaced by electrical utility providers with national business structures. Yet, in recent years, there has been a vigorous revival. This book, a unique cooperative effort by the three authors and a group of experts from many countries, offers a fresh analysis of the history of multinational enterprise, taking an integrative approach, not simply comparing national electrification experiences, but supplying a truly global account.