{"title":"Credit and credit institutions Books","description":"","products":[{"product_id":"the-economics-of-continuoustime-finance-the-mit-press-9780262036542","title":"The Economics of ContinuousTime Finance The MIT","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"MIT Press Ltd","offers":[{"title":"Default Title","offer_id":48733446832471,"sku":"9780262036542","price":71.25,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780262036542.jpg?v=1720000115"},{"product_id":"foundations-of-global-financial-markets-and-institutions-the-mit-press-9780262039543","title":"Foundations of Global Financial Markets and","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eA thoroughly revised and updated edition of a textbook for graduate students in finance, with new coverage of global financial institutions.\u003c\/b\u003e\u003cp\u003eThis thoroughly revised and updated edition of a widely used textbook for graduate students in finance now provides expanded coverage of global financial institutions, with detailed comparisons of U.S. systems with non-U.S. systems. A focus on the actual practices of financial institutions prepares students for real-world problems.\u003c\/p\u003e\u003cp\u003eAfter an introduction to financial markets and market participants, including asset management firms, credit rating agencies, and investment banking firms, the book covers risks and asset pricing, with a new overview of risk; the structure of interest rates and interest rate and credit risks; the fundamentals of primary and secondary markets; government debt markets, with new material on non-U.S. sovereign debt markets; corporate funding markets, with new coverage of small and medium enterprises and entre\u003c\/p\u003e","brand":"MIT Press Ltd","offers":[{"title":"Default Title","offer_id":48733449716055,"sku":"9780262039543","price":131.1,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780262039543.jpg?v=1720000125"},{"product_id":"fools-gold-9780349121895","title":"Fools Gold","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003e''A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities'' \u003ci\u003eDominic Lawson, Sunday Times\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003e''Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance'' \u003ci\u003eWill Hutton, Guardian\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eIn the mid 1990s, at a vast hotel complex on a private Florida beach, dozens of bankers from JP Morgan gathered for what was to become a legendary off-site meeting. It was a wild weekend. But among the drinking, nightclubbing and fist-fights lay a more serious purpose - to assess the possibility of building a business around the new-fangled concepts of credit derivatives.\u003cbr\u003e\u003cbr\u003eThe group at the heart of this revolution was an intense team, made up of individuals with a supreme sense of loyalty to each other and to the bank - for years, nothing could break them apart. But when, finally, the team dispersed\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e** 'A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities * Dominic Lawson, SUNDAY TIMES *\u003cbr\u003e** 'Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance * Will Hutton, GUARDIAN *\u003cbr\u003e** 'An absorbing 15-year gallop across the Wild West of the world's financial markets . . . Tett sketches a system in the grip of a great error, emanating outwards from a cadre of elite traders who were able to repel any attempt to monitor, question or restrain them * Stephen Foley, INDEPENDENT *\u003cbr\u003e** 'A very readable, well-informed account of the way investment bankers invented, promoted and profited from the . . . financial products that were at the heart of the financial collapse * Vince Cable, Daily Telegraph *\u003c\/p\u003e","brand":"Little, Brown Book Group","offers":[{"title":"Default Title","offer_id":48733651468631,"sku":"9780349121895","price":10.44,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780349121895.jpg?v=1720001031"},{"product_id":"mastering-antimoney-laundering-and-counterterrorist-financing-9781292282350","title":"Mastering AntiMoney Laundering and","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis book offers best practice advice on how to meet anti-money laundering (AML) regulations and will help you put together an effective framework to meet your legal obligations. \u003cbr\u003e \u003cbr\u003e It includes a comprehensive selection of example documents, checklists and an unrivalled collection of training materials.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003eTBD\u003c\/b\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cul\u003e\n\u003cli\u003eChapter 1: Fundamental Concepts \u003c\/li\u003e\n\u003cli\u003eChapter 2: The International AML and CFT Framework \u003c\/li\u003e\n\u003cli\u003eChapter 3: The Role, Structure and Position of the AML\/CFT Compliance Function \u003c\/li\u003e\n\u003cli\u003eChapter 4: CDD, KYC and the Risk-Based Approach \u003c\/li\u003e\n\u003cli\u003eChapter 5: Reputational risk \u003c\/li\u003e\n\u003cli\u003eChapter 6: Suspicion recognition \u003c\/li\u003e\n\u003cli\u003eChapter 7: International Cooperation \u003c\/li\u003e\n\u003cli\u003eChapter 8: Modern Money Laundering and Terrorist Financing: Two Case Studies \u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Pearson Education Limited","offers":[{"title":"Default Title","offer_id":48738537177431,"sku":"9781292282350","price":999.99,"currency_code":"GBP","in_stock":false}]},{"product_id":"growth-and-developmental-aspects-of-credit-allocation-an-inquiry-for-leading-countries-and-the-indian-states-9781803826127","title":"Growth and Developmental Aspects of Credit","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cem\u003eGrowth and Developmental Aspects of Credit Allocation: An Inquiry for Leading Countries and the Indian States\u003c\/em\u003e focuses on bank credit and deposit within a variety of economies and specifically examines Indian states to demonstrate how these two financial components are linked to their income growths and levels of development.\u003c\/p\u003e \u003cp\u003eExamining the world economy on both macro and micro levels, Ramesh Chandra Das highlights the increase in current world output as well as its implications for financial indicators and human development across selected countries. Focusing on credit-deposit ratios, trends of credit, NPA, GDP, security investments, and the interconnections of credit with GDP and HDI, Das further locates the link between the financial and real sectors of the economy that amplifies their overall progress. Undertaking a micro level study of these indicators across different states in India, chapters also provide insight into credit concentration, including security investment by banks and the inequality in credit allocation, within an Indian context.\u003c\/p\u003e \u003cp\u003eIncorporating and applying modern economic theory, \u003cem\u003eGrowth and Developmental Aspects of Credit Allocation: An Inquiry for Leading Countries and the Indian States \u003c\/em\u003epresents a ground-breaking perspective for those interested in banking, finance, macro- and microeconomics, as well as human development on a global scale.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword; \u003cem\u003eGirijasankar Mallik\u003c\/em\u003e\u003cbr\u003e Chapter 1. Historical Perspectives of the Countries \u003cbr\u003e Chapter 2. Trends of the Variables and Descriptive Statistical Analysis \u003cbr\u003e Chapter 3. Issues of Non-Performing Assets, Security Investments vis-à-vis Credit, GDP and HDI \u003cbr\u003e Chapter 4. Linkage of Credit with Income and Development of the Countries \u003cbr\u003e Chapter 5. Credit Elasticity and Equilibrium Relations of NPA and Investment with Credit, GDP and HDI \u003cbr\u003e Chapter 6. Convergence Analysis of Credit, GDP and HDI of the Countries \u003cbr\u003e Chapter 7. Branch, Deposit and Credit of Banks in Indian States \u003cbr\u003e Chapter 8. Trends of Bank Credit, NPA and Government Security Investments in India \u003cbr\u003e Chapter 9. Credit Convergence and Credit Inequality in Indian States \u003cbr\u003e Chapter 10. Linkages of Bank Credit with Output and HDI of the Indian States \u003cbr\u003e Chapter 11. Concluding Observations\u003c\/p\u003e","brand":"Emerald Publishing Limited","offers":[{"title":"Default Title","offer_id":48741863850327,"sku":"9781803826127","price":76.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781803826127.jpg?v=1720059090"},{"product_id":"credit-rating-agency-reform-9781606921920","title":"Credit Rating Agency Reform","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis book discusses the three amendments that the SEC Commission is proposing that would impose additional requirements on nationally recognised statistical rating organisations (\"NRSROs\") in order to address concerns about the integrity of their credit rating procedures in the light of the role they played in determining credit ratings for securities collateralised by or linked to subprime residential mortgages. The Commission today makes a proposal related to structured finance products rating symbology. Thirdly, this book discusses the rule amendments that the Commission intends to propose that would be intended to reduce undue reliance in the Commission''s rules on NRSRO ratings. In August 2007, the Securities and Exchange Commission''s Staff initiated examinations of three credit rating agencies, to review their role in the recent turmoil in the subprime mortgage-related securities markets. The purpose of the examinations was to develop an understanding of the practices of the rating agencies surrounding the rating of RMBS and CDOs. This book includes a summary report by the Commission''s Staff of the issues identified in those examinations. Finally, an overview of the subprime mortgage securitisation process is provided as well as the seven key informational frictions that arise. Ways that market participants work to minimise these frictions is discussed and how this process broke down is speculated. Key structural features of a typical subprime securitisation is presented, and how rating agencies assign credit ratings to mortgage-backed securities is documented. How these agencies monitor the performance of mortgage pools over time is also outlined.","brand":"Nova Science Publishers Inc","offers":[{"title":"Default Title","offer_id":48886685434199,"sku":"9781606921920","price":67.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781606921920.jpg?v=1722541175"},{"product_id":"credit-rating-agencies-regulation-reform-act-review-9781621004196","title":"Credit Rating Agencies: Regulation \u0026 Reform Act","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"Nova Science Publishers Inc","offers":[{"title":"Default Title","offer_id":48886973563223,"sku":"9781621004196","price":139.49,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781621004196.jpg?v=1722542426"},{"product_id":"federal-credit-concepts-budgetary-treatment-reform-proposals-9781624175534","title":"Federal Credit: Concepts, Budgetary Treatment \u0026","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe U.S. government uses federal credit (direct loans and loan guarantees) to allocate capital to a range of areas including home ownership, student loans, small business, agriculture, and energy. A direct loan is \"a disbursement of funds by the government to a non-federal borrower under a contract that requires the repayment of such funds with or without interest.\" A loan guarantee is \"a pledge with respect to the payment of all or part of the principal or interest on any debt obligation of a non-federal borrower to a non-federal lender.\" At the end of FY2011, outstanding federal direct loans totalled $838 billion and outstanding guaranteed loans totalled $2,017 billion. This book describes the concepts, budgetary treatment and reform proposals of federal credit.","brand":"Nova Science Publishers Inc","offers":[{"title":"Default Title","offer_id":48887008461143,"sku":"9781624175534","price":67.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781624175534.jpg?v=1722542600"},{"product_id":"management-of-credit-schemes-in-banks-9788184841008","title":"Management of Credit Schemes in Banks","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"Regal Publications","offers":[{"title":"Default Title","offer_id":48889721782615,"sku":"9788184841008","price":30.38,"currency_code":"GBP","in_stock":true}]},{"product_id":"credit-systems-for-the-rural-poor-in-china-9781560724421","title":"Credit Systems for the Rural Poor in China","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"Nova Science Publishers Inc","offers":[{"title":"Default Title","offer_id":49084135735639,"sku":"9781560724421","price":85.59,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781560724421.jpg?v=1725551163"},{"product_id":"fintech-small-business-the-american-dream-how-technology-is-transforming-lending-and-shaping-a-new-era-of-small-business-opportunity-9783030036195","title":"Fintech, Small Business \u0026 the American Dream: How","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eSmall businesses are the backbone of the U.S. economy. They are the biggest job creators and offer a path to the American Dream. But for many, it is difficult to get the capital they need to operate and succeed. In the Great Recession, access to capital for small businesses froze, and in the aftermath, many community banks shuttered their doors and other lenders that had weathered the storm turned to more profitable avenues. For years after the financial crisis, the outlook for many small businesses was bleak. But then a new dawn of financial technology, or “fintech,” emerged. \u003c\/p\u003e\u003cp\u003eBeginning in 2010, new fintech entrepreneurs recognized the gaps in the small business lending market and revolutionized the customer experience for small business owners. Instead of Xeroxing a pile of paperwork and waiting weeks for an answer, small businesses filled out applications online and heard back within hours, sometimes even minutes. Banks scrambled to catch up. Technology companies like Amazon, PayPal, and Square entered the market, and new possibilities for even more transformative products and services began to appear.\u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eFintech, Small Business \u0026amp; the American Dream\u003c\/i\u003e, former U.S. Small Business Administrator and Senior Fellow at Harvard Business School, Karen G. Mills, focuses on the needs of small businesses for capital and how technology will transform the small business lending market. This is a market that has been plagued by frictions: it is hard for a lender to figure out which small businesses are creditworthy, and borrowers often don’t know how much money or what kind of loan they need. New streams of data have the power to illuminate the opaque nature of a small business’s finances, making it easier for them to weather bumpy cash flows and providing more transparency to potential lenders.\u003c\/p\u003e\u003cp\u003eMills charts how fintech has changed and will continue to change small business lending, and how financial innovation and wise regulation can restore a path to the American Dream. An ambitious book grappling with the broad significance of small business to the economy, the historical role of credit markets, the dynamics of innovation cycles, and the policy implications for regulation, \u003ci\u003eFintech, Small Business \u0026amp; the American Dream\u003c\/i\u003e is relevant to bankers, fintech investors, and regulators; in fact, to anyone who is interested in the future of small business in America.  \u003c\/p\u003e\u003cbr\u003e\u003cp\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e“Karen Mill’s outstanding new book: FinTech, Small Business \u0026amp; the American Dream, a smart, savvy, and useful landscape of lending, fintech, and small business. Mills knows how the engine of small business powers the U.S. and her recommendations about how to sustain it through technology are thoughtful and direct. Her observations about how small banks can anchor communities are especially astute and important.” (Lawrence Gennari, Boston Business Journal, August 30, 2019)\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cp\u003e\u003c\/p\u003e\u003cbr\u003e","brand":"Springer Nature Switzerland AG","offers":[{"title":"Default Title","offer_id":49084747940183,"sku":"9783030036195","price":26.59,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9783030036195.jpg?v=1725553216"},{"product_id":"in-hock-9780226905686","title":"In Hock","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eProviding the definitive history of pawnbroking in the United States from the nation's founding through the Great Depression, this title demonstrates that the pawnshop was essential to the rise of capitalism.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"A remarkable and remarkably original book. With her keen ear for the stories and anecdotes that make the milleus of the working poor come alive, Wendy A. Woloson captures the vivid and untold history of pawnbroking from the late eighteenth century through the Great Depression, and writes with panache on the many changes this period heralded.\" (Ann Fabian, Rutgers University)\"","brand":"The University of Chicago Press","offers":[{"title":"Default Title","offer_id":49400151048535,"sku":"9780226905686","price":24.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780226905686.jpg?v=1730469886"},{"product_id":"monetary-theory-and-policy-9780262035811","title":"Monetary Theory and Policy","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"MIT Press Ltd","offers":[{"title":"Default Title","offer_id":49400685429079,"sku":"9780262035811","price":76.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780262035811.jpg?v=1730471291"},{"product_id":"credit-risk-modeling-using-excel-and-vba-9780470660928","title":"Credit Risk Modeling using Excel and VBA","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eIt is common to blame the inadequacy of credit risk models for the fact that the financial crisis has caught many market participants by surprise. On closer inspection, though, it often appears that market participants failed to understand or to use the models correctly.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface to the 2nd edition xi\u003c\/p\u003e \u003cp\u003ePreface to the 1st edition xiii\u003c\/p\u003e \u003cp\u003eSome Hints for Troubleshooting xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Estimating Credit Scores with Logit 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLinking scores, default probabilities and observed default behavior 1\u003c\/p\u003e \u003cp\u003eEstimating logit coefficients in Excel 4\u003c\/p\u003e \u003cp\u003eComputing statistics after model estimation 8\u003c\/p\u003e \u003cp\u003eInterpreting regression statistics 10\u003c\/p\u003e \u003cp\u003ePrediction and scenario analysis 12\u003c\/p\u003e \u003cp\u003eTreating outliers in input variables 16\u003c\/p\u003e \u003cp\u003eChoosing the functional relationship between the score and explanatory variables 20\u003c\/p\u003e \u003cp\u003eConcluding remarks 25\u003c\/p\u003e \u003cp\u003eAppendix 25\u003c\/p\u003e \u003cp\u003eLogit and probit 25\u003c\/p\u003e \u003cp\u003eMarginal effects 25\u003c\/p\u003e \u003cp\u003eNotes and literature 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Structural Approach to Default Prediction and Valuation 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefault and valuation in a structural model 27\u003c\/p\u003e \u003cp\u003eImplementing the Merton model with a one-year horizon 30\u003c\/p\u003e \u003cp\u003eThe iterative approach 30\u003c\/p\u003e \u003cp\u003eA solution using equity values and equity volatilities 35\u003c\/p\u003e \u003cp\u003eImplementing the Merton model with a T -year horizon 39\u003c\/p\u003e \u003cp\u003eCredit spreads 43\u003c\/p\u003e \u003cp\u003eCreditGrades 44\u003c\/p\u003e \u003cp\u003eAppendix 50\u003c\/p\u003e \u003cp\u003eNotes and literature 52\u003c\/p\u003e \u003cp\u003eAssumptions 52\u003c\/p\u003e \u003cp\u003eLiterature 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Transition Matrices 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCohort approach 56\u003c\/p\u003e \u003cp\u003eMulti-period transitions 61\u003c\/p\u003e \u003cp\u003eHazard rate approach 63\u003c\/p\u003e \u003cp\u003eObtaining a generator matrix from a given transition matrix 69\u003c\/p\u003e \u003cp\u003eConfidence intervals with the binomial distribution 71\u003c\/p\u003e \u003cp\u003eBootstrapped confidence intervals for the hazard approach 74\u003c\/p\u003e \u003cp\u003eNotes and literature 78\u003c\/p\u003e \u003cp\u003eAppendix 78\u003c\/p\u003e \u003cp\u003eMatrix functions 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Prediction of Default and Transition Rates 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCandidate variables for prediction 83\u003c\/p\u003e \u003cp\u003ePredicting investment-grade default rates with linear regression 85\u003c\/p\u003e \u003cp\u003ePredicting investment-grade default rates with Poisson regression 88\u003c\/p\u003e \u003cp\u003eBacktesting the prediction models 94\u003c\/p\u003e \u003cp\u003ePredicting transition matrices 99\u003c\/p\u003e \u003cp\u003eAdjusting transition matrices 100\u003c\/p\u003e \u003cp\u003eRepresenting transition matrices with a single parameter 101\u003c\/p\u003e \u003cp\u003eShifting the transition matrix 103\u003c\/p\u003e \u003cp\u003eBacktesting the transition forecasts 108\u003c\/p\u003e \u003cp\u003eScope of application 108\u003c\/p\u003e \u003cp\u003eNotes and literature 110\u003c\/p\u003e \u003cp\u003eAppendix 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Prediction of Loss Given Default 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCandidate variables for prediction 115\u003c\/p\u003e \u003cp\u003eInstrument-related variables 116\u003c\/p\u003e \u003cp\u003eFirm-specific variables 117\u003c\/p\u003e \u003cp\u003eMacroeconomic variables 118\u003c\/p\u003e \u003cp\u003eIndustry variables 118\u003c\/p\u003e \u003cp\u003eCreating a data set 119\u003c\/p\u003e \u003cp\u003eRegression analysis of LGD 120\u003c\/p\u003e \u003cp\u003eBacktesting predictions 123\u003c\/p\u003e \u003cp\u003eNotes and literature 126\u003c\/p\u003e \u003cp\u003eAppendix 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Modeling and Estimating Default Correlations with the Asset Value Approach 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefault correlation, joint default probabilities and the asset value approach 131\u003c\/p\u003e \u003cp\u003eCalibrating the asset value approach to default experience: the method of moments 133\u003c\/p\u003e \u003cp\u003eEstimating asset correlation with maximum likelihood 136\u003c\/p\u003e \u003cp\u003eExploring the reliability of estimators with a Monte Carlo study 144\u003c\/p\u003e \u003cp\u003eConcluding remarks 147\u003c\/p\u003e \u003cp\u003eNotes and literature 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Measuring Credit Portfolio Risk with the Asset Value Approach 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA default-mode model implemented in the spreadsheet 149\u003c\/p\u003e \u003cp\u003eVBA implementation of a default-mode model 152\u003c\/p\u003e \u003cp\u003eImportance sampling 156\u003c\/p\u003e \u003cp\u003eQuasi Monte Carlo 160\u003c\/p\u003e \u003cp\u003eAssessing Simulation Error 162\u003c\/p\u003e \u003cp\u003eExploiting portfolio structure in the VBA program 165\u003c\/p\u003e \u003cp\u003eDealing with parameter uncertainty 168\u003c\/p\u003e \u003cp\u003eExtensions 170\u003c\/p\u003e \u003cp\u003eFirst extension: Multi-factor model 170\u003c\/p\u003e \u003cp\u003eSecond extension: t-distributed asset values 171\u003c\/p\u003e \u003cp\u003eThird extension: Random LGDs 173\u003c\/p\u003e \u003cp\u003eFourth extension: Other risk measures 175\u003c\/p\u003e \u003cp\u003eFifth extension: Multi-state modeling 177\u003c\/p\u003e \u003cp\u003eNotes and literature 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Validation of Rating Systems 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCumulative accuracy profile and accuracy ratios 182\u003c\/p\u003e \u003cp\u003eReceiver operating characteristic (ROC) 185\u003c\/p\u003e \u003cp\u003eBootstrapping confidence intervals for the accuracy ratio 187\u003c\/p\u003e \u003cp\u003eInterpreting caps and ROCs 190\u003c\/p\u003e \u003cp\u003eBrier score 191\u003c\/p\u003e \u003cp\u003eTesting the calibration of rating-specific default probabilities 192\u003c\/p\u003e \u003cp\u003eValidation strategies 195\u003c\/p\u003e \u003cp\u003eTesting for missing information 198\u003c\/p\u003e \u003cp\u003eNotes and literature 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Validation of Credit Portfolio Models 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTesting distributions with the Berkowitz test 203\u003c\/p\u003e \u003cp\u003eExample implementation of the Berkowitz test 206\u003c\/p\u003e \u003cp\u003eRepresenting the loss distribution 207\u003c\/p\u003e \u003cp\u003eSimulating the critical chi-square value 209\u003c\/p\u003e \u003cp\u003eTesting modeling details: Berkowitz on subportfolios 211\u003c\/p\u003e \u003cp\u003eAssessing power 214\u003c\/p\u003e \u003cp\u003eScope and limits of the test 216\u003c\/p\u003e \u003cp\u003eNotes and literature 217\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Credit Default Swaps and Risk-Neutral Default Probabilities 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDescribing the term structure of default: PDs cumulative, marginal and seen from today 220\u003c\/p\u003e \u003cp\u003eFrom bond prices to risk-neutral default probabilities 221\u003c\/p\u003e \u003cp\u003eConcepts and formulae 221\u003c\/p\u003e \u003cp\u003eImplementation 225\u003c\/p\u003e \u003cp\u003ePricing a CDS 232\u003c\/p\u003e \u003cp\u003eRefining the PD estimation 234\u003c\/p\u003e \u003cp\u003eMarket values for a CDS 237\u003c\/p\u003e \u003cp\u003eExample 239\u003c\/p\u003e \u003cp\u003eEstimating upfront CDS and the ‘Big Bang’ protocol 240\u003c\/p\u003e \u003cp\u003ePricing of a pro-rata basket 241\u003c\/p\u003e \u003cp\u003eForward CDS spreads 242\u003c\/p\u003e \u003cp\u003eExample 243\u003c\/p\u003e \u003cp\u003ePricing of swaptions 243\u003c\/p\u003e \u003cp\u003eNotes and literature 247\u003c\/p\u003e \u003cp\u003eAppendix 247\u003c\/p\u003e \u003cp\u003eDeriving the hazard rate for a CDS 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Risk Analysis and Pricing of Structured Credit: CDOs and First-to-Default\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSwaps 249\u003c\/p\u003e \u003cp\u003eEstimating CDO risk with Monte Carlo simulation 249\u003c\/p\u003e \u003cp\u003eThe large homogeneous portfolio (LHP) approximation 253\u003c\/p\u003e \u003cp\u003eSystemic risk of CDO tranches 256\u003c\/p\u003e \u003cp\u003eDefault times for first-to-default swaps 259\u003c\/p\u003e \u003cp\u003eCDO pricing in the LHP framework 263\u003c\/p\u003e \u003cp\u003eSimulation-based CDO pricing 272\u003c\/p\u003e \u003cp\u003eNotes and literature 281\u003c\/p\u003e \u003cp\u003eAppendix 282\u003c\/p\u003e \u003cp\u003eClosed-form solution for the LHP model 282\u003c\/p\u003e \u003cp\u003eCholesky decomposition 283\u003c\/p\u003e \u003cp\u003eEstimating PD structure from a CDS 284\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Basel II and Internal Ratings 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCalculating capital requirements in the Internal Ratings-Based (IRB) approach 285\u003c\/p\u003e \u003cp\u003eAssessing a given grading structure 288\u003c\/p\u003e \u003cp\u003eTowards an optimal grading structure 294\u003c\/p\u003e \u003cp\u003eNotes and literature 297\u003c\/p\u003e \u003cp\u003eAppendix A1 Visual Basics for Applications (VBA) 299\u003c\/p\u003e \u003cp\u003eAppendix A2 Solver 307\u003c\/p\u003e \u003cp\u003eAppendix A3 Maximum Likelihood Estimation and Newton’s Method 313\u003c\/p\u003e \u003cp\u003eAppendix A4 Testing and Goodness of Fit 319\u003c\/p\u003e \u003cp\u003eAppendix A5 User-defined Functions 325\u003c\/p\u003e \u003cp\u003eIndex 333\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402395590999,"sku":"9780470660928","price":69.35,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470660928.jpg?v=1730480271"},{"product_id":"how-to-save-thousands-of-dollars-on-your-home-mortgage-9780471223276","title":"How to Save Thousands of Dollars on Your Home","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eFind The Home Mortgage That''s Right For You\u003cbr\u003e \u003cbr\u003e Finding the right mortgage can be complex, confusing, and frustrating. But that doesn''t mean you have to settle for anything other than the terms you want. This indispensable and newly updated second edition of How to Save Thousands of Dollars on Your Home Mortgage spells out everything mortgage hunters need to know in clear and accessible terms. It covers more loan alternatives than any other book and examines the importance of discount points. It offers complete details on virtually every mortgage option currently available, what advantages each option offers, how to choose the right one for your needs, and how to save money in the process. New information in this edition will help you use the Internet to find a home and get a mortgage, examine automated underwriting models and conforming loan limits, and weigh new shopping strategies. Easy-to-read charts and graphs, helpful sample forms, and numerous examples will help you u\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eForeword.\u003cbr\u003e \u003cbr\u003e Introduction.\u003cbr\u003e \u003cbr\u003e PART 1: BACKGROUND.\u003cbr\u003e \u003cbr\u003e The Structure of the Mortgage Industry.\u003cbr\u003e \u003cbr\u003e How Lenders Influence Borrowers' Choices.\u003cbr\u003e \u003cbr\u003e How Lenders Market Loans.\u003cbr\u003e \u003cbr\u003e How to Choose the Right Loan.\u003cbr\u003e \u003cbr\u003e KEY POINTS.\u003cbr\u003e \u003cbr\u003e For First-Time Home Buyers.\u003cbr\u003e \u003cbr\u003e PART 2: CHOOSING A LENDER AND GETTING APPROVED.\u003cbr\u003e \u003cbr\u003e Qualifying 101.\u003cbr\u003e \u003cbr\u003e Credit.\u003cbr\u003e \u003cbr\u003e Bank, S\u0026amp;L, or Broker?\u003cbr\u003e \u003cbr\u003e Shopping for a Loan and Negotiating with a Lender.\u003cbr\u003e \u003cbr\u003e APR, Buy-Downs, and Discount Points.\u003cbr\u003e \u003cbr\u003e What to Do When You Run into a Problem.\u003cbr\u003e \u003cbr\u003e QUALIFYING PROBLEMS.\u003cbr\u003e \u003cbr\u003e PART 3: LOCKING AND CLOSING.\u003cbr\u003e \u003cbr\u003e How Lenders Can Cheat Their Customers.\u003cbr\u003e \u003cbr\u003e Closing Costs, Lender Fees, and Other Fees.\u003cbr\u003e \u003cbr\u003e PART IV: ADVANCED TOPICS.\u003cbr\u003e \u003cbr\u003e Qualifying 201.\u003cbr\u003e \u003cbr\u003e Refinancing.\u003cbr\u003e \u003cbr\u003e Fifteen-Year Loans and Accelerated Payoffs.\u003cbr\u003e \u003cbr\u003e Equity Lines, Seconds, and Reverse Mortgages.\u003cbr\u003e \u003cbr\u003e No-Cost and Zero-Cost Loans.\u003cbr\u003e \u003cbr\u003e Technology: The Internet and Software.\u003cbr\u003e \u003cbr\u003e THE MORTGAGE INDUSTRY ON-LINE.\u003cbr\u003e \u003cbr\u003e Epilogue: On the Need for Reform and Other Thoughts.\u003cbr\u003e \u003cbr\u003e Appendix.\u003cbr\u003e \u003cbr\u003e Glossary.\u003cbr\u003e \u003cbr\u003e Index.","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402530464087,"sku":"9780471223276","price":22.09,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471223276.jpg?v=1730480684"},{"product_id":"credit-risk-measurement-new-approaches-to-valueatrisk-and-other-paradigms-9780471350842","title":"Credit Risk Measurement New Approaches to","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eAddressing one of the hottest topics in finance today, this groundbreaking book offers an up-to-date overview of the latest credit market and financial innovations.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eWhy New Approaches to Credit Risk Measurement and Management?\u003cbr\u003e \u003cbr\u003e Traditional Approaches to Credit Risk Measurement.\u003cbr\u003e \u003cbr\u003e Loans as Options and the KMV Model.\u003cbr\u003e \u003cbr\u003e The VAR Approach: J.P. Morgan's CreditMetrics and Other Models.\u003cbr\u003e \u003cbr\u003e The Macro Simulation Approach: The McKinsey Model and Other Models.\u003cbr\u003e \u003cbr\u003e The Risk-Neutral Valuation Approach: KPMG's Loan Analysis System (LAS) and Other Models.\u003cbr\u003e \u003cbr\u003e The Insurance Approach: Mortality Models and the CSFP Credit Risk Plus Model.\u003cbr\u003e \u003cbr\u003e A Summary and Comparison of New Internal Model Approaches.\u003cbr\u003e \u003cbr\u003e An Overview of Modern Portfolio Theory and Its Application to Loan Portfolios.\u003cbr\u003e \u003cbr\u003e Loan Portfolio Selection and Risk Measurement.\u003cbr\u003e \u003cbr\u003e Back-Testing and Stress- Testing Credit Risk Models.\u003cbr\u003e \u003cbr\u003e RAROC Models.\u003cbr\u003e \u003cbr\u003e Off-Balance-Sheet Credit Risk.\u003cbr\u003e \u003cbr\u003e Credit Derivatives.\u003cbr\u003e \u003cbr\u003e Bibliography.\u003cbr\u003e \u003cbr\u003e Index.","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402570932567,"sku":"9780471350842","price":41.25,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471350842.jpg?v=1730480791"},{"product_id":"the-ratings-game-9780471491347","title":"The Ratings Game","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eInvestors and ratings agencies have been caught by surprise by the wave of recent bank failures and closures in Europe and Asia. This book addresses this issue by explaining why ratings exist, the history of ratings and the background of the ratings process.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"The book deals admirably with these problems, explaining thedebates involved and detailing ratings companies' excuses with theright level of cynicism.\" (Investment Adviser, 19th February2001)\u003cbr\u003e \u003cbr\u003e \"...This is a comprehensive guide to ratings agencies.\"(Portfolio International, February 2001)\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003ePreface.\u003cbr\u003e \u003cbr\u003e The World of Ratings.\u003cbr\u003e \u003cbr\u003e The Rating Agencies.\u003cbr\u003e \u003cbr\u003e Methodologies and Characteristics.\u003cbr\u003e \u003cbr\u003e Rating Agencies in the Economic Environment.\u003cbr\u003e \u003cbr\u003e Quis Custodiet Ipsos Custodes.\u003cbr\u003e \u003cbr\u003e The Future.\u003cbr\u003e \u003cbr\u003e Glossary.\u003cbr\u003e \u003cbr\u003e Sources.\u003cbr\u003e \u003cbr\u003e Index.","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402611237207,"sku":"9780471491347","price":95.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471491347.jpg?v=1730480961"},{"product_id":"maverick-real-estate-financing-9780471745877","title":"Maverick Real Estate Financing","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003ePraise for MAVERICK REAL ESTATE FINANCING\u003cbr\u003e \u003cbr\u003e Once you start reading, you won''t be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward.\u003cbr\u003e --Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP\u003cbr\u003e \u003cbr\u003e Bergsman applies a journalist''s logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider.\u003cbr\u003e --Brannon Boswell, Managing Editor Shopping Centers Today\u003cbr\u003e \u003cbr\u003e Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!\u003cbr\u003e --James D. Kuhn, President Newmark Knight Frank\u003cbr\u003e \u003cbr\u003e In Maverick Real Estate Financing, Steve Bergsman--author o\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Once you start reading, you won't be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward.\"\u003cbr\u003e —Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP  \u003cp\u003e\"Bergsman applies a journalist's logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider.\"\u003cbr\u003e —Brannon Boswell, Managing Editor Shopping Centers Today\u003c\/p\u003e \u003cp\u003e\"Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!\"\u003cbr\u003e —James D. Kuhn, President Newmark Knight Frank\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eIntroduction.  \u003cp\u003eChapter 1. The Most Amazing Real Estate Company Ever—Again!\u003c\/p\u003e \u003cp\u003eChapter 2. Real Estate Loans.\u003c\/p\u003e \u003cp\u003eChapter 3. Advantages and Disadvantages of Conduit Loans.\u003c\/p\u003e \u003cp\u003eChapter 4. Agency Loans, An Easy Way to Finance Multifamily.\u003c\/p\u003e \u003cp\u003eChapter 5. Giving It up for Equity Financing.\u003c\/p\u003e \u003cp\u003eChapter 6. A Very Useful Subsidy.\u003c\/p\u003e \u003cp\u003eChapter 7. Turning Real Estate Into Capital.\u003c\/p\u003e \u003cp\u003eChapter 8. Retail Site Arbitrage.\u003c\/p\u003e \u003cp\u003eChapter 9. De-Stressing Distressed Mortgages.\u003c\/p\u003e \u003cp\u003eChapter 10. Commingled Capital.\u003c\/p\u003e \u003cp\u003eChapter 11. Of REITS and UPREITs.\u003c\/p\u003e \u003cp\u003eChapter 12. The REITs That Don't Tade Publicly.\u003c\/p\u003e \u003cp\u003eNotes.\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402668024151,"sku":"9780471745877","price":21.24,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471745877.jpg?v=1730481171"},{"product_id":"loan-workouts-and-debt-for-equity-swaps-9780471893394","title":"Loan Workouts and Debt for Equity Swaps","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe key to a successful loan workout is to identify the problemsaccurately and address them early. It is critical that thecompany''s underlying business and financial problems are resolvedand not merely the symptoms.\u003cbr\u003e \u003cbr\u003e Loan Workouts and Debt for Equity Swaps examines how a successfulloan workout can be managed. It detail the processes andparticipants involved, whilst providing frameworks and practicalstep- by-step approaches that allow for a coherent and cohesivepolicy to give the best possible chance of success. The bookassists in the ultimate aim of providing a firm base for the futurehealth of the company involved and maximizing the lenders'' returns.This work is not merely restricted to companies and banks involvedin the process, but other important participants in loanworkouts.\u003cbr\u003e Areas featured in the book are:\u003cbr\u003e * What loan workouts are and why they are needed\u003cbr\u003e * Non-performing loans related strategies, organization andsystems\u003cbr\u003e * Participants involved in loan wor\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"The book is needed quite simply because there is a dearth of information on corporate restructuring. At present the number of receiverships is going down and the emphasis is on workouts. In this respect the book is very timely.\", , , #\"I\", , , #\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eForeword by David Wilson Havelock.\u003cbr\u003e \u003cbr\u003e INTRODUCTION AND BACKGROUND.\u003cbr\u003e \u003cbr\u003e Introduction.\u003cbr\u003e \u003cbr\u003e Loan Workouts: What They are and Why They are Needed.\u003cbr\u003e \u003cbr\u003e STRATEGY, PARTIES AND THE PROCESS.\u003cbr\u003e \u003cbr\u003e A Framework for Managing Non-Performing Loans.\u003cbr\u003e \u003cbr\u003e Organisation and Systems Relating to Non-Performing Loans.\u003cbr\u003e \u003cbr\u003e Managing Loan Workout Transactions.\u003cbr\u003e \u003cbr\u003e The Company.\u003cbr\u003e \u003cbr\u003e The Banks.\u003cbr\u003e \u003cbr\u003e Other Key Participants in Loan Workouts.\u003cbr\u003e \u003cbr\u003e External Advisors.\u003cbr\u003e \u003cbr\u003e A Framework for Executing Loan Workouts.\u003cbr\u003e \u003cbr\u003e Turning Around a Business.\u003cbr\u003e \u003cbr\u003e The Information Gathering and Review Process.\u003cbr\u003e \u003cbr\u003e Exploring Loan Workout Options.\u003cbr\u003e \u003cbr\u003e Evaluating Restructuring Options and Developing Proposals.\u003cbr\u003e \u003cbr\u003e Negotiating and Completing Transactions.\u003cbr\u003e \u003cbr\u003e THE MORATORIUM AND FINANCIAL RESTRUCTURING.\u003cbr\u003e \u003cbr\u003e Establishing a Moratorium.\u003cbr\u003e \u003cbr\u003e Financial Creditors Affected by a Moratorium\u003cbr\u003e \u003cbr\u003e The Operation of Facilities in a Moratorium.\u003cbr\u003e \u003cbr\u003e The Concept of Loss-Sharing.\u003cbr\u003e \u003cbr\u003e Multi-Currency Considerations.\u003cbr\u003e \u003cbr\u003e Financial Restructuring.\u003cbr\u003e \u003cbr\u003e Inter-Creditor Provisions in a Financial Restructuring.\u003cbr\u003e \u003cbr\u003e Other Terms and Conditions.\u003cbr\u003e \u003cbr\u003e Introduction to Debt for Equity Swaps.\u003cbr\u003e \u003cbr\u003e Transaction Approach.\u003cbr\u003e \u003cbr\u003e Equity Instruments.\u003cbr\u003e \u003cbr\u003e Other Transaction Parameters.\u003cbr\u003e \u003cbr\u003e Other Technical Issues.\u003cbr\u003e \u003cbr\u003e CASE STUDY.\u003cbr\u003e \u003cbr\u003e Project Gloucester.\u003cbr\u003e \u003cbr\u003e Index.","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402682605911,"sku":"9780471893394","price":104.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471893394.jpg?v=1730481221"},{"product_id":"developing-and-managing-a-successful-payment-cards-business-9780566086489","title":"Developing and Managing a Successful Payment","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe credit card industry today is a multi-trillion dollar business that employs hundreds of thousands of people across the globe and impacts literally billions of people every day. Yet there is no comprehensive book or reference material available in the marketplace that provides fact-based perspectives on how to develop and manage a successful card business - despite the significant demand from all those involved in the industry.  Developing and Managing a Successful Payment Cards Business offers information, analysis, observations, perspectives and advice on developing and managing a card business. There is comprehensive coverage of all areas including card business strategy, product development, customer acquisition and retention strategies, and product marketing techniques.   The book also reviews underlying infrastructure components relating to operations and systems including risk management and transaction processing and suggests improvement techniques. There is detailed discuss\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e'The payment cards business has grown enormously in the last two decades, and today must represent one of the largest and most profitable verticals in global financial services industry.  And the growth potential has not likely been exhausted, because consumers continue to opt for cards, instead of cash and check, in virtually every part of the world, both emerging markets and developed economies alike.  At the same time, however, the cards business has found itself increasingly wrapped in controversy, especially as merchants have taken issue with rising cost.  For a large, growing, and controversial industry, Slawsky and Zafar's new book provides a blueprint that explains how the business actually works and as such should interest a wide range of readers, including financial services executives and managers, as well as investors, regulators, and policy-makers.' Kenneth Posner, Morgan Stanley, NY, U.S.A   'Delivers an excellent topology of the business of payments. The authors provide a comprehensive review of the history and the future of payments. Its practical approach to cards makes it a valuable resource for people in the cards business and for those beginning their careers in cards. The authors’ insight on what constitutes an effective marketing strategy provides an excellent framework for card issuers to develop and execute strategies that will deliver results. A must-read'. Joe DiVanna, Director, Maris Strategies Limited  ’This book offers an excellent overview of the cards industry. It describes with clarity industry best practices in all key areas.’ Michael Lafferty, Chairman, Lafferty □Group   ’If you want to understand the credit card business, read this book. If you are in the credit card business and want to improve your market share, sales and profitability and only have time to read one book, read this one. It is like a mini MBA in credit card management and covers all aspects of the card business - from marketing and customer management, ope\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents: Introduction to payment cards; How payment cards work; Organizational design; Marketing and strategy; Existing account marketing; Customer management; Operations management; Fraud prevention and control; Collections; Infrastructure and delivery channels; Profitability; Business process analysis; Future of payment cards; Alternative payment products; Securitization; Index.","brand":"Taylor \u0026 Francis Ltd","offers":[{"title":"Default Title","offer_id":49403053998423,"sku":"9780566086489","price":128.25,"currency_code":"GBP","in_stock":true}]},{"product_id":"the-engine-of-enterprise-9780674051140","title":"The Engine of Enterprise","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eTracing credit from colonial times to the present and highlighting its productive role in building national prosperity, Rowena Olegario probes questions that have divided Americans: Who should have access to credit? How should creditors assess creditworthiness? How can borrowers and lenders accommodate to the risks of a credit-dependent economy?\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eA valuable scholarly contribution for its marshaling of such a large amount of information on credit throughout American history and for wrestling it into a coherent narrative. -- Bruce H. Mann, Harvard Law School\u003cbr\u003eA clear, well-written synthesis showing a command of a wide range of literatures relating to private credit. There is no other book with its long historical range. -- Richard E. Sylla, Stern School of Business, New York University","brand":"Harvard University Press","offers":[{"title":"Default Title","offer_id":49403543814487,"sku":"9780674051140","price":34.81,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780674051140.jpg?v=1730483781"},{"product_id":"city-of-debtors-9780674976238","title":"City of Debtors","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eSince the 1890s, people on the lowest rungs of the economic ladder in the U.S. have paid the highest price for credit. Anne Fleming tells how each generation has tackled the problem of fringe finance and its regulation. Her detailed work contributes to the broader, ongoing debate about the meaning of justice within capitalistic societies.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eFleming’s fascinating, carefully researched study reveals the pivotal role New York played in the development of consumer-credit regulation. New York might be an outlier in the twenty-first century, but at the turn of the twentieth century, when small-sum loans originated, every major thread was connected to the events and personalities of New York.\u003ci\u003e \u003c\/i\u003e -- Ronald J. Mann, author of \u003ci\u003eBankruptcy and the U.S. Supreme Court\u003c\/i\u003e\u003cbr\u003eAnne Fleming’s pathbreaking narrative of small-sum lending in New York City brings alive loan sharks, lenders seeking respectability, reformers, crusading lawyers, and the debtors themselves, all while focusing on a problem that plagues us to this day: the poor need money desperately, have little credit to obtain it, and thus are easy marks for exploitation. -- Robert W. Gordon, author of \u003ci\u003eTaming the Past: Essays on Law in History and History in Law\u003c\/i\u003e\u003cbr\u003eLoan sharks and banks reside on a single lending continuum. Fleming takes us to the only space on that continuum where marginal wage-earners could legally, albeit expensively, borrow money. \u003ci\u003eCity of Debtors\u003c\/i\u003e is essential reading for anyone who would understand that world and its consequences, then and now. -- Bruce H. Mann, author of \u003ci\u003eRepublic of Debtors: Bankruptcy in the Age of American Independence\u003c\/i\u003e\u003cbr\u003eIt would be easy to get lost in the thicket of loopholes, appeals, FTC rules, ‘wage assignments,’ ‘waiver of defense clauses,’ and similar arcana, but Fleming is a surefooted guide. The reader comes out with a much deeper understanding of the shadowy, constantly changing landscape at the edges of standard finance and economic daily life.\u003ci\u003e \u003c\/i\u003e -- Bethany Moreton, author of \u003ci\u003eTo Serve God and Wal-Mart: The Making of Christian Free Enterprise\u003c\/i\u003e\u003cbr\u003eFleming has taken a fragmented history and turned it into a compelling narrative, about not only fringe lending but also the fraught relationship that Americans have long had with consumer debt, and specifically its role in poverty alleviation. -- Rowena Olegario * Business History Review *","brand":"Harvard University Press","offers":[{"title":"Default Title","offer_id":49403622424919,"sku":"9780674976238","price":999.99,"currency_code":"GBP","in_stock":false}]},{"product_id":"american-bonds-how-credit-markets-shaped-a-nation-9780691156750","title":"American Bonds  How Credit Markets Shaped a","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Winner of the Viviana Zelizer Award for Best Book, Economic Sociology Section of the American Sociological Association\"\u003cbr\u003e\"Honorable Mention for the Theory Prize, Theory Section of the American Sociological Association\"","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403796128087,"sku":"9780691156750","price":29.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691156750.jpg?v=1730484568"},{"product_id":"a-war-on-global-poverty-9780691206332","title":"A War on Global Poverty","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Winner of the Myrna F. Bernath Book Award, Society for Historians of American Foreign Relations\"\u003cbr\u003e\"Meyerowitz's narrative puts into dialogue the usually separate histories of development doctrine, post-1960s leftism, global feminism, and the economics of microcredit. . . . \u003ci\u003eA War on Global Poverty\u003c\/i\u003e fills an important gap in the literature.\"\u003cb\u003e---Nils Gilman, \u003ci\u003eJournal of American History\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\"Joanne Meyerowitz’s \u003ci\u003eA War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit \u003c\/i\u003emakes clear that the US welfare state has always had an international dimension. We can’t understand how the social safety net eroded without examining its reach abroad.\"\u003cb\u003e---Maia Silber, \u003ci\u003eChicago Review\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\"Meyerowitz rightly foregrounds the significance of gendered notions of uplift and empowerment in remaking international aid.\" * Boston Review *","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403896103255,"sku":"9780691206332","price":29.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691206332.jpg?v=1730484823"},{"product_id":"a-war-on-global-poverty-9780691250281","title":"A War on Global Poverty","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Winner of the Myrna F. Bernath Book Award, Society for Historians of American Foreign Relations\"\u003cbr\u003e\"Meyerowitz's narrative puts into dialogue the usually separate histories of development doctrine, post-1960s leftism, global feminism, and the economics of microcredit. . . . \u003ci\u003eA War on Global Poverty\u003c\/i\u003e fills an important gap in the literature.\"\u003cb\u003e---Nils Gilman, \u003ci\u003eJournal of American History\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\"Joanne Meyerowitz’s \u003ci\u003eA War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit \u003c\/i\u003emakes clear that the US welfare state has always had an international dimension. We can’t understand how the social safety net eroded without examining its reach abroad.\"\u003cb\u003e---Maia Silber, \u003ci\u003eChicago Review\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\"Meyerowitz rightly foregrounds the significance of gendered notions of uplift and empowerment in remaking international aid.\" * Boston Review *","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403929821527,"sku":"9780691250281","price":17.09,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691250281.jpg?v=1730484918"},{"product_id":"pricing-credit-products-9780804787208","title":"Pricing Credit Products","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eIn the wake of the 2008 financial crisis, it became apparent that pricing loans in a way that is profitable for lenders and sensitive to risk is anything but simple. Increasingly, lenders are following the lead of other retailers by segmenting their market and more precisely targeting customers. To do this successfully, lenders must engage analytic approaches, such as machine learning and optimization, in setting prices for each segment. \u003c\/p\u003e\u003cp\u003eRobert L. Phillips worked with major banks and financial services companies for more than a decade to help them improve their pricing capabilities. This book draws on his experience, as well as the latest academic research, to demonstrate how lenders can apply the proven techniques of price optimization to responsibly improve the profitability of their loans. It is a go-to resource for academics and professionals alike, particularly lenders who are looking for ways to do better business in an increasingly competitive (and regulated) market.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Phillips provides a lucid treatment of an important subject in today's economy—namely, the pricing and management of personal loans and other credit products. This book does an excellent job of exposing the uninitiated reader to the main issues at stake, while offering a substantial review for experienced professionals.\" -- Rene Caldentey * University of Chicago Booth School of Business *\u003cbr\u003e\"Going beyond just risk-based pricing, this is a comprehensive synthesis of the field from the foremost expert in it.\" -- Larry Rosenberger * FICO *\u003cbr\u003e\"Bob Phillips is the preeminent authority on and intellectual father of price optimization in retail banking. This book combines real-world experience with a rigorous scientific framework and tangible advice to practitioners. The mathematical and operational approaches to pricing he outlines will generate many basis points of incremental margin while ensuring fair treatment of the customer. As banks globally are implementing data-driven approaches to pricing, this is required reading.\" -- Frank Rohde, CEO * Nomis Solutions *\u003cbr\u003e\"In the banking industry, pricing is about to have a moment in the sun. With rising interest rates and an inexorable move towards personalized pricing, pricing insights, analytical sophistication, and execution capabilities are likely to become key differentiators between the winners and the losers. In this deep dive into credit pricing, Bob Phillips unpacks what is required for lenders to drive profitability through pricing; while not falling foul of the regulators.\" -- Alan McIntyre, Senior Managing Director, Global Banking * Accenture *\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents and AbstractsIntroduction chapter abstract\u003c\/p\u003e\u003cp\u003eThis chapter motivates the book. It argues that lenders are ideally placed to perform price optimization because of their access to deep information about their customers and transactions. However, for historical reasons, lenders have lagged retailers, particularly online retailers, in their adoption of price optimization. More widespread adoption of price optimization among lenders would not only improve their business performance but also might help prevent a repeat of the 2008 financial crisis.\u003c\/p\u003e 1The Consumer Credit Market chapter abstract\u003cp\u003eCredit is available to consumers in a wide range of forms, under a wide range of terms, and from a variety of institutions. This chapter describes the most important forms of consumer credit in different countries and the various institutions that offer credit. It begins with a brief history of consumer credit. This history is needed to understand some of the peculiarities of the present-day consumer credit markets and variation among countries. This chapter also describes the different processes used by lenders to compute and quote prices to consumers.\u003c\/p\u003e 2Credit Risk chapter abstract\u003cp\u003eRisk is one of the defining characteristics of credit, and every lender needs to understand loan risk and how it interacts with pricing. This chapter discusses the sources of credit risk and how they can be measured. It shows how credit scores can measure risk and how they can be calculated using historical data. It also shows how differential price sensitivity by risk tier leads to price-dependent risk.\u003c\/p\u003e 3Incremental Loan Profitability chapter abstract\u003cp\u003eA key component of price optimization in lending is understanding how the profitability of a loan will change as a function of the price. This requires careful accounting of how various elements of loan cost and revenue will be realized over time and how the risks of default and repayment influence these streams. This chapter discusses each element of incremental loan profitability and how they can be calculated. It shows how each of these elements varies with the price and other characteristics of the loan. These calculations are performed in detail for an example simple loan and then extended to more complex loan structures. This chapter also discusses risk aversion and argues that a lender with a large portfolio of loans should act risk-neutral in evaluating and pricing individual loans.\u003c\/p\u003e 4The Fundamentals of Price Response chapter abstract\u003cp\u003eThis chapter provides a brief review of the basics of consumer price response. It shows how a price-response function for a loan is the result of the variation of willingness to pay across the population. Different distributions of willingness to pay give rise to different price-response functions. The price sensitivity for a loan at a particular price can be measured by the slope, hazard rate, or elasticity of the price-response curve at that point.\u003c\/p\u003e 5Estimating Price Response chapter abstract\u003cp\u003eOne of the key steps in price optimization is estimating the price-response curves associated with different pricing segments. There are a number of techniques for doing this using historical data. The chapter describes the process in detail using logistic regression applied to a data set derived from an online auto lender. Different approaches to estimating price response derived from the field of machine learning are discussed. The chapter concludes with a discussion of the use of data-free approaches such as conjoint analysis and surveys when historical price response data is not available.\u003c\/p\u003e 6Pricing Segmentation chapter abstract\u003cp\u003eThis chapter discusses how price-response differs among different types of customer for different types of loans offered through different channels and how transactions can be segmented in order to take advantage of these differences by charging a different price to each segment. The chapter gives an overview of the economic theory behind pricing segmentation and also shows how superior pricing segmentation can provide a strategic advantage for a lender.\u003c\/p\u003e 7Optimizing Prices chapter abstract\u003cp\u003eThis chapter describes how the price-optimization problem can be formulated and solved. It starts by deriving the profit and revenue maximizing conditions for a single simple loan with and without price-dependent risk. It then extends the discussion to the case of price-dependent risk and the case of multiple loans for many different pricing segments. In most cases, lenders impose constraints on the prices. This means that finding the set of prices that best meets the business goal of the lender while simultaneously satisfying all of the constraints is a problem of constrained nonlinear optimization. The chapter discusses the issues of infeasibility and multiple solutions that can arise in such a problem. Finally, it discusses how an efficient frontier can be used to visualize the tradeoffs between two different business objectives.\u003c\/p\u003e 8Behavioral Economics and Credit Pricing chapter abstract\u003cp\u003ePrice optimization typically assumes (often implicitly) that consumers are rational in the sense that they make perfect financial decisions appropriately evaluating all options against their preferences. However, both experience and academic research shows that consumers often behave in ways that are far from rational. These deviations from rationality include the use of such heuristics as mental accounting and debt account aversion along with time-inconsistent preferences. This chapter discusses the implications of such deviations from rationality for loan pricing and for regulations.\u003c\/p\u003e","brand":"Stanford University Press","offers":[{"title":"Default Title","offer_id":49405613179223,"sku":"9780804787208","price":59.4,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780804787208.jpg?v=1730492997"},{"product_id":"syndicated-lending-9780857196828","title":"Syndicated Lending","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eThis fully revised, updated and expanded edition of the industry standard text takes the reader through the complete life cycle of a syndicated loan. Beginning with the opening phase of mandating a lead bank, Syndicated Lending delves through negotiation, documentation, syndication and closing transactions to conclude with the secondary market.\u003cbr\u003e\u003cbr\u003eThis seventh edition includes new supplements dealing with:\u003cbr\u003e\u003cbr\u003eregional syndicated loan markets\u003cbr\u003egrowing regulatory framework\u003cbr\u003ethe influence of Brexit on the market\u003cbr\u003ethe challenges thrown up by the transition from LIBOR-based pricing to the proposed risk-free rate environment.\u003cbr\u003e\u003cbr\u003eThe practice of syndicated lending is similarly explored in its historical context, by following the ups and downs of this most flexible, and enduring, financial market. Plus, while the market moves toward digitisation, summaries are provided for the leading technology solutions being developed.\u003cbr\u003e\u003cbr\u003eWith practical explanations, reflecting practices developed by the LMA, from borrowers, bankers and investors, this book offers insight from industry professionals with decades of experience as well as detailed examples of pricing methodology. There is also an up-to-date discussion of documentary issues, including annotated term sheets and loan documents, contributed by Clifford Chance.\u003cbr\u003e\u003cbr\u003eThis is the essential guide to the commercial and documentary aspects of syndicated lending for lenders, borrowers, investors, lawyers, regulators and service providers.\u003c\/p\u003e","brand":"Harriman House Publishing","offers":[{"title":"Default Title","offer_id":49406281875799,"sku":"9780857196828","price":131.25,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780857196828.jpg?v=1730495223"},{"product_id":"advanced-credit-risk-analysis-and-management-9781118604915","title":"Advanced Credit Risk Analysis and Management","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eCredit is essential in the modern world and creates wealth, provided it is used wisely. The Global Credit Crisis during 2008\/2009 has shown that sound understanding of underlying credit risk is crucial. If credit freezes, almost every activity in the economy is affected.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Introduction\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Credit Basics 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Meaning of Credit 4\u003c\/p\u003e \u003cp\u003e1.2 Role of Credit 6\u003c\/p\u003e \u003cp\u003e1.3 Credit Market 6\u003c\/p\u003e \u003cp\u003e1.4 Credit – Advantages and Disadvantages 7\u003c\/p\u003e \u003cp\u003e1.4.1 Merits of Credit 7\u003c\/p\u003e \u003cp\u003e1.4.2 Demerits of Credit Usage 9\u003c\/p\u003e \u003cp\u003e1.4.3 Is Wealth Creation Through Use of Credit Easy and Simple? 10\u003c\/p\u003e \u003cp\u003e1.5 Suppliers of Credit 11\u003c\/p\u003e \u003cp\u003e1.6 Credit Risk Study 12\u003c\/p\u003e \u003cp\u003eAppendix: Credit Creation 13\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 14\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Essentials of Credit Risk Analysis 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Meaning of Credit Risk 15\u003c\/p\u003e \u003cp\u003e2.2 Causes of Credit Risk 16\u003c\/p\u003e \u003cp\u003e2.3 Credit Risk and Return 17\u003c\/p\u003e \u003cp\u003e2.4 Credit Risk Analysis 17\u003c\/p\u003e \u003cp\u003e2.5 Historical Progress of Credit Risk Analysis 19\u003c\/p\u003e \u003cp\u003e2.6 Need for Credit Risk Analysis 19\u003c\/p\u003e \u003cp\u003e2.7 Challenges of Credit Risk Analysis 22\u003c\/p\u003e \u003cp\u003e2.7.1 The Art and Science of Credit Risk Analysis 22\u003c\/p\u003e \u003cp\u003e2.8 Elements of Credit Risk Analysis 24\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Credit Risk Management 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Strategic Position of Credit Risk Management 27\u003c\/p\u003e \u003cp\u003e3.2 Credit Risk Management Context 28\u003c\/p\u003e \u003cp\u003e3.3 Credit Risk Management Objectives 28\u003c\/p\u003e \u003cp\u003e3.4 Credit Risk Management Structure 29\u003c\/p\u003e \u003cp\u003e3.5 Credit Risk Culture 29\u003c\/p\u003e \u003cp\u003e3.6 Credit Risk Appetite 30\u003c\/p\u003e \u003cp\u003e3.7 Credit Risk Management in Non-Financial Firms 31\u003c\/p\u003e \u003cp\u003e3.8 Credit Risk Management in Financial Intermediaries 31\u003c\/p\u003e \u003cp\u003e3.8.1 Stages of Credit Risk Management in Financial Intermediaries 31\u003c\/p\u003e \u003cp\u003e3.8.2 Credit Risk Management Process 33\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Firm (or) Obligor Credit Risk\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Fundamental Firm\/Obligor-Level Risks 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Firm (or) Obligor Risk Classification 37\u003c\/p\u003e \u003cp\u003e4.1.1 Business Risks or Operating Risks (OR) 37\u003c\/p\u003e \u003cp\u003e4.1.2 Financial Risks (FR) 38\u003c\/p\u003e \u003cp\u003e4.2 Risk Matrix 39\u003c\/p\u003e \u003cp\u003e4.3 Different Risk Levels 39\u003c\/p\u003e \u003cp\u003e4.3.1 Low Operating Risk and Low Financial Risk 39\u003c\/p\u003e \u003cp\u003e4.3.2 Low Operating Risk and Medium Financial Risk 39\u003c\/p\u003e \u003cp\u003e4.3.3 Low Operating Risk and High Financial Risk 40\u003c\/p\u003e \u003cp\u003e4.3.4 Medium Operating Risk and Low Financial Risk 40\u003c\/p\u003e \u003cp\u003e4.3.5 Medium Operating Risk and Medium Financial Risk 40\u003c\/p\u003e \u003cp\u003e4.3.6 Medium Operating Risk and High Financial Risk 40\u003c\/p\u003e \u003cp\u003e4.3.7 High Operating Risk and Low Financial Risk 40\u003c\/p\u003e \u003cp\u003e4.3.8 High Operating Risk and Medium Financial Risk 41\u003c\/p\u003e \u003cp\u003e4.3.9 High Operating Risk and High Financial Risk 41\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 External Risks 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Business Cycle 43\u003c\/p\u003e \u003cp\u003e5.1.1 Benefits of Study of Business Cycles 45\u003c\/p\u003e \u003cp\u003e5.1.2 Credit Risk in the Business Cycle 46\u003c\/p\u003e \u003cp\u003e5.2 Economic Conditions 46\u003c\/p\u003e \u003cp\u003e5.2.1 Private Consumption 47\u003c\/p\u003e \u003cp\u003e5.2.2 Government Spending 47\u003c\/p\u003e \u003cp\u003e5.2.3 Investment 48\u003c\/p\u003e \u003cp\u003e5.2.4 Imports and Exports 48\u003c\/p\u003e \u003cp\u003e5.2.5 How to Link NI Components to the Firm 48\u003c\/p\u003e \u003cp\u003e5.2.6 Benefits of Study of National Income 49\u003c\/p\u003e \u003cp\u003e5.3 Inflation and Deflation 50\u003c\/p\u003e \u003cp\u003e5.4 Balance of Payments and Exchange Rates 51\u003c\/p\u003e \u003cp\u003e5.5 Political 52\u003c\/p\u003e \u003cp\u003e5.6 Fiscal Policy 53\u003c\/p\u003e \u003cp\u003e5.7 Monetary Policy 53\u003c\/p\u003e \u003cp\u003e5.8 Demographic Factors 54\u003c\/p\u003e \u003cp\u003e5.9 Regulatory Framework 55\u003c\/p\u003e \u003cp\u003e5.10 Technology 55\u003c\/p\u003e \u003cp\u003e5.11 Environment Issues 55\u003c\/p\u003e \u003cp\u003e5.12 International Developments 56\u003c\/p\u003e \u003cp\u003e5.13 Others 56\u003c\/p\u003e \u003cp\u003e5.14 Monitoring External Risks 57\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Industry Risks 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Understanding Obligor’s Industry or Market 61\u003c\/p\u003e \u003cp\u003e6.1.1 Sector vs. Industry vs. Market Segment 61\u003c\/p\u003e \u003cp\u003e6.1.2 Challenges of Industry Classification 62\u003c\/p\u003e \u003cp\u003e6.2 Types of Industry Risks 63\u003c\/p\u003e \u003cp\u003e6.3 Industry Life Cycle 64\u003c\/p\u003e \u003cp\u003e6.4 Permanence of Industry 65\u003c\/p\u003e \u003cp\u003e6.5 Government Support 65\u003c\/p\u003e \u003cp\u003e6.6 Industry and Factors of Production 66\u003c\/p\u003e \u003cp\u003e6.7 Industry and Business Cycles 66\u003c\/p\u003e \u003cp\u003e6.8 Industry Profitability 67\u003c\/p\u003e \u003cp\u003e6.8.1 Competition Among the Existing Firms Within the Industry 68\u003c\/p\u003e \u003cp\u003e6.8.2 Threat of New Entrants 68\u003c\/p\u003e \u003cp\u003e6.8.3 Threat of Substitute Products 69\u003c\/p\u003e \u003cp\u003e6.8.4 Bargaining Power of Buyers 69\u003c\/p\u003e \u003cp\u003e6.8.5 Bargaining Power of Suppliers 70\u003c\/p\u003e \u003cp\u003e6.9 Competitor\/Peer Group Analysis 71\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 77\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Entity-Level Risks 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Understanding the Activity 80\u003c\/p\u003e \u003cp\u003e7.2 Risk Context and Management 81\u003c\/p\u003e \u003cp\u003e7.3 Internal Risk Identification Steps 82\u003c\/p\u003e \u003cp\u003e7.3.1 Interviews and Questioning 82\u003c\/p\u003e \u003cp\u003e7.3.2 Market Developments and Peer Comparison 83\u003c\/p\u003e \u003cp\u003e7.4 SWOT Analysis 83\u003c\/p\u003e \u003cp\u003e7.5 Business Strategy Analysis 84\u003c\/p\u003e \u003cp\u003e7.5.1 Cost Leadership 85\u003c\/p\u003e \u003cp\u003e7.5.2 Differentiation 86\u003c\/p\u003e \u003cp\u003e7.5.3 Contraction 86\u003c\/p\u003e \u003cp\u003e7.5.4 Market Penetration 86\u003c\/p\u003e \u003cp\u003e7.5.5 New Markets 87\u003c\/p\u003e \u003cp\u003e7.5.6 New Products\/Product Synergy Diversification 87\u003c\/p\u003e \u003cp\u003e7.5.7 Product\/Market Diversification 87\u003c\/p\u003e \u003cp\u003e7.5.8 Consolidation 87\u003c\/p\u003e \u003cp\u003e7.5.9 Merger\/Takeover 87\u003c\/p\u003e \u003cp\u003e7.5.10 Expansion 88\u003c\/p\u003e \u003cp\u003e7.5.11 Cost Control 88\u003c\/p\u003e \u003cp\u003e7.5.12 Focus 88\u003c\/p\u003e \u003cp\u003e7.6 Pitfalls in Strategy 89\u003c\/p\u003e \u003cp\u003e7.7 Management Analysis 90\u003c\/p\u003e \u003cp\u003e7.7.1 One-Man Rule 91\u003c\/p\u003e \u003cp\u003e7.7.2 Joint Chairman\/CEO\/MGD Position 91\u003c\/p\u003e \u003cp\u003e7.7.3 Imbalance in Top Management Team 91\u003c\/p\u003e \u003cp\u003e7.7.4 Weak Finance Function 92\u003c\/p\u003e \u003cp\u003e7.7.5 Lack of Skilled Managers (or Inability to Attract Skilled Managers in Key Positions) 92\u003c\/p\u003e \u003cp\u003e7.7.6 Disharmony in Management 92\u003c\/p\u003e \u003cp\u003e7.7.7 Change in Ownership 92\u003c\/p\u003e \u003cp\u003e7.7.8 Cultural Rigidity 92\u003c\/p\u003e \u003cp\u003e7.7.9 Lack of Internal Controls 93\u003c\/p\u003e \u003cp\u003e7.7.10 Low Staff Morale 93\u003c\/p\u003e \u003cp\u003e7.7.11 Fraudulent Management 93\u003c\/p\u003e \u003cp\u003e7.7.12 Myopic Vision 93\u003c\/p\u003e \u003cp\u003e7.7.13 Big Projects 93\u003c\/p\u003e \u003cp\u003e7.7.14 Inadequate Response to Change 94\u003c\/p\u003e \u003cp\u003e7.7.15 Poor Corporate Governance 94\u003c\/p\u003e \u003cp\u003e7.8 Other Internal Risks 94\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 97\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Financial Risks 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Importance of Financial Statements 99\u003c\/p\u003e \u003cp\u003e8.2 Quality and Quantity of Financial Statements 101\u003c\/p\u003e \u003cp\u003e8.2.1 Quality of Financial Statements 101\u003c\/p\u003e \u003cp\u003e8.2.2 Quantity of Financial Statements 102\u003c\/p\u003e \u003cp\u003e8.3 Role of Historical Financial Statements 102\u003c\/p\u003e \u003cp\u003e8.4 Financial Analysis 103\u003c\/p\u003e \u003cp\u003e8.4.1 Balance Sheet 103\u003c\/p\u003e \u003cp\u003e8.4.2 Income Statement (or) Profit and Loss Account 104\u003c\/p\u003e \u003cp\u003e8.4.3 Cash Flow Statement (CFS) 105\u003c\/p\u003e \u003cp\u003e8.5 Analytical Tools 105\u003c\/p\u003e \u003cp\u003e8.5.1 Accounting Analysis 105\u003c\/p\u003e \u003cp\u003e8.5.2 Common Sizing Analysis (CSA) 107\u003c\/p\u003e \u003cp\u003e8.5.3 Indexed Trend Analysis (ITA) 110\u003c\/p\u003e \u003cp\u003e8.5.4 Ratio Analysis 113\u003c\/p\u003e \u003cp\u003e8.6 Solvency Ratios 115\u003c\/p\u003e \u003cp\u003e8.6.1 Liquidity Ratios 115\u003c\/p\u003e \u003cp\u003e8.6.2 Long Term Solvency Ratios 117\u003c\/p\u003e \u003cp\u003e8.6.3 External Finance Ratios 120\u003c\/p\u003e \u003cp\u003e8.6.4 Dividend and Equity Ratios 120\u003c\/p\u003e \u003cp\u003e8.6.5 Cash Flow Ratios 121\u003c\/p\u003e \u003cp\u003e8.7 Operational Ratios 123\u003c\/p\u003e \u003cp\u003e8.7.1 Performance Ratios 123\u003c\/p\u003e \u003cp\u003e8.7.2 Profitability Ratios 124\u003c\/p\u003e \u003cp\u003e8.7.3 Return on Investment (ROI) Ratios 125\u003c\/p\u003e \u003cp\u003e8.7.4 Asset Management (or Activity) Ratios 126\u003c\/p\u003e \u003cp\u003e8.7.5 Leverage (Operating and Financial) Ratios 128\u003c\/p\u003e \u003cp\u003e8.7.6 Cost-Volume-Profit (CVP) Ratios 133\u003c\/p\u003e \u003cp\u003e8.8 Encapsulated Ratios 134\u003c\/p\u003e \u003cp\u003e8.8.1 Dupont Model 134\u003c\/p\u003e \u003cp\u003e8.8.2 Predictive Power of Ratios 135\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Integrated View of Firm-Level Risks 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Relevance of an Integrated View 147\u003c\/p\u003e \u003cp\u003e9.2 Judgement 147\u003c\/p\u003e \u003cp\u003e9.3 Identifying Significant Credit Risks 148\u003c\/p\u003e \u003cp\u003e9.4 Risk Mitigants 150\u003c\/p\u003e \u003cp\u003e9.5 Types of Mitigants 150\u003c\/p\u003e \u003cp\u003e9.5.1 Qualitative Mitigants 150\u003c\/p\u003e \u003cp\u003e9.5.2 Quantitative Mitigants 152\u003c\/p\u003e \u003cp\u003e9.5.3 Difference between Qualitative and Quantitative Mitigants 153\u003c\/p\u003e \u003cp\u003e9.6 Principles to be Borne in Mind While Selecting Mitigants 153\u003c\/p\u003e \u003cp\u003e9.7 Monitoring of Credit Risk 154\u003c\/p\u003e \u003cp\u003eAppendix: Credit Risks and Possible Mitigants 155\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Credit Rating and Probability of Default 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Credit Risk Grading 161\u003c\/p\u003e \u003cp\u003e10.1.1 Linking EIIF Evaluation to Credit Risk Grades 161\u003c\/p\u003e \u003cp\u003e10.1.2 Benefits of Credit Risk Grade System 163\u003c\/p\u003e \u003cp\u003e10.2 Probability of Default 163\u003c\/p\u003e \u003cp\u003e10.2.1 Benefits of PD Values 165\u003c\/p\u003e \u003cp\u003e10.2.2 PD Values and Credit Decisions 165\u003c\/p\u003e \u003cp\u003e10.3 External vs. Internal Rating 166\u003c\/p\u003e \u003cp\u003e10.3.1 Reliability of External Ratings 167\u003c\/p\u003e \u003cp\u003e10.3.2 Internal Ratings 168\u003c\/p\u003e \u003cp\u003e10.4 PD in Credit Structural Models 169\u003c\/p\u003e \u003cp\u003e10.4.1 The Merton Model (1974) 169\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 172\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Credit Risks – Project and Working Capital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Credit Risks in Project Finance 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Distinctive Features of Project Finance 177\u003c\/p\u003e \u003cp\u003e11.2 Types of Project Finance 178\u003c\/p\u003e \u003cp\u003e11.3 Reasons for Project Finance 179\u003c\/p\u003e \u003cp\u003e11.3.1 Scarce Resources 179\u003c\/p\u003e \u003cp\u003e11.3.2 Risk Sharing 179\u003c\/p\u003e \u003cp\u003e11.3.3 Off-Balance Sheet Debt 179\u003c\/p\u003e \u003cp\u003e11.3.4 Avoidance of Restrictive Covenants 179\u003c\/p\u003e \u003cp\u003e11.3.5 Tax Considerations 180\u003c\/p\u003e \u003cp\u003e11.3.6 Extended Tenor 180\u003c\/p\u003e \u003cp\u003e11.4 Parties Involved in Project Finance 180\u003c\/p\u003e \u003cp\u003e11.4.1 Sponsors 180\u003c\/p\u003e \u003cp\u003e11.4.2 Project Lenders 180\u003c\/p\u003e \u003cp\u003e11.4.3 Project Contractors\/Consultants\/Lawyers\/Accountants 181\u003c\/p\u003e \u003cp\u003e11.4.4 Governments 181\u003c\/p\u003e \u003cp\u003e11.4.5 Multilateral Agencies 181\u003c\/p\u003e \u003cp\u003e11.5 Phases of Project and Risks 182\u003c\/p\u003e \u003cp\u003e11.5.1 Construction Phase Risks 182\u003c\/p\u003e \u003cp\u003e11.5.2 Start-Up Phase Risks 182\u003c\/p\u003e \u003cp\u003e11.5.3 Operational Phase Risks 183\u003c\/p\u003e \u003cp\u003e11.6 Project Credit Risks 183\u003c\/p\u003e \u003cp\u003e11.6.1 EIIF Risks 183\u003c\/p\u003e \u003cp\u003e11.6.2 Project Specific Risks 184\u003c\/p\u003e \u003cp\u003e11.6.3 Project Financial Viability Risks 186\u003c\/p\u003e \u003cp\u003e11.7 Financial Study 187\u003c\/p\u003e \u003cp\u003e11.7.1 Cash Flow Forecasts 187\u003c\/p\u003e \u003cp\u003e11.7.2 Estimation of the Economic Worth of the Project 189\u003c\/p\u003e \u003cp\u003e11.7.3 Assessing Creditworthiness – Building a Lender’s Case 190\u003c\/p\u003e \u003cp\u003e11.8 Project Credit Risk Mitigants 192\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Credit Risks in Working Capital 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Definition of Working Capital 207\u003c\/p\u003e \u003cp\u003e12.1.1 Working Capital Cycle – Finance Manager’s Key Concern 207\u003c\/p\u003e \u003cp\u003e12.1.2 Working Capital Cycle – Lending Bank’s Point of View 208\u003c\/p\u003e \u003cp\u003e12.2 Assessing Working Capital through the Balance Sheet 208\u003c\/p\u003e \u003cp\u003e12.3 Working Capital Ratios 210\u003c\/p\u003e \u003cp\u003e12.4 Working Capital Cycle 212\u003c\/p\u003e \u003cp\u003e12.5 Working Capital vs. Fixed Capital 216\u003c\/p\u003e \u003cp\u003e12.6 Working Capital Behaviour 216\u003c\/p\u003e \u003cp\u003e12.6.1 Availability of Finance 217\u003c\/p\u003e \u003cp\u003e12.6.2 Changes in Trade Terms 218\u003c\/p\u003e \u003cp\u003e12.6.3 Changes in Business Volume 219\u003c\/p\u003e \u003cp\u003e12.6.4 Price Changes 222\u003c\/p\u003e \u003cp\u003e12.6.5 Others 222\u003c\/p\u003e \u003cp\u003e12.7 Working Capital, Profitability and Cash Flows 223\u003c\/p\u003e \u003cp\u003e12.8 Working Capital Risks 225\u003c\/p\u003e \u003cp\u003e12.8.1 Over-trading 225\u003c\/p\u003e \u003cp\u003e12.8.2 Diversion Risk 227\u003c\/p\u003e \u003cp\u003e12.8.3 Inadequate Financial Management 228\u003c\/p\u003e \u003cp\u003e12.8.4 Inflation Risk 228\u003c\/p\u003e \u003cp\u003e12.8.5 Inadequate Provisioning of Working Capital in Original Project Costs 228\u003c\/p\u003e \u003cp\u003e12.8.6 Losses and Reducing Profitability 228\u003c\/p\u003e \u003cp\u003e12.8.7 Inadequate Structuring of Facilities by Banks 229\u003c\/p\u003e \u003cp\u003e12.8.8 Unforeseen Contingencies 229\u003c\/p\u003e \u003cp\u003e12.9 Impact of Working Capital Risks 229\u003c\/p\u003e \u003cp\u003e12.10 Working Capital Risk Mitigants 230\u003c\/p\u003e \u003cp\u003e12.10.1 Covenants 230\u003c\/p\u003e \u003cp\u003e12.10.2 Cancellation\/Tightening\/Temporary Freeze of Facilities 230\u003c\/p\u003e \u003cp\u003e12.10.3 Increase Pricing 231\u003c\/p\u003e \u003cp\u003e12.10.4 Liquidation of Non-Core Assets 231\u003c\/p\u003e \u003cp\u003e12.10.5 Owners’ Injection\/Strengthening Net Working Capital 231\u003c\/p\u003e \u003cp\u003e12.10.6 Improvement of Working Capital Management 231\u003c\/p\u003e \u003cp\u003e12.10.7 Insure against the Risk from Unforeseen Contingencies 231\u003c\/p\u003e \u003cp\u003e12.11 Working Capital Financing 232\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Credit Portfolio Risks\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Credit Portfolio Fundamentals 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Credit Portfolio vs. Equity Portfolio 241\u003c\/p\u003e \u003cp\u003e13.2 Criticality of Portfolio Credit Risks 242\u003c\/p\u003e \u003cp\u003e13.3 Benefits of Credit Portfolio Study 242\u003c\/p\u003e \u003cp\u003e13.3.1 Active Credit Portfolio Management 242\u003c\/p\u003e \u003cp\u003e13.3.2 Overall Credit Risk Reduction 243\u003c\/p\u003e \u003cp\u003e13.3.3 Optimizes Liquidity 244\u003c\/p\u003e \u003cp\u003e13.3.4 Assists Sales and Marketing 244\u003c\/p\u003e \u003cp\u003e13.3.5 Insights into Sectoral Risk Exposures 244\u003c\/p\u003e \u003cp\u003e13.3.6 Solves the Capital Dilemma 245\u003c\/p\u003e \u003cp\u003e13.3.7 Portfolio Management Strategies 246\u003c\/p\u003e \u003cp\u003e13.3.8 Credit Quality Issues 247\u003c\/p\u003e \u003cp\u003e13.4 Portfolio Analysis 247\u003c\/p\u003e \u003cp\u003e13.5 Credit Portfolio Risk vs. Return 249\u003c\/p\u003e \u003cp\u003eAppendix: Organizational Conflict in Credit Risk Management 249\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Major Portfolio Risks 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Systematic Risk 253\u003c\/p\u003e \u003cp\u003e14.1.1 Triggers of Systematic Risk 254\u003c\/p\u003e \u003cp\u003e14.1.2 Consequences of Systematic Risk 254\u003c\/p\u003e \u003cp\u003e14.2 Diversifiable Risk 255\u003c\/p\u003e \u003cp\u003e14.3 Concentration 258\u003c\/p\u003e \u003cp\u003e14.3.1 Industry or Sector Concentration 258\u003c\/p\u003e \u003cp\u003e14.3.2 Exposure or Name Concentration 259\u003c\/p\u003e \u003cp\u003e14.3.3 Region\/Location\/Country Concentration 259\u003c\/p\u003e \u003cp\u003e14.3.4 Foreign Currency Concentration 259\u003c\/p\u003e \u003cp\u003e14.3.5 Collateral Risk 260\u003c\/p\u003e \u003cp\u003e14.3.6 Maturity Risks 260\u003c\/p\u003e \u003cp\u003e14.3.7 Funding Risk 261\u003c\/p\u003e \u003cp\u003e14.3.8 Correlation Risks 262\u003c\/p\u003e \u003cp\u003e14.4 Credit Portfolio Beta 263\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 263\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Firm Risks to Portfolio Risks and Capital Adequacy 265\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Obligor PD and Portfolio PD 265\u003c\/p\u003e \u003cp\u003e15.2 Migration Risk 266\u003c\/p\u003e \u003cp\u003e15.2.1 Firm Credit Risk Migration 266\u003c\/p\u003e \u003cp\u003e15.2.2 Portfolio Risk Migration 268\u003c\/p\u003e \u003cp\u003e15.2.3 Benefits of Migration Risk Study 269\u003c\/p\u003e \u003cp\u003e15.3 Default Risk 269\u003c\/p\u003e \u003cp\u003e15.3.1 Firm-Level Defaults 269\u003c\/p\u003e \u003cp\u003e15.3.2 Portfolio-Level Defaults 270\u003c\/p\u003e \u003cp\u003e15.4 Loss Given Default (LGD) 270\u003c\/p\u003e \u003cp\u003e15.5 Expected Loss (EL) 271\u003c\/p\u003e \u003cp\u003e15.5.1 Obligor EL 271\u003c\/p\u003e \u003cp\u003e15.5.2 Portfolio EL 271\u003c\/p\u003e \u003cp\u003e15.6 Provisioning 272\u003c\/p\u003e \u003cp\u003e15.6.1 Provisioning – Firm Level 272\u003c\/p\u003e \u003cp\u003e15.6.2 Portfolio-Level Provisioning 273\u003c\/p\u003e \u003cp\u003e15.7 Credit Loss Distribution 274\u003c\/p\u003e \u003cp\u003e15.7.1 Characteristics of Credit Loss Distribution 275\u003c\/p\u003e \u003cp\u003e15.7.2 Benefits of Developing a Credit Risk (or Loss) Distribution 275\u003c\/p\u003e \u003cp\u003e15.8 Economic Capital 276\u003c\/p\u003e \u003cp\u003e15.8.1 Regulatory Capital vs. Economic Capital 277\u003c\/p\u003e \u003cp\u003e15.8.2 Measuring Economic Capital 278\u003c\/p\u003e \u003cp\u003e15.8.3 Optimizing Economic Capital 279\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 282\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Credit Risk and The Basel Accords 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Basel Accords 285\u003c\/p\u003e \u003cp\u003e16.2 Basel I (1988) – First Basel Accord 286\u003c\/p\u003e \u003cp\u003e16.2.1 Criticisms of Basel I 287\u003c\/p\u003e \u003cp\u003e16.3 Basel Accord II (2006) 288\u003c\/p\u003e \u003cp\u003e16.3.1 Alternative Approaches for Credit Risk in Basel II 289\u003c\/p\u003e \u003cp\u003e16.3.2 Risk Weighted Assets (RWA) and Capital Adequacy in Basel II 293\u003c\/p\u003e \u003cp\u003e16.3.3 Do Higher LGD and PD Always Translate into Higher RWA under the IRB Approach? 294\u003c\/p\u003e \u003cp\u003e16.3.4 Criticisms of Basel II 295\u003c\/p\u003e \u003cp\u003e16.4 Basel III 296\u003c\/p\u003e \u003cp\u003e16.4.1 Credit Risk Measurement in Basel III 297\u003c\/p\u003e \u003cp\u003e16.4.2 Other Key Features of Basel III 298\u003c\/p\u003e \u003cp\u003e16.4.3 Can Basel III Prevent Future Financial\/Credit Crises? 299\u003c\/p\u003e \u003cp\u003eAppendix 300\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 302\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Portfolio Risk Mitigants\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Credit Risk Diversification 305\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Traditional Diversification 305\u003c\/p\u003e \u003cp\u003e17.1.1 Industry Limit 306\u003c\/p\u003e \u003cp\u003e17.1.2 Counterparty Limit 307\u003c\/p\u003e \u003cp\u003e17.1.3 Region-Wise Restriction 307\u003c\/p\u003e \u003cp\u003e17.1.4 Size 308\u003c\/p\u003e \u003cp\u003e17.2 Modern Diversification of Credit Portfolio 309\u003c\/p\u003e \u003cp\u003e17.2.1 Portfolio Selection Theory 309\u003c\/p\u003e \u003cp\u003e17.2.2 Application of PS in Credit Portfolio 310\u003c\/p\u003e \u003cp\u003e17.2.3 More Tools to Study Diversification of Portfolio Risks 314\u003c\/p\u003e \u003cp\u003e17.3 Correlations in Credit Risk Models 315\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 315\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Trading of Credit Assets 317\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Syndicated Loans\/Credit Assets 317\u003c\/p\u003e \u003cp\u003e18.2 Securitization 318\u003c\/p\u003e \u003cp\u003e18.2.1 Asset Backed Securities (ABS) 319\u003c\/p\u003e \u003cp\u003e18.2.2 Collateralized Debt Obligations (CDO) 319\u003c\/p\u003e \u003cp\u003e18.2.3 Downfall of CDOs (and Similar Securitized Instruments) 321\u003c\/p\u003e \u003cp\u003e18.3 Distressed Debt 321\u003c\/p\u003e \u003cp\u003e18.4 Factoring 322\u003c\/p\u003e \u003cp\u003e18.5 Distressed Receivables 322\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 322\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Credit Derivatives 323\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 Meaning of a Credit Derivative 323\u003c\/p\u003e \u003cp\u003e19.1.1 Credit Event 324\u003c\/p\u003e \u003cp\u003e19.2 Credit Default Swap (CDS) 324\u003c\/p\u003e \u003cp\u003e19.2.1 Is CDS an Insurance? 326\u003c\/p\u003e \u003cp\u003e19.2.2 CDS and Speculation 327\u003c\/p\u003e \u003cp\u003e19.2.3 Uses of CDS 327\u003c\/p\u003e \u003cp\u003e19.2.4 Sovereign CDS 329\u003c\/p\u003e \u003cp\u003e19.2.5 Criticism of CDS 329\u003c\/p\u003e \u003cp\u003e19.3 Total Return Swap 330\u003c\/p\u003e \u003cp\u003e19.3.1 Uses of TR Swap 331\u003c\/p\u003e \u003cp\u003e19.4 Credit Option (CO) 332\u003c\/p\u003e \u003cp\u003e19.5 Credit Spread Options (CSO) 333\u003c\/p\u003e \u003cp\u003e19.6 Credit Derivative Linked Structures 333\u003c\/p\u003e \u003cp\u003e19.7 Future of Credit Derivatives 334\u003c\/p\u003e \u003cp\u003e19.8 Credit Derivatives and Over-the-Counter (OTC) Markets 334\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 334\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI Credit Risk Pricing\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Pricing Basics 337\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 Credit Pricing Factors 337\u003c\/p\u003e \u003cp\u003e20.1.1 Credit Risk Premium 337\u003c\/p\u003e \u003cp\u003e20.1.2 Portfolio Risk 339\u003c\/p\u003e \u003cp\u003e20.1.3 Cost of Capital 340\u003c\/p\u003e \u003cp\u003e20.1.4 Cost of Leverage 340\u003c\/p\u003e \u003cp\u003e20.1.5 Sector Risks 340\u003c\/p\u003e \u003cp\u003e20.1.6 Overheads 341\u003c\/p\u003e \u003cp\u003e20.1.7 Other Factors 341\u003c\/p\u003e \u003cp\u003e20.2 Pricing Structure 342\u003c\/p\u003e \u003cp\u003e20.2.1 Interest Rates 342\u003c\/p\u003e \u003cp\u003e20.2.2 Commission and Fees 344\u003c\/p\u003e \u003cp\u003e20.3 Credit Risk Pricing Model 344\u003c\/p\u003e \u003cp\u003e20.4 Prime Lending Rate 345\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 348\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Pricing Methods 349\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21.1 RORAC (Return on Risk-Adjusted Capital) Based Pricing 349\u003c\/p\u003e \u003cp\u003e21.2 Market Determined 351\u003c\/p\u003e \u003cp\u003e21.3 Economic Profit Based Pricing 351\u003c\/p\u003e \u003cp\u003e21.4 Cost Plus 353\u003c\/p\u003e \u003cp\u003e21.5 Structured Pricing 353\u003c\/p\u003e \u003cp\u003e21.6 Grid Pricing 354\u003c\/p\u003e \u003cp\u003e21.7 Net Present Value (NPV) Pricing 354\u003c\/p\u003e \u003cp\u003e21.8 RANPV (Risk-Adjusted NPV) Pricing 355\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 355\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VII The Last Line of Defence – Security\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Security Basics 359\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 Need for Security 359\u003c\/p\u003e \u003cp\u003e22.2 Merits and Demerits of a Security 360\u003c\/p\u003e \u003cp\u003e22.2.1 Advantages to the Creditor 360\u003c\/p\u003e \u003cp\u003e22.2.2 Disadvantages to the Creditor 360\u003c\/p\u003e \u003cp\u003e22.2.3 Advantages to the Borrower 361\u003c\/p\u003e \u003cp\u003e22.2.4 Disadvantages to the Borrower 361\u003c\/p\u003e \u003cp\u003e22.3 Attributes of a Good Security 362\u003c\/p\u003e \u003cp\u003e22.4 Security and Pricing 362\u003c\/p\u003e \u003cp\u003e22.5 Impact of Systematic Risks on Security 364\u003c\/p\u003e \u003cp\u003e22.6 Facility Grades 364\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 366\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Collaterals and Covenants 367\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23.1 Tangible Security 367\u003c\/p\u003e \u003cp\u003e23.1.1 Deposits (with Banks, Financial Institutions, etc.) 367\u003c\/p\u003e \u003cp\u003e23.1.2 Stock and Shares 367\u003c\/p\u003e \u003cp\u003e23.1.3 Property\/Land 367\u003c\/p\u003e \u003cp\u003e23.1.4 Goods 368\u003c\/p\u003e \u003cp\u003e23.1.5 Gold or Other Precious Metals 368\u003c\/p\u003e \u003cp\u003e23.1.6 Bank Guarantees\/Letters of Credit 368\u003c\/p\u003e \u003cp\u003e23.2 Intangible Security 369\u003c\/p\u003e \u003cp\u003e23.2.1 Unregistered Charges 369\u003c\/p\u003e \u003cp\u003e23.2.2 Assignment of Debtors 369\u003c\/p\u003e \u003cp\u003e23.2.3 Corporate Guarantee 369\u003c\/p\u003e \u003cp\u003e23.2.4 Letter of Comfort (LOC) 370\u003c\/p\u003e \u003cp\u003e23.2.5 Letter of Awareness 370\u003c\/p\u003e \u003cp\u003e23.2.6 Letter of Negative Pledge 370\u003c\/p\u003e \u003cp\u003e23.3 Methods of Taking Security 371\u003c\/p\u003e \u003cp\u003e23.3.1 Mortgage 371\u003c\/p\u003e \u003cp\u003e23.3.2 Pledge 371\u003c\/p\u003e \u003cp\u003e23.3.3 Hypothecation 372\u003c\/p\u003e \u003cp\u003e23.3.4 Lien 372\u003c\/p\u003e \u003cp\u003e23.4 Realizing Security 372\u003c\/p\u003e \u003cp\u003e23.5 Covenants – A Trigger to Seek Additional Security 373\u003c\/p\u003e \u003cp\u003e23.5.1 Financial Covenants 373\u003c\/p\u003e \u003cp\u003e23.5.2 Non-Financial Covenants 376\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 377\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VIII Credit Crisis\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e24 Road to Credit Crisis 381\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e24.1 Credit and Growth 381\u003c\/p\u003e \u003cp\u003e24.2 Role of Banks 382\u003c\/p\u003e \u003cp\u003e24.2.1 Credit Creation 382\u003c\/p\u003e \u003cp\u003e24.2.2 Confidence in Banking 383\u003c\/p\u003e \u003cp\u003e24.2.3 Ultimate Use of Credit 384\u003c\/p\u003e \u003cp\u003e24.3 Formation of Credit Bubbles 385\u003c\/p\u003e \u003cp\u003e24.4 Types of Credit Bubble 386\u003c\/p\u003e \u003cp\u003e24.5 Credit Bubble Explosion 387\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 390\u003c\/p\u003e \u003cp\u003e\u003cb\u003e25 2008 Credit Crisis 393\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e25.1 Credit Asset – Prime vs. Sub-Prime 393\u003c\/p\u003e \u003cp\u003e25.2 Securitization 394\u003c\/p\u003e \u003cp\u003e25.2.1 Higher Risk Appetite 394\u003c\/p\u003e \u003cp\u003e25.2.2 Availability of CDS 395\u003c\/p\u003e \u003cp\u003e25.3 US Housing Bubble 396\u003c\/p\u003e \u003cp\u003e25.4 Role of OTC Derivatives 398\u003c\/p\u003e \u003cp\u003e25.4.1 Reasons for Popularity of OTC Derivatives 399\u003c\/p\u003e \u003cp\u003e25.4.2 Complexity and Opaqueness – the Hallmark of OTC Derivatives 399\u003c\/p\u003e \u003cp\u003e25.4.3 Systemic Risk and OTC Derivatives 400\u003c\/p\u003e \u003cp\u003e25.5 Role of Rating Agencies 400\u003c\/p\u003e \u003cp\u003e25.6 Why Did the Bubble Burst? 401\u003c\/p\u003e \u003cp\u003e25.7 Consequences 402\u003c\/p\u003e \u003cp\u003e25.7.1 2007 402\u003c\/p\u003e \u003cp\u003e25.7.2 2008 402\u003c\/p\u003e \u003cp\u003e25.7.3 2009 403\u003c\/p\u003e \u003cp\u003e25.8 Impact of the Lehman Collapse 403\u003c\/p\u003e \u003cp\u003e25.9 Housing Crisis to Credit Crisis to Economic Crisis 404\u003c\/p\u003e \u003cp\u003e25.10 Common Factors 1929 vs. 2009 406\u003c\/p\u003e \u003cp\u003e25.11 Lessons of the 2008 Credit Crisis 407\u003c\/p\u003e \u003cp\u003eQuestions\/Exercises 410\u003c\/p\u003e \u003cp\u003eBibliography 411\u003c\/p\u003e \u003cp\u003eIndex 415\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406893916503,"sku":"9781118604915","price":61.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118604915.jpg?v=1730497472"},{"product_id":"small-money-big-impact-9781119338208","title":"Small Money Big Impact","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eMake your money make a differenceand enjoy attractive returns\u003c\/b\u003e \u003cp\u003e\u003ci\u003eSmall Money, Big Impact\u003c\/i\u003eexplores and explains the globally growing importance of impact investing. Today, the investor''s perspective has become as important as the actual social impact. Based on their experience with over 25 million micro borrowers, the authors delve into the mechanics, considerations, data and strategies that make microloans and impact investing an attractive asset class. From the World Bank to the individual investor, impact investing is attracting more and more attention. Impact investing is a global megatrend and is reshaping the way people invest as pension funds, insurance companies, foundations, family offices and private investors jump on board. This book explains for the first time how it works, \u003ci\u003ewhy\u003c\/i\u003e it works and what you should know if you''re ready to help change the world.\u003c\/p\u003e \u003cp\u003eImpact investing has proven over the last 20 years as the first-line offense against crushing p\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eAbout the Authors xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Fighting Poverty 2\u003c\/p\u003e \u003cp\u003e1.2 Investing in Financial Infrastructure 7\u003c\/p\u003e \u003cp\u003e1.3 Content Overview 8\u003c\/p\u003e \u003cp\u003eNotes 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Microfinance – the Concept 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 History 12\u003c\/p\u003e \u003cp\u003e2.2 Definition and Goals 15\u003c\/p\u003e \u003cp\u003e2.3 Double Bottom Line 18\u003c\/p\u003e \u003cp\u003e2.4 Financial Inclusion 21\u003c\/p\u003e \u003cp\u003e2.5 Market Participants 24\u003c\/p\u003e \u003cp\u003e2.6 Impact Investing 25\u003c\/p\u003e \u003cp\u003e2.7 Preliminary Conclusions 29\u003c\/p\u003e \u003cp\u003eNotes 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 The Microfinance Value Chain 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 The Protagonists and Their Tasks 34\u003c\/p\u003e \u003cp\u003e3.2 Regulatory Environment 36\u003c\/p\u003e \u003cp\u003e3.3 Development Finance Institutions 37\u003c\/p\u003e \u003cp\u003e3.4 Market Overview 39\u003c\/p\u003e \u003cp\u003e3.5 Geneva: Birthplace of Modern Microfinance 42\u003c\/p\u003e \u003cp\u003e3.6 Preliminary Conclusions 46\u003c\/p\u003e \u003cp\u003eNotes 47\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Micro Entrepreneurs 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Definition 50\u003c\/p\u003e \u003cp\u003e4.2 Needs and Requirements 52\u003c\/p\u003e \u003cp\u003e4.3 Micro Entrepreneurs 59\u003c\/p\u003e \u003cp\u003e4.4 Preliminary Conclusions 67\u003c\/p\u003e \u003cp\u003eNotes 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Microfinance Institutions 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Definition and Goals 72\u003c\/p\u003e \u003cp\u003e5.2 Types of MFIs 73\u003c\/p\u003e \u003cp\u003e5.3 MFI Funding 76\u003c\/p\u003e \u003cp\u003e5.4 Services 85\u003c\/p\u003e \u003cp\u003e5.5 Regulation 88\u003c\/p\u003e \u003cp\u003e5.6 Preliminary Conclusions 94\u003c\/p\u003e \u003cp\u003eNotes 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Lending Methodologies 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Traditional Credit Theory and Microfinance 100\u003c\/p\u003e \u003cp\u003e6.2 Lending Methodologies 101\u003c\/p\u003e \u003cp\u003e6.3 Socio-Economic Factors 104\u003c\/p\u003e \u003cp\u003e6.4 Late Payments and Over-Indebtedness of Clients 108\u003c\/p\u003e \u003cp\u003e6.5 Default Prevention and Restructuring 110\u003c\/p\u003e \u003cp\u003e6.6 Occupation: Loan Officer 113\u003c\/p\u003e \u003cp\u003e6.7 Preliminary Conclusions 114\u003c\/p\u003e \u003cp\u003eNotes 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Loan Pricing 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Interest Rate Components 120\u003c\/p\u003e \u003cp\u003e7.2 Setting Sustainable Interest Rates 127\u003c\/p\u003e \u003cp\u003e7.3 Regional Differences 127\u003c\/p\u003e \u003cp\u003e7.4 Loan Recipients’ Willingness to Repay 129\u003c\/p\u003e \u003cp\u003e7.5 Preliminary Conclusions 130\u003c\/p\u003e \u003cp\u003eNotes 132\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Social Performance Management 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Social Performance 134\u003c\/p\u003e \u003cp\u003e8.2 Measuring Social Performance 135\u003c\/p\u003e \u003cp\u003e8.3 Measuring the Outcome of Microfinance 149\u003c\/p\u003e \u003cp\u003e8.4 Social Rating Agencies 151\u003c\/p\u003e \u003cp\u003e8.5 Technical Assistance 153\u003c\/p\u003e \u003cp\u003e8.6 Linking Social Performance with Profitability 156\u003c\/p\u003e \u003cp\u003e8.7 Preliminary Conclusions 157\u003c\/p\u003e \u003cp\u003eNotes 159\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Beyond the Reach of Microfinance? 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Prejudices and Reservations 162\u003c\/p\u003e \u003cp\u003e9.2 Preliminary Conclusions 171\u003c\/p\u003e \u003cp\u003eNotes 172\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Investing in Microfinance 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Market Development 176\u003c\/p\u003e \u003cp\u003e10.2 Microfinance Investment Vehicles 177\u003c\/p\u003e \u003cp\u003e10.3 The Investment Process 181\u003c\/p\u003e \u003cp\u003e10.4 Loan Agreements and Pricing Policy 187\u003c\/p\u003e \u003cp\u003e10.5 Microfinance in the Overall Investment Portfolio 191\u003c\/p\u003e \u003cp\u003e10.6 Incentives for Investing in Microfinance 195\u003c\/p\u003e \u003cp\u003e10.7 Preliminary Conclusions 197\u003c\/p\u003e \u003cp\u003eNotes 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Real and Financial Economy 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Microfinance Is Crisis-Proof 202\u003c\/p\u003e \u003cp\u003e11.2 Real Economy and Local Influencing Factors 203\u003c\/p\u003e \u003cp\u003e11.3 Financial Economy 205\u003c\/p\u003e \u003cp\u003e11.4 Stability Mechanisms 207\u003c\/p\u003e \u003cp\u003e11.5 Preliminary Conclusions 208\u003c\/p\u003e \u003cp\u003eNotes 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Discussion of Results and Conclusions 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Win-Win-Win 212\u003c\/p\u003e \u003cp\u003e12.2 Onwards and Upwards 212\u003c\/p\u003e \u003cp\u003eNotes 215\u003c\/p\u003e \u003cp\u003eAPPENDIX A Example of a Loan Application 217\u003c\/p\u003e \u003cp\u003eAPPENDIX B Due Diligence of Socio-Economic Impact Factors 221\u003c\/p\u003e \u003cp\u003eList of Abbreviations 227\u003c\/p\u003e \u003cp\u003eGlossary 229\u003c\/p\u003e \u003cp\u003eReferences 233\u003c\/p\u003e \u003cp\u003ePhoto Credits 243\u003c\/p\u003e \u003cp\u003eIndex 245\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49407035900247,"sku":"9781119338208","price":28.49,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119338208.jpg?v=1730497955"},{"product_id":"moralizing-the-market-9781421424859","title":"Moralizing the Market","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eA novel historical perspective on how stock markets influence each other internationally.   A nation usually overhauls its financial regulations after a stock market crash or the collapse of its banking system. In 1967, France did something rare. Out of pure political expediency, Gaullist leaders and senior civil servants seized the opportunity offered by an insider-trading case and established an independent commission to regulate the securities market: the Commission des Opérations de Bourse, or COB. Despite their staunch defense of national sovereignty, these reformers drew their inspiration from an American model, the Securities and Exchange Commission.   Highlighting the international sources for national reform, Yves-Marie Péréon's Moralizing the Market explores the dynamics of policy transfer in securities regulationa subject that has rarely been considered from a historical perspective. That regulation has been used to attract investors and foster market development challenges \u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eAcknowledgments\u003cbr\u003eIntroduction\u003cbr\u003e1. A Minister on a Mission\u003cbr\u003e2. \"Thieves!\"\u003cbr\u003e3. The Paris Bourse in the 1960s: A Basket Case?\u003cbr\u003e4. France Looks at America\u003cbr\u003e5. Drafting the Ordonnance\u003cbr\u003e6. Takeoff\u003cbr\u003e7. The Red Flag over the \"Temple of Gold\"\u003cbr\u003e8. In Search of Legitimacy\u003cbr\u003e9. Mr. Chatenet Goes to Washington\u003cbr\u003e10. Mission Accomplished?\u003cbr\u003eConclusion\u003cbr\u003eNotes\u003cbr\u003eBibliography\u003cbr\u003eIndex\u003c\/p\u003e","brand":"Johns Hopkins University Press","offers":[{"title":"Default Title","offer_id":49408124584279,"sku":"9781421424859","price":47.18,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781421424859.jpg?v=1730501674"},{"product_id":"should-we-abolish-household-debts-9781509525393","title":"Should We Abolish Household Debts?","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eWe live in a culture of credit. As wages have stagnated, we’ve seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending.\u003c\/p\u003e \u003cp\u003eIn this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\"Abolishing household debt is heresy to the politicians who brought us bank bailouts and austerity. Johnna Montgomerie explains why so many families in Britain are dependent on borrowing and offers concrete proposals for ending the debt-fuelled growth.\"\u003cbr\u003e—\u003cb\u003ePaul Mason, journalist and author\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"In this book, Johnna Montgomerie demonstrates that an apparently radical idea, abolishing household debt, is just common sense. Buy it, read it, tell others to do the same.\"\u003cbr\u003e—\u003cb\u003eJohn Weeks, Coordinator of the Progressive Economy Forum\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"It is not often that I read a non-fiction book that is an easy read, explains complex economic concepts with metaphors that are simple enough to understand, and make perfect sense. \u003ci\u003eShould we abolish household debts?\u003c\/i\u003e by Johnna Montgomerie is such a book.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eFinancial Times\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Concise, informative.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eMorning Star\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e","brand":"John Wiley and Sons Ltd","offers":[{"title":"Default Title","offer_id":49409521811799,"sku":"9781509525393","price":33.25,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781509525393.jpg?v=1730507089"},{"product_id":"should-we-abolish-household-debts-9781509525409","title":"Should We Abolish Household Debts?","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eWe live in a culture of credit. As wages have stagnated, we’ve seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending.\u003c\/p\u003e \u003cp\u003eIn this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\"Abolishing household debt is heresy to the politicians who brought us bank bailouts and austerity. Johnna Montgomerie explains why so many families in Britain are dependent on borrowing and offers concrete proposals for ending the debt-fuelled growth.\"\u003cbr\u003e—\u003cb\u003ePaul Mason, journalist and author\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"In this book, Johnna Montgomerie demonstrates that an apparently radical idea, abolishing household debt, is just common sense. Buy it, read it, tell others to do the same.\"\u003cbr\u003e—\u003cb\u003eJohn Weeks, Coordinator of the Progressive Economy Forum\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"It is not often that I read a non-fiction book that is an easy read, explains complex economic concepts with metaphors that are simple enough to understand, and make perfect sense. \u003ci\u003eShould we abolish household debts?\u003c\/i\u003e by Johnna Montgomerie is such a book.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eFinancial Times\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Concise, informative.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eMorning Star\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e","brand":"John Wiley and Sons Ltd","offers":[{"title":"Default Title","offer_id":49409521844567,"sku":"9781509525409","price":9.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781509525409.jpg?v=1730507088"},{"product_id":"small-change-big-deal-money-as-if-people-mattered-9781780993133","title":"Small Change, Big Deal – Money as if people","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eAs we consider the plight of our consumer-driven economy, it is easy to forget that money is about relationship: between individuals and between communities. In our current financial mess, it is worth reminding ourselves of community-based alternatives, and to look closely at microcredit, a model of peer lending to enable people to move out of poverty. From Bangladesh, from South Africa, from Ghana, and from the East End of London, we are given a worm's eye view of small scale work, of personal transformation, and the building of community. Small and local is still beautiful, and has much to teach us.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eJennifers book provides a very necessary look at the alternatives to big bank lending. Full of examples and intriguing facts, Jennifer engages you with a fascinating tale of money and microcredit. Recommended. (Jeremy Renals, accountant, lecturer, and writer.) This is a superb and timely book. Thoroughly researched, Jennifer Kavanagh enlivens the insights from data with real-world examples of persons who are bridging the current abyss between \"money and relationship,\" to create new forms of personal and social wealth. In a period of lingering economic crisis, when many people in developed countries are slipping out of the middle class and into poverty, Kavanaghs book provides remedies that are practical, tested, and most of all, empowering. Money works as an asset, not an end: more than a mere exchange of value, money at its core represents the mutual commitment to values that is the basis for trust. By recovering the moral core of economics, Kavanagh has unleashed that most subversive of revolutions in which society achieves the very transformation it originally intended.(John Dalla Costa, Founding Director, Centre for Ethical Orientation Author of The Ethical Imperative: Why Moral Leadership is Good Business)","brand":"Collective Ink","offers":[{"title":"Default Title","offer_id":49411805610327,"sku":"9781780993133","price":11.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781780993133.jpg?v=1730514737"},{"product_id":"credit-and-crisis-from-marx-to-minsky-9781788972147","title":"Credit and Crisis from Marx to Minsky","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. \u003cp\u003e\u003c\/p\u003e\u003cp\u003e Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics. The book features an extended discussion of Marx's approach to credit and finance, new insights to Minsky's ideas and a reconsideration of the financial theories of Kalecki and Steindl.\u003c\/p\u003e\u003cp\u003e Economic researchers and postgraduate students seeking to extend their knowledge of critical approaches to finance will find this an invaluable read, as well as practitioners and policy makers who seek to understand financial instability and unstable markets. This will also be an insightful read for economic historians looking to understand the nuances of different key economic theories and their practical applications. This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003ci\u003e'Jan Toporowski provides a provocative guide to a dissenting tradition in macroeconomics where monetary and financial institutions are just as fundamental to the market economy's performance as real factors - endowments, tastes, technology, etc. Along his route from Marx to Minsky we naturally encounter the likes of Keynes and Kalecki, but also, more surprisingly, proto-monetarists like Fisher, Hawtrey, and Henry Simons. Whatever our own views, Toporowski forces us to look at today's macroeconomics in a refreshingly new light: highly recommended.'\u003c\/i\u003e\u003cbr\u003e --David Laidler, University of Western Ontario, US\u003cp\u003e\u003ci\u003e'Professor Jan Toporowski offers us a brilliant piece of scholarship combining history of money and credit theories ranging over heterodox economists from Marx and Luxemburg to mainstream but radical economists such as Keynes and Minsky. It is a here and now explanation of our problems.'\u003c\/i\u003e\u003cbr\u003e --Lord Meghnad Desai, London School of Economics, UK\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents: PART I: CAPITALISM AND FINANCIAL CRISIS  1. Marx and the Monetary Business Cycle  2. Marx and the Emergence of Debt Markets  3. Rosa Luxemburg and the Marxists on Finance  PART II: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: UNSTABLE MONEY AND FINANCE  4. Ralph Hawtrey and the Monetary Business Cycle  5. Irving Fisher and Debt Deflation  6. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt  7. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty  PART III: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: CORPORATE DEBT AND CRISIS  8. The Principle Of Increasing Risk: Marek Breit  9. The Principle Of Increasing Risk: Michal Kalecki  10. The Principle of Increasing Risk: Josef Steindl and Michal Kalecki on Profits and Finance  11. The Kalecki-Steindl theory of financial fragility  PART IV: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: THE FINANCIAL INSTABILITY HYPOTHESIS  12. The Monetary Theory of Kalecki and Minsky  13. From Money to Minsky: Henry Simons  14. The Financial Instability Hypothesis  Bibliography   Index","brand":"Edward Elgar Publishing Ltd","offers":[{"title":"Default Title","offer_id":49412564746583,"sku":"9781788972147","price":83.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781788972147.jpg?v=1730517198"},{"product_id":"financial-liberalization-and-intervention-a-new-analysis-of-credit-rationing-9781840649659","title":"Financial Liberalization and Intervention: A New","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis book seeks to provide a coherent explanation as to why the policies of financial liberalization and financial intervention have been unable to achieve the goal of improving the access of borrowers to the loan market, irrespective of size. This is one of the prime criteria for achieving efficiency in the operation of the loan market and its failure has resulted in increased uncertainty and financial fragility.\u003cp\u003eSantonu Basu develops an original theory of credit rationing which provides a theoretical explanation as to why neither policy has worked. He introduces two new concepts, namely credit standard and credit risk, in order to explain why bankers ration credit to some, while quite willingly offer loans to others. He then uses these two concepts to show why the implementation of either policy involves forcing or inducing the banking sector to relax its credit standard requirements. This in turn increases credit risk to an unprecedented level, thereby engendering either financial crisis or financial fragility. The author employs empirical evidence from both India and South Korea to demonstrate how these scenarios can unfold.\u003c\/p\u003e\u003cp\u003e\u003ci\u003eFinancial Liberalization and Intervention\u003c\/i\u003e provides a comprehensive analysis of the uncertainty that prevails in the operation of the loan market. It will be welcomed by scholars and students of economics, policymakers, banking regulators and the financial sector as a whole.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003ci\u003e'This delightful little book is highly recommended reading, since it presents a unique perspective and offers the reader up-to-date and in-depth insights into key issues of credit market uncertainty.'\u003c\/i\u003e -- Sushanta K. Mallick, International Review of Applied Economics\u003cbr\u003e\u003ci\u003e'This is a very interesting and informative book, and highly relevant for both developed and developing countries. The author synthesises a large amount of literature and makes an original contribution to the theory of credit rationing. This book is well argued, clearly written and deserves a close read.'\u003c\/i\u003e -- Philip Arestis, The Levy Economics Institute of Bard College, US\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents:  Preface  1. General Introduction  2. A Critical Review of the Literature on Credit Rationing  3. The Theory of Credit Rationing Revisited  4. Financial Liberalization  5. Intervention I: The South Korean Experience  6. Intervention II:  The Indian Experience  7. Concluding Remarks   References  Index","brand":"Edward Elgar Publishing Ltd","offers":[{"title":"Default Title","offer_id":49413343445335,"sku":"9781840649659","price":90.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781840649659.jpg?v=1730519828"},{"product_id":"the-foundations-of-credit-risk-analysis-9781847201485","title":"The Foundations of Credit Risk Analysis","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe explosive growth of the credit risk industry is symbolic not only of the rapid expansion of finance into new and global markets, but is also representative of a widespread shift. The securitization of risk and, in particular, its transfer through the resulting credit derivatives, has dramatically changed the ways in which both the world economy and the finance industry work. \u003cp\u003eThis authoritative collection of key papers provides an overview of the subject from its beginnings through to current scholarship in this area. While the experienced investigator will find this anthology a convenient collection of essential papers, the student new to the field will be quickly taken to the front lines of research. Consequently, this collection will be of interest to historians, researchers, and students.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003ci\u003e'From both theoretical and practical perspectives, credit risk engenders many of the outstanding questions in finance; thus, the topic provides numerous opportunities for research and profit. Pricing and managing credit risk are broadly and deeply imbedded in the bedrock of present-day economics and finance. This collection, assembled by Willi Semmler and Lucas Bernard, provides both a comprehensive review of the state-of-the-art of this topic and an educational tool for the many practitioners and students in finance and financial engineering who are concerned with these problems.'\u003c\/i\u003eBR\u0026gt;- Charles S. Tapiero, New York Polytechnic University, US\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents:  Acknowledgements  Introduction\tWilli Semmler and Lucas Bernard  PART I\tFOUNDATIONS   1. Franco Modigliani and Merton H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ 2. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 3. Robert C. Merton (1974), ‘On the Pricing of Corporate Debt: The Risk Structure of Interest Rates’ 4. J.E. Stiglitz and A. Weiss (1992), ‘Asymmetric Information in Credit Markets and its Implications for Macro-Economics’  PART II\tMEASURING CREDIT RISK     5. Marius J.L. Jonkhart (1979), ‘On the Term Structure of Interest Rates and the Risk of Default: An Analytical Approach’ 6. John Hull and Alan White (1995), ‘The Impact of Default Risk on the Prices of Options and Other Derivative Securities’ 7. Dilip B. Madan and Haluk Unal (1998), ‘Pricing the Risks of Default’ 8. Michel Crouhy, Dan Galai and Robert Mark (2000), ‘A Comparative Analysis of Current Credit Risk Models’ 9. Kay Giesecke and Lisa R. Goldberg (2004), ‘Forecasting Default in the Face of Uncertainty’  PART III\t CREDIT DERIVATIVES AND MODELING     10. John C. Hull and Alan White (2000), ‘Valuing Credit Default Swaps I: No Counterparty Default Risk’ 11. John Hull and Alan White (2001), ‘Valuing Credit Default Swaps II: Modeling Default Correlations’ 12. Philipp J. Schönbucher (2001), ‘Factor Models: Portfolio Credit Risk When Defaults Are Correlated’ 13. Darrell Duffie (2005), ‘Credit Risk Modeling with Affine Processes’ 14. Keith Kuester, Stefan Mittnik and Marc S. Paolella (2006), ‘Value-at-Risk Prediction: A Comparison of Alternative Strategies’  PART IV\t CONTROL AND MANAGEMENT OF CREDIT RISK  15. Douglas J. Lucas (1995), ‘Default Correlation and Credit Analysis’ 16. Edward W. Frees and Emiliano A. Valdez (1998), ‘Understanding Relationships Using Copulas’ 17. Lars Grüne and Willi Semmler (2005), ‘Default Risk, Asset Pricing, and Debt Control’ 18. Francis A. Longstaff, Sanjay Mithal and Eric Neis (2005), ‘Corporate Yield Spreads: Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market’ 19. Sanjiv R. Das, Darrell Duffie, Nikunj Kapadia and Leandro Saita (2007), ‘Common Failings: How Corporate Defaults are Correlated’  Name Index","brand":"Edward Elgar Publishing Ltd","offers":[{"title":"Default Title","offer_id":49413642977623,"sku":"9781847201485","price":233.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781847201485.jpg?v=1730520896"},{"product_id":"inequality-consumer-credit-and-the-saving-puzzle-9781847205094","title":"Inequality, Consumer Credit and the Saving Puzzle","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eProviding much needed context for current events like the sub-prime mortgage crisis, this timely book presents a vision of an economy evolved to greater dependence on consumer credit and analyzes the trade-offs and risks associated with it. While synthesizing the Keynesian theory of consumption with the Institutional theory of habit selection (brought up to date with new knowledge from evolutionary biology and neuroscience), this book represents an in-depth treatment of the macroeconomic dimensions of consumer credit and implications of recent financial innovations from a non-traditional economic approach.\u003cp\u003eSome of the effects of consumer credit dependence include the potential for illiquidity in markets for debt-collateralized securities, sub-prime contagion, or the possibility of a Minsky-type debt deflation episode. The author also argues that a sharp increase in borrowing by US households over the past 20 years, aided by financial innovations such as the securitization of consumer loans and sub-prime lending, have lessened the harmful consequences of income inequality, and that the collapse of personal saving after 1993 is actually a gradual trend of consumer habits conforming to the imperatives of corporatism.\u003c\/p\u003e\u003cp\u003eThe book's primary audience will be academic economists in sympathy with heterodox and pluralist approaches. It sets forth an institutional or 'top-down' theory of household spending behavior that should be of interest to readers in fields such as sociology, consumer or family studies, psychology, or anthropology. Much of the book is technically accessible for non-economists and students.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003ci\u003e'. . . provides an excellent example of economic analysis using atypical analytical approaches. . . the book is very accessible, especially to readers with some grounding in economics. Mathematical models and empirical evidence are appropriately used and the writing is superb. Advanced undergraduates and graduate students should be able to follow the analysis and will benefit from seeing the alternative analytics at work. Of course economists of all stripes will find something useful in this book as will anyone with a strong interest in understanding the current economic crisis.'\u003c\/i\u003e -- Richard V. Adkisson, The Social Science Journal\u003cbr\u003e\u003ci\u003e'For those who do not mind a stimulating read, the book by Christopher Brown, \u003c\/i\u003eInequality, Consumer Credit and the Saving Puzzle\u003ci\u003e, is recommended. . . the book is exciting, tracing the causes for the uncommonly low savings rate in American households. . . this book is written in nearly colloquial language and easily understood. It is divided into eight chapters, each of which addresses one theme group, respectively. The author evaluates in detail literary sources, and also examines alternative approaches, but always returns to his line of thought. Relationships that he perceives as important are exemplified through small models. In addition to that, he always attempts to support the central thesis with statistics. In particular, to read those statistics is very exciting. Conclusion: a book definitely worth reading.'\u003c\/i\u003e -- Friedrich Thiessen, Bankhistorisches Archiv\u003cbr\u003e\u003ci\u003e'Brown makes an important contribution to the field of consumer credit by presenting a broad view of the issues and problems associated with growing consumer credit habits, culture, and institutions. . . This book effectively uses a heterodox methodology, which will appeal to a wide audience of social scientists. Highly recommended.'\u003c\/i\u003e -- R.H. Scott, Choice\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents: 1. Consumer Credit and Effective Demand  2. The Household Debt Surge and the Theory of Habit Selection  3. A Brief History of Innovation in the Consumer Credit Industry  4. The Saving Puzzle: A Closer Examination  5. Macroeconomic Aspects of Consumer Credit Dependence  6. Balance Sheet (Minsky) Effects: An Empirical Analysis  7. Consumerism, Inequality and Globalization  8. Final Remarks   Index","brand":"Edward Elgar Publishing Ltd","offers":[{"title":"Default Title","offer_id":49413650481495,"sku":"9781847205094","price":90.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781847205094.jpg?v=1730520922"},{"product_id":"secured-transactions-reform-and-access-to-credit-9781847205988","title":"Secured Transactions Reform and Access to Credit","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eSecured transactions reform, also known as collateral or pledge law reform, is increasingly seen as an important building block for economic development. The commonly held view is that the availability and cost of credit, as well as the efficiency of the market for secured credit, are directly influenced by the laws affecting secured transactions and their implementation. However, there is still a lot of confusion about this relatively complex and technical area of the law and its role in promoting access to credit and economic growth. The chapters presented here provide, for the first time, a comprehensive and cutting-edge view of the subject - from both a legal and economic perspective. They start at the macro level of financial systems, moving towards the behaviours of lenders (commercial banks and micro-lenders), policy options for government and the mechanisms of collateral law reform. \u003cp\u003eBy approaching the subject from different angles and experiences, the work advocates an inclusive approach to the subject where all stakeholders' interests can be taken into account. It addresses the question of what role laws and institutions can play to encourage access to credit. This book will be of primary interest to those involved in economic development and the interaction between law and economics, either for practical reasons (for example, working on reform or providing advice on investment in transition economies) or for research purposes.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003ci\u003e'The book is unique. . . It brings together articles on the economics and the law of property rights, and combines these with case studies, observations of what works and what does not, and a checklist of things to watch for. . . This is a very useful book that should appeal to reformers working in the field, whether they are governmental officials trying to modernize their economies, or economists and lawyers working in developmental agencies. . . There are few other books or publications that bring together the views of experts working in this important, albeit somewhat neglected, are of financial sector plumbing.'\u003c\/i\u003e -- William P. Armstrong, Banking and Finance Law Review\u003cbr\u003e\u003ci\u003e'. . . a well-presented collection of interesting papers within which one finds a rich resource of information and perspectives on secured transactions reform from parts of the world which are often overlooked in comparative commercial law scholarship.'\u003c\/i\u003e -- Noel McGrath, Journal of Business Law\u003cbr\u003e\u003ci\u003e'. . . with its insightful analysis, interesting empirical studies and knowledgeable team of contributors, the book will be illuminating and useful not just for those interested in development, but also anyone who has anything to do with granting credit and taking security.'\u003c\/i\u003e -- Dora S. Neo, Singapore Journal of Legal Studies\u003cbr\u003e\u003ci\u003e'This is an excellent, unique book. The material is very well written and presented in a carefully thought-out, coherent way. It tells us a legal story of our own, unique time. Any lawyer working in transition economies, whether or not directly on reform projects, would find it of great interest. Even economists should perhaps take a look at it!'\u003c\/i\u003e -- Roger McCormick, Law and Financial Markets Review\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContents:  Foreword  PART I: ACCESS TO CREDIT AND SECURED TRANSACTIONS IN A GLOBAL WORLD 1. Turning the Key to Credit: Credit Access and Credit Institutions Florencio Lopez-de-Silanes  2. Policy Choices for an Efficient and Inclusive Financial System Thorsten Beck  PART II: SECURED TRANSACTIONS LAW TO SUPPORT ACCESS TO CREDIT: A CASE FOR REFORM 3. The Economics of Collateral and of Collateral Reform Heywood Fleisig  4. Firm-level Evidence on Collateral and Access to Finance Mehnaz S. Safavian  5. Legal Efficiency of Secured Transactions Reform: Bridging the Gap between Economic Analysis and Legal Reasoning Frederique Dahan and John Simpson  PART III: TAKING SECURITY IN PRACTICE: MICROFINANCE AND MORTGAGE 6. The State of Nature and Lending in an Unreformed Environment: Experience from Early Transition Countries Thomas Engelhardt and Benjamin Regitz  7. Use of Security in Challenging Environments: The Microfinance Perspective Martin Holtmann  8. Mortgages in Transition Economies John Simpson and Frederique Dahan  PART IV: STORIES OF REFORM: LESSONS LEARNED AND REMAINING CHALLENGES 9. The Slovak Secured Transactions Reform: Ingredients of a Successful Reform and Reflection on its Achievements Katarína Mathernová  10. The Romanian Electronic Archive of Security Interests in Personal Property Diana Lupulescu  11. Challenges in Implementing Secured Transactions Reform in Latin America Nuria de la Peña  12. Recent Reform in France: The Renaissance of a Civilian Collateral Regime? Marie-Elodie Ancel  Index","brand":"Edward Elgar Publishing Ltd","offers":[{"title":"Default Title","offer_id":49413652087127,"sku":"9781847205988","price":111.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781847205988.jpg?v=1730520928"},{"product_id":"bond-credit-analysis-framework-and-case-studies-9781883249915","title":"Bond Credit Analysis: Framework and Case Studies","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eCredit analysis is an important factor in judging investment value. Fundamentally sound credit analysis can offer more insight into the value of an investment and lead to greater profits. This study presents a professional framework for understanding and managing a successful corporate or municipal bond analysis, while providing informative case studies from well-known private and government organizations.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eContributing Authors.\u003cbr\u003e \u003cbr\u003e SECTION I: FRAMEWORK.\u003cbr\u003e \u003cbr\u003e Why Does Credit Analysis Work? (M. Fridson).\u003cbr\u003e \u003cbr\u003e Review of Financial Statements (F. Fabozzi, et al.).\u003cbr\u003e \u003cbr\u003e Credit Analysis for Corporate Bonds (J. Howe).\u003cbr\u003e \u003cbr\u003e The Analysis of High-Yield Corporate Bonds (J. Howe).\u003cbr\u003e \u003cbr\u003e Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.).\u003cbr\u003e \u003cbr\u003e Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp).\u003cbr\u003e \u003cbr\u003e Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor).\u003cbr\u003e \u003cbr\u003e Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen).\u003cbr\u003e \u003cbr\u003e Municipal Bond Credit Analysis (S. Feldstein).\u003cbr\u003e \u003cbr\u003e The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya).\u003cbr\u003e \u003cbr\u003e Understanding MBS\/ABS Loss Terminology (T. Zimmerman).\u003cbr\u003e \u003cbr\u003e A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy).\u003cbr\u003e \u003cbr\u003e Mortgage Credit Analysis (J. Brown and W. Wadden IV).\u003cbr\u003e \u003cbr\u003e Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver).\u003cbr\u003e \u003cbr\u003e Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten).\u003cbr\u003e \u003cbr\u003e Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story).\u003cbr\u003e \u003cbr\u003e Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.).\u003cbr\u003e \u003cbr\u003e AAA CMBS: Prospective Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah).\u003cbr\u003e \u003cbr\u003e SECTION II: CASE SUDIES.\u003cbr\u003e \u003cbr\u003e Bergen Brunswig Corporation (F. Fabozzi).\u003cbr\u003e \u003cbr\u003e Einstein\/Noah Bagel Corporation (S. Tufo).\u003cbr\u003e \u003cbr\u003e Sun Healthcare Group, Inc. (S. Tufo).\u003cbr\u003e \u003cbr\u003e Windmere-Durable Holdings, Inc. (A. Alaimo).\u003cbr\u003e \u003cbr\u003e CII Technologies, Inc. (A. Alaimo and A. Roulac).\u003cbr\u003e \u003cbr\u003e DESA International, Inc. (A. Alaimo and A. Roulac).\u003cbr\u003e \u003cbr\u003e Bruno's Supermarket (S. Lewis).\u003cbr\u003e \u003cbr\u003e Tevecap (B. Stannforth).\u003cbr\u003e \u003cbr\u003e Dao Heng Bank (A. Aran).\u003cbr\u003e \u003cbr\u003e CanFibre of Riverside, Inc., Project (M. Pisecki).\u003cbr\u003e \u003cbr\u003e Nassau County, New York General Obligations (S. Feldstein).\u003cbr\u003e \u003cbr\u003e Erie Tobacco Asset Securitization Corporation (C. Hicks).\u003cbr\u003e \u003cbr\u003e Yellowstone Energy Limited Partnetship Project (S. Haberer).\u003cbr\u003e \u003cbr\u003e Port of Walla Walla Public Corporation (J. Colombo).\u003cbr\u003e \u003cbr\u003e Wisconsin Helath Facilities Authority Healthcare Revenue Bonds--RFDF Project, Series 1997 (M. Ross).\u003cbr\u003e \u003cbr\u003e JFK International Air Terminal LLC Project (D. Frasca).\u003cbr\u003e \u003cbr\u003e Bank of America 1997-1 Manufactured Housing Asset-Backed Security (J. Brown and W. Wadden IV).\u003cbr\u003e \u003cbr\u003e Conseco 2000-XX ABS (K. Weaver and J. Nimberg).\u003cbr\u003e \u003cbr\u003e Index for Chapters.","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49414134301015,"sku":"9781883249915","price":60.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781883249915.jpg?v=1730522575"},{"product_id":"the-trade-and-receivables-finance-companion-a-collection-of-case-studies-and-solutions-9783030251413","title":"The Trade and Receivables Finance Companion: A","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe \u003ci\u003eTrade and Receivables Finance Companion: A Collection of Case Studies and Solutions\u003c\/i\u003e is based on the author’s personal experience gained through more than 40 years in the field of trade finance. This Companion applies the techniques described in his first volume, \u003ci\u003eTrade and Receivables Finance: A Practical Guide to Risk Evaluation and Structuring\u003c\/i\u003e to an extensive range of international trade scenarios. Practical solutions are discussed and presented through a specially selected collection of more than 20 case studies. \u003cbr\u003eThese books provide an unrivalled and highly practical set of manuals for the trade and receivables financier.\u003cbr\u003eThe reader is taken on a journey from the structuring of trade products including collections, import and export letters of credit, back to back credits, guarantees and standby credits to fully and partially structured financing solutions for the importer, manufacturer, distributor, middle-party and exporter. Each funding technique provides a compelling alternative to an overdraft.\u003cbr\u003eThe case studies include the risk assessment and financing of open account payables, stock and receivables transactions and the evaluation and use of credit insurance as a supporting tool. The structuring of commodity finance across the trade cycle, to include warehousing, and call-off is also described. \u003cbr\u003eMany of the chapters contain a summary ‘keynote’ overview and comprehensive ‘deal sheet’ extracts of the chosen solution detailing facility and operational requirements.  \u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e1. Conflicting needs: the need for risk mitigation and finance 2. The trade cycle: construction and facility calculation\u003cbr\u003e3. Bills of lading: exercising control4. Advance against collections: an alternative to the overdraft5. Letters of credit for import: protecting the applicant 6. Letters of credit for export: protecting the beneficiary7. Letter of credit non-bank issuer: risk appreciation and negotiation8. Standby letters of credit: protecting the applicant and issuing bank9. Advance payment guarantee: Applicant risk mitigation and clause construction10. Back to back guarantees: managing risk11. Pre-export finance: use of documentation to mitigate performance risk12. Pre-shipment finance: funding the manufacturer13. Stock: structuring financing solutions14. Commercial terms: evaluation15. Credit insurance: evaluating cover16. Receivables finance: formulating the facility structure17. Specific insured debt purchase: structuring a solution to meet the client’s needs18. Financing the importer: structuring payables finance19. Supporting the middle-party: minimising risk exposure20. Discount purchase: reducing the facility requirement21. Commodity finance: financing the trade cycle22. Trade \u0026amp; receivables finance: structuring a compelling client focused solution\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e","brand":"Springer Nature Switzerland AG","offers":[{"title":"Default Title","offer_id":49415616266583,"sku":"9783030251413","price":40.49,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9783030251413.jpg?v=1730527528"},{"product_id":"american-bonds-9780691227078","title":"American Bonds","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Winner of the Viviana Zelizer Award for Best Book, Economic Sociology Section of the American Sociological Association\"\u003cbr\u003e\"Honorable Mention for the Theory Prize, Theory Section of the American Sociological Association\"","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49526167765335,"sku":"9780691227078","price":19.8,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691227078.jpg?v=1731863207"},{"product_id":"central-bank-governance-and-oversight-reform-9780817919245","title":"Central Bank Governance and Oversight Reform","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eHow can we balance a central bank's authority and independence with needed accountability and constraints? Drawn from a 2015 Hoover Institution conference, this book features distinguished scholars and policy makers' discussing this and other key questions.","brand":"Hoover Institution Press,U.S.","offers":[{"title":"Default Title","offer_id":49527973347671,"sku":"9780817919245","price":14.2,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780817919245.jpg?v=1731869913"},{"product_id":"complicit-how-greed-and-collusion-made-the-credit-crisis-unstoppable-9781576603468","title":"Complicit: How Greed and Collusion Made the","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":49532535275863,"sku":"9781576603468","price":18.04,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781576603468.jpg?v=1731887467"},{"product_id":"in-their-own-hands-how-savings-groups-are-revolutionizing-development-9781626562189","title":"In Their Own Hands: How Savings Groups Are","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eJeffrey Ashe draws on his long, distinguished career in international development and his personal experience helping to build savings groups to explain how this simple and powerful approach works. As this book shows, the poor are not too poor to save, there is enough savings potential within a group of twenty to meet most needs, and very small sums can make a big difference. Savings groups are as convenient as meeting under a mango tree in the village, and they are as flexible as the rules group that members design for themselves. They build on existing resources while avoiding the subsidies, debt, dependency, and high costs of other approaches, including microlending.\u003cp\u003eThis model has the potential to revolutionize development programs in many other areas, including health, agriculture, education, and even grassroots political empowerment. âœBeing organized gives us courage,â as one saver said. 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Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationshi\u003c\/p\u003e","brand":"MIT Press","offers":[{"title":"Default Title","offer_id":49885717135703,"sku":"9780262533270","price":45.6,"currency_code":"GBP","in_stock":true}]},{"product_id":"financial-times-guide-to-bond-and-money-markets-the-9780273791799","title":"Financial Times Guide to Bond and Money Markets","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eGlen Arnold has deftly crossed the HE\/professional\/consumer divide and has had success at all levels. He's the author of \u003ci\u003eCorporate Financial Management\u003c\/i\u003e, now 4\u003csup\u003eth\u003c\/sup\u003e edition; \u003ci\u003eThe FT Guide to Value Investing\u003c\/i\u003e; \u003ci\u003eThe Handbook of Corporate Finance\u003c\/i\u003e; the bestselling \u003ci\u003eThe FT Guide to Investing\u003c\/i\u003e; \u003ci\u003eThe Great Investors\u003c\/i\u003e; \u003ci\u003eGet Started in Shares.\u003c\/i\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cul\u003e\n\u003cli\u003ePreface \u003c\/li\u003e\n\u003cli\u003ePart 1: An Overview \u003c\/li\u003e\n\u003cli\u003eChapter 1 – Introduction to Bond and Money Markets \u003c\/li\u003e\n\u003cli\u003ePart 2: Bond Markets \u003c\/li\u003e\n\u003cli\u003eChapter 2 – Government Bonds \u003c\/li\u003e\n\u003cli\u003eChapter 3 – Government Bonds around the World \u003c\/li\u003e\n\u003cli\u003eChapter 4 – Corporate Bonds \u003c\/li\u003e\n\u003cli\u003eChapter 5 – Credit Ratings for Bonds \u003c\/li\u003e\n\u003cli\u003eChapter 6 – High-yield and Hybrid Bonds \u003c\/li\u003e\n\u003cli\u003eChapter 7 – International Bonds \u003c\/li\u003e\n\u003cli\u003ePart 3: Money Markets \u003c\/li\u003e\n\u003cli\u003eChapter 8 – Interbank and Euro Currency \u003c\/li\u003e\n\u003cli\u003eChapter 9 – Treasury Bills and Commercial Paper \u003c\/li\u003e\n\u003cli\u003eChapter 10 – Repurchase Agreements and Certificates of Deposit \u003c\/li\u003e\n\u003cli\u003eChapter 11 – Bills of Exchange and Banker’s Acceptances \u003c\/li\u003e\n\u003cli\u003ePart 4: Valuing Bonds and Money Market Instruments \u003c\/li\u003e\n\u003cli\u003eChapter 12 – Financial Concepts and Mathematics \u003c\/li\u003e\n\u003cli\u003eChapter 13 – Bond Valuation \u003c\/li\u003e\n\u003cli\u003eChapter 14 – Money Market Securities Valuation \u003c\/li\u003e\n\u003cli\u003ePart 5: Some Variations on a Bond Theme \u003c\/li\u003e\n\u003cli\u003eChapter 15 – Securitisation \u003c\/li\u003e\n\u003cli\u003eChapter 16 – Central Banking Influences on Interest Rates \u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Pearson Education","offers":[{"title":"Default Title","offer_id":51017732981079,"sku":"9780273791799","price":35.14,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780273791799.jpg?v=1750774492"},{"product_id":"modelling-scientific-communities-9781009359542","title":"Modelling Scientific Communities","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis Element will overview research using models to understand scientific practice. It argues that while these models are epistemically useful, the best way to employ most of them to understand and improve science is in combination with empirical methods and other sorts of theorizing.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e1. Introduction; 2. The credit economy; 3. The natural selection of science; 4. Social networks and scientific knowledge; 5. Epistemic landscapes; 6. The replication crisis and methodological reform; 7. The replication crisis and methodological reform; Bibliography.","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":51018624762199,"sku":"9781009359542","price":17.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781009359542.jpg?v=1750777564"}],"url":"https:\/\/bookcurl.com\/collections\/credit-and-credit-institutions.oembed?page=3","provider":"Book Curl","version":"1.0","type":"link"}