Success in today's sophisticated financial markets depends on a firm understanding of key financial concepts and mathematical techniques. "Mastering Financial Calculations" explains them in a clear, comprehensive way -- so even if your mathematical background is limited, you'll thoroughly grasp what you need to know.

"Mastering Financial Calculations" starts by introducing the fundamentals of financial market arithmetic, including the core concepts of discounting, net present value, effective yields, and cash flow analysis. Next, walk step-by-step through the essential calculations and financial techniques behind money markets and futures, zero-coupon analysis, interest rate and currency swaps, bonds, foreign exchange, options, and more. Making use of many worked examples and practical exercises, the book explains challenging concepts such as forward pricing, duration analysis, swap valuation, and option pricing - all with exceptional clarity.

Whether you are a trader, fund manager, corporate treasurer, programmer, accountant, risk manager, or market student, you'll gain the ability to manipulate and apply these techniques with speed and confidence.

The long-awaited sequel to the "Concepts and Practice of Mathematical Finance" has now arrived. Taking up where the first volume left off, a range of topics is covered in depth. Extensive sections include portfolio credit derivatives, quasi-Monte Carlo, the calibration and implementation of the LIBOR market model, the acceleration of binomial trees, the Fourier transform in option pricing and much more. Throughout Mark Joshi brings his unique blend of theory, lucidity, practicality and experience to bear on issues relevant to the working quantitative analyst.

"More Mathematical Finance" is Mark Joshi's fourth book. His previous books including "C++ Design Patterns and Derivatives Pricing" and "Quant Job Interview Questions and Answers" have proven to be indispensable for individuals seeking to become quantitative analysts. His new book continues this trend with a clear exposition of a range of models and techniques in the field of derivatives pricing. Each chapter is accompanied by a set of exercises. These are of a variety of types including simple proofs, complicated derivations and computer projects.

Chapter 1. Optionality, convexity and volatility 1

Chapter 2. Where does the money go? 9

Chapter 3. The Bachelier model 23

Chapter 4. Deriving the Delta 29

Chapter 5. Volatility derivatives and model-free dynamic replication 33

Chapter 6. Credit derivatives 41

Chapter 7. The Monte Carlo pricing of portfolio credit derivatives 53

Chapter 8. Quasi-analytic methods for pricing portfolio credit derivatives 71

Chapter 9. Implied correlation for portfolio credit derivatives 81

Chapter 10. Alternate models for portfolio credit derivatives 93

Chapter 11. The non-commutativity of discretization 113

Chapter 12. What is a factor? 129

Chapter 13. Early exercise and Monte Carlo Simulation 151

Chapter 14. The Brownian bridge 175

Chapter 15. Quasi Monte Carlo Simulation 185

Chapter 16. Pricing continuous barrier options using a jump-diffusion model 207

Chapter 17. The Fourier-Laplace transform and option pricing 219

Chapter 18. The cos method 253

Chapter 19. What are market models? 265

Chapter 20. Discounting in market models 281

Chapter 21. Drifts again 293

Chapter 22. Adjoint and automatic Greeks 307

Chapter 23. Estimating correlation for the LIBOR market model 327

Chapter 24. Swap-rate market models 341

Chapter 25. Calibrating market models 363

Chapter 26. Cross-currency market models 389

Chapter 27. Mixture models 401

Chapter 28. The convergence of binomial trees 407

Chapter 29. Asymmetry in option pricing 433

Chapter 30. A perfect model? 443

Chapter 31. The fundamental theorem of asset pricing. 449

Appendix A. The discrete Fourier transform 457

Praise for the Concepts and Practice of Mathematical Finance:

"overshadows many other books available on the same subject" -- ZentralBlatt Math

"Mark Joshi succeeds admirably - an excellent starting point for a numerate person in the field of mathematical finance." -- Risk Magazine

"Very few books provide a balance between financial theory and practice. This book is one of the few books that strikes that balance." -- SIAM Review

If you think spread betting is complex and high risk then think again. Stuart Fieldhouse demonstrates that with the right knowledge and approach it needn't be. From opening an account and carrying out basic technical analysis through to assessing market opportunities and minimising risk, this book offers a comprehensive walk-through of everything you need to know to trade successfully. The Financial Times Guide to Spread Betting gives you the tools to spread bet with confidence. The book includes: Different ways to trade, the markets available and various approaches you can use in those markets How to integrate spread betting into a wider investment strategyandhow to hedge your share portfolio Trading in new markets, such as commodities, forex and government bonds Managing risk and what to do when markets turn volatile

This book starts from the application scenarios of artificial financial intelligence regulation, commercial banking, wealth management and payments, etc., and makes a detailed study of the main scenarios of the application of China's artificial intelligence in the financial field, and also analysis specific application cases of China.With the popularization of smart phones and the rapid development of e-commerce, mobile payment, big data and other technologies are in the ascendant in China in recent years. In particular, artificial intelligence technologies in the form of facial, speech and semantic recognition are showing preliminary advantages in the field of FinTech, and the future era of Intelligent Finance has quietly come. The Chinese government has clearly put forward "China should rely on a robust cycle of domestic demand and innovation as the main driver of the economy while maintaining foreign markets and investors as a second engine of growth", science and technology innovation is the basic motivation of economic and social cycle, to implement the " dual circulation strategy ", it is necessary to understand the key role of scientific and technological innovation in financial innovation services, and improve financial services must be driven by science and technology. There is a natural relationship between artificial intelligence and financial services, because financial services are credit and information intermediaries, and data is the most critical for finance, while artificial intelligence has a super ability in dealing with complex data. At present, many Chinese Banks have applied artificial intelligence to their daily operations and management, such as accurate customer identification, enhanced process tracking, intelligent marketing, and product process transformation, so as to simplify financial service processes and shorten service cycles. In General, this book both pays attention to practical application and theoretical, which is a useful reference book in theoretical research and practical work, and also helps readers to understand the application of intelligent finance in China.

The concept of innovation is not new. It relates closely to the concept of change. Both are inevitable in today's and tomorrow's business environments. Standing still and hoping for the best is no longer a viable option. Innovation, by itself, is not a panacea for positive accomplishments. Of paramount importance to any business is how successful any innovation has actually been. This book brings together the knowledge, learning and experience from the author's practical applications of a newly developed and implemented Innovation Scorecard methodology to close exactly this shortfall. Their 'one stop shop' methodology is a complete end to end approach on how to measure the success of any innovation, irrespective of whether this relates to projects or business as usual work environments. This landmark methodology will provide the reader with an applied proof of concept across a range of business applications and a complete end to end process how to measure success including templates and worked examples. The book offers a starter-pack with suggested performance metrics to get the reader on the road to measuring the success of innovation and to encourage readers to develop how they view and feel about measuring the success of innovation. Furthermore, the book provides the reader with everything they need to know, ranging from a simple to follow user-friendly process to the application of suggested performance metrics and how to apply these in any business work environment, which is a requisite for creating a working environment within the reader's organisation where innovation and forward-thinking are both encouraged and supported.

The Anti-Bubbles is a contrarian framework that challenges the status quo and complacency of Global Markets towards the false belief/misconception that central banks and governments are infallible and in full control. A forward-looking analysis of the opportunities, risks, and unintended consequences associated with testing the limits of monetary policy, testing the limits of credit markets, and testing the limits of fiat currencies. This book presents both sides of the story, including Larry Summer's "prudent imprudence for fiscal expansion", George Soros' "reflexivity theory applied to monetary policy", Mohamed El-Erians "T-juction and diplomatic neutrality", along the "Lehman Squared" and "Golds Perfect Storm" investment theses, and coins innovative ideas such as "anti-bubbles", "the acronyms", or "monetary supercycle", which join a series of innovative concepts such as "The Flattening of the Energy World", "The Energy Broadband", or "The Battle for Supply", from Diegos first book.

This book covers several areas of economic theory and political philosophy from the perspective of Austrian Economics and libertarianism. As such, it deals with Epistemology and Methodology, Microeconomics, Macroeconomics, Labor Economics, International Economics, Political Philosophy, Law and Public Policy, all from the Austro-libertarian perspective. Hence, this book offers an integrated view of libertarianism and Austrian economics in the light of recent debates in the areas of economic science and political philosophy. Moreover, it builds from the foundations of the Austrian approach (epistemology and methodology), while the latter material deals with its application to the individual from the microeconomic perspective, which in turn allows an exploration of subjects in macroeconomics. Additionally, this work applies Austro-libertarianism to law, politics, and public policy. Thus, it offers a unified view of the entire approach, in a logical progression, allowing the readers to judge this perspective in full. Futerman and Block say that their book is not a manual, which I suppose it is not. But it is a collection of highly pertinent essays, from which you can understand what is mistaken in the orthodoxy of economics, law, and politics. The central term of art in Austrian economics is that phrase "human action." It is the exercise of human will, not the blind bumping of one molecule against another or one organism against another, as in the physical sciences... Futerman and Block distinguish Austrian economics as a scientific enterprise based on liberty of the will from "libertarianism" as an advocacy based on policies implied by such liberty. "Although Austrian economics is positive and libertarianism is normative," they write, "this book shows how both are related; how each can support the other." Indeed they do. Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics and of History Emerita, Professor of English Emerita, Professor of Communication Emerita, University of Illinois at Chicago

The Sustainable Development Goals introduced by the United Nations in 2016 call for the significant mobilisation of finance. However, although sustainable investments are steadily increasing, there still remain large gaps within financing and the information that financial markets rely on is often incomplete or incorrect. For instance, the financial system has been structured around short-term frameworks and goals while the most pressing environmental and social challenges are long-term. Prices do not convey the cost of externalities associated with social and environmental challenges. It is therefore important to implement the effective pricing of externalities and create a common language and taxonomy between investors, issuers and policy-makers in order to best serve sustainable development. Addressing this challenge, the authors delve deeper into the levers that can be pulled within the financial system to prompt an efficient ecosystem of sustainability-related information, allowing social and environmental externalities to be incorporated into the decision-making process of all market agents. Incentives needed for investors, issuers and intermediaries are proposed along with regulation that can trigger these incentives. This book offers a comprehensive collection of chapters which explore the ongoing evolution of the European regulatory framework, providing essential reading for policymakers, practitioners and researchers alike.

Contains analyses that are designed to highlight specified subject areas or provide other significant presentations of budget data that place the budget in perspective. This volume includes economic and accounting analyses; information on federal receipts and collections; analyses of federal spending; information on federal borrowing and debt; baseline or current service estimates; and other technical presentations.

Focusing primarily on the banking system in the United States, this book offers an innovative framework that integrates a depository bank's liquidity and its capital adequacy into a unified notion of funding that helps to explain how the 2007-2008 crisis unfolded, why central banks succeeded in resolving the crisis, and how the conceptual legacy of the crisis and its resolution led to lasting changes in bank funding regulation, including new objective requirements for bank liquidity. To provide a comparative context, the book also examines the funding models of nonbank intermediaries like dealer banks and insurers. This book provides a nuanced understanding of bank funding practices for legal academics interested in banking regulation or corporate finance and helps place prudential regulation and the private law of funding in the context of the banking business model. Business model scholars, financial academics, and bank regulators will appreciate its readable, integrated approach to understanding some of the most current and conceptually challenging aspects of prudential regulation.

As the main overview book of the FY 2022 Budget, this volume contains the Budget Message of the President, information on the President's priorities and budget overviews by agency, and summary tables. From large corporations and small business companies interested in developing new products for specific markets to policy makers, contractors, and federal agency personnel, this reference may be the go-to-resource to have at your hands for 2022 federal spending priorities.

This book provides a thorough understanding of the fundamental concepts of financial mathematics essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam.The third edition includes major changes such as an addition of an 'R Laboratory' section in each chapter, except for Chapter 9. These sections provide R codes to do various computations, which will facilitate students to apply conceptual knowledge. Additionally, key definitions have been revised and the theme structure has been altered. Students studying undergraduate courses on financial mathematics for actuaries will find this book useful. This book offers numerous examples and exercises, some of which are adapted from previous SOA FM Exams. It is also useful for students preparing for the actuarial professional exams through self-study.

Microfinance is a renowned albeit controversial solution for giving financial access to the unbanked, even if micro-transactions increase costs, limiting outreach potential. The economic and financial sustainability of Microfinance Institutions (MFIs) is a prerequisite for widening a potentially unlimited client base. Automation decreases costs, expanding the outreach potential, and improving transparency and efficiency. Technological solutions range from branchless mobile banking to geo-localization of customers, digital/social networking for group lending, blockchain validation, big data, and artificial intelligence, up to "MicroFinTech" - FinTech applications adapted to microfinance. Of interest to both scholars, students, and professors of financial technology and microfinance, this book examines these trendy solutions comprehensively, going beyond the existing literature and showing potential applications to the traditional sustainability versus outreach trade-off.

Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and the sustainability of local government finances, and develops important findings and policy recommendations. The book's expert contributors assess the current state of the allocation of expenditures and revenues between central and local governments in emerging Asian economies, and discuss their major strengths and weaknesses. They also present relevant case studies of experiences and reform measures related to strengthening and monitoring local government finance, including the implications of expanded fiscal capacity for infrastructure investment and other public spending. Covering the major Asian economies of the People's Republic of China, India, Indonesia, and Japan, among others, the book focuses on the economic incentives of transfer schemes, how intergovernmental fiscal equalization works, and how subnational government borrowing regulations could influence debt dynamics and the fiscal deficits of local governments. This book's insightful analysis will be essential reading for policymakers in Asian economies, and academics and researchers in the areas of economic development, public finance, and fiscal policy as well as development aid officials, multilateral banks, and NGOs. Contributors include: S. Barrios, S.-i. Bessho, P. Chakraborty, P. Das, Z. Fan, R.K. Goel, S. Li, D. Martinez-Lopez, J. Martinez-Vazquez, P.J. Morgan, A. Nasution, J.W. Saunoris, P. Smoke, L.Q. Trinh, V. Vulovic, G. Wan, N. Yoshino, Q. Zhang

With incisive critical ana lysis and historical examples, "The Great Crash Ahead "lays bare the traditional assumptions of economics, outlining why the next financial crash and crisis is inevitable, and just around the corner-- coming between mid-2012 and early 2015. Widely respected in the financial world for his accurate forecasts, Harry S. Dent, Jr., shows that the government doesn't drive our economy, consumers and businesses do; that the Fed does not create most of the money in our economy, the private banking system does. This necessary and illuminating book gives very clear strategies for prospering in the challenging decade ahead . . . a world turned upside down.