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Understanding the changing role of central banks and their recent
novel policies is essential for analysing many economic and
financial issues, ranging from financial regulation and crisis, to
exchange rate dynamics and regime changes, and QE and prolonged low
interest rates. This book features contributions by the world's
leading experts on central banking, providing in accessible essays
a fascinating review of today's key issues for central banks.
Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil
Kashyap, Mervyn King, Donald Kohn, Otmar Issing and Hyun Shin are
joined by Charles Goodhart of the London School of Economics and
Political Science, whose many achievements in the field of central
banking are honoured as the inspiration for this book. The Changing
Fortunes of Central Banking discusses the developing role of
central banks in seeking monetary and financial stabilisation,
while also giving suggestions for model strategies. This
comprehensive review will appeal to central bankers, financial
supervisors and academics.
Since the summer of 2007, credit markets in almost all industrial
countries have been in substantial turmoil and this has become the
focus of intense policy debates. The papers in this volume are
contributed by the world's leading financial experts and constitute
a thorough examination of the first credit market turmoil of the
21st Century. They provide an overview of the main causes,
transmission mechanisms and economic implications of what by now
has become a major systemic financial crisis. They assess the most
important policy considerations and conclude about how to stabilize
financial systems, attenuate repercussions on the real economy and
shape future regulatory structures. The analyses, conclusions, and
recommendations can be expected to influence both public and
private policies to mitigate, if not prevent, such crises in the
future.
Financial Regulation presents an important restatement of the
purposes and objectives of financial regulation. The authors
provide details and data on the scale, nature and costs of
regulatory problems around the world, and look at what sort of
countries and sectors require special attention and policies. Key
topics covered include: * the need to recast the form of regulation
* incentive structures for financial regulation * proportionality *
new techniques for risk management * regulation in emerging
countries * crisis management * prospects for financial regulation
in the future.
Currency Competition and Foreign Exchange Markets by Philipp
Hartmann of the European Central Bank is a major theoretical and
empirical study of international currencies, which focuses on the
role which the Euro will play in the international monetary and
financial system along with the US dollar and the Japanese yen. In
contrast to much of the existing literature which approaches the
subject from a macroeconomic perspective, Philipp Hartmann develops
a theoretical model which uses game theory, time series and panel
econometrics, and links financial markets analysis with transaction
cost economics. The results of Currency Competition and Foreign
Exchange Markets are presented with reference to political,
historical and institutional considerations, and provide accessible
answers to policy-makers, business people and scholars worldwide.
The sections on Spread Estimation and Multiple Vehicles with
Inter-Dealer Price and Entry Competition will be of particular use
for finance professionals.
Established companies are facing an increasingly dynamic and
globalized competitive environment. Radical innovations are
considered a means to escape this trend. In particular, it is
desirable for established companies to institutionalize systems to
repeatedly create new business based on radical innovations ("New
Business Creation," "NBC"). In six in-depth case studies, Philipp
Hartmann identifies design variables for NBC systems and explores
related performance measurement activities. In a subsequent
cross-case comparison, idiosyncratic observations are synthesized
into thirteen propositions. Moreover, two structurally different
approaches to NBC are identified and discussed. In addition, the
present research thoroughly studies performance measurement
activities in the context of NBC activities and finds that they are
an essential component that has been insufficiently addressed by
existing theory.
Understanding the changing role of central banks and their recent
novel policies is essential for analysing many economic and
financial issues, ranging from financial regulation and crisis, to
exchange rate dynamics and regime changes, and QE and prolonged low
interest rates. This book features contributions by the world's
leading experts on central banking, providing in accessible essays
a fascinating review of today's key issues for central banks.
Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil
Kashyap, Mervyn King, Donald Kohn, Otmar Issing and Hyun Shin are
joined by Charles Goodhart of the London School of Economics and
Political Science, whose many achievements in the field of central
banking are honoured as the inspiration for this book. The Changing
Fortunes of Central Banking discusses the developing role of
central banks in seeking monetary and financial stabilisation,
while also giving suggestions for model strategies. This
comprehensive review will appeal to central bankers, financial
supervisors and academics.
The development and integration of financial markets is at the
forefront of academic and policy debates around the world. Nowhere
is this more in evidence than in Europe where the integration of
financial markets is a primary objective of the European Commission
and fully supported by the European Central Bank. This book brings
together leading economists from across the world to analyse the
central issues in the development and integration of financial
markets from a European perspective whilst highlighting their
global relevance. Financial Markets and Institutions is a must-have
reference for policymakers, financial market practitioners, and
graduate students and academics with an interest in this
increasingly important area. Each contribution is written in a
rigorous but non-technical fashion, drawing on the latest theories
and empirical evidence making them accessible to lay readers as
well as academic specialists.
Currency Competition and Foreign Exchange Markets by Philipp
Hartmann of the European Central Bank is a major theoretical and
empirical study of international currencies, which focuses on the
role which the Euro will play in the international monetary and
financial system along with the US dollar and the Japanese yen. In
contrast to much of the existing literature which approaches the
subject from a macroeconomic perspective, Philipp Hartmann develops
a theoretical model which uses game theory, time series and panel
econometrics, and links financial markets analysis with transaction
cost economics. The results of Currency Competition and Foreign
Exchange Markets are presented with reference to political,
historical and institutional considerations, and provide accessible
answers to policy-makers, business people and scholars worldwide.
The sections on Spread Estimation and Multiple Vehicles with
Inter-Dealer Price and Entry Competition will be of particular use
for finance professionals.
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