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Financial Market Bubbles and Crashes, Second Edition: Features, Causes, and Effects
by Harold L. VogelEconomists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Financial Market Bubbles and Crashes: Features, Causes, and Effects
by Harold L. VogelEconomists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Financial Market Design by an Agent-Based Model (Evolutionary Economics and Social Complexity Science #33)
by Takanobu Mizuta Isao YagiThis is the first book to focus on designing a financial market that works well, and that includes making and/or modulating detailed regulations and/or rules, by a computer simulation of an agent-based artificial financial market model (ABAFMM). The design of a financial market is very important for the development and maintenance of an advanced economy, but designing it is not easy because changes in detailed rules, even those that seem trivial, sometimes have unexpectedly large impacts and side effects in a financial market, which is a complex system. Traditional economics cannot treat a financial market as a complex system in which micro–macro interaction and feedback loops have played essential roles, because traditional economics can only treat macrophenomena and micro processes separately. ABAFMM can do it, however. This book explains, first, why ABAFMMs are needed to design financial markets and which models have good features. Following that explanation, the book discusses how to build the models. Then, cases of recent studies and their contributions are shown, and finally, the difficulties of researchers in this field are considered. This book is expected to facilitate the design of more ABAFMMs to contribute to creating financial markets that will further develop and maintain advanced economies.
Financial Market Dynamics after COVID 19: The Contagion Effect of the Pandemic in Finance (Contributions to Finance and Accounting)
by Stéphane Goutte Khaled Guesmi Christian UromThis book analyses the impact of the COVID-19 pandemic in different areas of Finance emphasizing the contagion effect in capital markets. The volume presents evidence-based case studies from the global financial crisis that followed after the onset of the pandemic in March 2020.
Financial Market Integration and Growth
by Paul J.J. Welfens Cillian RyanFinancial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Financial Market Liberalization in Chile, 1973-1982 (Routledge Library Editions: Financial Markets #10)
by Alejandra Mizala SalcesOriginally published in 1991, Financial Market Liberalization in Chile, 1973-1982, analyses the liberalization of the financial market which took place during the 1973-1982 monetarist experiment. The book addresses the effect this had on the Chilean economy and how this affected effects of the behaviour of the firms which went bankrupt during this period. The book also presents a description of the policies implemented in the Chilean economy during this period and examines the impact that this had on the performance of the financial sector.
Financial Market Regulation
by John A. TatomWhat role should regulation play in financial markets? What have been the ramifications of financial regulation? To answer these and other questions regarding the efficacy of legislation on financial markets, this book examines the impact of the Gramm Leach Bliley Act (GLBA), also called the Financial Modernization Act of 1999, which fundamentally changed the financial landscape in the United States. The GLBA allows the formation of financial holding companies that can offer an integrated set of commercial banking, securities and insurance products. The tenth anniversary of the most sweeping financial legislation reform in the industry's structure is a natural benchmark for assessing the effects of the law and for questioning whether changes are necessary in the working of this historic legislation. The importance of this review is reinforced by a variety of proposals in the last several years to reform the regulation of financial institutions that have attracted considerable attention among regulators and in the financial firms that they regulate. Most recently, the financial crisis and the failure of some large financial institutions have called into question the legitimacy of America's current financial structure and its regulation, including to some degree the GLBA. There is no doubt that regulatory reform is front and center on today's policy agenda. The lessons of the GLBA experience and its effects, both domestic and international, on financial markets and competitiveness, risk-taking and risk management by financial services firms and their regulators will be critical to the direction the country takes and the effort to ensure that future financial crises do not occur or have less costly damage. With contributions from academics, policy experts, and a sponsor of the GLBA, Congressman James Leach, this book is invaluable to anyone interested in financial system reform.
Financial Market Restructuring in Selected Central European Countries (Routledge Revivals)
by Karen S. Vorst Willadee WehmeyerPublished in 1998, this book provides detailed information on the financial markets in selected Central European transitioning economies. The independent countries selected for study in the text are Poland, Hungary, the Czech Republic and the Slovak Republic. The former East Germany is also include due to its proximity to the above countries and its unique experience in the transition process. Each country's section of the book contains articles written by professionals in the selected country. These individuals are economists, central bankers and/or analysts who have first-hand knowledge of the financial system. Each section details: the development in the banking sector plus the role of the central bank and the government in guiding the economy toward the market system; discuses the emerging capital markets and the ongoing process of privatization; and provides an update of the economic progress toward a market system that has been achieved since 1989.
Financial Market Risk: Measurement and Analysis
by Cornelis LosThis new book uses advanced signal processing technology to measure and analyze risk phenomena of the financial markets. It explains how to scientifically measure, analyze and manage non-stationarity and long-term time dependence (long memory) of financial market returns. It studies, in particular, financial crises in persistent financial markets,
Financial Markets (Dis)Integration in a Post-Brexit EU: Towards a More Resilient Financial System in Europe
by Dieter PesendorferThe European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.
Financial Markets And Institutions
by Anthony Saunders Marcia Millon CornettFinancial Markets and Institutions is aimed at the first course in financial markets and institutions at both the undergraduate and MBA levels. While topics covered in this book are found in more advanced textbooks on financial markets and institutions, the explanations and illustrations are aimed at those with little or no practical or academic experience beyond the introductory-level finance courses. In most chapters, the main relationships are presented by figures, graphs, and simple examples. The more complicated details and technical problems related to in-chapter discussion are provided in appendixes to the chapters. Since the author team's focus is on return and risk and the sources of that return and risk in domestic and foreign financial markets and institutions, this text relates ways in which a modern financial manager, saver, and investor can expand return with a managed level of risk to achieve the best, or most favorable, return–risk outcome.
Financial Markets Efficiency and Economic Behaviour: Evaluating Euro Area Economies (Palgrave Macmillan Studies in Banking and Financial Institutions)
by Gian Maria TomatThis book reviews the efficient markets hypothesis from a behavioural finance perspective looking at the stock markets of the five largest Euro economies. It covers some key areas in finance, including efficient markets, equity premium, dividend ratio model, yield curve and term structure, all of which are concepts used to analyse pricing and other behaviour in financial markets. The book studies the term structure of interest rates describing formalizations for zero-coupon and coupon bonds and evaluates results regarding static spot rate and dynamic forward rate regressions for the Euro area. Additionally, it examines the equity premium exploiting variation in stock market returns in both time series and cross-section dimensions, and will be of interest to academics, researchers, and students of financial economics, financial markets, and behavioural finance.
Financial Markets Evolution: From the Classical Model to the Ecosystem. Challengers, Risks and New Features (Palgrave Macmillan Studies in Banking and Financial Institutions)
by Galina PanovaInfluenced by technological innovation, banks and their businesses are changing dramatically. This book explores the transformation and prospects of financial market institutions (banks, insurance companies, pension funds and microfinance organizations) in the context of the development of financial innovation, financial engineering and financial technologies, taking into account risks and new opportunities for development. It presents new approaches to the sustainable development of financial and credit institutions, taking into account the risk management and crisis management of their activities in the macro and microeconomic environment. Contributors from Russia, Kazakhstan, Azerbaijan, Mongolia, Ireland and Italy present their expert opinions on the practice of financial intermediaries in the conditions of economic transformation under the influence of the 4th Industrial Revolution and the Covid-19 pandemic. This book includes some of the key debates in this area including the genesis of financial markets in the paradigm of economic digitalization, the evolution of financial intermediaries from the classical model to the ecosystem, and the regulation of neo-banks. The book will be of interest to academics and practitioners in various spheres of theoretical and empirical knowledge, including economics, finance and banking, who are interested in investigation of the complex of fundamental (international and domestic) trends in the development of financial intermediation in the globalized financial markets.
Financial Markets Operations Management
by Keith DickinsonA comprehensive text on financial market operations managementFinancial Market Operations Management offers anyone involved with administering, maintaining, and improving the IT systems within financial institutions a comprehensive text that covers all the essential information for managing operations. Written by Keith Dickinson--an expert on the topic--the book is comprehensive, practical, and covers the five essential areas of operations and management including participation and infrastructure, trade life cycle, asset servicing, technology, and the regulatory environment. This comprehensive guide also covers the limitations and boundaries of operational systems and focuses on their interaction with external parties including clients, counterparties, exchanges, and more.This essential resource reviews the key aspects of operations management in detail, including an examination of the entire trade life cycle, new issue distribution of bonds and equities, securities financing, as well as corporate actions, accounting, and reconciliations. The author highlights specific operational processes and challenges and includes vital formulae, spreadsheet applications, and exhibits.Offers a comprehensive resource for operational staff in financial servicesCovers the key aspects of operations managementHighlights operational processes and challengesIncludes an instructors manual, a test bank, and a solution manualThis vital resource contains the information, processes, and illustrative examples needed for a clear understanding of financial market operations.
Financial Markets Theory
by Emilio Barucci Claudio FontanaThis work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e. g. , behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!" Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field. " Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance. " Michel Crouhy, Head of Research and Development, NATIXIS
Financial Markets and Corporate Finance: 5th International Conference on FMCF (ICFMCF2023), IIT Delhi, India, July 6-8 (Springer Proceedings in Business and Economics)
by Shveta Singh Sonali JainThis book presents a selection of the best papers from the 5th International Conference on Financial Markets and Corporate Finance (ICFMCF2023), held in the Department of Management Studies, IIT Delhi, in July 2023. In today's dynamic and swiftly changing financial environment, marked by heightened volatility and complexity, ensuring the financial sector's resilience is paramount. The contents of this book address this gap by offering state-of-the-art research in the fields of financial institutions, financial markets, and corporate finance. The book specifically explores dynamic topics such as risk management in banks, the growth of fintech, cryptocurrencies, the proliferating usage of derivative instruments, CSR policies, and the effect of corporate governance and earnings management on firm performance, with a special emphasis on emerging economies. The studies utilize advanced and innovative qualitative and quantitative techniques to offer valuable insights into finance. The studies included in this book deliberate on theoretical work, empirical findings, and policy implications related to financial markets and corporate finance. Given the scope, the range of papers in this collection benefits academics, practitioners, industry experts, and policymakers seeking economic insights to address various challenges.
Financial Markets and Corporate Reporting under Geopolitical Risks: 2022 & 2023 Annual Conference on Finance and Accounting (ACFA), Prague, Czech Republic (Springer Proceedings in Business and Economics)
by David ProcházkaThis proceedings volume offers a diverse compilation of scholarly papers that explores financial markets and corporate reporting in times of geopolitical crises. Featuring a selection of papers presented at the 2022 and 2023 Annual Conference on Finance and Accounting (ACFA) held in Prague, Czech Republic, this book provides empirical research, insightful analyses and practical implications on the challenges and opportunities in today’s global financial landscape. It covers a wide spectrum of research methodologies including modeling, empirical testing, cases studies, and qualitative analysis. From investigating the economics of crypoassets to examining sustainable finance development issues, this book is valuable to academics, scholars, researchers, and policymakers in finance and accounting, including auditing and tax theory.
Financial Markets and Economic Performance: A Model for Effective Decision Making
by John E. SilviaEffective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic thinking appears separate from financial market equity strategy in most financial market commentary. Historically, macroeconomics tended to assume away financial frictions and financial intermediation whereas financial economists did not necessarily consider the negative macroeconomic spill overs from financial market outcomes. In more recent years, the economic discipline has gone through a serious self-reflection after the global crisis. This book explores the interplay between financial markets and macroeconomic outcomes with a conceptual framework that combines the actions of investors and individuals. Of interest to graduate students and those professionals working in the financial markets, it provides insight into why market prices move and credit markets interact and what factors participants and policy makers can monitor to anticipate market change and future price paths.
Financial Markets and Foreign Direct Investment in Greater China
by Hung-Gay Fung Yahong ZhangBased on rigorous state-of-the-art research techniques, this book deals with critical issues regarding China's financial markets and foreign direct investment -- key components of China's economic transformation.
Financial Markets and Institutions
by Sander Oosterloo Dirk Schoenmaker De Haan JakobSince the first edition of this book, the world's financial system went through its greatest crisis for a century. What made this crisis unique is that severe financial problems emerged simultaneously in many different countries and that its economic impact was felt throughout the world as a result of the increased interconnectedness of the global economy. Written for undergraduate and graduate students of finance, economics and business, the second edition of this successful textbook provides a fresh analysis of the world financial system in light of the recent financial crisis. Combining theory, empirical data and policy, it examines and explains financial markets, financial infrastructures, financial institutions and challenges in the domain of financial supervision and competition policy. This new edition features three completely new chapters, one on financial crises, a second on financial innovation, and, on the policy side, a third on the monetary policy of the European Central Bank.
Financial Markets and Institutions
by Jakob De Haan Sander Oosterloo Dirk SchoenmakerSince the first edition of this book, the world's financial system went through its greatest crisis for a century. What made this crisis unique is that severe financial problems emerged simultaneously in many different countries and that its economic impact was felt throughout the world as a result of the increased interconnectedness of the global economy. Written for undergraduate and graduate students of finance, economics and business, the second edition of this successful textbook provides a fresh analysis of the world financial system in light of the recent financial crisis. Combining theory, empirical data and policy, it examines and explains financial markets, financial infrastructures, financial institutions and challenges in the domain of financial supervision and competition policy. This new edition features three completely new chapters, one on financial crises, a second on financial innovation, and, on the policy side, a third on the monetary policy of the European Central Bank.
Financial Markets and Institutions
by Frederic S. Mishkin Stanley Eakins<p>For all undergraduate and graduate students of Financial Markets. This title is also suitable for all readers interested in financial markets and institutions. <p>A practical and current look into today's financial markets and institutions. <p>In Financial Markets and Institutions , bestselling authors Frederic S. Mishkin and Stanley G. Eakins provide a practical introduction to prepare students for today's changing landscape of financial markets and institutions. <p>A unifying framework uses core principles to organize students' thinking then examines the models as real-world scenarios from a practitioner's perspective. By analyzing these applications, students develop the critical-thinking and problem-solving skills necessary to respond to challenging situations in their future careers. Although this text has undergone a major revision, the Eighth Edition retains Mishkin/Eakins' hallmark pedagogy that make it the best-selling textbook on financial markets and institutions.</p>
Financial Markets and Institutions (Second Edition)
by Anthony Saunders Marcia Millon CornettSpecial emphasis is also put on new areas of operations such as asset securitization, off-balance-sheet activities, and globalization of financial services.
Financial Markets and Institutions 11th Edition
by Jeff MaduraGain a clear understanding of why financial markets exist, how financial institutions serve these markets, and what services those institutions offer with the proven conceptual framework and clear presentation in Madura's best-selling FINANCIAL MARKETS AND INSTITUTIONS 11E.
Financial Markets and Policies in East Asia (Routledge Studies in the Growth Economies of Asia)
by Gordon De BrouwerWhile the financial crisis in East Asia could be said to be on the wane in some countries, the reconstruction process in the aftermath and the debate about the financial policies best suited to the region still rages on. This book examines both of these processes in authoritative detail.It includes critical assessment of: * the post-crisis state of financial markets* the banking and corporate restructuring process, with special focus on Indonesia* the policy debates currently going on in East Asia, including monetary policy; exchange rate systems and the scope for financial cooperation* East Asia's debt and equity marketsThe well-respected contributors including Claudio Borio, Hae Wang Chung, Guy Debelle, Reuven Glick, Robert McCauley and Eisuke Sakakibara, have produced a book that will be influential around the world.