Credit and credit institutions Books
Nova Science Publishers Inc Securization of Subprime Mortgages
Book SynopsisIn this book, the authors provide an overview of the sub-prime mortgage securitisation process and the seven key informational frictions that arise. They discuss the ways that market participants work to minimise these frictions and speculate on how this process broke down. They continue with a complete picture of the sub-prime borrower and the sub-prime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical sub-prime securitisation, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time.
£107.99
Nova Science Publishers Inc Credit Rating Agencies: Regulation & Reform Act
Book Synopsis
£139.49
Nova Science Publishers Inc Federal Credit: Concepts, Budgetary Treatment &
Book SynopsisThe 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.
£63.74
Nova Science Publishers Inc Credit Scores: Impact & Analysis of Differences
Book SynopsisA credit score is a numerical summary of a consumer''s apparent creditworthiness, based on the consumer''s credit report, and reflects the relative likelihood that the consumer will default on a credit obligation. Credit scores can have a significant impact on a consumer''s financial life. Lenders rely on scores extensively in decision making, including the initial decisions of whether to lend and what loan terms to offer, for most types of credit, including mortgages, auto loans, and credit cards. Credit scores also influence the marketing offers that consumers receive, such as offers for credit cards. A good credit score can mean access to a wide range of credit products at the better rates available in the market, while a bad credit score can lead to greatly reduced access to credit and much higher borrowing costs. This book provides context for understanding the credit reporting industry as a whole, important industry players, and the complexity of the credit scoring process.
£63.74
Berrett-Koehler In Their Own Hands: How Savings Groups Are
Book SynopsisJeffrey 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.This 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. It is their courage translated into action that explains the success of this "in their own hands" approach to development.
£16.19
Plunkett Research, Ltd Plunkett's Banking, Mortgages & Credit Industry
Book SynopsisThe lending industry is comprised of a wide variety of sectors, such as banking, credit cards, mortgages, leasing and consumer finance. Many of these sectors have interconnections and synergies. In addition, a large number of related services and technologies have a major influence on the lending and credit business. Meanwhile, international acquisitions are shaping up the globalized banking industry of the future. This carefully researched book is a banking, credit and mortgages market research and business intelligence tool--everything you need to know about the business of banking, credit cards, mortgages and lending, including: money center banks; regional banks; savings associations; brokerage; home equity loans; credit cards; globalization of the banking and lending industries; and other services provided by non-bank enterprises. Analysis includes significant trends in banking and lending technologies, risk analysis, payment processing, call centers and other support services, online banking trends, ATMs and software. This book includes our profiles of 500 of the world's leading firms in the banking, mortgages and credit industry. You'll find a complete overview, industry analysis and market research report in one superb, value-priced package.Table of Contents Introduction 1 How to Use This Book 3 Chapter 1: Trends Affecting the Banking, Mortgages & Credit Industry 7 1) Introduction to the Banking, Mortgages & Credit Industry 7 2) Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $36.7 Trillion 8 3) Basel III, Dodd-Frank Act and Volcker Act Increase Regulation/European Solvency II and MiFID 2 Take Effect 10 4) Investment Firms and Banks Compete for Clients in High-Net-Worth Households 11 5) Banks and Apps Vie for Previously Underserved Markets, Including Hispanics 11 6) Walmart Offers Financial Services in the U.S./Banco de Walmart in Mexico 12 7) China Sees Growth in Online Payments, Banking and Lending/Alipay Soars 12 8) Credit Default Swaps (CDS) and Derivatives Reach into the Trillions of Dollars 14 9) Non-Banking Alternatives Grow in Lending and Crowdfunding 14 10) Smartphones and Neobanks Replace Branches and Tellers 15 11) Visa and MasterCard Enjoy Global Growth/Apple Card Use Soars 16 12) Smartphones and Financial Technology (FinTech) Enable New Mobile Payment Methods 17 13) Peer-to-Peer (P2P) Payment Systems, such as Zelle and Venmo, Soar in Popularity 18 14) In Emerging Nations, mChek and M-PESA Enable Remote Banking via Smartphone 18 15) High Interest Rates Hinder Mortgage Originations, Slow Home Sales 19 16) Online Competition Changes the Mortgage Industry 19 17) Hedge Funds and Private Equity Play a Major Role in Financial Products Including Derivatives, Lending and Insurance (Shadow Banking) 20 18) Financial Technology (FinTech) Enables Online Payments, Lending, Insurance and Robo Advisors 21 19) Cryptocurrencies and Blockchain Explained 22 20) Open Banking Revolutionizes the World of Banking and Finance 23 21) The Future of Banking, Credit Cards, Mobile Payments and Mortgages 24 Chapter 2: Banking, Mortgages & Credit Industry Statistics 27 U.S. Banking, Mortgages & Credit Industry Statistics and Market Size Overview 28 Global Credit Card Industry Statistics and Market Size Overview 29 Top 50 U.S. Bank Holding Companies: June 30, 2023 30 FDIC Insured Institution Statistics: 2nd Quarter 2022 31 Prime Interest Rate, U.S.: 1955-October 2023 32 Bond Yields & Interest Rates, U.S.: Selected Years, 1950-2022 33 Homeownership Rates by Region, U.S.: Selected Years, 1965-2022 34 New Privately-Owned Housing Units Started, U.S.: 1985-2022 35 Mortgage Loans Outstanding, U.S.: 1985-2023 Q2 36 Consumer Credit Outstanding, U.S.: 1972-August 2023 37 Terms of Credit at Commercial Banks, U.S.: 2018-2nd Quarter 2023 38 Employment in the Banking Industry, U.S.: 2016-July 2023 39 Chapter 3: Important Banking, Mortgages & Credit Industry Contacts 41 (Addresses, Phone Numbers and Internet Sites) Chapter 4: THE BANKING & LENDING 500: Who They Are and How They Were Chosen 69 Index of Companies Within Industry Groups 70 Alphabetical Index 82 Index of U.S. Headquarters Location by State 86 Index of Non-U.S. Headquarters Location by Country 89 Individual Data Profiles on Each of THE BANKING & LENDING 500 93 Additional Indexes Index of Hot Spots for Advancement for Women/Minorities 586 Index by Subsidiaries, Brand Names and Selected Affiliations 588 A Short Banking Industry Glossary 609
£316.80
Naval Institute Press From the Sea to the C-Suite: Lessons Learned from
Book SynopsisHow do you quadruple the size of an 85-year-old company in one decade without changing its cultural DNA? How do you accomplish this while keeping your original base of customers wildly loyal and your employees passionately engaged? With Cutler Dawson at the helm for the last 14 years, Navy Federal Credit Union, the world's largest credit union, has quadrupled the size of the organisation and made it an industry leader in customer service. A retired Navy vice admiral with an esteemed 34-year career commanding ships and fleets, Cutler arrived at the venerable and conservative credit union and Set it on a course for meteoric growth. It is now one of the most fiercely trusted and smoothly run financial institutions in the world ranked by Fortune magazine as a Best Place to Work for eight years. How did Cutler and his team at Navy Federal do it? What did he learn on the ship's bridge that that helped him successfully run a bank--a credit union, actually? What did he learn leading ships and crews into harm's way that helped him weather the storms of the 2008 financial crisis without a layoff? And what can you learn from his leadership experience that began when he took command of his first ship at the age of 27? This book reveals an honest and straightforward look at Cutler's leadership philosophy and guiding principles, offering tangible and practical insights for readers who want to learn how to chart a similar course of success--one of exponential growth without compromising a company's bedrock principles.
£20.36
Collective Ink Small Change, Big Deal – Money as if people
Book SynopsisAs 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.Trade ReviewJennifers 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)
£11.99
Agenda Publishing Credit Rating Agencies
Book SynopsisCredit rating agencies (CRAs) assess the creditworthiness of debt issuers on financial markets. They are private companies and the ratings they issue are judgements about the prospect of repayment of debt by an issuer in time and in full. A rating is not an investment recommendation, but it is an opinion about the creditworthiness of a financial product or an issuing bank, government, supra- or sub-national institution. In recent years CRAs have gained an authority in bond markets that far surpasses their original design. The financial crisis of 2008 thrust the CRAs into the spotlight as their highly rated financial products turned out to be toxic assets. CRAs were blamed not only for their excessively optimistic ratings, but also for their complicity in creating them. This short book introduces and explores the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. Giulia Mennillo shows, as constitutive actors of global financial capitalism, CRAs have a social and political relevance that reaches well beyond finance into areas of transport, infrastructure, education and health and their impact is emblematic of the increasing financialization of our world.Table of ContentsIntroduction1. The “what” and the “who” about credit rating2. What do credit rating agencies do?3. The use of ratings4. CRAs under criticism5. Regulating the credit rating agencies6. Credit rating in ChinaConclusion
£75.00
Agenda Publishing Credit Rating Agencies
Book SynopsisCredit rating agencies (CRAs) assess the creditworthiness of debt issuers on financial markets. They are private companies and the ratings they issue are judgements about the prospect of repayment of debt by an issuer in time and in full. A rating is not an investment recommendation, but it is an opinion about the creditworthiness of a financial product or an issuing bank, government, supra- or sub-national institution. In recent years CRAs have gained an authority in bond markets that far surpasses their original design. The financial crisis of 2008 thrust the CRAs into the spotlight as their highly rated financial products turned out to be toxic assets. CRAs were blamed not only for their excessively optimistic ratings, but also for their complicity in creating them. This short book introduces and explores the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. Giulia Mennillo shows, as constitutive actors of global financial capitalism, CRAs have a social and political relevance that reaches well beyond finance into areas of transport, infrastructure, education and health and their impact is emblematic of the increasing financialization of our world.Table of ContentsIntroduction1. The “what” and the “who” about credit rating2. What do credit rating agencies do?3. The use of ratings4. CRAs under criticism5. Regulating the credit rating agencies6. Credit rating in ChinaConclusion
£22.99
Edward Elgar Publishing Ltd Credit and Crisis from Marx to Minsky
Book SynopsisThis 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. 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. 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.Trade Review'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.' --David Laidler, University of Western Ontario, US'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.' --Lord Meghnad Desai, London School of Economics, UKTable of ContentsContents: 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
£78.85
Berghahn Books Credit and Debt in an Unequal Society:
Book Synopsis South Africa was one of the first countries in the Global South that established a financialized consumer credit market. This market consolidates rather than alleviates the extreme social inequality within a country. This book investigates the political reasons for adopting an allegedly self-regulating market despite its disastrous effects and identifies the colonialist ideas of property rights as a mainstay of the existing social order. The book addresses sociologists, political scientists, anthropologists and legal scholars interested in the interaction of economy and law in contemporary market societies.Trade Review “The book—not an examination of credit and debt, but an account of the contemporary construction of a market—is an important contribution to the study of relationships between credit and debt in an unequal society.” • Africa Today “I think the book is marvelous, with a fine organization building from meticulous literary scholarship to a broad critique of applying market ideas to the organization of credit.” • Keith Hart, University of PretoriaTable of Contents List of Illustrations Acknowledgements Notes on Transliteration List of Abbreviations Introduction Chapter 1. Borrowing in the South African Consumer Credit Market Chapter 2. Raising the Storm of a Free Consumer Credit Market Chapter 3. The Institutional Framework: Implementing a Consumer Credit Market Chapter 4. Legislator’s Reactions to the Consumer Credit Market Crisis 2012-2014 Chapter 5. The Model of Rational Action in the South African Consumer Credit Market Conclusion: The Missed Options of the South African Consumer Credit Market References Index
£89.10
Emerald Publishing Limited Transforming Africa: How Savings Groups Foster
Book SynopsisFormal financial systems are emerging rapidly in Africa, driven by rising financial literacy and technological innovation, and accelerated by informal savings groups that foster inclusive growth across the continent. While prevalent among the poor, the savings groups phenomenon extends to Africa’s growing, yet still fragile, middle class, underpinning economic resilience and providing a tool for community participation as well as cooperative entrepreneurial development. These groups are also becoming important agents for social and economic empowerment, independent of age and gender. Transforming Africa: How Savings Groups Foster Financial Inclusion, Resilience and Economic Development gives voice to the local and international agents of grassroots economic empowerment initiatives that thrive in Africa. Presenting a unique through in-depth empirical research into savings group activities in over a dozen African countries, this book explores savings groups through the lens of financial inclusion, reflecting on formal finance, economic and social outcomes. SG4Africa was launched in April 2018 to explore these dimensions of savings groups and provide novel, empirically-grounded research across different geographies in Africa. Led jointly by the Policy Experimentation; Evaluation Platform and the University of Johannesburg, the SG4Africa consortium includes members from more than a dozen African countries.Table of ContentsIntroduction; Dana T. Redford and Grietjie Verhoef Part 1. Conceptual chapters Chapter 1. High-End and Mid-Market Savings Groups: A Pan-African Phenomenon; James Atta Peprah and Dana T. Redford Chapter 2. The Role of INGOs in the Promotion of Saving Groups: Contribution by CARE International; George Muruka Chapter 3. Exploring Leadership Competences in Informal Savings Groups in Sub-Saharan Africa; Lenora Biche and Christian Wolf Chapter 4. Enhancing Women’s Empowerment through Savings Groups; Katherine Rickard Part 2. Country Chapters Chapter 5. Saving Groups in Burkina Faso; Sakola Djika Ali and Sako Siembou Chapter 6. Savings Groups in Cameroon; Cyrille Bertrand Onomo and Raphaël Nkakleu Chapter 7. Savings Groups in Cabo Verde; João António Furtado Brito Chapter 8. Savings Groups in the Democratic Republic of Congo: Country Contribution; Deogratias Bugandwa Mungu Akonkwa, Eddy Balemba Kanyurhi, Guillaume Bidubula Juwa, and Albert Masheka Hongo Chapter 9. Savings Groups in Urban Ethiopia; Konjit Hailu Gudeta, Atsede Tesfaye Hailemariam, and Bantie Workie Gessese Chapter 10. Ghana: Susu, Village Savings and Loans, Credit Union, Rotating Savings System; Christopher Boachie and Eunice A. Adu-Darko Chapter 11. Savings Groups in Guinea-Bissau; Ismael Mendes de Medina, Filipa Monteiro, and Ana Pinelas Pinto Chapter 12. Savings Groups in Kenya: A Contextualised Literature Review on Savings Groups in Kenya; David Mathuva Chapter 13. Mozambique; Graham Sherbut, Tiago Borges Coelho, and Eugénio Hélder E. Gujamo Chapter 14. Savings Groups in Nigeria; Ogechi Adeola, Ifedapo Adeleye, Garzali Muhammed, Babalola Josiah Olajubu, Chijioke Oji, and Oserere Ibelegbu Chapter 15. The Change Dynamics of Tontine in Senegal; Edoé Djimitri Agbodjan, Mawuli Couchoro, and Germain Lankoande Chapter 16. Savings Groups in South Africa; Grietjie Verhoef and Karen Hidden Chapter 17. Savings Groups in Uganda; Vincent Bagire and Sheila Namagembe
£70.29
Emerald Publishing Limited Growth and Developmental Aspects of Credit
Book SynopsisGrowth and Developmental Aspects of Credit Allocation: An Inquiry for Leading Countries and the Indian States 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. Examining 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. Incorporating and applying modern economic theory, Growth and Developmental Aspects of Credit Allocation: An Inquiry for Leading Countries and the Indian States presents a ground-breaking perspective for those interested in banking, finance, macro- and microeconomics, as well as human development on a global scale.Table of ContentsForeword; Girijasankar Mallik Chapter 1. Historical Perspectives of the Countries Chapter 2. Trends of the Variables and Descriptive Statistical Analysis Chapter 3. Issues of Non-Performing Assets, Security Investments vis-à-vis Credit, GDP and HDI Chapter 4. Linkage of Credit with Income and Development of the Countries Chapter 5. Credit Elasticity and Equilibrium Relations of NPA and Investment with Credit, GDP and HDI Chapter 6. Convergence Analysis of Credit, GDP and HDI of the Countries Chapter 7. Branch, Deposit and Credit of Banks in Indian States Chapter 8. Trends of Bank Credit, NPA and Government Security Investments in India Chapter 9. Credit Convergence and Credit Inequality in Indian States Chapter 10. Linkages of Bank Credit with Output and HDI of the Indian States Chapter 11. Concluding Observations
£76.00
Edward Elgar Publishing Ltd Financial Liberalization and Intervention: A New
Book SynopsisThis 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.Santonu 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.Financial Liberalization and Intervention 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.Trade Review'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.' -- Sushanta K. Mallick, International Review of Applied Economics'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.' -- Philip Arestis, The Levy Economics Institute of Bard College, USTable of ContentsContents: 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
£90.00
Edward Elgar Publishing Ltd The Foundations of Credit Risk Analysis
Book SynopsisThe 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. This 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.Trade Review'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.'BR>- Charles S. Tapiero, New York Polytechnic University, USTable of ContentsContents: Acknowledgements Introduction Willi Semmler and Lucas Bernard PART I FOUNDATIONS 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 MEASURING 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 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 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
£233.00
Edward Elgar Publishing Ltd Inequality, Consumer Credit and the Saving Puzzle
Book SynopsisProviding 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.Some 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.The 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.Trade Review'. . . 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.' -- Richard V. Adkisson, The Social Science Journal'For those who do not mind a stimulating read, the book by Christopher Brown, Inequality, Consumer Credit and the Saving Puzzle, 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.' -- Friedrich Thiessen, Bankhistorisches Archiv'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.' -- R.H. Scott, ChoiceTable of ContentsContents: 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
£90.00
Edward Elgar Publishing Ltd Secured Transactions Reform and Access to Credit
Book SynopsisSecured 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. By 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.Trade Review'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.' -- William P. Armstrong, Banking and Finance Law Review'. . . 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.' -- Noel McGrath, Journal of Business Law'. . . 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.' -- Dora S. Neo, Singapore Journal of Legal Studies'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!' -- Roger McCormick, Law and Financial Markets ReviewTable of ContentsContents: 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
£111.00
ISTE Ltd and John Wiley & Sons Inc Semi-Markov Migration Models for Credit Risk
Book SynopsisCredit risk is one of the most important contemporary problems for banks and insurance companies. Indeed, for banks, more than forty percent of the equities are necessary to cover this risk. Though this problem is studied by large rating agencies with substantial economic, social and financial tools, building stochastic models is nevertheless necessary to complete this descriptive orientation.This book presents a complete presentation of such a category of models using homogeneous and non-homogeneous semi-Markov processes developed by the authors in several recent papers. This approach provides a good method of evaluating the default risk and the classical VaR indicators used for Solvency II and Basel III governance rules.This book is the first to present a complete semi-Markov treatment of credit risk while also insisting on the practical use of the models presented here, including numerical aspects, so that this book is not only useful for scientific research but also to managers working in this field for banks, insurance companies, pension funds and other financial institutions. Table of ContentsChapter 1. Credit risk problem Chapter 2. Semi-Markov processes credit risk modelsChapter 3. Recurrence time HSMP and NHSMP: credit risk applicationsChapter 4. Backward and recurrence time HSMP and NHSMP credit risk modelsChapter 5. 5 Initial and Final Backward time HSMP and NHSMP credit risk modelsChapter 6. Mono-unireducible Markov and semi-Markov processesChapter 7. Non-homogeneous reward semi-Markov credit spread modelChapter 8. NHSMP model for the evaluation of credit default swapChapter 9. Bivariate semi-Markov processes and related reward processesChapter 10. Semi-Markov credit risk simulation models
£125.06
Emerald Publishing Limited Credit, Currency or Derivatives: Instruments of
Book SynopsisThis edited volume on "Credit, Currency, or Derivatives: Instruments of Global Financial Stability or Crisis" contains original papers that examine various issues concerning the role, the structure and functioning of credit, currency and derivatives instruments and markets as they relate to financial crises. We stress the importance of the inter-linkages of these instruments and markets in promoting or hindering financial stability or crises as well as government policies, on a local and global level. The papers in this volume highlight various aspects of credit and currency instruments and markets, along with their interactions, for the stability of domestic and international financial systems. Particular emphasis is given on the failures of regulatory systems and their implications for systemic financial crises. Also, the papers analyze the costs of financial crises and explore the institutional and economic arrangements that could ameliorate the adverse effects of financial crises in advanced and emerging-market countries.Table of ContentsList of Contributors. The US versus Asian financial crisis. The subprime market crisis, structured products in the securities credit markets, and hedge funds. Blame the bankers? An empirical study of cyclical credit quality. Regulatory use of credit ratings: how it impacts the behavior of market constituents. On regulating financial innovations. Important structural trends and developments in the foreign exchange and OTC derivative markets. Interaction between stock and exchange crises in emerging markets. Exchange rate changes and price dynamics in Poland: an empirical investigation. Russian Banking in Transition: Survey and Synthesis. Assessing sovereign bond portfolios: some risk measures. Currency Swaps and Australian Debt Management Practice. Evaluating the implicit guarantee to fannie mae and freddie mac using contingent claims. Effectiveness of Monetary Policy: Market Reactions and Volatility Interactions. Are microfinance institutions in developing countries a safe harbour against the contagion of global recession?. Trade credit during financial crises: Do negotiated agreements work?. From Wall Street to Main Street – A European perspective. Risk management lessons from madoff fraud. Returning agency back to finance: the critical role of politics and governance in financialization. International finance review. International Finance Review Volume 10. Copyright page.
£108.99
Practical Action Publishing Cloning Grameen Bank: Replicating a poverty reduction model in India, Nepal and Vietnam
Book SynopsisInspired by the enormous success of the Grameen Bank in providing financial assistance to the poorest of the poor, four individuals - a central banker, an appropriate-technology NGO organizer, a professor of international relations and a top-level communist official - each sought to replicate and adapt the model elsewhere in Asia. By giving an unvarnished account of the problems encountered in the crucial first years of establishing a credit programme, the book alerts potential microcredit practitioners to the pitfalls and obstacles likely to be encountered in setting up a program. The book provides the opportunity to analyse the process of creating a successful credit program and draws from the experience of these four projects some lessons in best practice.
£14.20
John Wiley & Sons Inc Bond Credit Analysis: Framework and Case Studies
Book SynopsisCredit 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.Table of ContentsContributing Authors. SECTION I: FRAMEWORK. Why Does Credit Analysis Work? (M. Fridson). Review of Financial Statements (F. Fabozzi, et al.). Credit Analysis for Corporate Bonds (J. Howe). The Analysis of High-Yield Corporate Bonds (J. Howe). Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.). Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp). Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor). Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen). Municipal Bond Credit Analysis (S. Feldstein). The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya). Understanding MBS/ABS Loss Terminology (T. Zimmerman). A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). Mortgage Credit Analysis (J. Brown and W. Wadden IV). Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver). Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten). Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story). Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). AAA CMBS: Prospective Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah). SECTION II: CASE SUDIES. Bergen Brunswig Corporation (F. Fabozzi). Einstein/Noah Bagel Corporation (S. Tufo). Sun Healthcare Group, Inc. (S. Tufo). Windmere-Durable Holdings, Inc. (A. Alaimo). CII Technologies, Inc. (A. Alaimo and A. Roulac). DESA International, Inc. (A. Alaimo and A. Roulac). Bruno's Supermarket (S. Lewis). Tevecap (B. Stannforth). Dao Heng Bank (A. Aran). CanFibre of Riverside, Inc., Project (M. Pisecki). Nassau County, New York General Obligations (S. Feldstein). Erie Tobacco Asset Securitization Corporation (C. Hicks). Yellowstone Energy Limited Partnetship Project (S. Haberer). Port of Walla Walla Public Corporation (J. Colombo). Wisconsin Helath Facilities Authority Healthcare Revenue Bonds--RFDF Project, Series 1997 (M. Ross). JFK International Air Terminal LLC Project (D. Frasca). Bank of America 1997-1 Manufactured Housing Asset-Backed Security (J. Brown and W. Wadden IV). Conseco 2000-XX ABS (K. Weaver and J. Nimberg). Index for Chapters.
£60.00
Globe Law and Business Ltd Credit Derivatives: Credit Derivatives:
Book SynopsisCredit derivatives have emerged from the financial crisis as a stronger and more robust product, heavily used by financial institutions, corporations, insurers, asset managers and pension funds. Much of the original title, Credit Derivatives: Documenting and Understanding Credit Derivative Products, focused on the 2003 ISDA Credit Derivative Definitions. With the launch of the 2014 ISDA Credit Derivatives Definitions, which became market standard definitions for documenting credit derivatives transactions on 6 October 2014, this new edition provides similarly detailed and comprehensive analysis of the heavily updated 2014 Definitions. This book covers the 2014 Definitions in detail, while also discussing the differences with the predecessor definitions. This practitioner-oriented title also covers auction settlement, the DC Rules, POB Rules, SRO Rules and the Determinations Committees, as well as looking in detail at the products that the 2014 Definitions are used with, such as single name and index credit default swaps, and structured products. The new edition provides practical reading for lawyers, whether in private practice or in-house, and all credit derivatives market participants looking to gain a solid understanding of the new definitions. Author Edmund Parker is the global head of Mayer Brown’s Derivatives & Structured Products practice and an internationally recognised leading expert in the field.Trade ReviewMr Parker ably achieves this goal [of creating a better understanding of credit derivatives products] through a combination of lucid prose, well organized charts and helpful examples. -- Kurt Leeper * Bank Lawyers Blog *It takes courage and much energy for a practicing corporate lawyer to write a legal treatise. The decision to take time away from a thriving law practice, or to spend precious leisure time, to develop a law book is a difficult one. Never taken lightly, and perhaps often regretted before the work is done, or so I imagine. Query, then: How best to describe the author of a second edition of a legal monograph? Is that lawyer: (A) a glutton for punishment, (B) a fool in search of the Holy Grail of greater writer's royalties, (C) a lawyer with too much idle time (or too many under-utilized supporting colleagues), or (D) all of the above? In the case of Edmund Parker, a partner in and the global head of the Derivatives and Structured Products practice of the law firm Mayer Brown LLP, the answer to the question is a resounding "None of the above!" Ed's new book, 'Credit Derivatives: Understanding and Working with the 2014 JSDA Credit Derivatives Definitions', makes a great contribution to the literature of financial law and deserves a place on the bookshelf of any lawyer working in the domain of credit derivatives. As Ed points out in his Foreword, the global financial crisis of 2007-08 followed hard on the heels of the publication of his first book on this topic 1. and profoundly altered the landscape of the over-the-counter credit derivatives markets. The ensuing period of marketplace reaction 2. and regulatory intervention brought a shift to the patterns of contract documentation and the processes of working with the documents after trades had been struck that was nothing short of seismic. Ed's new book brightly illuminates the shift and provides helpful narrative guidance to lawyers seeking a firmer grasp of this important field of financial law. As was its predecessor, the book is divided into four parts. Part I, like its older sibling, describes the commercial context in which the ISDA definitions are employed. Part I provides many detailed examples of complex structured credit products and is useful in getting behind the buzzwords and acronyms with which this part of finance is particularly rife. Part II, similarly, introduces the important (and significantly changed) features of the definitions. However, Part II helpfully stops to pause after describing the key changes made by the 2014 ISDA Credit Derivatives Definitions to their 2003 forerunner and providing a high-level (but still 70-plus-page) overview of the definitions 3. Part III of the new book continues down this path, with a section-by-section review of the pro-visions of the new ISDA definitions, completing in this respect the task of Part II of its predecessor. Part IV ("Ancillary Topics") departs from the tracks laid down in the first edition, instead summarizing the most important provisions of certain texts which, while outside the 2014 ISDA Credit Derivatives Definitions themselves, are nonetheless fundamental to understanding and using the definitions in live credit derivative products. These are the rules governing the all-important ISDA Credit Derivatives Determinations Committees ("DCs") and the determination of Standard Reference Obligations ("SROs") and Package Observable Bonds ("POBs"). What did I just say about acronyms? At just over 550 pages, this is not a short book 4. It treats in considerable detail, with both historical and hypothetical examples, a subject that is at times counterintuitive and perplexing-and one that has changed dramatically in a very short period. I was impressed not only with the large scale of this work but with its command over the subtle nuances of the texts it purports to explain. I fully expect and intend to use this book in my own practice. The book would benefit greatly from the addition of a topical index. Future editions of the book would also benefit from summaries of the growing body of Jaw arising out of litigation of credit derivatives disputes in the U.S. state 5. and federal 6. courts. But these complaints are not about fatal flaws. I heartily endorse this important treatise and look forward eagerly to reading future editions of it. 1. Credit Derivatives: Documenting and Under-standing Credit Derivative Products. London: Globe Business Publishing Ltd., 2008. Reviewed in this publication by my now retired law partner Robert D. Aicher. 28 Futures & Derivatives Law Rpt., Issue 8, p. 22 (September 2008). 2. This began with private sector efforts to bring order to a product line that had clearly outgrown the two-party contract model in which it had its origins. 3. In the author's Foreword, Ed writes that the overview "is designed to be read through in a single go." I tried this and I agree that it's a good way to approach this material. 4. This is not intended as criticism of the editing process or of the author's capacity for word economy. Its forebear was seven pages longer and had less subject matter to cover. 5. See, e.g., Good Hill Master Fund L.P. v. Deutsche Bank AG, 2017 Slip Op. 00428 (decided January 24, 2017, Appellate Division, First Dept.). 6. See, e.g., Merrill Lynch International v. XL Capital Assurance Inc., 564 F.Supp.2d 298 (SDNY 2008). -- Robert J Robinson * Futures & Derivatives Law Report *Yet for the practitioner, or, indeed, the legal researcher, there are precious few books that explain the legal design and documentation of credit derivatives. One such rare example is Edmund Parker’s Credit Derivatives: Understanding and Working with the 2014 ISDA Credit Derivatives Definitions.1 As readers of this journal will be aware, all credit derivatives, including those linked to staged credit events, are constructed using industry standard form contracts, and that book is an invaluable guide to the negotiation and drafting of those contracts. -- Dr Paul Ali * Company and Securities Law Journal *Table of ContentsForeword 5 Part I. Overview of Credit Derivatives Introduction to credit derivatives 7 Types of credit derivative products used with the 2014 ISDA Credit Derivatives Definitions 31 Single Name Credit Default Swaps 71 Index Credit Default Swaps 101 Part II. Overview of the 2014 ISDA Credit Derivatives Definitions Differences between the 117 2003 and 2014 ISDA Credit Derivatives Definitions 117 Overview of the 2014 ISDA Credit Derivatives Definitions 175 Part III. 2014 ISDA Credit Derivatives Definitions in detail Introduction, preamble 251 and Article I – Certain General Definitions Article II – Terms Relating to the Reference Entity and the Reference Obligation 283 Article III – Terms Relating to Obligations and Deliverable Obligations 307 Article IV – Credit Events 337 Article V – General Terms Relating to Settlement 349 Article VI: Terms Relating to Auction Settlement 353 Article VII – Terms Relating to Cash Settlement 363 Article VIII – Terms Relating to Physical Settlement 381 Article IX – Fallback Provisions Applicable to Physical Settlement 397 Article X – Effect of DC Resolutions 411 Article XI – Additional Representations and Agreements of the Parties 415 Article XII – Initial Payment Amount, Fixed Amounts and Floating Rate Payer Calculation Amount 421 Article XIII – Credit Derivatives Physical Settlement Matrix 431 Article XIV – Non-Standard 437 Event Determination Date and Non-and Non-Standard Exercise Cut-off Date 437 Part IV. Ancillary Topics Supporting documentation and Supplements to the 2014 Definitions 443 The ISDA Credit Derivatives Determinations Committees, DC Rules, SRO Rules and POB Rules 459 Credit Derivatives Auction 519 Settlement Terms About the author 551
£247.50
The University of Akron Press Taming the Sharks: Towards a Cure for the
Book Synopsis
£19.50
Brepols N.V. Women and Credit in Pre-Industrial Europe
Book Synopsis
£123.22
PIE - Peter Lang Factors and Actors: A Global Perspective on the
Book SynopsisFifty years after the creation of Factors Chain International (FCI), the worldwide association of 400 factors in 90 countries, this book intends to fill a significant gap: cover a global perspective on the past, present & future of factoring, bringing together excellent historians with the top experts in the field, unifying these specialists around a shared academic and professional approach, producing a single vision of past legacies, current developments and future possibilities.The collaborative Factors & Actors project has been developed and fleshed out step by step. It has never been restricted to any particular region of the world, or any particular context or product. The collective work offered to the reader includes 30 contributions from 37 contributors who, each in their own way, cast a different eye over the birth of the global organization, the origins of such a type of financing, its 50 years of emergence and its future development against a backdrop of ever stricter regulation, compliance and risk management and in an environment of increasing technological innovation.The objective of this project is to increase awareness about a very special financing activity and its numerous virtues supporting the real economy, via both history and geography. Today factoring stands at the crossroads. Ten years after the start of an unprecedented financial crisis, the time is ripe to promote this new form of sound, secure and innovative financing.
£35.06
Springer Nature Switzerland AG Fintech, Small Business & the American Dream: How
Book SynopsisSmall 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. Beginning 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.In Fintech, Small Business & the American Dream, 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.Mills 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, Fintech, Small Business & the American Dream is relevant to bankers, fintech investors, and regulators; in fact, to anyone who is interested in the future of small business in America. Trade Review“Karen Mill’s outstanding new book: FinTech, Small Business & 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)Table of Contents
£26.59
Duncker & Humblot Development Banks - Not Only Important in Times
Book Synopsis
£117.80
Duncker & Humblot Libra, Bitcoin & Co - Determinants of Non-Cash
Book Synopsis
£117.80
Peter Lang AG Die Bestaendigkeit von Kreditsicherheiten im
Book SynopsisWährend der Laufzeit eines Kredits kann sich aus unterschiedlichsten Gründen die Notwendigkeit einer Vertragsänderung bzw. einer Änderung der ursprünglich vereinbarten Kreditverbindlichkeit ergeben. Praktisch relevant wird dies im Falle von Prolongationen, Krediterweiterungen, Stundungen, Tilgungsänderungen und Tilgungsaussetzungen, Umschuldungen, Konditionenanpassungen oder der Ersetzung des Kredits durch einen neuen. Ergibt sich während der Laufzeit der Kreditverbindlichkeit eine rechtliche Veränderung, so liegt es nahe, dass eine solche Veränderung Auswirkungen auf die zur Sicherung dieser Verbindlichkeit bestellten Kreditsicherheiten hat. Diese Auswirkungen untersucht die Autorin am Beispiel der Akquisitionsfinanzierung, sprich der Finanzierung von Unternehmenskäufen. Da Sicherungsverträge in der Praxis zudem fast ausschließlich formularmäßig vereinbart werden, bezieht die Autorin auch einige AGB-rechtliche Fragestellungen mit ein.
£65.20
Ibidem Press Mission Drift in Microfinance. The Influence of
Book SynopsisInvestments in microfinance by institutional investors are growing. The investors benefit from a dual return investment opportunity by balancing financial and social returns. Yet, commercial microfinance institutions tend to focus on their financial performance. Reaching out to wealthier clients while crowding out poorer clients enhances their profitability - a phenomenon called mission drift. Pim Engels has analysed the data of 600 microfinance institutions operating in 84 countries and presents now new insights to the phenomenon of mission drift. Based on his findings investors can recognise and prevent mission drift taking place amongst the microfinance institutions in their portfolio.
£23.92
Regal Publications Management of Credit Schemes in Banks
Book Synopsis
£30.38
Punthi Pustak Credit Delinquency in India
Book SynopsisThe work highlights th multi dimensional credit factors of agrarian economy in Indian socio-political spectrum. It attempts to give an objective view of the rationale and the necessity of agricultural institutionalized loan system in prolific developmental activities.
£8.62
Copenhagen Business School Press Cooperatives & Payment Schemes: Lessons from
Book SynopsisThe book develops an economic framework for assessing different cooperative payment schemes.
£23.40
World Scientific Publishing Co Pte Ltd Microfinance In Asia
Book SynopsisLack of credit access is severe in low income and poor families that are normally considered to have fewer opportunities to borrow from banks due to insufficient valuable assets for collateral. These low-income households face limited opportunity to acquire new technology and working capital for agricultural production and thus tend to fall behind. As a result, providing access to finance to low-income rural households has been considered an important component of any rural development strategy. Microfinance programmes, in particular, have been gradually embedded in national strategies of many developing countries as they are poverty-focused. They aim to facilitate the access to financial services such as credit for the poor who are usually disadvantaged in terms of access to conventional financial services from formal financial institutions. The objective of this book is to provide an overview of microfinance programmes in Asia focusing in particular on the determinants of the accessibility of rural households to microcredit. The book studies seven Asian countries such as China, Malaysia, Vietnam, Thailand, the Philippines, Indonesia, and Bangladesh with two specific case studies.
£112.50
World Scientific Publishing Co Pte Ltd Global Credit Review - Volume 2
Book SynopsisThis annual publication provides an overview of the most important developments in global credit markets and the regulatory landscape. It covers theoretical and empirical research on credit ratings and credit risk, and reports on recent findings and evolutions of the Risk Management Institute's Credit Research Initiative. The ultimate objective of this publication is to advance the state of research and development in the critical area of credit risk and rating systems. With a distinctive focus on topics related to credit markets and credit risk, this publication will be useful to finance professionals, policy makers and academics with an interest in credit markets.Table of ContentsCredit Markets: Retrospective and Prospective; What are the Driving Factors Behind the Rise of Spreads and CDS of Euro-Area Sovereign Bonds? A Panel VAR Analysis; An Update on the Regulatory Framework of Financial Markets with a Focus on Credit and Credit Rating Agencies; Stress Testing; 'Mega-Banks' Self-Insurance with Cocos: A Work in Progress; Why do Banks Disappear: A Forward Intensity Model for Default; Measuring Distance-to-Default For Financial and Non-Financial Firms; NUS - RMI Credit Research Initiative Technical Report and Performance Analysis.
£76.95
World Scientific Publishing Co Pte Ltd Global Credit Review - Volume 3
Book SynopsisGlobal Credit Review is an annual publication that provides an overview of the most important developments in global credit markets and the regulatory landscape. The third volume provides some critical analysis, reviews the introduction of new regulations and also offers new insights to address the challenges ahead. The carefully selected chapters touch on current topics such as: the measurement of systemic risk, reserve requirements and its role in monetary policy, the application of the Basel II default definition by credit risk assessment systems, and changes in credit portfolio management, amongst others. Recent evolutions of the Risk Management Institute's Credit Research Initiative are also reported, including a comprehensive overview of the technical details on the implementation of the current RMI-CRI corporate default prediction model. With its distinctive focus on topics related to credit markets and credit risk, this is an invaluable publication for finance professionals, policy makers and academics with an interest in credit markets.Table of ContentsSystemic Risk in Europe (Eric Jondeau and Michael Rockinger); Changes in the Ratings Game - An Update on Various Developments (RMI staff); Reserve Requirements as Window Guidance in China (Violaine Cousin); The Implementation of the Basel II Default Definition by Credit Risk Assessment Systems: An Analysis of Possible Aggregation Procedures (Markus Bingmer and Laura Auria); Can Credit-Scoring Models Effectively Predict Microloans Default? Statistical Evidence from the Tunisian Microfinance Bank (Ibtissem Baklouti and Abdelfettah Bouri); Stepping Up to the Liquidity Challenge: The Changing Role of Credit Portfolio Management (IACPM and KPMG); NUS-RMI Credit Research Initiative Technical Report (Version: 2013, Update 1) (RMI staff).
£76.95
