"Plumbers and Visionaries: Securities Settlement and Europe's Financial Market" is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe's frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today.

This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world's premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy.

Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro's launch.

More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe's economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.

Christopher Nobes is a world renowned scholar in the field of international accounting. This important book presents a carefully edited selection of his work - written over a period of 20 years - on comparative international financial reporting. It will improve access to an important body of literature published over a wide range of journals and will be an essential source for both academics and students alike.The book features discussions on: the international origins of bookkeeping classification of accounting systems differences in international accounting systems and their effects European harmonization IASC harmonization International Accounting and Comparative Financial Reporting will be welcomed by academics and senior students interested in both national and international accounting.

This introduction to all aspects of international economics, business and finance is the clearest guide available to the economics of the world we live in. Written in a highly engaging style, packed full of up-to-the minute, real-world case studies and pitched at introductory level, the book does an expert job of drawing students in and will leave them equipped with a comprehensive toolkit of methods and essential facts. Now in its fourth edition, Global Economic Issues and Policies reflects continuing changes in the world economy and in the analysis of international economics. Chapter introductions, pedagogy and data have all been thoroughly updated throughout, including the addition of a new 'Issues & Policies Notebook' feature. Key topics for expansion and revision include: Evolution of Comparative Advantage Import Quotas and Subsidies Services in Regional and Multilateral Trade Agreements Balance of Payments Accounting Unconventional Central Bank Policies Territorial versus Worldwide Taxation and "Tax Inversions" The role of Foreign Exchange Markets and Exchange-Rate Arrangements Public Policy Issues in International Money and Finance The text is suitable for any introductory module in international economics and business, whether taught as part of an economics, business or international studies program. It is also the ideal MBA level introduction to the global economy.

The successful macroeconomic stabilization in Central and Eastern European countries has encouraged inflows of foreign capital badly needed to promote economic development. Strikingly, these countries have found capital inflows in their various forms to be a mixed blessing, threatening the macroeconomic balance that they have recently achieved. These countries have learned that it is not easy to continue to attract foreign capital and simultaneously to reduce its adverse effects on inflation, the exchange rate and the current account, and to contain disturbances resulting from reversals of the flows. This book investigates recent experiences in Central and Eastern Europe and contrasts it with that of Latin America and East Asia, and suggests appropriate policies and lessons to be learned. The authors conclude that many features of, and policy dilemmas faced by, formerly centrally planned economies in Europe are similar to those in other emerging economies. However, certain unique characteristics such as data limitations and the fragility of the banking and financial systems, compound the problems faced by policy makers in Central and Eastern Europe. This book will prove invaluable to policymakers and scholars interested in and responsible for international finance in transition economies.

Interchange fees have been the focal point for debate in the card industry, among competition authorities and policy makers, as well as in the economic literature on two-sided markets and on the regulation of market failures. This book offers insight into the economics of interchange fees. First, it explains the nature of two-sided markets/platforms/networks and elaborates on four-party schemes and on the rationale behind interchange fees according to Baxter’s model and its later refinements. It also includes the debate about the optimum level of interchange fees and its determination (“tourist test�),  and presents the original framework for assessing the impact of interchange fee regulatory reductions for the market participants: consumers, merchants, acquirers, issuers, and card organisations. The framework addresses three areas of concern in reference to the transmission channels of interchange fee reductions (pass-through) and the card scheme domain (triangle: payment organisation, issuer, acquirer). The book discusses the effects of regulatory interchange fee reductions in Australia, USA, Spain, and, most specifically, Poland.  It will be of interest to policy makers, card and payments industry practitioners, academics, and students.

India is in the midst of a retail boom. The sector witnessed significant transformation in the past decade - from small unorganised family-owned retail formats to organised retailing. Indian business houses and manufacturers are setting up retail formats while real estate companies and venture capitalist are investing in retail infrastructure. Many international brands have entered the market. With the growth in organised retailing, unorganised retailers are fast changing their business models. However, retailing is one of the few sectors where foreign direct investment (FDI) is not allowed at present. Stakeholders, trading associations, politicians, etc. have given various arguments for and against FDI in retailing. However, such arguments are largely based on perception and there has not been serious academic research in this area. To fill this lacuna, this survey-based study analyses the current retail scenario in India, investigates the growth across different segments of retailing and evaluates the likely impact of allowing FDI on various stakeholders in different retail segments. Experiences of other countries in allowing FDI and its impact are also discussed. Presently, foreign players are entering the market through different routes. The entry process and their perception about the Indian market are analysed. The study investigates the structural, regulatory, fiscal and other barriers affecting the performance of retail trade and suggests reforms for the removal of such barriers. It also provides valuable policy inputs in terms of the time-frame in and the process through which the Indian government can open up this sector to FDI so as to maximise the welfare and minimise the adjustment. It also lists the conditions that may be imposed on foreign retailers if FDI is allowed.

Sovereign wealth funds are a growing and dynamic force in international finance. The shifting international economic relations from capital rich states gives them new power in influencing the global agenda. Despite controlling trillions of dollars in the biggest companies in the world, little is known about the opaque funds of oil rich and non-democratic governments. This is the first book to compile a history of sovereign wealth funds recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. By constructing a history within the proper context of oil driven surpluses and large inflationary pressures with no international investment framework, this book explains the development and growth of sovereign wealth funds. The economics of capital surplus countries and investment strategies are examined in order to better understand sovereign wealth fund creation and growth. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.

This revised and fully expanded edition of Understanding Investments continues to incorporate the elements of traditional textbooks on investments, but goes further in that the material is presented from an intuitive, practical point of view, and the supplementary material included in each chapter lends itself to both class discussion and further reading by students. It provides the essential tools to navigate complex, global financial markets and instruments including relevant (and classic) academic research and market perspectives. The author has developed a number of key innovative features. One unique feature is its economic angle, whereby each chapter includes a section dedicated to the economic analysis of that chapter's material. Additionally, all chapters contain sections on strategies that investors can apply in specific situations and the pros and cons of each are also discussed. The book provides further clarification of some of the concepts discussed in the previous edition, thereby offering a more detailed analysis and discussion, with more real-world examples. The author has added new, shorter text boxes, labeled "Market Flash" to highlight the use of, or changes in current practices in the field; updates on strategies as applied by professionals; provision of useful information for an investor; updates on regulations; and anything else that might be relevant in discussing and applying a concept. This second edition also includes new sections on core issues in the field of investments, such as alternative investments, disruptive technologies, and future trends in investment management. This textbook is intended for undergraduate students majoring or minoring in finance and also for students in economics and related disciplines who wish to take an elective course in finance or investments.

This book examines the macroeconomic and regulatory impact of domestic and international shocks on the South African economy resulting from the 2009 financial crisis. It also assesses the impact of the US economy's eventual recovery from the crisis and the prospect of higher US interest rates in future. Told in three parts, the book explores associations between economic growth, policy uncertainty and the key domestic and international transmission channels, and transmission effects, of global financial regulatory and domestic macro-economic uncertainties on subdued and volatile economic recovery, financial channels, lending rate margins, and credit growth. The book concludes by extending its focus to the role of US monetary policy, capital flows and rand/US dollar volatility on the South African economy.

This volume is a contribution to the debates surrounding international monetary reform. The author examines and analyses the workings of the International Monetary Fund (IMF) and suggests how the international monetary system could, through changes to the IMF, be reshaped and reformed. Chapters examine the Palais-Royal report, explain how the IMF could be granted unlimited bailout powers to confront a global crisis, propose an exchange-rate based mechanism by which the international community could discipline excessive imbalances, examine alternative possibilities for the supply of future reserves, advocate `enthronement of the Special Drawing Right', and discuss the obstacles in the way of such an ambitious reform agenda.

Serving as an introduction to one of the "hottest" topics in financial crime, the Value Added Tax (VAT) fraud, this new and original book aims to analyze and decrypt the fraud and explore multi-disciplinary avenues, thereby exposing nuances and shades that remain concealed by traditional taxation oriented researches. Quantifying the impact of the fraud on the real economy underlines the structural damages propagated by this crime in the European Union. The 'fruadsters' benefit when policy changes are inflicted in an economic space without a fully fledged legal framework. Geopolitical events like the creation of the Eurasian Union and 'Brexit' are analyzed from the perspective of the VAT fraud, thereby underlining the foreseeable risks of such historical turnarounds. In addition, this book also provides a unique collection of case studies that depict the main characteristics of VAT fraud. Introduction to VAT Fraud will be of interest to students at an advanced level, academics and reflective practitioners. It addresses the topics with regards to banking and finance law, international law, criminal law, taxation, accounting, and financial crime. It will be of value to researchers, academics, professionals, and students in the fields of law, financial crime, technology, accounting and taxation.

This pivot considers how China deals with the globalization of its energy companies in the face of global efforts to combat climate change. It examines how China, following its emergence as the world's largest energy consumer and its resultant growing dependence on foreign energy, engages the world on energy, and its implications for global governance of energy. It notably focuses on the policy impact of China's global engagement for the accelerated "going out" strategy and the so-called "one belt one road" (OBOR) initiative, and profound climate implications for the rest of the world, contending that the type of energy services, technologies, and infrastructure China finances around the globe today will determine the global community's carbon footprint in the foreseeable future.

This proceedings volume analyzes the impact of globalization on international financial flow as well as harmonized financial reporting. Featuring contributions presented at the 18th Annual Conference on Finance and Accounting held at the University of Economics in Prague, this book examines the economic consequences of the globalized world in the sphere of corporate and public finance, monetary systems, banking, financial reporting and management accounting. The global perspective is accompanied by local specific cases studies, including those from emerging markets. In addition, the combination of micro- and macroeconomic approaches provide insights on the behavior of all relevant stakeholders in the process and the results of dynamic pressures surrounding global capital markets and international investments. This book will serve as a useful resource for scholars and researchers, practitioners and policy makers in the fields of finance, economics and accounting.

In recent years, China, the US, and the EU and its Member States have either promulgated new national laws and regulations or drastically revised existing ones to exert more rigorous government control over inward foreign direct investment (FDI). Such government control pertains to the establishment of an ex-ante review regime of FDI in the host state in sectors that are considered as 'sensitive' or 'strategic', with an aim to mitigate the security-related implications. This book conducts a systematic and up-to-date comparative study of the national security review regimes of China, the US, and the EU, using Germany as an exampling Member State. It answers a central research question of how domestic law should be formulated to adequately protect national security of the host state whilst posing minimum negative impacts to the free flow of cross-border investment. In addition to analyzing the latest development of the national security review regimes in aforementioned jurisdictions and identifying their commonalities and disparities, this book establishes a normative framework regarding the design of a national security review regime in general and proposes specific legislative recommendations to further clarify the law. This book will be of interest to scholars in the field of international and comparative investment law, investors who seek better compliance programs in the host state, and policymakers who aim for high-quality regulation on foreign investment.

Islamic finance often faces numerous challenges in a dynamic marketplace. This book aims to discuss contemporary issues and challenges in Islamic finance to inform discussions surrounding the governance system, the Islamic legal system, prudential regulations, Islamic home financing, and Islamic microfinance. Furthermore, corporate social responsibility (CSR), Islamic accounting, risk management, Basel Accord, and Shari'ah governance systems are discussed in the book. Despite the relevance of these issues in Islamic finance, only a few reference sources exist. This book will provide a guide for academics, students, and banking professionals to acquaint them with the theory and practice of Islamic finance, filling a needed gap.

Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary, financial, and fiscal affairs. However, it does not feature as part of any key instruments of international law, including the Articles of Agreement of the International Monetary Fund. Rather, it has remained a somewhat separate notion, developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions, the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail, and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community. The book examines the historic origins and evolution of the concept of monetary sovereignty, putting it into the context of broader concepts of sovereignty. It argues that monetary sovereignty remains relevant as a dynamic legal concept with both positive and normative components. It investigates the continuing hybridization of international monetary law resulting from changes to its formal and material sources. It then examines the complex phenomenon of exchange rate misalignment under international monetary and trade law, and the increasing regionalization of monetary sovereignty, notably in light of the European sovereign debt crisis. Finally, it assesses the role the concept of monetary sovereignty can play in the reorganization of international finance following the recent global financial crisis.

This edited volume provides a critical evaluation of financing options for sustainable development in Africa. While sustainability has long been the watchword for development programs, and while many African countries have taken initiatives to develop integrated frameworks that tackle developmental challenges-including poverty, education, and health-financing has remained a challenge. In this book, an expert team of chapter authors examines new financing options while also exploring how traditional financing means, such as foreign aid and foreign direct investment, can be more effective for sustainability. The authors discuss how African nations can build adequate structures and productive capacity to create a platform that can meet present economic, social, and environmental needs without compromising the ability of future generations to meet their own needs. Practical case studies and scientific evidence give this book a unique approach that is both qualitative and quantitative. This book will be of interest to students, practitioners, and scholars of development studies, public policy and African economics.

The eagerly awaited second edition of this highly successful book has been greatly expanded from 400 to over 700 pages and contains new material on value at risk, speculative bubbles, volatility effects in financial markets, chaos and neural networks.
Financial Market Analysis deals with the composition of financial markets and the analysis and valuation of traded securities. It describes the use of securities both in constructing and managing portfolios and in contributing to portfolio performance. Particular attention is paid to new types of investment product, different portfolio management strategies, speculation, arbitrage and risk management strategies and to financial market failure.
Financial Market Analysis is an essential text for all finance-related degree courses at undergraduate, postgraduate, and MBA level. It also provides a useful source of reference for financial institutions and professionals in the financial markets.

This book examines how credit and finance schemes affect the financial lives of vulnerable people around the world. These schemes include payday lending, matched savings, and financial literacy in the Global North, and micro-credit and mobile banking in the Global South. Buckland sets these schemes within the context of financialization and seeks to identify strengths, weaknesses, and ways to enhance the well-being of vulnerable people. This book's coverage of a wide range of financial products and geographic regions makes for a unique and innovative perspective on this topic. It presents a balanced critique of credit and finance schemes under the assumption that reform is the most practical means to improve human well-being.

This book provides an up-to-date guide to managing Country Risk. It tackles its various and interlinked dimensions including sovereign risk, socio-political risk, and macroeconomic risk for foreign investors, creditors, and domestic residents. It shows how they are accentuated in the global economy together with new risks such as terrorism, systemic risk, environmental risk, and the rising trend of global volatility and contagion. The book also assesses the limited usefulness of traditional yardsticks of Country Risk, such as ratings and rankings, which at best reflect the market consensus without predictive value and at worst amplify risk aversion and generate crisis contamination. This book goes further than comparing a wide range of risk management methods in that it provides operational and forward-looking warning signs of Country Risk. The combination of the authors' academic and market-based backgrounds makes the book a useful tool for scholars, analysts, and practitioners.

Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators.

In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.

This valuable book provides a much-needed integration of fundamental analysis of global forces and technical analysis to provide highly probable trades in currency markets. Fundamental analysis is often too vague and not quantified. This book provides insights into fundamental analysis and then calibrates it to trading strategies and techniques. Fundamentals are clearly defined as longer-term economic expectations regarding growth, inflation, and labor conditions. Nearer-term understanding of fundamentals deals with market psychology, where markets are manifest risk-on and risk-off emotions. Currencies are explained as expectations battles generating expectation waves. With real trading examples included to underscore the concepts, Planet Forex gives readers an invaluable primer on trading market sentiment that is unprecedented. This book is a must-read for global forex traders, portfolio managers, and other employees in the forex industry, including exchanges, brokerage firms, and financial planners and advisors.

The edited volume on "The Role of Institutional Investors in a Globalized Environment" will publish original papers that examine various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments including the impacts on international economic and market stability.

This book examines two types of transnational money laundering: the use of offshores and wire transfers to "invest" in real estate; and agribusiness, a nebulous activity that is difficult to regulate. The author also examines current international mechanisms to combat money-laundering; whether these efforts have been successful or unsuccessful; and whether multilateral instruments are an effective tool in the war against international organized crime. As national borders have opened and trade barriers have fallen, transnational crime has grown at unprecedented levels. The current situation, better revealed by the so-called "Panama Papers," is a result of a lack of local cooperation in the investigations, prosecution, and/or extradition of criminals. Governments profit from ill-gotten wealth hosting international criminal enterprises in their own territories, thus providing a fertile ground for illicit practices, closing their eyes to the nexus among false or inappropriate identification, fraudulent records, corruption, and money laundering. If these types of transnational money-laundering are allowed to remain as they are currently treated, the shift in the financial paradigm, from centralized and regulated to decentralized and "unregulated," would allow for the continuation of some of the most dangerous criminal activity. In this timely book, the author presents arguments that by "following the money," capital movements involved in transnational money laundering through real estate and agribusiness can be examined, revealed, and understood.