Studying the Asian Infrastructure Investment Bank (AIIB) through the lens of international relations (IR) theory, Chen argues that it is inappropriate to treat the AIIB as either a revisionist or a complementary institution. Instead, the bank is still evolving and the interaction of power, interests, and status that will determine whether the bank will go wild. Theoretically, the current shape of the AIIB will influence global strategic conditions and global perceptions of the bank itself, consequently affecting China's level of dissatisfaction with its power and status in the international financial system and maneuvering in the AIIB. To empirically show that, this book presents the evolution of the AIIB, compares the bank with its main competitors in the Asia-Pacific region, and conducts ten comparative case studies to show how countries around the world have positioned themselves in response to the emergence of the AIIB. This book presents critical insights for scholars and foreign-policy practitioners to understand China's surging influence in international organizations and how China can shape the world order. It should prove of interest to students and scholars of IR, strategic studies, China Studies, Asian Studies, developmental studies, economics, and global finance.

"Filled with creative strategies that work in today's market. A must-read for the real estate investor "
-Albert Lowry, PhD, New York Times bestselling author of
How You Can Become Financially Independent by Investing in Real Estate
A few years ago, even reckless real estate investors could still make money because the market was booming. But many markets have softened, and making a profit isn't as simple as it used to be. However-with the right strategy and long-term thinking-there is still plenty of money to be made in real estate.
If you're willing to look outside your local market, you'll discover emerging markets that are booming. And there are also smart investing strategies that work especially well in slowing markets. You can do it You just need the new rules and wise tactics you'll find in this practical, profitable guide:
*
Invest in up-and-coming, high-growth emerging markets
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Learn the powerful strategy of market-timing
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Use lease options to get more for your money
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Learn creative strategies to engineer hands-off investments
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Find foreclosures and other hidden bargains
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Invest in bargain-rate new construction projects
There are great deals hiding in every real estate market, and this book makes finding those values easy. Whether you want to locate the next up-and-coming growth markets, or find creative ways to finance your investments, Making Hard Cash in a Soft Real Estate Market is a savvy guide to investing for anyone who wants to play it safe and profitably.

During the last decade, financial models based on jump processes have acquired increasing popularity in risk management and option pricing applications. Much has been published on the subject, but the technical nature of most papers makes them difficult for nonspecialists to understand, and the mathematical tools required for applications can be intimidating. Potential end users often get the impression that jump and Lévy processes are beyond their reach.

Financial Modelling with Jump Processes demonstrates that this is not so. It provides a self-contained overview of the theoretical, numerical, and empirical aspects of using jump processes in financial modeling, and does so in terms well within the grasp of nonspecialists. With clear-sighted explanations, the authors motivate the use of the various mathematical tools used in the modelling process, and while giving an intuitive understanding of proofs, provide precise mathematical statements of the results. They illustrate the mathematical concepts with many numerical and empirical examples and provide the details of numerical implementation of pricing and calibration algorithms.

This book clearly shows that the concepts and tools necessary for understanding and implementing these models can be much more accessible and intuitive that those involved in the Black Scholes and diffusion models. If you have even a basic familiarity with quantitative methods in finance, Financial Modelling with Jump Processes will give you a valuable new set of tools for modelling market fluctuations.

Starting from scratch, it took the world's greatest investor, Warren Buffett, nearly five decades to make his first $100m. This book explains the reasoning behind each investing milestone on that journey, tracks the deals he made and shows how they added to his wealth.Without much of an idea about investing in shares at the beginning, Buffett had to develop his investment philosophy, and learn through success and failure how to select companies worth backing. It was not all plain sailing, with many mistakes along the way; and there were long periods of frustration with the market. The fact that Buffett made errors is quite reassuring for other investors. The key is to learn from them, and to accept with evenness of temper the many bumps in the road.

The existence of fiat currencies has long been cited as one of the major contributing factors to the challenges facing contemporary economies, and the current monetary system is not only a key source of exorable increases in interest rates but also a principal cause of inflation and decline in the value of money in many countries. The editors argue that an Islamic monetary system, with its specific money concepts, interest-free financial institutions, and monetary policy embedded in real growth, provides a solution to this conundrum. Contributions from many world-renowned experts consider a wide array of topics, ranging from the theoretical concepts of money and banking in conventional and Islamic economics to the historical journey of money from precious metals to plastic money and digital currency today. The book outlines the problems that sprout from interest-based banking and multiple debt structures. It then mirrors the Islamic concepts of money as well as idiosyncrasies of its monetary policy. Supported with meticulous research and empirical evidence, the book demonstrates the efficacy of Islamic monetary system in delivering real growth along with equitable distribution of wealth and prosperity in the economy. It additionally acquaints the readers with juristic debates about money and monetary policy. This is essential reading for both students and researchers in Islamic economics, banking, and finance, expertly promoting a fair and just economic system that emerges as a result of interest-free banking and monetary policy based on Islamic principles.

The complete package for succeeding in options! This exciting combo from experienced options trader Michael Sincere provides an A-to-Z education on low-risk options trading. If you're interested in building a powerful options portfolio, the Ultimate Guide to Understanding and Trading Options: Two-Book Bundle has everything you need. This unmatched investing package provides the foundational knowledge you need to get started with confidence, along with effective hands-on methods for generating profits-with minimal risk. Now considered an investing classic, Understanding Options explains all the basics, including overcoming assignment anxiety, LEAPS, the Greeks, protective and married puts, collars, credit and debit spreads, straddles, strangles, and options tips. Then, Make Money Trading Options provides battle-tested strategies for finding the best stocks, identifying the overall market environment, deciding whether to go long or short, and using a ground-breaking method to determine which stocks are "in play." Most important, you'll learn money management techniques to avoid the most common pitfalls that blow up traders' accounts.

Avoid "Shirtsleeves to Shirtsleeves" by Finding Your Voice Growing up in a family with significant wealth or a family business can often feel like an exercise in silence. What should you ask? Whom should you ask? When? Is it ever right to talk about such things? The Voice of the Rising Generation speaks directly to those who find themselves living in that silence, the so-called "next generation." Great wealth or a family business can act like a "black hole," sapping the dreams and aspirations of future generations who feel that they can never measure up to the fortune's founder. This book, written by a psychologist, an educator, and a wise counselor who single-handedly changed the landscape of family wealth, diagnoses with economy and precision the cause of entitlement and dependency. It is not too much money or too few chores. It is the failure of rising generations to individuate, that is, to pursue their dreams, develop their resilience, and find their voice. Many books are addressed to parents and grandparents who worry about the effects of wealth on their descendants. Almost alone in the field, this book speaks directly to 20-, 30- and 40-somethings, encouraging them literally, giving them courage to meet the challenge of integrating wealth's power into their lives, rather than disappearing into the black hole. Readers will: * Come to understand the true causes of entitlement and dependency * Identify the psychological characteristics of the rising generation and the challenges proper to its development * Clarify their own dreams, work, and vocation * Navigate personal relationships and communication within the context of wealth * Recognize the special challenges faced when rising is delayed until mid-life. If you are a young person who is starting your life's journey and wondering about the effects of parental gifts, trusts, or a family business, this book will offer you questions, reflections, and lessons-learned to help you find your own way. If you are a parent, grandparent, elder, or mentor, The Voice of the Rising Generation can serve the young people in your life as a gift more precious than gold.

Getting agreement between finance theory and finance practice is important like never before. In the last decade the derivatives business has grown to a staggering size, such that the outstanding notional of all contracts is now many multiples of the underlying world economy. No longer are derivatives for helping people control and manage their financial risks from other business and industries, no, it seems that the people are toiling away in the fields to keep the derivatives market afloat (Apologies for the mixed metaphor ) If you work in derivatives, risk, development, trading, etc. you'd better know what you are doing, there's now a big responsibility on your shoulders.

In this second edition of "Frequently Asked Questions in Quantitative Finance" I continue in my mission to pull quant finance up from the dumbed-down depths, and to drag it back down to earth from the super-sophisticated stratosphere. Readers of my work and blogs will know that I think both extremes are dangerous. Quant finance should inhabit the middle ground, the mathematics sweet spot, where the models are robust and understandable, and easy to mend.

...And that's what this book is about.

This book contains important FAQs and answers that cover both theory and practice. There are sections on how to derive Black-Scholes (a dozen different ways ), the popular models, equations, formulae and probability distributions, critical essays, brainteasers, and the commonest quant mistakes. The quant mistakes section alone is worth trillions of dollars

I hope you enjoy this book, and that it shows you how interesting this important subject can be. And I hope you'll join me and others in this industry on the discussion forum on wilmott.com. See you there "

"FAQQF2."..including key models, important formulae, popular contracts, essays and opinions, a history of quantitative finance, sundry lists, the commonest mistakes in quant finance, brainteasers, plenty of straight-talking, the Modellers' Manifesto and lots more.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: Explains what private equity investors do and how they do it Includes a detailed discussion of career paths in private equity Links real world examples that illustrate insights from academic research Provides an overview of the private equity industry from individual investments to fundraising to firm management This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.

This book provides a comprehensive introduction to accounting and finance, and is used on a variety of courses including BTEC Higher National, undergraduate degree, RSA and LCCI. In the fourth edition there have been significant changes to the structure and content to reflect the requirements of the new BTEC Higher National in Business and Finance. New material has been included on the use of spreadsheets, and updated information on recent developments in financial and management accounting. In response to feedback from lecturers, answers to multiple-choice questions and other selected questions have now been included at the back of the book.

The field of economic demography has expanded in recent years because of the perceived relevance of economic constraints to family formation and to demographic behaviour. [The increased availability of household surveys from countries at all levels of development and the advances of methods for analysing such data have encouraged empirical extensions and the testing of household demand theories.]This authoritative collection presents in two volumes some of the influential ideas which have helped to adapt economic theory and methods to analysing the determinants and consequences of demographic behaviour and to relating such behaviour to the investments in human capital which account for much of modern economic growth. It focuses on the following topics: the estimation of wage functions - a key building block for economic demography because it explains how human capital formation affects human productivity and contributes to economic growth; health and longevity, the second most notable source of human capital accumulation; the evolution of the household production model; cooperative and bargaining approaches to the household entity; models dealing with fertility and female labour supply; models which examine the problems of fertility and investments in child quality; an exploration of how gender affects schooling, health and wage-earning potential; the effect on wages of the size and skill of the labour supply; some historical aspects of economic demography; the effects of population growth on economic development; and questions of savings, inheritance and the economic consequences of an aging population.

Over the last decade pension reform in the West has focused upon the need for more private provision in order to combat the effects of societal ageing. The consequences of these reforms for citizens' incomes during retirement are currently under-explored - including questions such as how protective public-private pension systems are, particularly for citizens without lifelong, full-time employment biographies. This rigorous study sheds light on these issues. It assesses the extent to which six European multi-pillar pension regimes are socially inclusive, by micro-simulating retirement income for hypothetical citizens facing typical post-industrial risks. This timely book suggests that non-state provision has significant limitations, yet also identifies the political and institutional conditions under which private pensions are indeed reconcilable with social inclusion. Private Pensions versus Social Inclusion? will appeal to policymakers, scholars and experts from NGOs and other statistical organisations involved in comparative social policy and pension analysis. Post-graduate students of comparative social policy, gerontology, public economics and economic sociology will also find much to engage them within the book.

Money is mysterious. You can hardly touch it, and yet it rules the world. We love it, we hate it, but few people can tell you what the heck it really is. Wouldn't it be good to get out of the fog? This book can bring you clarity. It can help you see money for what it is, understand the way it works, and how to leverage its power. The authors take you on an illuminating journey from your piggy bank to the Federal Reserve, without any pesky jargon or complex math. Once you see money clearly, life will never be the same. You'll know what really goes on in banks, and what the cash in your wallet represents. You'll know how government really spends, and why it can't run out of money. You'll know what money can actually do-- and how we can make it work for us.

The Grameen Bank of Bangladesh has successfully lent small sums to poor women for income generation. This empirical study examines the programme's long-term influence and argues that credit alone can create fundamental change, even in an environment distinctly hostile to women's autonomy.

The Financialization of Latin American Real Estate Markets: New Frontiers introduces the fundamental principles of urban economics, housing, and large-scale real estate development in Latin America and equips aspiring investors and developers with the foundations for success in a unique, dynamic region. Using case studies from the Americas, this textbook provides a framework for assessing the economic, technological, social, and political forces that shape urban space, helping readers understand the aims and risks of real estate investment. Chapters on economic theory, novel financial instruments, and the regulatory environment connect real-world practice to the latest scholarly conversations in urban planning, real estate finance and development, and regional studies. Informed by the author's extensive experience as an academic and practitioner throughout the region, this distinctive resource sheds light on the relationship between financial capital and urban form, and places Latin American cities at the center of the urban economy debate. Features: Provides a thorough introduction to the mechanics of real estate markets, grounding spatial and economic theories with practical examples of the tools used to finance urban development in Latin America Centers around case studies from Mexico, Brazil, Chile, Panama, Argentina, and Colombia-some of the region's most dynamic markets Presents financial instruments such as mortgage-backed securities, collateralized debt obligations, credit default swaps, and real estate investment trusts in a global context Examines State policies and programs for housing and infrastructure in Latin America, demonstrating regional patterns and new perspectives Covers real estate finance from housing to megaprojects, exploring recent trends in infrastructure, commercial centers, and tourism with an eye toward sustainable financing practices for the future Suitable for graduate and upper-level undergraduate students of real estate, urban planning, and Latin American studies, The Financialization of Latin American Real Estate Markets: New Frontiers also serves as essential reading for professionals in international real estate finance and development.

The Financialization of Latin American Real Estate Markets: New Frontiers introduces the fundamental principles of urban economics, housing, and large-scale real estate development in Latin America and equips aspiring investors and developers with the foundations for success in a unique, dynamic region. Using case studies from the Americas, this textbook provides a framework for assessing the economic, technological, social, and political forces that shape urban space, helping readers understand the aims and risks of real estate investment. Chapters on economic theory, novel financial instruments, and the regulatory environment connect real-world practice to the latest scholarly conversations in urban planning, real estate finance and development, and regional studies. Informed by the author's extensive experience as an academic and practitioner throughout the region, this distinctive resource sheds light on the relationship between financial capital and urban form, and places Latin American cities at the center of the urban economy debate. Features: Provides a thorough introduction to the mechanics of real estate markets, grounding spatial and economic theories with practical examples of the tools used to finance urban development in Latin America Centers around case studies from Mexico, Brazil, Chile, Panama, Argentina, and Colombia-some of the region's most dynamic markets Presents financial instruments such as mortgage-backed securities, collateralized debt obligations, credit default swaps, and real estate investment trusts in a global context Examines State policies and programs for housing and infrastructure in Latin America, demonstrating regional patterns and new perspectives Covers real estate finance from housing to megaprojects, exploring recent trends in infrastructure, commercial centers, and tourism with an eye toward sustainable financing practices for the future Suitable for graduate and upper-level undergraduate students of real estate, urban planning, and Latin American studies, The Financialization of Latin American Real Estate Markets: New Frontiers also serves as essential reading for professionals in international real estate finance and development.

This inter-disciplinary and wide-ranging study unravels the social processes of decision-making at the interface of central banks and financial market participants, and thereby raises important questions about responsible central bank governance and its obligations to stakeholders in society. The book challenges commonly held assumptions on how central banking works and critically assesses unconventional monetary policy and its underlying theoretical tenets. Drawing from rich, multi-sited fieldwork and data collection, this research monograph offers an in-depth look into the financial market practices around the quantitative easing programmes of the European Central Bank and focuses on the uneasy role of modern central banks as active market participants. The author introduces concepts from social network theory and develops a novel method to study organisational networks in the context of financial markets. An analysis of the European Central Bank's social, organisational and financial networks is sketched over the course of multiple chapters. The concluding chapters dive into documentary analysis and the extensive material from qualitative interviews with senior investment professionals about the strategies and adaptive processes around the lived experience of quantitative easing. The book will be a vital resource for social scientists researching organisations in financial markets, providing theory, concepts, empirical data and practical implications. It will be of interest to academics and graduate students in economics, sociology and management/organisation studies, as well as practitioners at central banks and in asset management.

This book reveals the surprising role that credit, money created ex nihilo by financiers, played in raising the British government's war loans between 1793 and 1815. Using often overlooked contemporary objections to the National Debt a startling paradox is revealed as it is shown how the government's ostensible creditors had, in fact, very little "real" money to lend and were instead often reliant for their own solvency upon the very government they were lending to. By following the careers of unsuccessful loan-contractors, who went bankrupt lending to the government, to the triumphant career of the House of Rothschild; who successfully "exported" the British system of war-financing abroad with the coming of peace, the symbiotic relationship that existed between the British government and their ostensible creditors is revealed. Also highlighted is the power granted to the (technically bankrupt) Bank of England over credit and the money supply, an unprecedented and highly influential development that filled many contemporaries with horror. This is a tale of bankruptcy, stock market manipulation, bribery and institutional corruption that continues to exert its influence today and will be of interest to anyone interested in government financing, debt and the origins of modern finance.

An incisive framework for companies seeking to increase their resilience In The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Hakan Jankensgard delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of "black swan" risks, highly unlikely but devastating events: insurance, buffering, and flexibility: The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruption Extending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive action Practical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they cause Strategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage An expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.

In May 2007, an extraordinary meeting took place in London'sThe Exchange Forum. Chief executives from many of the world's most important financial exchanges came together with senior executives from a wide array of global banking, trading, and investing firms, index providers, regulators, system suppliers, and key academics to discuss the rapidly changing business and technological environment in which exchanges function. The forum was an exclusive event, open only to the most senior-level individuals in the global exchanges community: those who run exchanges, who are clients of exchanges, who invest in exchanges, and who supply goods and services to exchanges.
In presentations and panel discussions over two days, these experts explored the effect of shrinking margins as more instruments became exchange traded rather than OTC and the conflicts that creates. They shared what exchanges are doing today to respond to the challenges wrought by competition, globalization, and rapid technology advances. And they looked into the future and discussed the multi-asset, multi-currency, and multi-region trading that holds out the promise of future success.
The book is based on the discussion and analysis that took place at this exclusive event that brought together leading exchange professionals, their customers, and suppliers from around the globe to share insights and experiences. It will provide an overview of the latest technological, regulatory, and market developments in the exchange industry and the common problems exchanges face; explain how these problems are being addressed; and present the consensus viewfrom leading exchange professionals about how to move forward. Most significant, the ideas in the book will come directly from the worlds leading exchange professionals and customers.
* Hear the voices of executive-level exchange professionals throughout the book for a candid, realistic, and high-level analysis of the exchange business, its present and future
* Share the stories of success and failure these exchange executives shared as they discussed solutions to common challenges
* Chart the way forward for your exchange business with confidence based on the collective insights and experience of these professionals"

The 1964 Kennedy-Johnson tax cut is often cited as the single most successful application of Keynesian stabilization policy. The author challenges this orthodox historical view by exposing the haphazard planning, simplistic economic theorizing, irreconcilable numerical projections, and partisan political influences on the Council of Economic Advisers. The focus of the book is on the decisions, advice and actions of the three Chairmen of the Council during the 1960s: Walter Heller, Gardner Ackley and Arthur Okun. They were the authors of the ambitious and optimistic new economics that attempted to manipulate aggregate demand in the US economy to reach potential output. By 1965 this goal was achieved, but when Vietnam War spending and Great Society programs were added to the tax cut, the subsequent policy paralysis in the face of a surging economy clearly indicated a lack of symmetry in fiscal policy implementation. Much of the evidence for this revisionist view comes from the participants own statements in the form of White House memoranda and confidential reports as well as from counter-factual exercises that allow alternative policies or swifter responses. This book will be of great interest to macroeconomists as well as to scholars and students interested in economic history and in the formulation and implementation of economic policy.

This illuminating and thought-provoking book questions whether classical Islamic capitalism, which has served Muslims so well for centuries, can provide a viable alternative world economic system. In the current recession - the worst since 1929 - this is surely a provocative question. But if Islamic capitalism is to emerge as a viable alternative, its nature and systems must be well understood. Murat Cizakca explores key issues within Islamic capitalism and finance, shedding light on whether the Islamic system can indeed be called 'capitalist', the principles on which the system was built, the institutions that were consequently developed, how they function and have evolved, and, perhaps, most importantly, whether they can be modernized to meet today's needs. Against the backdrop of rapid change in the Middle East, this book gives a solid background to the economic systems that will emerge in the world of Islam. An essential guide to the past, present and future of Islamic economy and finance, this compelling book will prove to be of particular interest to academics and researchers of economics, finance, economic and financial history and political science.

Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular. This highly topical book will be of great interest to academics and professional economists in the field of financial, macro and monetary economics and the economics of European integration.