Finance and the finance industry Books

Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.How can financial services, such as credit, deposit accounts, financial transfers, and insurance be provided to people in need? This challenging and complex issue has been a topic of interest for the international aid community for decades. Drawing on renowned experts in microfinance and financial inclusion, this Research Agenda sheds much-needed light on this multifaceted challenge and points the way ahead for future research.Providing a critical and multidisciplinary approach to research in microfinance and financial inclusion, the authors provide a state-of-the-art overview of current scholarly knowledge on the provision of financial services to disadvantaged populations worldwide. Reviewing the literature on the subject from the fields of economics, management science and development studies, they discuss the limitations and challenges of current research and chart avenues for future developments.With its fascinating insights, this Research Agenda will be of interest to students of finance and economics, development, and business and management, as well as researchers with a specific interest in microfinance and financial inclusion.Contributors include: J. Bastiaensen, A. Cozarenco, B. D'espallier, K.O. Djan, M. Duvendack, A. Garcia, J. Goedecke, I. Guérin, V. Hartarska, B. Hathaway, N. Hermes, F. Huybrechs, R. Lensink, R. Mersland, J. Morduch, S. Morvant, D. Nadolnyak, T. Ogden, J.-M. Servet, T.W. Sommeno, A. Szafarz, G. Van Hecken, B. Venet, L. Weill, T. Wry, S. ZamoreTable of ContentsContents: Introduction Part I Framing Research On Microfinance And Financial Inclusion 1. The Challenges of Social Investment Through the Microfinance Lens Jonathan Morduch and Timothy Ogden 2. Microfinance and Management Theory Brian Hathaway and Tyler Wry 3. Breaking Away From Ready-Made Remedies and Normative Approaches to Financial Practices Isabelle Guérin, Solène Morvant and Jean-Michel Servet 4. What Do We Really Know About Microfinance Impact? Maren Duvendack Part II Social, Environmental, and Financial Performance 5. Social Performance Measurement in Microfinance Bert D’espallier and Jann Goedecke 6. Microfinance and Financial Inclusion in the Transformation to Environmental Sustainability Johan Bastiaensen, Frédéric Huybrechs and Gert Van Hecken 7. Efficiency and Productivity Analysis of Microfinance Institutions Valentina Hartarska and Denis Nadolnyak Part III Targets for Financial Inclusion 8. Islamic Microfinance Laurent Weill 9. Microfinance Plus: A Review and Avenues for Research Adriana Garcia and Robert Lensink 10. Microfinance in the North: Where Do We Stand? Anastasia Cozarenco and Ariane Szafarz Part IV Institutional and Technological Design 11. Internationalization of the Microfinance Industry Roy Mersland, Stephen Zamore, Kwame Ohene Djan and Tigist Woldetsadik Sommeno 12. Microfinance and Governance Niels Hermes 13. Fintech and Financial Inclusion Baptiste Venet Index

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Book SynopsisThis book explores and analyses economic development within Islamic Moral Economy (IME), which is proposed as an alternative economic and social system to capitalism and socialism. It presents a new model of Islamic development based on the substantive morality of Islam via micro dynamics expressed through an Islamic framework of spiritual development. Shafiullah Jan and Mehmet Asutay argue that the observed development failures of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with an authentic Islamic development framework and its corresponding value system explored in the book, rather than the existing Eurocentric theory and policy making. In addition, it identifies the theological, political, social and economic boundaries for changing society to produce IME oriented development. Utilising a novel approach to development in Islam, through its substantive ethical and moral framework, the authors critically examine and evaluate the progress of Islamic banking and finance institutions in relation to its aspirations as identified by IME. Advanced Islamic economics and finance scholars will find this a useful source as it explores the intersection between Islamic development and the moral economy. The book will also be a valuable reference for those seeking to align public policies with ethical and moral Islamic frameworks.Trade Review'Though some commentators may say Islam is inimical to development, even Western economists are now becoming convinced that Islam is a positive force for development. The authors have made an important addition to the literature on this contested topic. They demonstrate how the concept of moral economy can become a new paradigm that the world has been looking for since the 2008 global economic crisis.' --M. Fahim Khan, Markfield Institute of Higher Education, UKTable of ContentsContents: Introduction 2. Critical Reflections On The Development In The Muslim World 3. Islamic Moral Economy And Development 4. Justice And Development Within Islamic Paradigm 5. A Critical Evaluation Of The Social And Economic Development Performance Of Islamic Banks 6. Conceptualising The Islamic Development Process 7. Conclusion Index

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Book SynopsisFinancial markets are complex. Regulators strive to predict ways in which they can malfunction and create rules to prevent this from happening, yet behavioural impacts are often overlooked. This book explores how behavioural finance can go hand-in-hand with traditional methods to help banks and regulators create better policies. It also demonstrates how the behavioural finance revolution has opened the way to a more integrated approach to the analysis of economic phenomena. This book adopts a forward-looking agenda that takes account of existing practices based on behavioural science. It focuses on how to make financial markets an arena for fair play as a central criterion for securing and enhancing societal well being. It examines how bounded rationality, heuristic decision making, aversion to losses, endowment effects and social preferences may impact financial decisions, thus exposing the flaws in traditional forecasting methods that rely on an over-simplified representation of the individual. With contributions from both academics and practitioners, this book will be fundamental reading for researchers in the finance and behavioural economics. Regulators who wish to utilise behavioural policymaking will also find this a beneficial read.Contributors include: B. Alemanni, C. Attia, M. Bianco, G. Bracchi, E. Cervellati, C. Cruciani, G. De Felice, M. Egidi, U. Filotto, F. Franceschi, G. Gardenal, G. Gigerenzer, C. Giorgiantonio, D. Hilton, N. Linciano, A. Lojschova, D. Masciandaro, B. Mojon, P. Mottura, S. Mousavi, A. Penalver, L. Portelli, U. Rigoni, S. Rossi, Z. Rotondi, G. Sillari, A. Varaldo, R. Viale, G. ZeviTrade Review'10 years on from the global financial crisis, large gaps remain in our understanding of how to design effective financial policies and regulations, reflecting the fact that many policymakers have a limited understanding of what drives financial choices and decisions in the real world. In filling this gap, The Behavioural Finance Revolution collects together pathbreaking, insightful contributions from the perspective of real human behaviour. Key lessons from this impressively wide-ranging volume have the potential to transform financial regulation and policymaking for decades to come.' --Michelle Baddeley, University of South Australia'The collective contributions in this important volume carve out a new path for how boundedly rational policymakers can structure sensible regulations for a world dominated by boundedly rational agents.' --Hersh Shefrin, Santa Clara University, USTable of ContentsContents: Salvatore Rossi Foreword Introduction Barbara Alemanni, Umberto Filotto, Shabnam Mousavi, Riccardo Viale Part I The Many Faces Of Finance In The Academia 1. Understanding Financial Behaviour For Better Policy Making: An Introduction Riccardo Viale 2. Behavioral Policymaking With Bounded Rationality Shabnam Mousavi 3. A Taxonomy Of Behavioural Policies Barbara Alemanni 4. Do Regulators Know Better? Umberto Filotto 5. Behavioral Finance And Non-Conventional Monetary Policies Benoit Mojon, Adrian Penalver And Adriana Lojschova 6. The Psychology Of Financial Choices: From Classical And Behavioral Finance To Neurofinance Massimo Egidi And Giacomo Sillari 7. Behavioral Re-Evolution: How Behavioral Economics Has Evolved And Is Evolving Enrico Maria Cervellati 8. Evolutionary Regulation And Financial Behavior Paolo Mottura 9. A View On Recent Advances In Behavioural Macroeconomics And Their Lessons For The Policymaker Giordano Zevi Part II Finance From The View Point Of Psychology, Banks, Regulators, And The Industry 10. The Heuristics Revolution: Rethinking The Role Of Uncertainty In Finance Gerd Gigerenzer 11. The Psychology Of Financial Incompetence: Past, Present And Future Denis Hilton And Caroline Attia 12. Behavioral Finance: From Financial Consumer Protection To Financial Education Magda Bianco And Francesco Franceschi 13. Behavioral Impact Of Policies For The Start-Up And Venture Capital Ecosystem Giampio Bracchi 14. Investors’ Inconsistencies And The Need For Better Financial Literacy Gregorio De Felice 15. How Behavioral Finance Can Reshape Financial Consumer Protection: Consob’s First Steps In The European Framework Nadia Linciano 16. When Central Bankers Become Humans: Behavioural Economics And Monetary Policy Decisions Donato Masciandaro 17. Trust The Change? Trust And The Impact Of Policy Making: The Case Of The Introduction Of The Mifid 2 Directive In The Financial Advisory Industry Ugo Rigoni, Caterina Cruciani And Gloria Gardenal 18. CMU And Role Of Institutional Investors: Investment Behavior And Governance Of Pension Funds Zeno Rotondi And Cristina Giorgiantonio 19. The Italian Household Wealth And Their Financial Attitude: The New Environment And A New Approach Alessandro Varaldo And Lorenzo Portelli Index

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Book Synopsis'This is a most useful book which nicely combines theory and practice. In it the authors provide a framework which helps us better understand the nature of modern financial crises and how monetary and regulatory policies interact in delivering price and financial stability. Certainly worth reading by academics, policymakers and all those interested in deepening their knowledge of how modern financial systems work in both good and bad times.'- José Viñals, Standard Chartered, UK 'This collection of papers is a remarkable tour de force. Goodhart and Tsomocos have made pioneering steps toward understanding the causes of financial crises and showing how the financial system can be regulated to reduce and mitigate them. A must-read for anyone interested in financial stability.'- Doyne Farmer, University of Oxford, UK'Today almost everyone realizes the crucial importance of liquidity, a painful lesson taught by the global financial crisis. This collection records that Goodhart and Tsomocos were early and persistent voices, initially in the wilderness but now almost mainstream, showing the way forward by clothing old wisdom in new modelling.'- Perry G. Mehrling, Columbia University, US Charles Goodhart and Dimitrios P. Tsomocos examine the interaction of monetary and regulatory policy to achieve the important goals of price and financial stability. Their focus is on the relationship between liquidity and default in the post-crisis context, with special emphasis on macroprudential regulation. Exploring how financial stability can be continually assessed and measured, Financial Regulation and Stability discusses the interrelationships between liquidity and default. Without default there would be no concern about liquidity. But the financial crisis was not just a liquidity problem, it requires a general equilibrium model. The authors' model delineates all the potential interrelationships between the real and financial sectors of the economy, with special emphasis on the interaction between liquidity and default. Economists and central bankers will greatly benefit from the practical advice offered in this book to aid financial stability. Advanced students of financial economics will also find this a vital read to understand the consequences of the 2007-8 financial crisis in more depth and the lessons to be learnt.Trade Review'The 2008 global financial crisis not only damaged the world economy, it also left in the dust most of the prevailing approaches to macroeconomics. Core models which dominated the previous decades of academic research had fatally disregarded the complex workings of the financial sector. Sifting through this intellectual wreckage forms the ongoing work for the next generation of macroeconomic theorists and empiricists. Among those leading the way forward are Charles Goodhart and Dimitrios Tsomocos. This outstanding compilation of their work showcases nontrivial models of banking, well-grounded concepts of liquidity and default, and lessons for equilibrium, regulation, and monetary policy in a set of tractable and insightful frameworks.' --Alan M. Taylor, University of California, Davis, US'This volume gathers in one place the key contributions of Goodhart and Tsomocos on the interplay between capital and liquidity regulations and related macroprudential tools, all in their trademark setting of a fully-fledged multi-period general equilibrium model. The command of the authors over the theory is complemented by their insightful applications of their ideas to recent events. It is required reading for theorists and practitioners alike.' --Hyun Song Shin, Bank for International Settlements (BIS), Switzerland'Default plays a determining role in the operation of financial markets and the allocation of resources under uncertainty. Martin Shubik pointed out the importance of default long ago, but it is recent work, most prominently by John Geanakoplos, that has placed default in the mainstream of research. Goodhart and Tsomocos incorporate theoretical insights into operational models of monetary policy and, in particular, of financial regulation.' --Herakles Polemarchakis, University of Warwick, UKTable of ContentsContents: 1. Introduction By Charles A. E. Goodhart and Dimitrios P. Tsomocos 2. “Principles for Macroprudential Regulation”, (A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), Banque de France Financial Stability Review, No.18, pp. 173-182, April 3. “The Macroprudential Toolkit”, (R. Berner, A. Kashyap and C.A.E. Goodhart), I.M.F. Economic Review, Vol. 59, No 2, 2011 4. “Financial Regulation in General Equilibrium”, (C.A.E. Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), NBER WP17909, University of Oxford, Said Business School, 2011 5. “An Integrated Framework for Multiple Financial Regulations”, (C.A.E.Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), International Journal of Central Banking, Vol. 9, Supplement 1, pp.109-143, 2013 6. “The Lender of Last Resort in a General Equilibrium Framework”, (Akshay Kotak, Han Ozsoylev and D.P.Tsomocos) Saïd Business School WP 2017-18 7. “A Reconsideration of Minsky's Financial Instability Hypothesis”, (with S. Bhattacharya, C.A.E. Goodhart and A.P.Vardoulakis), Journal of Money, Credit and Banking, Volume 47, Issue 5, pages 931{973, August 2015 8. “Liquidity and default in an exchange economy”, (Juan Francisco Martinez S. and D.P. Tsomocos), Journal of Financial Stability, In press, 2016 9. “Monetary Transaction Costs and the Term Premium”, (R. Espinoza and D. P. Tsomocos), Economic Theory 59(2), pp 355-375, June 2015 10. “Debt Defation Effects of Monetary Policy”, (Li Lin, D.P. Tsomocos and Alexandros Vardoulakis), Journal of Financial Stability 21 (2015): 81-94, also appeared as Federal Reserve Board Staff Working Paper (2014-37), May, 2014 11. “International Monetary Equilibrium with Default”, (M.U. Peiris and D. P. Tsomocos), Journal of Mathematical Economics 56, pp 47-57, 2015 12. “Global Capital Imbalances and Taxing Capital Flows”, (C.A.E. Goodhart, M.U. Peiris and D.P. Tsomocos), International Journal of Central Banking, Vol. 9, Number 2, pp.13-45, 2013 13. “International Monetary Regimes”, (C.A.E. Goodhart and D.P. Tsomocos), Capitalism and Society, Vol. 9, No. 2, Article 2, 2014 14. “Debt, Recovery Rates and the Greek Dilemma”, (C.A.E. Goodhart and M.U. Peiris and D.P. Tsomocos), Journal of Financial Stability, forthcoming Index

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Book SynopsisBased upon his life-long collaboration with Hyman Minsky, Piero Ferri explores and reconsiders Minsky's moments in the aftermath of the 'Great Recession' of 2008. He sets out the analytical and methodological foundations of Minsky's financial instability hypothesis, offering insightful comments from a unique insider s perspective. This book stresses the necessity of including what has been recently discovered about Minsky's financial instability hypothesis into his lifelong research program, in order to obtain a more complete picture of both his vision and his analytical apparatus. It seeks to move beyond a discussion of Minsky's original ideas, to verify how they are capable of meeting the challenges derived from the modern evolution of the economy. Developing a meta-model based on regime switching, Piero Ferri examines how the different financial instability hypotheses can be accounted for.Researchers and advanced students in macroeconomics and finance will greatly benefit from the exploration of how Minsky predicted the 'Great Recession', and why his work is of fundamental relevance today. Economic policy makers will also find this book to be a useful tool in discovering methodological innovations to aid further financial recovery from the 2008 economic crisis.Trade Review'This book presents interesting and original insights into Hyman Minsky's thinking based on a long and close personal relationship. It offers a variety of new developments and draws on the author's extensive knowledge of economic thinking over the past 50 years to put Minsky's work into context.' --Steven Fazzari, Washington University in St. Louis, US'Piero Ferri's new book offers an alternative approach to Hyman Minsky's well-known financial instability hypothesis (FIH) that is well-grounded in work on which they collaborated for over a decade. Rather than focusing on the ''Minsky Moment'' as so many others have done, Ferri places the FIH within Minsky's life-long research program that began with his dissertation and continued in his years at the Levy Economics Institute before his death in 1996. The FIH is presented as a particular case of Minsky's general vision of the evolution of a complex, dynamic system. While instability is natural, it is constrained by policy and institutional ceilings and floors. Building on co-authored papers with Minsky, Ferri extends the analysis, in particular by returning to and updating Minsky's early focus on the dynamics of labor markets in models that allow for more complex analysis.' --L. Randall Wray, University of Missouri-Kansas City and Levy Economics Institute, US'This book is a fascinating journey in search of the inner roots of the financial instability hypothesis theorized by Minsky. His towering figure assumes a convincing new light, where heterogeneity, emergency and complexity converge in the idea that credit, and not money, and private information are the links that connect present and future. The reader will recognise Minsky as a unique figure among the economists of the last century.' --Mauro Gallegati, Polytechnic University of Marche, ItalyTable of ContentsContents: Preface 1: Overview Part I “It” Happened Again 2. The Minsky Moment And The Economics Of Minsky 3. A Synoptic View Of The Financial Instability Hypothesis 4. An Insider’s View Part II Co-Authoring 5. Prices, Employment And Prices 6. The Breakdown Of The IS-LM Synthesis: Implications For Post-Keynesian Economic Theory 7. Market Processes And The Thwarting System Part III Deepening The Methodology 8. Micro And Macro In Minsky’s Models 9. The Foundations Of Medium-Run Dynamics 10. New Tools For Dynamics Part IV Entering The Black Box 11. Drivers, Adapters And Constraints 12. Growth, Technical Change And Unemployment 13. Heterogeneity In The Labor Market Part V The Economics Of Minsky In A Dynamic Setting 14. The Financial Instability Hypothesis And The Great Recession 15. A Meta-Model Of The Financial Instability Hypothesis 16. Final Considerations And Challenges Index

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Book SynopsisFintech continues to revolutionize financial services. Financial Technology shows you how to navigate this increasingly de-centralized, personalized and automated environment. This new textbook strikes a balance between academic depth and commercial relevance in examining the advantages and challenges of these changes through the lens of various analytical frameworks. Financial Technology demystifies key technologies, such as blockchains, APIs, AI, machine learning, and cloud computing, in a clear and accessible style suitable for readers with no technological background. Real-world case studies from a variety of international organizations including Lloyds Bank, TransferWise, Generali, Starling and Stocktwits, bridge the gap between theory and practice and contextualize learning in terms of real businesses, from large incumbents to smaller start-ups. With coverage of robo-advisors, mobile-only banks, open banking and risk and regulation, this book also explores a range of analytical frameworks to critically examine new technologies and emerging business models. Financial Technology enables readers to understand the fintech movement in the context of recent financial history, examine the key drivers of change and form insights about the financial system in a forward-looking and global manner. Online resources include PowerPoint slides for lecturers and additional case studies.Trade Review"Pitched against the backdrop of an evolving digital economy witnessing unprecedented innovation, change and societal challenges, this book captures key aspects of the fluid fintech landscape while adding to the growing body of knowledge in this emergent field." * Karen Elliott, Associate Professor of Enterprise and Innovation, Newcastle University Business School *"A relevant, fresh and enlightening read for both seasoned finance veterans as well as those new to finance and fintech innovation." * Erik Jonsson, Head of Digital Partnerships, Techcombank *"Niels accurately captures the key elements that contribute to innovation in the financial technology ecosystem, making this publication relevant to anyone who has an interest in the sector." * James Nurse, Managing Director, FINTRAIL *"If there's one book you need to read on fintech - this is it! Financial Technology is a must read for anyone who wants a deep insight into this exciting industry." * Angela Yore, SkyParlour *Table of Contents Chapter - 01: Networks, APIs and fintech banking platforms – How technology is decentralizing finance; Chapter - 02: Disruption and disintermediation – How financial innovation and cloud computing gave birth to the fintech revolution; Chapter - 03: Behavioural economics and experience design – How to optimize user engagement; Chapter - 04: Artificial intelligence and automation in fintech – AI and machine learning in practice; Chapter - 05: Bitcoin, blockchain and cryptocurrencies – The applications of distributed ledger technology in finance; Chapter - 06: Digitizing the price mechanism – The impact of automation and social media on financial markets; Chapter - 07: Financial crime, cybersecurity and risk management – Pitfalls and opportunities in fintech; Chapter - 08: Regtech and regulatory compliance – Financial regulation in a fintech context; Chapter - 09: Looking to the future – Optimization, decentralization and personalization;

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Book SynopsisFintech continues to revolutionize financial services. Financial Technology shows you how to navigate this increasingly de-centralized, personalized and automated environment. This new textbook strikes a balance between academic depth and commercial relevance in examining the advantages and challenges of these changes through the lens of various analytical frameworks. Financial Technology demystifies key technologies, such as blockchains, APIs, AI, machine learning, and cloud computing, in a clear and accessible style suitable for readers with no technological background. Real-world case studies from a variety of international organizations including Lloyds Bank, TransferWise, Generali, Starling and Stocktwits, bridge the gap between theory and practice and contextualize learning in terms of real businesses, from large incumbents to smaller start-ups. With coverage of robo-advisors, mobile-only banks, open banking and risk and regulation, this book also explores a range of analytical frameworks to critically examine new technologies and emerging business models. Financial Technology enables readers to understand the fintech movement in the context of recent financial history, examine the key drivers of change and form insights about the financial system in a forward-looking and global manner. Online resources include PowerPoint slides for lecturers and additional case studies.Trade Review"Pitched against the backdrop of an evolving digital economy witnessing unprecedented innovation, change and societal challenges, this book captures key aspects of the fluid fintech landscape while adding to the growing body of knowledge in this emergent field." * Karen Elliott, Associate Professor of Enterprise and Innovation, Newcastle University Business School *"A relevant, fresh and enlightening read for both seasoned finance veterans as well as those new to finance and fintech innovation." * Erik Jonsson, Head of Digital Partnerships, Techcombank *"Niels accurately captures the key elements that contribute to innovation in the financial technology ecosystem, making this publication relevant to anyone who has an interest in the sector." * James Nurse, Managing Director, FINTRAIL *"If there's one book you need to read on fintech - this is it! Financial Technology is a must read for anyone who wants a deep insight into this exciting industry." * Angela Yore, SkyParlour *Table of Contents Chapter - 01: Networks, APIs and fintech banking platforms – How technology is decentralizing finance; Chapter - 02: Disruption and disintermediation – How financial innovation and cloud computing gave birth to the fintech revolution; Chapter - 03: Behavioural economics and experience design – How to optimize user engagement; Chapter - 04: Artificial intelligence and automation in fintech – AI and machine learning in practice; Chapter - 05: Bitcoin, blockchain and cryptocurrencies – The applications of distributed ledger technology in finance; Chapter - 06: Digitizing the price mechanism – The impact of automation and social media on financial markets; Chapter - 07: Financial crime, cybersecurity and risk management – Pitfalls and opportunities in fintech; Chapter - 08: Regtech and regulatory compliance – Financial regulation in a fintech context; Chapter - 09: Looking to the future – Optimization, decentralization and personalization;

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Book SynopsisThe world of cryptocurrencies and blockchains was initially viewed as a niche space of little interest to mainstream business and finance sectors. With major banks now licensed to provide cryptocurrency custody solutions, and everyone from Facebook to governments using the underlying technology to create their own digital currencies, this has undoubtedly changed. The Cryptocurrency Revolution explains the most important takeaways from the continued growth of digital currencies and blockchain technology and explores the transformative possibilities of borderless payments, decentralized finance ('DeFi') and machine-to-machine transactions. Written in jargon-free and accessible language, this book examines the key value proposition of Bitcoin and other cryptocurrencies and how decentralized technologies could enable banks and financial institutions to become more efficient. It looks at the potential impact of company-backed virtual currencies (such as Facebook's Libra) and how governments and regulators around the world are reacting to these innovations. With discussion of the principles of tokenomics and the difference between public and private blockchains, The Cryptocurrency Revolution is the essential guide for those wishing to understand the threats and opportunities of the changing world of payments and finance.Trade Review"This book is essential reading as an accessible, coherent and up-to-date non-technical introduction to the fast-paced jargon-laden world of cryptocurrency. Comprehensive in scope, it provides lucid insights into the philosophy of money, the evolution of the major cryptocurrencies, token economics, state-issued cryptocurrencies, regulation and much more." * Prof William Knottenbelt, Director of the Imperial College Centre for Cryptocurrency Research and Engineering *"A recommended read to understand how blockchain technology shapes the future of finance. Rhian tells an exciting story about the rise of cryptocurrencies while also explaining complex concepts behind them." * Quynh Tran-Thanh, Chief Product Officer, CryptoCompare *"The Cryptocurrency Revolution is essential reading for anyone who wants to gain a clear understanding of digital currencies and blockchain-enabled economies and the way these rapidly evolving technologies are set to change our world." * Jamie Burke, Founder, Outlier Ventures *"Rhian's book is an excellent overview with topics including Bitcoin, other crypto assets, money in general and its regulation. It is not purely technical, but goes exactly as deep as needed to understand this inspiring and highly dynamic blockchain ecosystem." * Prof. Dr. Philipp Sandner, Head of Frankfurt School Blockchain Center *Table of Contents Chapter - 00: Introduction; Chapter - 01: What is money?; Chapter - 02: The first 10 years of Bitcoin; Chapter - 03: Litecoin, Ethereum and a tidal wave of altcoins; Chapter - 04: Libra: how Big Tech moved in on digital currencies; Chapter - 05: Tokenomics and governance; Chapter - 06: Driving change with token economies: case studies; Chapter - 07: Public blockchains versus permissioned blockchains; Chapter - 08: ICO mania; Chapter - 09: Banking and financial services; Chapter - 10: A revolution in financial products; Chapter - 11: Regulation; Chapter - 12: State-issued digital currencies; Chapter - 13: Future digital currency trends

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Book SynopsisHow can financial flows help the EU fulfil its mandate to promote economic, social and territorial cohesion, and solidarity among Member States enshrined in the EU Treaty? Dissecting the complexity of cohesion, this book examines the factors that matter most for the functioning of the Economic and Monetary Union and the convergence of Central, Eastern and Southeastern European (CESEE) countries. This insightful and timely book brings together central bankers, policy makers and academics to discuss how to best advance and fund the catching-up process of the euro area and CESEE countries. Focusing on a modern understanding of industrial policy - which fosters skills, innovation and infrastructure - contributors highlight how the EU's regional policy can better meet persistent investments needs. Critical and comprehensive, this book is crucial reading for researchers at all levels focusing on policy reform in emerging European economies. Central bankers and policy experts in public or international organizations will also benefit from this book's contemporary perspective on monetary and industrial policies.Trade Review'This volume draws the links between social cohesion within European countries and economic convergence to their best performing peers. It deals comprehensively with various dimensions of the catching-up process of middle-income countries in Europe. While the countries in Central, Eastern and Southeastern Europe (CESEE) survived the financial crisis reasonably better than the periphery of the euro area, both need to adjust to new external conditions. With this formidable challenge in mind, the authors present sophisticated appraisals of the central questions and provide incisive analyses of the policy implications for individual CESEE countries and for the euro area and its member states. This book is of great topical relevance and deserves to command a wide audience including both specialists and non-specialists.' --Pierre Moscovici, European Commission, Economic and Financial Affairs, Taxation and CustomsTable of ContentsContents: PART I Financing economic and social cohesion 1. Funding European solidarity Ewald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth 2. The role of the European Union in fostering convergence Benoît Cœuré PART II The role of monetary policy in catching-up 3. Monetary policy and catching-up in CESEE Anita Angelovska Bezhoska 4. Some considerations about the impact of monetary policy on economic convergence Mugur Isărescu 5. Nominal versus real convergence: Bulgaria’s practical approach toward euro adoption Dimitar Radev PART III Cohesion within and between countries 6. Strengthening economic convergence in Europe Jeffrey D. Sachs 7. Trust and cohesion in Europe: lessons from the Delian League Athanasios Orphanides PART IV The role of the EU budget 8. The next EU budget and the financing of cohesion policy Sándor Richter 9. Strengthening added value and sustainability-orientation in the EU budget Margit Schratzenstaller-Altzinger 10. EU budget: How to deliver more with less? The case for financial instruments Stéphane Saurel PART V Industrial policy and investment 11. Deindustrialization, job polarization and ageing in emerging Europe Ralph De Haas, Martin Höflmayr 12. Mind the gap: How does the flow of EU funds match structural investment gaps in CESEE? Tomáš Slačík 13. Improving host countries’ investment environment: Is the national supply side really the right focus? Andrew Watt Index

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Book SynopsisThis timely book offers important new insights into the boundaries between political and financial geographies, focusing on the links between the changing strategies, policies and institutions of the state. It investigates banks and other financial institutions affected by both state policies and a globalizing financial system, and the financial resources available to firms as well as households. In so doing, the book highlights how an empirical focus on the semi-periphery of the financial system may generate new perspectives on the entanglement between geopolitics and finance. Chapters explore a range of place-specific relations, highlighting the impact of state-led reforms, the importance of models, innovation and adaptation to local conditions, and bank intermediation. Conceptually, the book engages with insights from a variety of disciplines in order to explore the connections between geo-political and geo-economic discourses, public finance and foreign policy, the practices and localization of financial institutions, and the evolution of strategies for globalizing firms. Political and financial geographers will find this book to be a compelling read, as it sheds new light on the semi-periphery, which is often overlooked in studies addressing the global financial system. Economic policy-makers working on the nexus between politics, finance and development will also benefit from reading this book. Contributors include: S. Ageeva, G. Battisti, F. Betioli Contel, S. Grandi, J. Jafri, G. Lim, A. Mishura, T.T. Nguyen, M. Percoco, U. Rosati, C. Sellar, E. Stavrova, E. YilmazTrade Review'In examining the boundaries between political and financial geographies, Grandi, Sellar and Jafri pose important questions about the nature and interrelations of geography, law, science, politics and finance. Their volume represents a rich tapestry that examines the evolution of international financial institutions as well as their social, political and economic ramifications across ''semi-peripheral financial areas''. The emphasis on the complex web of relations between governments, firms and households across under-represented locations deepens the reader's understanding of the intricate flows of finance as they operate across time and place, with a geo-political focus that links power, politics and policy. This is an impressive volume that will speak to academics and practitioners with an interest in financial geography alike.' --Janelle Knox-Hayes, Massachusetts Institute of Technology, US'The contemporary world economy is a financialized one. The editors and authors of this collection are very successful in analysing some of the significant political geographical dimensions of the global and networked finance in semi-peripheries that have hitherto been mostly neglected in English-language scholarship. Founded on extensive empirical materials and laced with cogent conceptual insights, this book is essential reading for anyone interested in the spatialities of finance of the contemporary geopolitical condition.' --Sami Moisio, University of Helsinki, FinlandTable of ContentsContents: Foreword by Dariusz Wójcik ix Introduction: theorizing semi-peripheral geographies of finance and banking 1 Christian Sellar, Silvia Grandi and Juvaria Jafri 1 Geofinance/banking between political and financial geographies 15 Christian Sellar, Silvia Grandi and Juvaria Jafri PART I SPATIAL STRUCTURES OF FINANCE AND BANKING 2 The geography of International Financial Institutions: what can this tell us? 31 Silvia Grandi 3 Shadow banking: a geographical interpretation 47 Gianfranco Battisti 4 Spatial development and offshore financial chains 65 Umberto Rosati 5 Financial system and urban networks: an empirical analysis of Brazilian territory 79 Fabio Betioli Contel PART II THE STATE–BANK–FIRM NEXUS IN THE FINANCE SEMI-PERIPHERIES 6 Italian banks and business services as knowledge pipelines for SMEs: examples from Central and Eastern Europe 91 Christian Sellar 7 Spatial aspects of the Russian banking system: transformation and access to credit for small Russian firms 120 Svetlana Ageeva and Anna Mishura 8 Bulgaria’s banking system: outside and inside the financial geography of Europe 138 Elena Stavrova 9 Banking reform in Vietnam: persistence of the state? 155 Guanie Lim and Thong Tien Nguyen PART III MICRO-LEVEL ACTION AND REACTION OF PEOPLE AND FIRMS 10 Cross-currency swaps and local credit money creation in the Turkish banking system 176 Engin Yılmaz 11 Geographical aspects of recent banking crises in Italy 195 Marco Percoco 12 Shadow financial citizenship and the contradictions of financial inclusion in Pakistan 213 Juvaria Jafri Index 243

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Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.This insightful Research Agenda explores social finance and impact investing, surveying the latest research in this area. It considers a range of actors from across the social finance ecosystem, from investors and social banks, to the entrepreneurs who propose sustainable solutions and seek finance.Chapters discuss a variety of key topics, including impact investing practices by philanthropic and renewable energy sectors, the financing of social enterprises, social ventures and the effect of banking on the Sustainable Development Goals. The Research Agenda also examines market-figures to provide a holistic overview of the social finance and impact investing markets.Considering the perspectives of both investors and investees, this Research Agenda will be a useful guide for scholars and researchers in the areas of social finance, social entrepreneurship,impact investing and sustainability. Its evaluation of the challenges and successes of multiple social finance sectors will also be beneficial for practitioners in these fields.Trade Review'A Research Agenda for Social Finance offers a comprehensive look at the goals and challenges of social finance. The volume covers every field of social finance, from philanthropy, government, and other not-for-profit sectors to profit-conscious impact investing. Chapters on renewable energy, the banking sector, and social impact bonds highlight some of the most ambitious implementations of social finance. Methodologically diverse and breathtaking in its scope, this volume defines the state of knowledge on social finance. This book identifies fruitful directions that social finance might pursue in hopes of enlightening and securing a more humane, environmentally sustainable future.' -- Professor James Ming Chen, Michigan State University, US'A Research Agenda for Social Finance represents a significant new contribution to the development of scholarly research on social and impact finance. This book offers a wide-ranging and interesting review of potential areas of future research within this emerging market. The chapters explore the different types of social and impact finance, the market infrastructure, key investment themes, as well as important innovations. Overall this book provides a roadmap for future researchers that is both engaging and compelling.' -- Professor Alex Nicholls, University of Oxford, UKTable of ContentsContents: Introduction to A Research Agenda for Social Finance 1 Othmar M. Lehner 1 Exploring impact investing’s emergence in the philanthropic sector 1 Jessica Jones and Elizabeth Embry 2 A ladder to nowhere? A research agenda for funding social enterprise 27 J. Howard Kucher 3 Financing a sustainable planet: research agenda for impact investing in the renewable energy sector from an identity-based view 45 Tongyu Meng and Jamie Newth 4 Market infrastructure for social ventures 69 Vanina A. Farber and Patrick Reichert 5 The best of both worlds? Impact investors and their role in the financial versus social performance debate 91 Sergio G. Lazzarini, Sandro Cabral, Leandro S. Pongeluppe, Luciana C. de M. Ferreira and Angelica Rotondaro 6 Challenges for social impact measurement in the non-profit sector 119 Ericka Costa 7 At the intersection of financial and non-financial accounting impact measurements 145 Caterina Pesci and Andrea Girardi 8 The banking sector and the SDGs: interconnections and future directions 167 Olaf Weber 9 Financial sustainability conscientiousness 191 Julia M. Puaschunder 10 Social impact bonds: challenges and success 215 Eleonora Broccardo and Maria Mazzuca Index

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Book SynopsisThis innovative book explores how the design of financial education programmes could benefit from the findings of behavioural economics and finance and cognitive sciences. It covers the social, cultural and technological determinants of financial education, the role of the banking system in promoting financial literacy, and how governments and regulatory authorities are dealing with financial education and risk literacy programmes in schools.Featuring contributions from authors with diverse methodological and ideological backgrounds, Financial Education and Risk Literacy offers a rich and multifaceted debate. Chapters explore theory and empirical evidence, utilising investigations of programmes deployed and the outcomes of experiments. This book also complements the emerging literature by studying how individuals perceive and process information when making financial decisions.Economics students and scholars, in particular those studying behavioural economics, will appreciate the forward-looking agenda of this book. Its insights into how policymakers can benefit from a behavioural approach will also help regulators in the financial education sector.Trade Review’In today’s environment, financial education and risk literacy continue to be essential elements for individuals and organizations worldwide. This book provides keen insights from leading authorities worldwide on how best to improve financial education and risk literacy. Perhaps the traditional 3Rs (Reading, wRiting, and aRithmetic) should be extended to include a fourth R, being Risk, which would apply in the context of financial literacy and financial education. Enjoy the book - it is well worth the money!’ -- - Jay Liebowitz, Harrisburg University of Science and Technology, USTable of ContentsContents: Foreword by Salvatore Rossi x Introduction 1 Riccardo Viale and Umberto Filotto PART I FINANCIAL LITERACY AND FINANCIAL EDUCATION: RECOMMENDATIONS, EVIDENCE AND POLICY IMPLICATIONS 1 Broadening the scope of financial literacy to incorporate self-control, budgeting and heuristics 5 Hersh Shefrin 2 How financial decisions are affected by financial literacy levels, behavioral aspects and individual propensities: an empirical analysis of Italian young adults 29 Gian Paolo Stella, Umberto Filotto and Enrico Maria Cervellati 3 From financial education to economic education for citizenship 48 Anna Emilia Berti 4 Financial education in times of digitalization and FinTech (r)evolution 60 Rossella Locatelli and Alessandra Tanda 5 Financial and demographic education effectiveness in academic and vocational high schools: a randomised experiment 75 Luca Maria Pesando, Francesco C. Billari, Carlo Favero and Francesco Saita 6 Business education: do values make a difference? 96 Malte Petersen, Monika Keller, Jürgen Weibler and Wasilios Hariskos 7 Learning to wait, be altruistic, and fair: a primary school training in economic education 112 Antonella Marchetti, Teresa Rinaldi, Elisabetta Lombardi, Davide Massaro and Annalisa Valle 8 Financial education in action for socially fragile groups 123 Giovanna Paladino 9 Enhancing financial knowledge and risk literacy through edutainment: CONSOB’s experience 135 Nadia Linciano PART II RISK LITERACY AND FINANCIAL DECISION-MAKING 10 Boosting and nudging: two paths toward better financial decisions 150 Ralph Hertwig and Till Grüne-Yanoff 11 Cultural Finance: how is financial information received? 181 Barbara Alemanni and Shabnam Mousavi 12 Using experiments to inform consumer protection policy in financial services 197 Shane Timmons and Peter D. Lunn 13 Risk seeking or risk averse? Phenomenology and perception 220 Caterina Lucarelli, Mario Maggi and Pierpaolo Uberti 14 Old age and the decline in investment performance 236 Michael S. Finke and Sandra J. Huston 15 The need for entrepreneurs’ risk literacy: evidence from Italian SMEs and a call to arms 250 Enrico Maria Cervellati 16 The effect of ex-post information in choice under ambiguity 262 Francesco D. Zaffuto, Mateus Joffily and Giorgio Coricelli 17 Financial education among Italian SMEs 272 Fabrizio Guelpa 18 Finance, technology and financial education 279 Cristina Giorgiantonio and Zeno Rotondi Index 291

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Book SynopsisOffering an in-depth overview of the field's past, present, and future, this Handbook provides a comprehensive analysis of the current topics, methodologies, findings, and breakthroughs in research conducted with the help of experimental finance methodology. Suggesting innovative ways of navigating and structuring financial markets, it also showcases the diversity and promise of using experiments in finance.With contributions from leading experts, the Handbook begins with a series of investigations into human behavior in financial decision-making, asking methodological questions regarding subject pool choice, cognitive finance, physical and physiological measurement, and research directions. Stressing the dual nature of experimental finance, chapters then relate to market experiments by exploring applied topics, including bank runs, financial accounting and nudging. Finally, it examines experimental tools and methodologies, critical perspectives, roadmaps for implementation, and empirical testing of finance theories. With examples of experiments that test the fundamental theoretical constructs in finance, this Handbook will prove a vital resource to students and scholars of finance, financial economics, and experimental methodology. It will also prove useful to practitioners and policymakers looking to innovate and experiment with their approaches to financial decision-making.Trade Review‘The key aim of this Handbook is “to showcase the diversity of experimental finance topics and solidify the distinctiveness of experimental finance as a stand-alone ‘field’ from experimental economics” (p.1). This is intended to educate and to influence for all readers including uninitiated readers. At the end of studying this Handbook, all readers are convinced that this aim is accomplished. This is congratulatory for the eminent editors and all the contributors of 31 chapters, each focusing on a unique topic and contribution, in this excellent Handbook.’ -- FPI Journal of Economics and GovernanceTable of ContentsContents: Introduction to the Handbook of Experimental Finance 1 Sascha Füllbrunn, Ernan Haruvy PART ONE BASIC RESEARCH 1 Current and possible future research directions in experimental finance 12 Charles Noussair 2 Experiments in finance: From no to maybe to yes! 17 Pascal Kieren, Martin Weber 3 The complementarity of experimental and archival finance research 26 Lucy F. Ackert, Hong Qu 4 Physiological measures in experimental finance 41 Eyal Ert, Abigail Hurwitz, Sven Nolte 5 Ambiguity, experience and unforeseen events in experimental finance 54 Stefan T. Trautmann 6 Experimental finance and financial professionals 64 Sascha Füllbrunn, Christoph Huber, Christian König-Kersting 7 Cognitive finance 73 Ciril Bosch-Rosa, Brice Corgnet 8 The perils of a blanket model: Financial anomalies and loss aversion 89 Eldad Yechiam 9 Testosterone and financial risk taking 98 John Dinsmore, Eric Stenstrom, Marcelo Vinhal Nepomuceno 10 On attention to information: The checking paradox 105 Yefim Roth, Ofir Yakobi 11 The double-channeled effects of experienced payoffs in investment decisions 117 Peiran Jiao 12 Investing other people’s money 132 Sascha Füllbrunn, Ola Kvaløy, Wolfgang Luhan 13 From the field to the lab: Professionals and bidding aggression 145 Timo Heinrich, Matthew James Walker 14 Coordination games: Escaping the straitjacket 152 Christos A. Ioannou PART TWO APPLIED RESEARCH 15 Perishable goods versus re-tradable assets: A theoretical reappraisal of a fundamental dichotomy 162 Sabiou M. Inoua, Vernon L. Smith 16 Pairing multi-market theory with experiments 172 Elena Asparouhova, Peter Bossaerts, Sean Crockett 17 The effect of favorable and unfavorable information on asset prices 194 Charles Noussair, Steven Tucker, Mark Ryan 18 Market experiments with multiple assets: A survey 213 John Duffy, Jean Paul Rabanal, Olga A. Rud 19 Individual evolutionary learning and zero-intelligence in the continuous double auction 225 Jasmina Arifovic, Anil Donmez, John Ledyard, Megan Tjandrasuwita 20 Using results from learning to forecast laboratory experiments to predict the effect of futures markets on spot market stability 250 Johan de Jong, Joep Sonnemans, Jan Tuinstra 21 Are you experienced? How the time spacing of traders’ market experience impacts bubble formation in experimental asset markets 267 Jason Shachat, Hang Wang 22 Monetary policy and cash flow irregularity as drivers of asset price bubbles: An experimental study 281 Dragana Draganac, Miloš Božović 23 Algorithmic trading in experimental markets with human traders: A literature survey 302 Te Bao, Elizaveta Nekrasova, Tibor Neugebauer, Yohanes E. Riyanto 24 Asset market experiments with diverse information 323 Dominik Schmidt, Thomas Stöckl 25 Experimental bank runs 347 Hubert J. Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia 26 Experiential learning in finance education – Applying experimental finance methodology 362 Éva Kaczkó, Michael Razen 27 Experimental research in financial accounting 375 Daniel Reimsbach, Karen De Meyst 28 Corporate governance experiments 384 Ernan Haruvy 29 Nudging and RCTs in finance: A review of recent literature 395 Réka Heim, Jürgen Huber 30 A critical perspective on the conceptualization of risk in behavioral and experimental finance 408 Felix Holzmeister, Christoph Huber, Stefan Palan 31 Stated risk preference predicts risk appetite in structured investment 414 Doron Sonsino, Yaron Lahav, Yefim Roth Index 423

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Book SynopsisInclusive Financial Development provides theoretical and empirical analyses of the nature of financial inclusion. The contributing authors explore the impediments to inclusion that exist around the world, the macro and stability implications, and the regulation dimension. With contributions from distinguished researchers, this book covers the main analytical and empirical issues in financial inclusion and its role in economic development. Chapters present a wide range of case studies illustrating topics such as mobile money, financial liberalization and bank efficiency, as well as highlighting the costs associated with financial exclusion and the various policy and regulatory measures that have been applied to lower the barriers to inclusion. Offering a comprehensive exploration of financial inclusion and its impediments, this important book will be welcomed by students, researchers and policy makers interested in economic development and financial regulation.Trade Review‘A great collection of contributions that analyse the different facets of financial inclusion in the developing world and that will push out the frontier of knowledge.’ -- Thorsten Beck, European University Institute, Florence, Italy‘Ahmad, Llewellyn and Murinde have edited a timely volume on access to finance and financial and economic development. At its core are thirteen contributions, many on African countries, resulting from research funded by the ESRC and the FDCO; with invited studies of other countries included. Progress from mobile money to information technology enabled financial intermediation is mapped and its impact gauged. Policy implications are that entry by, suitably regulated, technologically advanced financial institutions should be facilitated, and responsible banking fostered.’ -- Andrew Mullineux, University of Birmingham, UK‘For researchers and policy makers, this book is a true gold mine, not for the answers it offers, but for the critical questions it raises about the potential of financial inclusion to propel developing economies to higher levels of growth while ensuring that no citizen is left behind in the modernization process. The chapters offer compelling evidence on the role of financial inclusion as a potent tool for equitable development and leapfrogging in the developing world. The volume is of great interest for instructors and students of finance and economic development.’ -- Léonce Ndikumana, University of Massachusetts, Amherst, USTable of ContentsContents: Preface xvi Ahmad Hassan Ahmad, David T. Llewellyn and Victor Murinde 1 Introduction: financial inclusion – an overview of key issues 1 David T. Llewellyn 2 Public policy for financial inclusion 13 David T. Llewellyn 3 Financial sector development and financial inclusion in Africa: gaps, challenges and policy options 28 Njuguna Ndung’u and Alex Oguso 4 Mobile money and financial inclusion: an analytical survey 52 Ahmad Hassan Ahmad, Christopher J. Green and Fei Jiang 5 The impact of financial inclusion on sectoral economic growth 76 Ayse Demir, Joseph Ajefu, Kalim Bukhari and Victor Murinde 6 Does financial liberalization accentuate financial instability? 82 Dirk Bezemer, Silke Bumann and Robert Lensink 7 The rise of cross-border pan-African banks in the WAEMU 113 Issouf Soumaré, Kouamé Désiré Kanga and Victor Murinde 8 Kenya’s interbank market liquidity access: an insight from network topology 134 Ye Bai, Pia Weiss, Victor Murinde and Christopher J. Green 9 The coexistence of formal and informal finance: new evidence from the use of trade finance by farmers in Chile 170 Alvaro Reyes, Robert Lensink and Niels Hermes 10 Mobile money, financial inclusion and poverty: key results from two new surveys in Ghana 189 Fei Jiang, Carlos Sakyi-Nyarko, Ahmad Hassan Ahmad and Christopher J. Green 11 Does bank efficiency enhance industry growth in developing countries? 226 Ali Mirzaei and Tomoe Moore 12 Threshold effects of financial access on income inequality in Africa: empirics and policy implications 243 Imhotep Paul Alagidede and Muazu Ibrahim 13 Government policy and financial inclusion: analyzing the impact of the Indian national mission for financial inclusion 267 Rachel Hadar and Ronny Manos 14 Inclusive finance, financial literacy and livelihood activities of households in Ghana 295 Mohammed Amidu, Joshua Yindenaba Abor and Haruna Issahaku 15 Concluding remarks and implications for future research 321 Ahmad Hassan Ahmad, David T. Llewellyn and Victor Murinde Index

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Book SynopsisThis original book examines how investment theory and regulatory constraints are linked to the professional processes of portfolio investments, and how the principles of Islam as defined by sharia fit into these processes. It also explores the measures required to create and grow a global Islamic asset management industry.Established on a foundation of Modern Portfolio Theory, the book extends the theory to include asset management based on sharia. Chapters also consider how ethical investing is quickly becoming the driving force of the $100 trillion asset management industry. Taking a practical approach, John A. Sandwick, M. Kabir Hassan and Pablo Collazzo compare conventional and sharia portfolio performance and risk through measurement tools commonly used in asset management, including Sharpe ratio, standard deviation, Value at Risk, annualized mean return, and correlation. They map conventional portfolio construction and optimization, then reproduce the same processes with real-world, sharia-compliant portfolios.This book will be critical reading for scholars and students of Islamic economics and finance, Islamic studies, and financial regulation. Considering Islamic asset management as a unique function of Islamic finance, this book will also be a useful resource for practitioners and finance professionals.Trade Review’It is a timely guide to further contribute to this heavily debated claim that Islamic investments perform better in adverse economic situations. This is an excellent book as a guide on performance of Islamic finance investments versus conventional portfolios and fills the gaps on performance of Islamic asset management in the real markets. It is an excellent reference for scholars, practitioners and researchers in Islamic finance markets.’- Shamsher Mohamad, International Centre for Education in Islamic Finance, MalaysiaTable of ContentsContents: Foreword by Zeti Aziz Preface Introduction to A Guide to Islamic Asset Management 1. Literature review, research gap, industry and theoretical summaries 2. Research design and finding data 3. Results, relevance and limitations 4. Empirical analysis, research design and methodology 5. Discussion of findings 6. Implications for theory and practice 7. Limitations, and future research Annex: survey questions for major asset management banks References Index

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Book SynopsisCommodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets.At the core, these assertions raised major economic questions about the efficiency of price discovery in commodity futures markets. Moreover, these so-called remedies did not come without a potential cost. Burdensome regulations would increase compliance and risk sharing costs across the global food system, lowering prices for producers and increasing costs to consumers.This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.

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Book SynopsisIn this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking.With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.Trade Review'Everyone loves a good puzzle. Moosa (re)introduces the reader to puzzles across a wide range of economics and finance topics and provides serious investigation, interpretation, discussion, and solutions for each. At bottom-line, he argues that most of these puzzles and paradoxes are neither and that one researcher's myth is another's indisputable fact. Moosa's presentation is extraordinarily lucid and logically constructed. He brings clarity to confusion and insight where it has been missing. Researchers, young and old, will benefit from the incisive examination Moosa brings to these Controversies.' -- Ronald D. Ripple, PhD, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US'Professor Imad Moosa’s text will be welcomed by anyone who values and seeks clear thinking in relation to those areas of the social sciences that determine the social and economic environment in which we live. To this end, the text succeeds in penetrating the discipline’s fabric of “received wisdom” with its bogus puzzles and perpetrated myths. In doing so, the text shines a much-needed light on the corrupted nature of academic publishing that continues to masquerade as meaningful academic research. If a first step to achieving meaningful academic institutions in our society is the recognition of the failures of the current system, then this text represents just such a step.’ -- Michael Dempsey, Tan Duc Thang (TDT) University, VietnamTable of ContentsContents: Preface 1. Puzzles and Myths: A General Overview 2. Puzzles in International Finance 3. Puzzles in International Economics and Macroeconomics 4. Puzzles in Finance 5. The Myths of Econometrics 6. The Myths of Laissez Faire 7. The Myths of Financial Economics 8. The Myths of Macroeconomics 9. The Mother of all Myths: Do the Royals Attract Tourists? 10. Epilogue: Puzzles and Myths in Economics and Finance References Index

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Book SynopsisThis cutting-edge book explores the impact of pandemic shocks and other crises on businesses. Focusing on growing threats to business resilience, it offers innovative strategies to manage financial change and reposition small and medium-sized enterprises (SMEs) and entrepreneurs for success.The expert team of contributors provide multi-dimensional perspectives on how to support businesses to access finance. Focusing on SMEs, the book analyses the diverse coping strategies adopted by firms to resolve entrepreneurial issues. Chapters evaluate the impact of crises on SMEs’ finances; the latest developments in debt, equity and asset-based finance; and recent global inflationary pressures. Ultimately, the book argues that SME resilience is central to a strong economy, and swift action from governments, financial institutions, and other stakeholders is needed to curb the liquidity trap faced by businesses.Tackling theoretical, practical and policy issues, this book will be a useful resource for students and researchers of entrepreneurship, financial regulation and the economics of innovation. It will also be an invaluable guide for policymakers and practitioners seeking to boost SME resilience and control economic shocks.Trade Review‘With significant focus on the impact of the Covid pandemic on SMEs, this book has considerable contemporary relevance. But as the editors emphasise, the Covid pandemic is just one of several sources of turbulence and disruption that are currently impacting SMEs across the globe. Moreover, as they go on to note, turbulence and disruption are recurring events, giving the book ongoing relevance beyond the pandemic.’ -- Colin Mason, University of Glasgow, Scotland, UK‘The editors have assembled a distinguished and diverse collection of contributors who are able to offer real insights into the marketplace for entrepreneurial finance. Although these marketplaces differ massively between countries, they are united in the common theme that participants lack power. They are constantly subject to shocks from which some, but not all, survive. Who does, who does not, and why, are therefore key questions addressed in the volume.’ -- David Storey, University of Sussex Business School, UKTable of ContentsContents: 1 Entrepreneurial financial resilience and financial innovation in a turbulent era 1 Jonathan M. Scott, Javed G. Hussain, Samuel Salia and David Deakins 2 The impact of the Covid-19 global pandemic upon the entrepreneurial financial resilience of SMEs 22 Harry Matlay 3 Chinese ventures’ strategic choices and recurring disruptions in the entrepreneurial process 36 Li Xiao 4 Evaluation of an enterprise resource planning system in turbulent times: a case study of the SMEs of the United Kingdom and Australia 46 Dilek Demirbaş, Kathleen Flynn and David Bennett 5 Collective resilience in constrained environments: entrepreneurship in a sub-Himalayan community and the COVID-19 pandemic 65 Sanjay Bhowmick and Prasoom Dwivedi 6 Crowdfunding and traditional finance: the prospects and challenges for SMEs in Nigeria 86 Oyerinmade R. Oladejo, Adekunle I. Ogunsade, Seun Kolade and Victor Atiase 7 Understanding SME financial resilience and survivability in Africa 107 Victor Atiase, Senyo Agbanyo, Patronella Ganza, Johnson Ameh and Robert Sambian 8 Seeding the green recovery: an assessment of the roles of UK government venture capital funds 134 Robyn Owen 9 Designing financial products that support rural livelihoods: making microfinance work for the poor 155 Gilbert Zana Naab, Rashmi Arora, Prathivadi Anand, Francis Zana Naab, Pattanapong Tiwasing and Joseph Kwadwo Danquah 10 Developing Brazil’s sustainable finance entrepreneurship ecosystem: the role of keystone actors and institutional logics 190 Patrick Elf and Robyn Owen Index

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Book SynopsisThis accessible Handbook provides an essential entry point for those with an interest in the increasingly complex subject of financial decision making. It sheds light on new paradigms in society and the ways that new tools from private actors have affected financial decision making. Covering a broad range of key topics in the area, leading researchers summarize the state of the art in their respective areas of expertise, delineating their projections for the future.Chapters cover both more traditional fields, such as regulation and the role of analysts, and emerging fields, such as artificial intelligence, neurofinance and robo-advising. Organized into three sections, the Handbook first deals with the natural and environmental factors that impact financial decision making, before moving on to examine the institutions, frameworks, and tools created for the purpose of aiding the decision-making process. It concludes by looking at financial advisors, household finance and enabling financial decision making.This Handbook will be of great value to scholars and researchers invested in the fields of finance, economic psychology, business management and development. Its comprehensive introduction to current research in accounting and finance alongside multiple topics on technology and decision making will be invaluable for practitioners, policy makers and regulators.Trade Review'With the rise of new kinds of data and approaches, the field of financial decisions is developing very rapidly. This volume provides excellent overviews of these developments with perspectives from leading experts in the field.' -- David Hirshleifer, USC Marshall School of Business, US‘This is an excellent collection of lucidly written articles on recent developments in finance that highlight how the scope of the field is rapidly changing. The book will be a valuable source of information and inspiration for advanced undergraduate and graduate students, and will help draw more people to the field of finance. I will definitely be recommending it to my students.’ -- Sudipto Dasgupta, Chinese University of Hong Kong, Hong Kong SAR, ChinaTable of ContentsContents: PART I INTRODUCTION Financial decision making: an overview 2 Gilles Hilary and David McLean PART II NATURAL AND ENVIRONMENTAL FACTORS THAT IMPACT FINANCIAL DECISION MAKING Part II.1 Natural Factors 1 Limited attention and financial decision-making 17 Alexander Nekrasov, Siew Hong Teoh, and Shijia Wu 2 Seasonality in stock returns and government bond returns 36 Mark J. Kamstra and Lisa A. Kramer 3 Preference for lottery-like securities 63 Turan G. Bali and Quan Wen 4 Neurofinance 91 Elise Payzan-LeNestour Part II.2 Environmental, Social, and Cultural Factors 5 Corporate culture: a review and directions for future research 112 Jillian Grennan and Kai Li 6 Geography and financial decision making 133 Qinghai Wang 7 Language in financial disclosures 154 Natasha Bernhardt, Mandy T. Ellison, Kristina M. Rennekamp, and Brian J. White 8 The impact of word-of-mouth communication on investors’ decisions and asset prices 171 Byoung-Hyoun Hwang 9 The role of media in financial decision-making 192 Kenneth R. Ahern and Joel Peress PART III INSTITUTIONS, FRAMEWORKS, AND TOOLS Part III.1 Institutions 10 Disclosure regulation: past, present, and future 215 S.P. Kothari, Liandong Zhang, and Luo Zuo 11 The audit in a modern economy 235 W. Robert Knechel and Eddie Thomas Part III.2 Frameworks 12 Accounting and prices 256 Steven J. Monahan 13 Managerial accounting and decision-making 277 Satish Joshi and Ranjani Krishnan 14 Social responsibility in business and finance 296 Hao Liang and Tran Bao Phuong Nguyen Part III.3 Tools: Computer-Based Advising 15 Artificial intelligence in financial decision-making 315 Allen H. Huang and Haifeng You 16 IT meets finance: financial decision-making in the digital era 336 Francesco D’Acunto and Alberto G. Rossi PART IV SETTINGS: ADVISORS AND DECISION MAKING 17 Financial analysts 356 Daniel Bradley 18 Household financial decision making 375 Sumit Agarwal and Nithin Mannil 19 Behavioral finance and retirement planning in defined contribution plans 411 Julie Agnew Index 432

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business, and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Through detailed discussion of the central principles of behavioral finance, this enlightening Advanced Introduction provides a balanced exploration of the broad issues within the field. Chapters explain the continuous development of the discipline and provide a useful differentiation between behavioral finance and standard finance.Key Features: Illustrates the various challenges and opportunities facing behavioral finance Provides clear definitions of key terms within the subject area of behavioral finance Investigates applications of behavioral finance in financial decision-making, including within corporate finance Explains why blending behavioral and standard approaches would likely improve financial understanding and lead to better decision-making This illuminating Advanced Introduction will be valuable for academics, researchers, and practitioners interested in behavioral finance. Students researching behavioral economics, economic psychology, and financial economics will also find it informative.Trade Review‘Baker, Nofsinger, and Ricciardi, three exceptional finance scholars, have provided an excellent volume discussing and analysing the development of behavioural finance in the context of the traditional simple and simplistic finance modelling. They reveal the fundamental flaws of this approach and how behavioural finance, based on realistic modelling assumptions, yields more robust predictions and causal analyses. An important and informative read.’ -- Morris Altman, University of Dundee, UK‘This volume provides a thoroughly up to date and beautifully structured overview of what is by now a coherent body of thought. It would serve as an excellent upper level course companion or as a stand alone reference.’ -- Brian Lucey, Trinity College Dublin, Ireland'Advanced Introduction to Behavioral Finance is an elegant, readable addition to the behavioral finance literature that thoroughly covers foundational topics like heuristics in addition to shining a light on topics like biology and behavioral corporate finance that have historically gone overlooked. A must-read for serious students of BeFi.' -- Daniel Crosby, Chief Behavioral Officer, Orion, US

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business, and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Through detailed discussion of the central principles of behavioral finance, this enlightening Advanced Introduction provides a balanced exploration of the broad issues within the field. Chapters explain the continuous development of the discipline and provide a useful differentiation between behavioral finance and standard finance.Key Features: Illustrates the various challenges and opportunities facing behavioral finance Provides clear definitions of key terms within the subject area of behavioral finance Investigates applications of behavioral finance in financial decision-making, including within corporate finance Explains why blending behavioral and standard approaches would likely improve financial understanding and lead to better decision-making This illuminating Advanced Introduction will be valuable for academics, researchers, and practitioners interested in behavioral finance. Students researching behavioral economics, economic psychology, and financial economics will also find it informative.Trade Review‘Baker, Nofsinger, and Ricciardi, three exceptional finance scholars, have provided an excellent volume discussing and analysing the development of behavioural finance in the context of the traditional simple and simplistic finance modelling. They reveal the fundamental flaws of this approach and how behavioural finance, based on realistic modelling assumptions, yields more robust predictions and causal analyses. An important and informative read.’ -- Morris Altman, University of Dundee, UK‘This volume provides a thoroughly up to date and beautifully structured overview of what is by now a coherent body of thought. It would serve as an excellent upper level course companion or as a stand alone reference.’ -- Brian Lucey, Trinity College Dublin, Ireland'Advanced Introduction to Behavioral Finance is an elegant, readable addition to the behavioral finance literature that thoroughly covers foundational topics like heuristics in addition to shining a light on topics like biology and behavioral corporate finance that have historically gone overlooked. A must-read for serious students of BeFi.' -- Daniel Crosby, Chief Behavioral Officer, Orion, US

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Book SynopsisFollowing rapid technological advancements that have taken place throughout the late twentieth and early twenty-first centuries, this intriguing book provides a dynamic agenda for the study of artificial intelligence (AI) within finance. Through an in-depth consideration of the use of AI, it utilizes case study examples to investigate AI’s effectiveness within investment and banking.Artificial Intelligence and Financial Behaviour examines to what extent AI can guide people to improve their financial wellbeing. It explores potential effects of, and problems with, specific technologies, as well as describing current regulatory considerations regarding the use of AI and machine learning. Chapters succinctly portray the impact AI may have on investor and trader behaviour. This highly informative book will be beneficial for students and researchers studying behavioural and regulatory economics. It will also be immensely useful for financial regulators who are analysing problems from contemporary points of view.Trade Review‘This is an excellent book focusing on the adaptive features of heuristic financial decision making. This will be an excellent resource for all those interested in the financial markets such as investors, policy makers, researchers and university students.’ -- Shigeyuki Hamori, Kobe University, JapanTable of ContentsContents: Preface viii Introduction: Artificial intelligence should meet natural stupidity. But it cannot! 1 Riccardo Viale PART I AI AND BOUNDED RATIONALITY 1 Financial service providers, AI, satisficing, and the human touch in the market for financial nudges and boosts 30 Hersh Shefrin 2 The importance of structural rationality: understanding market institutions 51 Shyam Sunder 3 Bits of individual knowledge in bytes of machines 69 Shabnam Mousav and Mario Rasetti 4 Radical rationality allows coping with fundamental uncertainty on financial markets 89 Paolo Sironi 5 Integrating heuristics and learning in a computational architecture for cognitive trading 111 Remo Pareschi and Federico Zappone PART II AI AND MARKETS 6 Artificial intelligence and conduct in wholesale markets 137 Mark Yallop 7 Using AI to assess credit risk; developing a model 144 Umberto Filotto, Tommaso Giordani, Gian Paolo Stella and Filmon Teclai 8 Do we like robot? Consumers’ attitude towards the algorithm 156 Barbara Alemanni 9 Financial consumers, digital interfaces and decision aids 174 Peter D. Lunn 10 FOMO and Covid and Cryptos, oh my! 192 Steven Jon Kaplan 11 How AI is re-shaping the financial industry: lights, shades and perspectives 205 Paola Papanicolaou 12 54,000 PRIIPs KIDs – how to read them (all) 215 Adrien Amzallag 13 Machine learning and artificial intelligence for risk management 240 Edoardo Faletti Index

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Book SynopsisIn this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are driven more by psychological and social constructs than is commonly understood and discusses how monetary wealth transfers in the context of what he terms ‘US money mercantilism’ have favored the US dollar ‘core’ of the global system. Chapters go on to explore the continuing globalization of financial markets, including further innovations in information-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates on the political economy of financial crises and further advances his human ecology economics framework to help guide research and policymaking in the future. Explaining why large-scale financial instabilities occur and how they might be better managed and avoided, this thoroughly revised fifth edition will be an essential resource for students and scholars of international economics, macroeconomics, international finance, and international political economy. Its critical insights on how the international system continues to evolve will also help inform policymakers’ responses to financial crises.Table of ContentsContents: Preface Introduction to Financial Crises and Recession in the Global Economy 1 Financial globalization since the 1970s 2 Financial instabilities and trends in the 1980s 3 Financial instabilities and trends in the 1990s 4 The 2007– crisis, common patterns and new thinking 5 A human ecology economics (HEE) framework for the analysis of financial instability and capital accumulation 6 The 2020– pandemic and beyond: summary and conclusions References Index

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Book SynopsisIn this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are driven more by psychological and social constructs than is commonly understood and discusses how monetary wealth transfers in the context of what he terms ‘US money mercantilism’ have favored the US dollar ‘core’ of the global system. Chapters go on to explore the continuing globalization of financial markets, including further innovations in information-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates on the political economy of financial crises and further advances his human ecology economics framework to help guide research and policymaking in the future. Explaining why large-scale financial instabilities occur and how they might be better managed and avoided, this thoroughly revised fifth edition will be an essential resource for students and scholars of international economics, macroeconomics, international finance, and international political economy. Its critical insights on how the international system continues to evolve will also help inform policymakers’ responses to financial crises.Table of ContentsContents: Preface Introduction to Financial Crises and Recession in the Global Economy 1 Financial globalization since the 1970s 2 Financial instabilities and trends in the 1980s 3 Financial instabilities and trends in the 1990s 4 The 2007– crisis, common patterns and new thinking 5 A human ecology economics (HEE) framework for the analysis of financial instability and capital accumulation 6 The 2020– pandemic and beyond: summary and conclusions References Index

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Book SynopsisThe Global Evolution, Changing Landscape and Future of Financial Markets provides a comprehensive understanding of the evolving financial landscape and the importance of creating a more inclusive and diverse digital finance ecosystem.

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Book SynopsisThis exhaustive collection presents an all-encompassing account of the current status of Islamic finance, accentuating its ethical, technological, and sustainable facets.

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Book SynopsisEnriched and strengthened with European case studies of real-life situations providing practical and industry insights, Part A and B collate experts in Economics, Finance, Public Policy, Human Resources, and Risk Management, contributing on employability, labour markets, sustainability, and skills of the future from across the globe.

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Book SynopsisThe Emerald Handbook of Fintech offers a detailed, user-friendly examination of the technologies and products reshaping the financial technology industry from leading global scholars and practitioners.

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.Key Features: Provides a historical overview of the gestation of the Bank of England, the Federal Reserve, and the European Central Bank Analyses the processes involved in monetary policymaking, including strategy reviews, policy instruments, and central bank communication, whilst considering financial stability and crisis management Concludes with a look towards the future challenges faced by central banks, including the low interest rate environment and the greening of central bank policies Accessible and informative, this Advanced Introduction will prove a vital resource to students and scholars of economics and finance. It will also prove invaluable to practitioners and policymakers interested in financial sector supervision and regulation in central banks.Trade Review‘By explaining central banking to a non-specialist audience, this book fills an important void. It convincingly demonstrates the tremendous importance that price and financial stability play in the lives of the citizens we serve, illustrated with concrete day-to-day policy challenges that central bankers face.’ -- Klaas Knot, President of De Nederlandsche Bank and Chair of the Financial Stability Board‘This concise volume is a stupendous achievement. It distills into a relatively small number of pages a wealth of factual information, and a bit of opinion, about central banking around the world. Invaluable. I plan to pull it off my bookshelf frequently and to assign sections to my students.’ -- Alan S. Blinder, Princeton University, US‘This excellent short book will be a boon to anyone wanting to learn the basics of modern central banking. It is nicely written, with a good use of diagrams and tables, and easily accessible to anyone with a modicum of understanding of macroeconomic and monetary issues.’ -- Charles Goodhart, London School of Economics, UKTable of ContentsContents: Introduction to Central Banks and Monetary Policy 1. Responsibilities and design of central banks 2. Monetary policy-making 3. Financial stability and crisis management 4. Challenges for central banks References Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.Key Features: Provides a historical overview of the gestation of the Bank of England, the Federal Reserve, and the European Central Bank Analyses the processes involved in monetary policymaking, including strategy reviews, policy instruments, and central bank communication, whilst considering financial stability and crisis management Concludes with a look towards the future challenges faced by central banks, including the low interest rate environment and the greening of central bank policies Accessible and informative, this Advanced Introduction will prove a vital resource to students and scholars of economics and finance. It will also prove invaluable to practitioners and policymakers interested in financial sector supervision and regulation in central banks.Trade Review‘By explaining central banking to a non-specialist audience, this book fills an important void. It convincingly demonstrates the tremendous importance that price and financial stability play in the lives of the citizens we serve, illustrated with concrete day-to-day policy challenges that central bankers face.’ -- Klaas Knot, President of De Nederlandsche Bank and Chair of the Financial Stability Board‘This concise volume is a stupendous achievement. It distills into a relatively small number of pages a wealth of factual information, and a bit of opinion, about central banking around the world. Invaluable. I plan to pull it off my bookshelf frequently and to assign sections to my students.’ -- Alan S. Blinder, Princeton University, US‘This excellent short book will be a boon to anyone wanting to learn the basics of modern central banking. It is nicely written, with a good use of diagrams and tables, and easily accessible to anyone with a modicum of understanding of macroeconomic and monetary issues.’ -- Charles Goodhart, London School of Economics, UKTable of ContentsContents: Introduction to Central Banks and Monetary Policy 1. Responsibilities and design of central banks 2. Monetary policy-making 3. Financial stability and crisis management 4. Challenges for central banks References Index

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Book SynopsisIn this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking.With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.Trade Review'Everyone loves a good puzzle. Moosa (re)introduces the reader to puzzles across a wide range of economics and finance topics and provides serious investigation, interpretation, discussion, and solutions for each. At bottom-line, he argues that most of these puzzles and paradoxes are neither and that one researcher's myth is another's indisputable fact. Moosa's presentation is extraordinarily lucid and logically constructed. He brings clarity to confusion and insight where it has been missing. Researchers, young and old, will benefit from the incisive examination Moosa brings to these Controversies.' -- Ronald D. Ripple, PhD, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US'Professor Imad Moosa’s text will be welcomed by anyone who values and seeks clear thinking in relation to those areas of the social sciences that determine the social and economic environment in which we live. To this end, the text succeeds in penetrating the discipline’s fabric of “received wisdom” with its bogus puzzles and perpetrated myths. In doing so, the text shines a much-needed light on the corrupted nature of academic publishing that continues to masquerade as meaningful academic research. If a first step to achieving meaningful academic institutions in our society is the recognition of the failures of the current system, then this text represents just such a step.’ -- Michael Dempsey, Tan Duc Thang (TDT) University, VietnamTable of ContentsContents: Preface 1. Puzzles and Myths: A General Overview 2. Puzzles in International Finance 3. Puzzles in International Economics and Macroeconomics 4. Puzzles in Finance 5. The Myths of Econometrics 6. The Myths of Laissez Faire 7. The Myths of Financial Economics 8. The Myths of Macroeconomics 9. The Mother of all Myths: Do the Royals Attract Tourists? 10. Epilogue: Puzzles and Myths in Economics and Finance References Index

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Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.How can financial services, such as credit, deposit accounts, financial transfers, and insurance be provided to people in need? This challenging and complex issue has been a topic of interest for the international aid community for decades. Drawing on renowned experts in microfinance and financial inclusion, this Research Agenda sheds much-needed light on this multifaceted challenge and points the way ahead for future research.Providing a critical and multidisciplinary approach to research in microfinance and financial inclusion, the authors provide a state-of-the-art overview of current scholarly knowledge on the provision of financial services to disadvantaged populations worldwide. Reviewing the literature on the subject from the fields of economics, management science and development studies, they discuss the limitations and challenges of current research and chart avenues for future developments.With its fascinating insights, this Research Agenda will be of interest to students of finance and economics, development, and business and management, as well as researchers with a specific interest in microfinance and financial inclusion.Contributors include: J. Bastiaensen, A. Cozarenco, B. D'espallier, K.O. Djan, M. Duvendack, A. Garcia, J. Goedecke, I. Guérin, V. Hartarska, B. Hathaway, N. Hermes, F. Huybrechs, R. Lensink, R. Mersland, J. Morduch, S. Morvant, D. Nadolnyak, T. Ogden, J.-M. Servet, T.W. Sommeno, A. Szafarz, G. Van Hecken, B. Venet, L. Weill, T. Wry, S. ZamoreTable of ContentsContents: Introduction Part I Framing Research On Microfinance And Financial Inclusion 1. The Challenges of Social Investment Through the Microfinance Lens Jonathan Morduch and Timothy Ogden 2. Microfinance and Management Theory Brian Hathaway and Tyler Wry 3. Breaking Away From Ready-Made Remedies and Normative Approaches to Financial Practices Isabelle Guérin, Solène Morvant and Jean-Michel Servet 4. What Do We Really Know About Microfinance Impact? Maren Duvendack Part II Social, Environmental, and Financial Performance 5. Social Performance Measurement in Microfinance Bert D’espallier and Jann Goedecke 6. Microfinance and Financial Inclusion in the Transformation to Environmental Sustainability Johan Bastiaensen, Frédéric Huybrechs and Gert Van Hecken 7. Efficiency and Productivity Analysis of Microfinance Institutions Valentina Hartarska and Denis Nadolnyak Part III Targets for Financial Inclusion 8. Islamic Microfinance Laurent Weill 9. Microfinance Plus: A Review and Avenues for Research Adriana Garcia and Robert Lensink 10. Microfinance in the North: Where Do We Stand? Anastasia Cozarenco and Ariane Szafarz Part IV Institutional and Technological Design 11. Internationalization of the Microfinance Industry Roy Mersland, Stephen Zamore, Kwame Ohene Djan and Tigist Woldetsadik Sommeno 12. Microfinance and Governance Niels Hermes 13. Fintech and Financial Inclusion Baptiste Venet Index

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Book SynopsisThis book presents a quarter of a century of empirical research on interest rates and a variety of asset prices. It will serve to deepen our understanding of asset price inflation. The book includes extensive analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The book also includes an examination of historical interest rate development in the long run, both theoretically and empirically. In conclusion, Professor Fase also analyses the behaviour of bonds, stocks and investment in art and examines the factors indispensable for a monetary strategy designed to target inflation.Table of ContentsContents: Introduction Part I: On Interest Rates 1. A Principal Components Analysis of Market Interest Rates in The Netherlands, 1962–1970 2. The Interdependence of Short-term Interest Rates in the Major Financial Centres of the World 3. On Interest Rates in Belgium and The Netherlands 4. International Convergence of Capital Market Interest Rates 5. Bond Yields and Expected Inflation 6. Anticipated Inflation and Interest Rates in an Open Economy 7. The Fisher Hypothesis and Exchange Rates in EMU 8. The Demand for Mortgage Credit and the Mortgage Rate in The Netherlands 9. Seventy Years of Interest Rates Part II: On Asset Prices 10. Index-linked Bonds and Inflation Risk in EMU 11. Price Determination on the Equity Market 12. The Linkage of Stock Exchange Markets Between Countries 13. The Interaction Between Trading Volume of Stocks and Options 14. The Equity Premium Puzzle 15. The Risk Premium on Equity in Core EMU 16. Purchase of Art Bibliography Index

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Book SynopsisUnder growing pressure from within and outside their economies, countries around the world have recently embarked upon wide-ranging programmes of financial reform. This major Handbook provides country studies of the latest developments in financial reform in a selection of both developed and developing countries from Western Europe, North America, South America, Asia and Australia, written by acknowledged experts in their fields. The outcome is an up-to-date, authoritative and comprehensive account of the current world-wide attempt to refashion the way in which the financial services industry (and especially the banking sector) is regulated and supervised. The contributors find that programmes of reform have embraced all or most of the following elements: central bank reform changes in the legal operating environment and market pressures for mergers consolidation demutualisation supervisory reform measures such as the introduction of explicit deposit insurance schemes. This comprehensive reference work contains a wealth of up-to-date knowledge, presented in an accessible manner and with a standardised format. It will be of interest to scholars of central banking and international banking reforms as well as policymakers, legislators, practitioners and organisations from the banking world.Trade Review'The editor did an excellent job in editing this Handbook. . . each chapter gives a very clear and highly informative account of how each country struggles during a crisis and manages to reform their financial industry, as well as the supervision that goes alongside it. What makes this Handbook great reading is the formula followed almost faithfully by all the contributors of the book.' -- Michael Ong, Journal of Financial Regulation and ComplianceTable of ContentsContents: Introduction 1. Financial Reform in Australia 2. Price Stabilization, the Banking Crisis and Financial Reform in Brazil 3. Financial Reform in Canada: Past, Present and Future 4. Financial System Reform in China 5. Financial Reform in Germany 6. Financial Reform in Hong Kong 7. Financial Reform in Italy 8. Financial Reform in Japan 9. Financial Sector Reforms in Singapore 10. Financial Reform in Thailand 11. Financial Reform in the UK 12. Financial Sector Reform in Vietnam Index

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Book SynopsisThis book presents Martin Shubik's important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and financial institutions.After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and financial systems to develop a theory of monetary and financial institutions. Specifically, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies.This book will be welcomed by economists, especially those interested in game theory, as well as by money and banking professionals.Trade Review'Martin Shubik has been one of the great pioneers in the application of game theory to economic problems. His work sheds considerable light on fundamental institutions such as the price system and money.' -- Eric Maskin, Harvard University, US'The two volumes of the Selected Essays of Professor Shubik present a recognizably most valuable collection. The earlier publication of Shubik's book Game Theory in the Social Sciences was very much appreciated and won the Lanchester Prize of the Operations Research Society of America. This illustrates how the work of Martin Shubik connects ideas, precision, and methods of mathematics with a real understanding of what are the relevant issues which make an otherwise generic scientific question indeed a question of economic interest and significance (and the same can be said a little more broadly with 'the social sciences' replacing economics). The volumes are of interest because the papers that are included are well-chosen and in particular include interesting collaborations of Shubik with co-authors such as Dubey and Shapley.' -- John Nash, Princeton University, US'Game theory is now a mainstay of a wide range of disciplines within economics and elsewhere. The credit for recognizing its potentiality belongs to a small group of dedicated researchers, of whom one of the liveliest and most influential is Martin Shubik. These essays are a testament to his remarkable insight.' -- Ken Binmore, University College London, UKTable of ContentsContents: Introduction Part I: The Price System Part II: The Theory of Money and Financial Institutions Index

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Book SynopsisIn the second half of 1997 Thailand, Malaysia, Korea and Indonesia experienced a massive outflow of foreign capital - more than $100 billion. The effects of this rival the worst years of the Latin American debt crisis and the early years of the Great Depression.The Asian crisis demonstrates how interconnected the global economy has become, and this book is the first attempt, by an international group of experts, to understand the Asian financial crisis by taking into account the dynamics of private capital flows. The authors answer some of the most important questions relating to the Asian crisis, and seek to find solutions to prevent such crises occurring again, including: what caused the crisis in Asian countries? why did most analysts fail to anticipate the crisis? why were the effects so severe? what is the key to recovery in Asia and other crisis countries? what can be done to prevent such a crisis from occurring again? how can the international system deal with such circumstances more successfully? Private Capital Flows in the Age of Globalization will be invaluable to policymakers, investors and scholars working in the fields of money, finance and banking, Asian studies, development and international economics.Trade Review'This is a penetrating study that is of great value to a wide range of professionals in fields of money, finance and banking as well as fields of economics.' -- Aslib Book GuideTable of ContentsContents: Introduction Part I: The Asian Crisis in Perspective 1. Excess Competition, Moral Hazard and Industrial Trauma in Korea 1997–8 2. The Asian Financial Crisis in Perspective 3. The East Asian Financial Crisis 4. Latin America Confronting the Asian Crisis Part II: Debt Restructuring and Orderly Work-Outs 5. Exorcizing Asian Debt 6. At the Insolvency Masquerade, What Mask for the IMF? 7. Sovereign Rescues Part III: Moral Hazard and Systemic Risk 8. Systemic Risk, Moral Hazard and the International Lender of Last Resort 9. Dealing with Systemic Risk 10. Creditor Panic, Asset Bubbles and Sharks Index

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Book SynopsisBehavioral finance is the study of how psychology affects financial decision making and financial markets. A valuable resource for both academics and practitioners, this authoritative collection brings together the main works in both psychology and finance, dealing with the debate between proponents of the behavioral school and advocates of the efficient market school. The first volume contains works written by leading psychologists that underlie behavioral finance, focusing on general issues in asset pricing theory, and the studies on over-reaction and under-reaction. The second volume contains key works that develop and extend these themes. Topics include the psychology of prediction, reactions to corporate announcements, the term structure of interest rates, the equity premium, and options prices. The final volume is devoted to the psychology of decisions by individuals, both investors and corporate managers.Table of ContentsContents Volume I Acknowledgements Foreword Richard Roll Introduction Hersh Shefrin PART I BEHAVIORAL FOUNDATIONS 1. Paul Slovic (1972), ‘Psychological Study of Human Judgment: Implications for Investment Decision Making’ 2. Amos Tversky and Daniel Kahneman (1974), ‘Judgment Under Uncertainty: Heuristics and Biases’ 3. Amos Tversky and Daniel Kahneman (1982), ‘Evidential Impact of Base Rates’ 4. Ward Edwards (1982), ‘Conservatism in Human Information Processing’ 5. Dale Griffin and Amos Tversky (1992), ‘The Weighing of Evidence and the Determinants of Confidence’ 6. Stuart Oskamp (1982), ‘Overconfidence in Case-study Judgments’ PART II ASSET PRICING THEORY 7. Hersh Shefrin and Meir Statman (1994), ‘Behavioral Capital Asset Pricing Theory’ 8. Edward M. Miller (1977), ‘Risk, Uncertainty, and Divergence of Opinion’ 9. Lawrence Blume and David Easley (1992), ‘Evolution and Market Behavior’ 10. Andrei Shleifer and Robert W. Vishny (1997), ‘The Limits of Arbitrage’ 11. Terrance Odean (1998), ‘Volume, Volatility, Price, and Profit When All Traders Are Above Average’ PART III STUDIES ABOUT OVERREACTION AND UNDERREACTION 12. Werner F.M. De Bondt and Richard H. Thaler (1987), ‘Further Evidence on Investor Overreaction and Stock Market Seasonality’ 13. Jay R. Ritter (1988), ‘The Buying and Selling Behavior of Individual Investors at the Turn of the Year’ 14. Narasimhan Jegadeesh and Sheridan Titman (1993), ‘Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency’ 15. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1994), ‘Contrarian Investment, Extrapolation, and Risk’ 16. Nicholas Barberis, Andrei Shleifer and Robert Vishny (1998), ‘A Model of Investor Sentiment’ 17. Kent Daniel, David Hirshleifer and Avanidhar Subrahmanyam (1998), ‘Investor Psychology and Security Market Under- and Overreactions’ 18. Harrison Hong and Jeremy C. Stein (1999), ‘A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets’ PART IV COMPETING VIEWS 19. Eugene F. Fama and Kenneth R. French (1996), ‘Multifactor Explanations of Asset Pricing Anomalies’ 20. Michael E. Solt and Meir Statman (1989), ‘Good Companies, Bad Stocks’ 21. Hersh Shefrin and Meir Statman (1995), ‘Making Sense of Beta, Size, and Book-to-Market’ 22. Kent Daniel and Sheridan Titman (1997), ‘Evidence on the Characteristics of Cross Sectional Variation in Stock Returns’ 23. Jennifer Conrad and Gautam Kaul (1993), ‘Long-term Market Overreaction or Biases in Computed Returns?’ 24. Ray Ball, S.P. Kothari and Jay Shanken (1995), ‘Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies’ 25. Tim Loughran and Jay R. Ritter (1996), ‘Long-term Market Overreaction: The Effect of Low-priced Stocks’ 26. Eugene F. Fama (1998), ‘Market Efficiency, Long-term Returns, and Behavioral Finance’ Name Index Volume II Acknowledgements Introduction Hersh Shefrin PART I PREDICTION 1. Michael E. Solt and Meir Statman (1988), ‘How Useful is the Sentiment Index?’ 2. Werner F.M. De Bondt (1993), ‘ Betting on Trends: Intuitive Forecasts of Financial Risk and Return’ 3. Paul B. Andreassen (1990), ‘Judgmental Extrapolation and Market Overreaction: On the Use and Disuse of News’ 4. Werner F.M. De Bondt (1992), Earnings Forecasts and Share Price Reversals 5. Rafael La Porta (1996), ‘Expectations and the Cross-section of Stock Returns’ 6. Benjamin Czaczkes and Yoav Ganzach (1996), ‘The Natural Selection of Prediction Heuristics: Anchoring and Adjustment versus Representativeness’ 7. Eli Amir and Yoav Ganzach (1998), ‘Overreaction and Underreaction in Analysts’ Forecasts’ PART II MARKET REACTIONS TO THE PREDICTIONS AND ANNOUNCEMENTS 8. Kent L. Womack (1996), ‘Do Brokerage Analysts' Recommendations Have Investment Value?’ 9. Roni Michaely and Kent L. Womack (1999), ‘Conflict of Interest and the Credibility of Underwriter Analyst Recommendations’ 10. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 11. Tim Loughran and Jay R. Ritter (1997), ‘The Operating Performance of Firms Conducting Seasoned Equity Offerings’ 12. David Ikenberry, Josef Lakonishok and Theo Vermaelen (1995), ‘Market Underreaction to Open Market Share Repurchases’ 13. David L. Ikenberry, Graeme Rankine and Earl K. Stice (1996), ‘What Do Stock Splits Really Signal?’ 14. Roni Michaely, Richard H. Thaler and Kent L. Womack (1995), ‘Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?’ 15. Peter Klibanoff, Owen Lamont and Thierry A. Wizman (1998), ‘Investor Reaction to Salient News in Closed-end Country Funds’ PART III VOLATILITY IN THE TERM STRUCTURE OF INTEREST RATES 16. Robert J. Shiller (1979), ‘The Volatility of Long-term Interest Rates and Expectations Models of the Term Structure’ 17. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 18. Kenneth A. Froot (1989), ‘New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates’ 19. Werner F.M. De Bondt and Mary M. Bange (1992), ‘Inflation Forecast Errors and Time Variation in Term Premia’ PART IV VOLATILITY IN EQUITY MARKETS 20. John Y. Campbell and Robert J. Shiller (1998), ‘Valuation Ratios and the Long-run Stock Market Outlook’ 21. Franco Modigliani and Richard A. Cohn (1979), ‘Inflation, Rational Valuation and the Market’ 22. Charles M.C. Lee, James Myers and Bhaskaran Swaminathan (1999), ‘What is the Intrinsic Value of the Dow?’ 23. Vernon L. Smith, Gerry L. Suchanek and Arlington W. Williams (1988), ‘Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets’ PART V OPTIONS AND ARBITRAGE 24. John E. Gilster, Jr. (1997), ‘Option Pricing Theory: Is "Risk-free" Hedging Feasible?’ 25. Robert Jarrow (1997), ‘Review of John E. Gilster, Jr. – "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 26. Gary L. Gastineau (1997), ‘Comment on John E. Gilster, Jr. "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 27. Hersh Shefrin (1999), ‘Irrational Exuberance and Option Smiles’ 28. Kenneth A. Froot and Emil M. Dabora (1999), ‘How are Stock Prices Affected by the Location of Trade?’ Name Index Volume III Acknowledgements Introduction Hersh Shefrin PART I FOUNDATION WORKS 1. Harry Markowitz (1952), ‘The Utility of Wealth’ 2. A.D. Roy (1952), ‘Safety First and the Holding of Assets’ 3. Daniel Kahneman and Amos Tversky (1979), ‘Prospect Theory: An Analysis of Decision Under Risk’ 4. Amos Tversky and Daniel Kahneman (1986), ‘Rational Choice and the Framing of Decisions’ 5. Lola L. Lopes (1987), ‘Between Hope and Fear: The Psychology of Risk’ PART II THE STRUCTURE OF INDIVIDUAL INVESTORS’ PORTFOLIOS 6. Hersh Shefrin and Meir Statman (2000), ‘Behavioral Portfolio Theory’ 7. Richard H. Thaler (1999), ‘Mental Accounting Matters’ 8. John J. McConnell and Eduardo S. Schwartz (1992), ‘The Origin of LYONs: A Case Study in Financial Innovation’ 9. Hersh Shefrin and Meir Statman (1993), ‘Behavioral Aspects of the Design and Marketing of Financial Products’ 10. Brad M. Barber and Terrance Odean (2000), ‘Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors’ 11. Werner F.M. De Bondt (1998), ‘A Portrait of the Individual Investor’ 12. Jay R. Ritter (1996), ‘How I Helped to Make Fischer Black Wealthier’ PART III THE DISPOSITION EFFECT 13. Terrance Odean (1998), ‘Are Investors Reluctant to Realize Their Losses?’ 14. Terrance Odean (1999), ‘Do Investors Trade Too Much?’ 15. Jeffrey Heisler (1994), ‘Loss Aversion in a Futures Market: An Empirical Test’ 16. Martin Weber and Colin F. Camerer (1998), ‘The Disposition Effect in Securities Trading: An Experimental Analysis’ 17. Chip Heath, Steven Huddart and Mark Lang (1999), ‘Psychological Factors and Stock Option Exercises’ PART IV INTERTEMPORAL ISSUES 18. Michael S. Rozeff (1994), ‘Lump-sum Investing versus Dollar-averaging’ 19. Meir Statman (1995), ‘A Behavioral Framework for Dollar-cost Averaging’ 20. Laurence Levin (1998), ‘Are Assets Fungible? Testing the Behavioral Theory of Life-cycle Savings’ 21. Shlomo Benartzi and Richard H. Thaler (1995), ‘Myopic Loss Aversion and the Equity Premium Puzzle’ 22. Lola L. Lopes (1996), ‘When Time Is of the Essence: Averaging, Aspiration, and the Short Run’ 23. Stephen A. Ross (1999), ‘Adding Risks: Samuelson’s Fallacy of Large Numbers Revisited’ 24. Kenneth L. Fisher and Meir Statman (1999), ‘A Behavioral Framework for Time Diversification’ 25. Eldar Shafir, Peter Diamond and Amos Tversky (1997), ‘Money Illusion’ 26. Jeffrey Pontiff (1997), ‘Excess Volatility and Closed-end Funds’ PART V MANAGERIAL DECISION-MAKING 27. John Lintner (1956), ‘Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes’ 28. Merton H. Miller (1986), ‘Behavioral Rationality in Finance: The Case of Dividends’ 29. Shlomo Benartzi, Roni Michaely and Richard Thaler (1997), ‘ Do Changes in Dividends Signal the Future or the Past?’ 30. François Degeorge, Jayendu Patel and Richard Zeckhauser (1999), ‘Earnings Management to Exceed Thresholds’ 31. Meir Statman and James F. Sepe (1989), ‘Project Termination Announcements and the Market Value of the Firm’ 32. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’ Name Index

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Book SynopsisDue to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy.Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular. This highly topical book will be of great interest to academics and professional economists in the field of financial, macro and monetary economics and the economics of European integration.Trade Review'I can fully recommend this book to those interested in the transmission process of monetary policy.' -- Harry Garretsen, De EconomistTable of ContentsContents: Introduction 1. Financial Structure: Theories and Stylized Facts for Six EU Countries 2. Credit and Asymmetric Effects of Monetary Policy in Six EU Countries: An Overview 3. Off-Balance-Sheet Activities in Europe: Empirical Evidence from Bank-Level Panel Data 4. Banks and Monetary Transmission in Europe: Empirical Evidence 5. Credit Channels in Europe: A Cross-Country Investigation 6. Consumption and External Finance Premium in Europe: An Empirical Analysis 7. Summary and Conclusions Bibliography Index

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Book SynopsisDespite being an integral part of modern economic science, the subject of financial economics has deep historical roots. Geoffrey Poitras provides an exhaustive account of the early development of the subject and, in so doing, provides a sound basis for the study of modern financial economics.By the time The Wealth of Nations had appeared, financial economics featured a well developed body of scientific knowledge, covering subjects such as fixed income evaluation, life insurance and derivative securities. From beginnings which are traced back to the commercial arithmetic of the Renaissance reckoning schools, by the latter part of the 18th century financial economics had witnessed contributions by the likes of Abraham de Moivre, Edmond Halley and Simon Stevin. This book chronicles the development of early financial economics, from the appearance of the first printed commercial arithmetic in 1478 to the publication of The Wealth of Nations in 1776.This book will prove invaluable to scholars of financial economics and the history of economic thought.Trade Review‘The Early History of Financial Economics is a book that should be read by everybody interested in man's relationship with his economic environment, being on environment of growing complexity and change. The message from the book is clear: There is nothing new under the sun.' -- P.J. Nieuwenhuizen, The South African Journal of Economic History'Beginning with the nature of Scholastic and 'Mercantilistic' economic thought, the text takes us through the institutional changes and the conceptual developments they fostered over the next four centuries. The expository plan is easy to follow, since it follows the historical timeline and stops to describe various institutional changes brought on by the growth of the European economies. This book should have a ready market. . . . The easy exposition and the portrayal of the historical developments make this useful supplementary reading; with a text of original writings, it could serve as a good introductory text in the history of finance. The reproductions of several pages of original text provide the text with an authentic flavor. In most places, the book has much 'fun' stuff to read.' -- Salim Rashid, EH.Net'Poitras ably combines an intellectual history of financial economics with a history of financial markets and instruments. His history of the development of financial markets offers new insights into their economic function and operations and, while financial economics had always had an applied interest that has often been lacking in mainstream economics, he shows that significant early contributions were made by such distinguished mathematicians as Halley, de Moivre and Bachelier. This book will be valuable to financial economists with an interest in the intellectual and institutional antecedents of their field.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: 1. Introduction 2. History of Commerce and Finance 3. The Scholastic Analysis of Usury and Other Subjects 4. The Evolution of Commercial Arithmetic 5. Simple Interest and Compound Interest 6. The Valuation of Life Annuities 7. Foreign Exchange and the Bill Market 8. The Analysis of Joint Stocks 9. Development of Derivative Securities 10. Manias, Manipulations and Institutional Failures 11. English Debates over Interest Rates and Public Credit 12. Maritime Insurance, Life Insurance and Other Subjects 13. Some Speculative Conclusions References Index

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Book SynopsisThe forecasting of financial markets has engaged the attention of market professionals and academic economists and statisticians for many years, and has also attracted the interest of numerous 'amateur' investors. This book brings together key papers in this wide field. After considering some of the earliest attempts at forecasting, it provides an insight into the theoretical underpinnings of the subject, investigates the random walk model, and examines various financial markets, volatility and density forecasting, the forecasting of extreme events, trading rules, technical analysis and high frequency data.Table of ContentsContents: Volume I: Acknowledgements Introduction Terence C. Mills PART I EARLY ATTEMPTS 1. Alfred Cowles (1944), ‘Stock Market Forecasting’ 2. Holbrook Working (1934), ‘A Random-Difference Series for Use in the Analysis of Time Series’ 3. M.G. Kendall (1953), ‘The Analysis of Economic Time Series – Part 1: Prices’ 4. M.F.M. Osborne (1962), ‘Periodic Structure in the Brownian Motion of Stock Prices’ 5. Sidney S. Alexander (1964), ‘Price Movements in Speculative Markets: Trends or Random Walks, Number 2’ PART II THEORETICAL UNDERPINNINGS 6. Benoit Mandelbrot (1966), ‘Forecasts of Future Prices, Unbiased Markets, and "Martingale" Models’ 7. Paul A. Samuelson (1973), ‘Proof That Properly Discounted Present Values of Assets Vibrate Randomly’ 8. Stephen F. LeRoy (1989), ‘Efficient Capital Markets and Martingales’ PART III TESTING THE RANDOM WALK MODEL 9. Victor Niederhoffer and M.F.M. Osborne (1966), ‘Market Making and Reversal on the Stock Exchange’ 10. Michael D. Godfrey, Clive W.J. Granger and Oskar Morgenstern (1964), ‘The Random-Walk Hypothesis of Stock Market Behavior’ 11. Stephen J. Taylor (1980), ‘Conjectured Models for Trends in Financial Prices, Tests and Forecasts’ 12. Matthew Richardson and James H. Stock (1989), ‘Drawing Inferences from Statistics Based on Multiyear Asset Returns’ PART IV STOCK MARKETS 13. Eugene F. Fama (1972), ‘Components of Investment Performance’ 14. Robert C. Merton (1981), ‘On Market Timing and Investment Performance. I. An Equilibrium Theory of Value for Market Forecasts’ 15. Roy D. Henriksson and Robert C. Merton (1981), ‘On Market Timing and Investment Performance. II. Statistical Procedures for Evaluating Forecasting Skills’ 16. Cheng-few Lee and Shafiqur Rahman (1990), ‘Market Timing, Selectivity, and Mutual Fund Performance: An Empirical Investigation’ 17. William Breen, Lawrence R. Glosten and Ravi Jagannathan (1989), ‘Economic Significance of Predictable Variations in Stock Index Returns’ 18. Wayne E. Ferson and Robert A. Korajczyk (1995), ‘Do Arbitrage Pricing Models Explain the Predictability of Stock Returns?’ 19. Shmuel Kandel and Robert F. Stambaugh (1996), ‘On the Predictability of Stock Returns: An Asset-Allocation Perspective’ 20. M. Hashem Pesaran and Allan Timmermann (1995), ‘Predictability of Stock Returns: Robustness and Economic Significance’ 21. M. Hashem Pesaran and Allan Timmermann (2000), ‘A Recursive Modelling Approach to Predicting UK Stock Returns’ PART V FOREIGN EXCHANGE MARKETS 22. Alan C. Stockman (1987), ‘Economic Theory and Exchange Rate Forecasts’ 23. Paul Boothe and Debra Glassman (1987), ‘Comparing Exchange Rate Forecasting Models: Accuracy versus Profitability’ 24. Charles Goodhart (1988), ‘The Foreign Exchange Market: A Random Walk with a Dragging Anchor’ 25. Ronald MacDonald and Mark P. Taylor (1993), ‘The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting’ 26. Nelson C. Mark (1995), ‘Exchange Rates and Fundamentals: Evidence on Long-Horizon Predictability’ Name Index Volume II: Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I OTHER FINANCIAL MARKETS 1. Donald B. Keim and Robert F. Stambaugh (1986), ‘Predicting Returns in the Stock and Bond Markets’ 2. Andrew W. Lo and A. Craig MacKinlay (1997), ‘Maximizing Predictability in the Stock and Bond Markets’ 3. Hendrik Bessembinder and Kalok Chan (1992), ‘Time-varying Risk Premia and Forecastable Returns in Futures Markets’ 4. Alvaro Escribano and Clive W.J. Granger (1998), ‘Investigating the Relationship between Gold and Silver Prices’ PART II VOLATILITY FORECASTING 5. Stephen J. Taylor (1987), ‘Forecasting the Volatility of Currency Exchange Rates’ 6. Philippe Jorion (1995), ‘Predicting Volatility in the Foreign Exchange Market’ 7. Torben G. Andersen and Tim Bollerslev (1998), ‘Answering the Skeptics: Yes, Standard Volatility Models do Provide Accurate Forecasts’ 8. James W. Taylor (1999), ‘Evaluating Volatility and Interval Forecasts’ PART III LONG MEMORY, DENSITY FORECASTS AND FORECASTING EXTREME EVENTS 9. Benoit Mandelbrot (1963), ‘New Methods in Statistical Economics’ 10. Andrew W. Lo (1997), ‘Fat Tails, Long Memory, and the Stock Market Since the 1960’s’ 11. Dennis W. Jansen and Casper G. de Vries (1991), ‘On the Frequency of Large Stock Returns: Putting Booms and Busts into Perspective’ 12. Francis X. Diebold, Jinyong Hahn and Anthony S. Tay (1999), ‘Multivariate Density Forecast Evaluation and Calibration in Financial Risk Management: High-Frequency Returns on Foreign Exchange’ PART IV FORECASTING USING NONLINEAR MODELS 13. Francis X. Diebold and James A. Nason (1990), ‘Nonparametric Exchange Rate Prediction?’ 14. Charles Engel (1994), ‘Can the Markov Switching Model Forecast Exchange Rates?’ 15. Blake LeBaron (1994), ‘Chaos and Nonlinear Forecastability in Economics and Finance’ 16. Stephen J. Brown, William N. Goetzmann and Alok Kumar (1998), ‘The Dow Theory: William Peter Hamilton’s Track Record Reconsidered’ 17. Min Qi and G.S. Maddala (1999), ‘Economic Factors and the Stock Market: A New Perspective’ 18. Clive W.J. Granger and Chor-Yiu Sin (2000), ‘Modelling the Absolute Returns of Different Stock Indices: Exploring the Forecastability of an Alternative Measure of Risk’ PART V TRADING RULES AND TECHNICAL ANALYSIS 19. Salih N. Neftci (1991), ‘Naïve Trading Rules in Financial Markets and Wiener-Kolmogorov Prediction Theory: A Study of "Technical Analysis"’ 20. William Brock, Josef Lakonishok and Blake LeBaron (1992), ‘Simple Technical Trading Rules and the Stochastic Properties of Stock Returns’ 21. Mark P. Taylor and Helen Allen (1992), ‘The Use of Technical Analysis in the Foreign Exchange Market’ 22. Richard M. Levich and Lee R. Thomas, III (1993), ‘The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach’ 23. Ramazan Gençay (1998), ‘The Predictability of Security Returns with Simple Technical Trading Rules’ 24. Andrew W. Lo, Harry Mamaysky and Jiang Wang (2000), ‘Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation’ PART VI HIGH FREQUENCY FORECASTING 25. C.A.E. Goodhart and M. Giugale (1993), ‘From Hour to Hour in the Foreign Exchange Market’ 26. Timothy Falcon Crack and Olivier Ledoit (1996), ‘Robust Structure Without Predictability: The "Compass Rose" Pattern of the Stock Market’ 27. Robert F. Engle and Jeffrey R. Russell (1997), ‘Forecasting the Frequency of Changes in Quoted Foreign Exchange Prices with the Autoregressive Conditional Duration Model’ Name Index

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Book SynopsisThis highly topical book examines the development and future prospects for economic and monetary union in Europe. European Monetary Integration examines the background to economic and monetary union from a historical perspective that distinguishes between national and supranational currency areas, and an optimal currency area theory. The gradualist transition process is also considered. The authors, leading academics from five European countries, consider the principal economic policies to be followed in achieving economic and monetary union. The role of the European central banks and monetary policy is examined, along with fiscal policy in monetary union and the operation and policies of the labour markets. The authors discuss the economic relationships between the euro area and other European economies including the transition and accession economies of Eastern Europe.Trade Review'In European Monetary Integration, the editors E.J. Pentecost and A. van Poeck, put together a series of papers that provide a useful overview of the continuing efforts by the European Union to establish, maintain, and extend a common European currency. The editors have done well in presenting analyses that cover the past of the system before addressing the current and future issues . . . European Monetary Integration presents a series of informative papers that provide well-balanced expositions of empirical material and analyses. The collection is quite appropriate for an audience with less-profound knowledge of the issues.' -- Antony P. Mueller, Journal of Markets & Morality'This book is an excellent contribution to the understanding of the past, present and future of the European monetary integration . . . This book is written in a very pedagogical manner and should be part of the literature for graduate and undergraduate students of monetary economics.' -- Estela Bee Dagum, Recensioni e Segnalazioni BibliograficheTable of ContentsContents: Preface 1. The Historical Background to European Monetary Union Part I: EMU: The Past, 1979–99 2. The Political Economy of Transition to Monetary Union in Western Europe 3. German Monetary Unification and its Implications for EMU 4. The Theory of Monetary Union and EMU Part II: Present Issues for EMU 5. Monetary Policy in EMU 6. Fiscal Policy in EMU 7. EMU and European Unemployment Part III: The Future: Beyond 2000 8. ERM-II: Problems for the ‘Outs’ and their Relationship with the ‘Ins’ 9. Exchange Rate Strategies of New EU Entrants References Index

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Book SynopsisThis volume provides a coherent analysis of the economic, monetary and political aspects of growth dynamics in the Euro area. The different relevant aspects in this debate, presented and discussed by leading scholars and representatives of international organizations, include an assessment of the newest theoretical growth models for open economies, and empirical investigation of: the growth divergence between the US and Europe the extent to which fiscal co-ordination is desirable in a monetary union the role of product and labor market reforms the complex relationships between exchange rates and growth the contribution of monetary policy to economic growth and the prospects for economic growth in monetary unions. Although primarily focused on the Euro area, the analysis is equally relevant to all other common currency areas and will be welcomed by academics and students with an interest in European studies and financial economics, as well as policy and decision makers in international organisations, national institutions and central banks.Table of ContentsContents: Foreword by Guy Quaden Introduction 1. Growth in an Open Economy 2. Knowledge, Technology and Economic Growth 3. Fiscal Policy and Growth in the Context of European Integration 4. Economic Growth and the Labour Markets 5. The Role of Exchange Rate in Economic Growth 6. The Contribution of Monetary Policy 7. Monetary Union and Economic Growth Index

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Book SynopsisThe editors have selected the most important papers on the subject of international capital markets for this authoritative collection. Volume I considers theories of international portfolio choice and asset pricing, and also looks at empirical evidence on international asset pricing models. Volume II covers international portfolio diversification, as well as interest and exchange rates. Volume III includes articles on theories of barriers to international investments; empirical evidence on impact barriers to international investments; international capital flows; and anomalies in international capital markets.These comprehensive volumes will be an invaluable source of reference for researchers and students alike.Table of ContentsContents: Volume I: Acknowledgements Foreword Richard Roll Introduction G. Andrew Karolyi and René M. Stulz PART I THEORIES OF INTERNATIONAL PORTFOLIO CHOICE AND ASSET PRICING 1. Bruno H. Solnik (1974), ‘An Equilibrium Model of the International Capital Market’ 2. Piet Sercu (1980), ‘A Generalization of the International Asset Pricing Model’ 3. Frederick L.A. Grauer, Robert H. Litzenberger and Richard E. Stehle (1976), ‘Sharing Rules and Equilibrium in an International Capital Market Under Uncertainty’ 4. Michael Adler and Bernard Dumas (1983), ‘International Portfolio Choice and Corporation Finance: A Synthesis’ 5. René M. Stulz (1981), ‘A Model of International Asset Pricing’ 6. Bruno Solnik (1983), ‘International Arbitrage Pricing Theory’ PART II EMPIRICAL EVIDENCE ON INTERNATIONAL ASSET PRICING MODELS 7. Richard Stehle (1977), ‘An Empirical Test of the Alternative Hypotheses of National and International Pricing of Risky Assets’ 8. Simon Wheatley (1988), ‘Some Tests of International Equity Integration’ 9. D. Chinhyung Cho, Cheol S. Eun and Lemma W. Senbet (1986), ‘International Arbitrage Pricing Theory: An Empirical Investigation’ 10. Robert A. Korajczyk and Claude J. Viallet (1989), ‘An Empirical Investigation of International Asset Pricing’ 11. Campbell R. Harvey (1991), ‘The World Price of Covariance Risk’ 12. Geert Bekaert and Robert J. Hodrick (1992), ‘Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets’ 13. K.C. Chan, G. Andrew Karolyi and René M. Stulz (1992), ‘Global Financial Markets and the Risk Premium on U.S. Equity’ 14. Wayne E. Ferson and Campbell R. Harvey (1993), ‘The Risk and Predictability of International Equity Returns’ 15. Giorgio De Santis and Bruno Gérard (1997), ‘International Asset Pricing and Portfolio Diversification with Time-Varying Risk’ Name Index Volume II: Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I INTERNATIONAL PORTFOLIO DIVERSIFICATION 1. Herbert G. Grubel (1968), ‘Internationally Diversified Portfolios: Welfare Gains and Capital Flows’ 2. Haim Levy and Marshall Sarnat (1970), ‘International Diversification of Investment Portfolios’ 3. Bruno H. Solnik (1974), ‘Why Not Diversify Internationally Rather Than Domestically?’ 4. Cheol S. Eun and Sangdal Shim (1989), ‘International Transmission of Stock Market Movements’ 5. Yasushi Hamao, Ronald W. Masulis and Victor Ng (1990), ‘Correlations in Price Changes and Volatility across International Stock Markets’ 6. François Longin and Bruno Solnik (1995), ‘Is the Correlation in International Equity Returns Constant: 1960–1990?’ 7. Geert Bekaert and Michael S. Urias (1996), ‘Diversification, Integration and Emerging Market Closed-End Funds’ 8. Ingrid M. Werner and Allan W. Kleidon (1996), ‘U.K. and U.S. Trading of British Cross-Listed Stocks: An Intraday Analysis of Market Integration’ 9. Richard Roll (1992), ‘Industrial Structure and the Comparative Behavior of International Stock Market Indices’ 10. Steven L. Heston and K. Geert Rouwenhorst (1994), ‘Does Industrial Structure Explain the Benefits of International Diversification?’ 11. Vihang Errunza, Ked Hogan and Mao-Wei Hung (1999), ‘Can the Gains from International Diversification Be Achieved without Trading Abroad?’ 12. Philippe Jorion and William N. Goetzmann (1999), ‘Global Stock Markets in the Twentieth Century’ PART II INTEREST RATES AND EXCHANGE RATES 13. Robert E. Lucas, Jr. (1982), ‘Interest Rates and Currency Prices in a Two-country World’ 14. Fischer Black (1990), ‘Equilibrium Exchange Rate Hedging’ 15. Jeremy J. Siegel (1972), ‘Risk, Interest Rates and the Forward Exchange’ 16. Bruno Solnik (1993), ‘Currency Hedging and Siegel’s Paradox: On Black’s Universal Hedging Rule’ 17. Lars Peter Hansen and Robert J. Hodrick (1980), ‘Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis’ 18. Eugene F. Fama (1984), ‘Forward and Spot Exchange Rates’ 19. Nelson C. Mark (1988), ‘Time-varying Betas and Risk Premia in the Pricing of Forward Foreign Exchange Contracts’ 20. Philippe Jorion (1991), ‘The Pricing of Exchange Rate Risk in the Stock Market’ 21. Antti Ilmanen (1995), ‘Time-Varying Expected Returns in International Bond Markets’ 22. Jack Glen and Philippe Jorion (1993), ‘Currency Hedging for International Portfolios’ 23. Bernard Dumas and Bruno Solnik (1995), ‘The World Price of Foreign Exchange Risk’ 24. Giorgio De Santis and Bruno Gérard (1998), ‘How Big is the Premium for Currency Risk?’ 25. Geert Bekaert and Robert J. Hodrick (2001), ‘Expectations Hypotheses Tests’ Name Index Volume III: Acknowledgements An introduction by the editors to all three volumes appears in Volume I PART I THEORIES OF BARRIERS TO INTERNATIONAL INVESTMENTS 1. Fischer Black (1974), ‘International Capital Market Equilibrium with Investment Barriers’ 2. René M. Stulz (1981), ‘On the Effects of Barriers to International Investment’ 3. Vihang Errunza and Etienne Losq (1985), ‘International Asset Pricing under Mild Segmentation: Theory and Test’ 4. Cheol S. Eun and S. Janakiramanan (1986), ‘A Model of International Asset Pricing with a Constraint on the Foreign Equity Ownership’ PART II EMPIRICAL EVIDENCE OF IMPACT OF BARRIERS TO INTERNATIONAL INVESTMENTS 5. Pekka T. Hietala (1989), ‘Asset Pricing in Partially Segmented Markets: Evidence from the Finnish Market’ 6. Warren Bailey and Julapa Jagtiani (1994), ‘Foreign Ownership Restrictions and Stock Prices in the Thai Capital Market’ 7. René M. Stulz and Walter Wasserfallen (1995), ‘Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization: Theory and Evidence’ 8. Catherine Bonser-Neal, Greggory Brauer, Robert Neal and Simon Wheatley (1990), ‘International Investment Restrictions and Closed-End Country Fund Prices’ 9. Steven R. Foerster and G. Andrew Karolyi (1999), ‘The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States’ 10. Geert Bekaert and Campbell R. Harvey (1995), ‘Time-Varying World Market Integration’ 11. Geert Bekaert and Campbell R. Harvey (2000), ‘Foreign Speculators and Emerging Equity Markets’ 12. Peter Blair Henry (2000), ‘Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices’ PART III INTERNATIONAL CAPITAL FLOWS 13. Henning Bohn and Linda L. Tesar (1996), ‘U.S. Equity Investment in Foreign Markets: Portfolio Rebalancing or Return Chasing?’ 14. Michael J. Brennan and H. Henry Cao (1997), ‘International Portfolio Investment Flows’ 15. Kenneth A. Froot, Paul G.J. O’Connell and Mark S. Seasholes (2001), ‘The Portfolio Flows of International Investors’ PART IV ANOMALIES IN INTERNATIONAL CAPITAL MARKETS 16. Ian Cooper and Evi Kaplanis (1994), ‘Home Bias in Equity Portfolios, Inflation Hedging, and International Capital Market Equilibrium’ 17. Linda L. Tesar and Ingrid M. Werner (1995), ‘Home Bias and High Turnover’ 18. Jun-Koo Kang and René M. Stulz (1997), ‘Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan’ 19. Kenneth R. French and James M. Poterba (1991), ‘Investor Diversification and International Equity Markets’ 20. Thomas Gehrig (1993), ‘An Information Based Explanation of the Domestic Bias in International Equity Investment’ 21. Eugene F. Fama and Kenneth R. French (1998), ‘Value versus Growth: The International Evidence’ 22. K. Geert Rouwenhorst (1998), ‘International Momentum Strategies’ 23. Kenneth A. Froot and Emil M. Dabora (1999), ‘How are Stock Prices Affected by the Location of Trade?’ 24. Mark Grinblatt and Matti Keloharju (2001), ‘How Distance, Language, and Culture Influence Stockholdings and Trades’ Name Index

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Book SynopsisPaul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for 'liberalizing' labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century.Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.Trade Review‘Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular.' -- Library Bookwatch/Midwest Book Review'In Financial Markets, Money and the Real World Professor Davidson lucidly and persuasively sums up his major insights into the working of "non-ergodic" (uncertain) economic systems. It is essential reading for those who wish to understand why financial markets have become so volatile and are puzzled to know what to do about it. It is refreshing to read an author who writes so much in the spirit of Keynes and who is able and willing to develop Keynes's ideas creatively and apply them imaginatively to the understanding and management of today's globalized economy.' -- Lord Skidelsky, University of Warwick, UK'This book should be a classic in economics. Paul Davidson combines dazzling clarity and a passion for economic truth and common sense in illuminating the dark thickets surrounding today's free enterprise system. Professional economists and concerned citizens should both pay heed to this fine book.' -- Peter L. Bernstein, Peter L. Bernstein Inc., US'Professor Paul Davidson has long been a major avenue to the economic reality and the controlling economic ideas, especially those that have come into professional discussion with and since John Maynard Keynes. This is a major contribution, deserving the close attention of economists and all who seek accomplished economic guidance. I strongly recommend it.' -- John Kenneth Galbraith, Harvard University, USTable of ContentsContents: 1. Keynes, You Should be Alive Today! 2. Keynes’s Principle of Effective Demand 3. Uncertainty and Reality in Economic Models 4. Investment: Illiquid Real Capital versus Liquid Assets 5. Why Liquidity Preference? 6. Financial Markets, Liquidity and Fast Exits 7. Planned Investment, Planned Savings, Liquidity and Economic Growth 8. Complicating the Picture: Money and International Liquidity 9. Trade Imbalances and International Payments 10. International Liquidity and Exchange Rate Stability 11. If Markets are Efficient Why Has There Been so Much Volatility in Financial Markets? 12. Exchange Rates and the Tobin Tax 13. The Plumbers’ Solution to Destabilizing International Capital Flows 14. The Architectural Solution: Reforming the World’s Money 15. The Economy and the Twenty-first Century Index

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Book SynopsisThis authoritative research review discusses the most influential papers relating to the economics of transfer pricing. The piece notably covers the topic of transfer pricing in light of divisionalization, government regulations, bargaining models, market distortions and product characteristics as well as touching on the important subjects of empirical estimates of transfer price manipulation and transfer mispricing estimates. Written by Lorraine Eden, one of the founders and a leading contributor to the field, this research review promises to be useful reading for doctoral students, faculty members and policy makers who wish to extend their knowledge on the economics of transfer pricing.Table of ContentsContents: PART I THE EARLY WORK: DIVISIONALIZED TRANSFER PRICING 1. Paul W. Cook, Jr. (1955), ‘Decentralization and the Transfer-Price Problem’, Journal of Business, 28 (2), April, 87–94 2. Jack Hirshleifer (1956), ‘One the Economics of Transfer Pricing’, Journal of Business, 29 (3), July, 172–84 3. Jack Hirshleifer (1957), ‘Economics of the Divisionalized Firm’, Journal of Business, 30 (2), April, 96–108 4. J. R. Gould (1964), ‘Internal Pricing in Firms When There Are Costs of Using an Outside Market’, Journal of Business, 37 (1), January, 61–67 PART II GOVERNMENTS AND TRANSFER PRICING A. Government Regulation 5. Thomas Horst (1971), ‘The Theory of the Multinational Firm: Optimal Behaviour under Different Tariff and Tax Rates’, Journal of Political Economy, 79 (5), September–October, 1059–72 6. L. W. Copithorne (1971), ‘International Corporate Transfer Prices and Government Policy’, Canadian Journal of Economics, IV (3), August, 324–41 7. E. J. R. Booth and Oscar W. Jensen (1977), ‘Transfer Prices in the Global Corporation under Internal and External Constraints’, Canadian Journal of Economics, 10 (3), August, 434–46 8. Lorraine A. B. Eden (1978), ‘Vertically Integrated Multinationals: A Microeconomic Analysis’, Canadian Journal of Economics, 11 (3), August, 534–46 9. Takao Itagaki (1979), ‘Theory of the Multinational Firm: An Analysis of Effects of Government Policies’, International Economic Review, 20 (2), June, 437–48 10. Eric W. Bond (1980), ‘Optimal Transfer Pricing when Tax Rates Differ’, Southern Economic Journal, 47 (1), July, 191–200 11. Homi Katrak (1981), ‘Multi-National Firms’ Exports and Host Country Commercial Policy’, Economic Journal, 91 (362), June, 454–65 12. Larry Samuelson (1982), ‘The Multinational Firm with Arm’s Length Transfer Price Limits’, Journal of International Economics, 13 (3–4), November, 365–74 13. Lorraine Eden (1983), ‘Transfer Pricing Policies under Tariff Barriers’, Canadian Journal of Economics, 16 (4), November, 669–85 14. W. Erwin Diewert (1985), 'Transfer Pricing and Economic Efficiency', in Alan M. Rugman and Lorraine Eden (eds), Multinationals and Transfer Pricing, Chapter 3, London, UK and New York, NY, USA: St. Martin's Press, 47–79 15. Lorraine Eden (1985), ‘The Microeconomics of Transfer Pricing’, in Alan M. Rugman and Lorraine Eden (eds.), Multinationals and Transfer Pricing, Chapter 2, London: Croom Helm and New York: St. Martin’s Press, 13–46 16. Chander Kant (1988), ‘Endogenous Transfer Pricing and the Effects of Uncertain Regulation’, Journal of International Economics, 24 (1–2), February, 147–57 17. Chander Kant (1990), ‘Multinational Firms and Government Revenues’, Journal of Public Economics, 42, July, 135–47 18. Lorraine Eden (1998), ‘Taxing Multinationals in Theory’, in Lorraine Eden (ed.) Taxing Multinationals: Transfer Pricing and Corporate Income Taxation in North America, Toronto: University of Toronto Press, 279–319 19. Guttorm Schjelderup and Alfons J. Weichenrieder (1999), ‘Trade, Multinationals, and Transfer Pricing Regulations’, Canadian Journal of Economics, 32 (3), May, 817–31 20. Christian Keuschnigg and Michael P. Devereux (2013), ‘The Arm’s Length Principle and Distortions to Multinational Firm Organization’, Journal of International Economics, 89, 432–40 B. Bargaining Models 21. Jan Svejnar and Stephen C. Smith (1984), ‘The Economics of Joint Ventures in Less Developed Countries’, Quarterly Journal of Economics, 99 (1), February, 149–68 22. Thomas J. Prusa (1990), ‘An Incentive Compatible Approach to the Transfer Pricing Problem’, Journal of International Economics, 28 (1–2), February, 155–72 23. Thomas A. Gresik and Douglas R. Nelson (1994), ‘Incentive Compatible Regulation of a Foreign-Owned Subsidiary’, Journal of International Economics, 36 (3–4), May, 309–31 24. Ramy Elitzur and Jack Mintz (1996), ‘Transfer Pricing Rules and Corporate Tax Competition’, Journal of Public Economics, 60, 401–22 25. Andreas Haufler and Guttorm Schjelderup (2000), ‘Corporate Tax Systems and Cross-Country Profit Shifting’, Oxford Economic Papers, 52 (2), April, 306–25 26. Pascalis Raimondos-Møller and Kimberley Scharf (2002), ‘Transfer Pricing Rules and Competing Governments’, Oxford Economic Papers, 54 (2), April, 230–46 27. Hans Jarle Kind, Karen Helene Midelfart and Guttorm Schjelderup (2005), ‘Corporate Tax Systems, Multinational Enterprises, and Economic Integration’, Journal of International Economics, 65 (2), March, 507–21 28. Susana Peralta, Xavier Wauthy and Tanguy van Ypersele (2006), ‘Should Countries Control International Profit Shifting?’, Journal of International Economics, 68 (1), January, 24–37 PART III MARKETS AND TRANSFER PRICING A. Market Distortions 29. Raveendra N. Batra and Josef Hadar (1979), ‘Theory of the Multinational Firm: Fixed versus Floating Exchange Rates’, Oxford Economic Papers, 31 (2), July, 258–69 30. Takao Itagaki (1981), ‘The Theory of the Multinational Firm under Exchange Rate Uncertainty’, Canadian Journal of Economics, 14 (2), May, 276–97 31. Guttorm Schjelderup and Lars Sørgard (1997), ‘Transfer Pricing as a Strategic Device for Decentralized Multinationals’, International Tax and Public Finance, 4 (3), July, 277–90 32. Laixun Zhao (2000), ‘Decentralization and Transfer Pricing under Oligopoly’, Southern Economic Journal, 67 (2), October, 414–26 B. Product Characteristics: Intangibles and Non-Renewable Resources 33. George F. Kopits (1976), ‘Intra-Firm Royalties Crossing Frontiers and Transfer-Pricing Behaviour’, Economic Journal, 86 (344), December, 791–805 34. Larry Samuelson (1985), ‘Transfer Pricing in Exhaustible Resource Markets', in Alan M. Rugman and Lorraine Eden (eds), Multinationals and Transfer Pricing, Chapter 5, London, UK and New York, NY, USA: St. Martin's Press, 98-116 35. Harry Grubert (2003), ’Intangible Income, Intercompany Transactions, Income Shifting, and the Choice of Location’, National Tax Journal, 56, 221–42 36. Matthias Dischinger and Nadine Riedel (2011), ‘Corporate Taxes and the Location of Intangible Assets within Multinational Firms’, Journal of Public Economics, 95, (7-8), August, 691–707 PART IV EMPIRICAL ESTIMATES OF TRANSFER PRICE MANIPULATION A. Income Shifting Estimates 37. Marion B. Stewart (1986), ‘U.S. Tax Policy, Intrafirm Transfers, and the Allocative Efficiency of Transnational Corporations’, Public Finance/Finances Publiques, 41, 350–71 38. Harry Grubert and John Mutti (1991), ‘Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making’, Review of Economics and Statistics, 73 (2), May, 285–93 39. John Jacob (1996), ‘Taxes and Transfer Pricing: Income Shifting and the Volume of Intrafirm Transfers’, Journal of Accounting Research, 34 (2), Autumn, 301–12 40. Eric J. Bartelsman and Roel M. W. J. Beetsma (2003), ‘Why Pay More? Corporate Tax Avoidance Through Transfer Pricing in OECD Countries’, Journal of Public Economics, 87, (9-10), September, 2225–52 41. Lorraine Eden, Luis F. Juarez Valdez and Dan Li (2005), ‘Talk Softly but Carry a Big Stick: Transfer Pricing Penalties and the Market Valuation of Japanese Multinationals in the United States’, Journal of International Business Studies, 36, 398–414 42. Céline Azémar and Gregory Corocos (2009), ‘“Multinational Firms” Heterogeneity in Tax Responsiveness: The Role of Transfer Pricing’, World Economy, 32, 1291–318 PART V TRANSFER MISPRICING ESTIMATES 43. Sanjaya Lall (1973), ‘Transfer-Pricing by Multinational Manufacturing Firms’, Oxford Bulletin of Economics and Statistics, 35 (3), August, 173–93 44. Anita M. Benvignati (1985), ‘An Empirical Investigation of International Transfer Pricing by US Manufacturing Firms’, in Alan M. Rugman and Lorraine Eden (eds), Multinationals and Transfer Pricing, Chapter 10, London, UK and New York, NY, USA: St. Martin's Press, 193–211 45. Jean-Thomas Bernard and Robert J. Weiner (1990), ‘Multinational Corporations, Transfer Prices, and Taxes: Evidence from the U.S. Petroleum Industry’, in Assaf Razin and Joel Slemrod (eds.) Taxation in the Global Economy, Chicago, USA: University of Chicago Press, 123–54 46. Deborah L. Swenson (2001), ‘Tax Reforms and Evidence of Transfer Pricing’, National Tax Journal, 54 (1), 7–25 47. Kimberly A. Clausing (2003), ‘Tax-Motivated Transfer Pricing and US Intrafirm Trade Prices’, Journal of Public Economics, 87, 2207–23 48. Lorraine Eden and Peter Rodriguez (2004), ‘How Weak are the Signals? International Price Indices and Multinational Enterprises’, Journal of International Business Studies, 35 (1), 61–74 49. Agnes W. Y. Lo, Raymond M. K. Wong and Michael Firth (2010), ‘Can Corporate Governance Deter Management from Manipulating Earnings? Evidence from Related-Party Sales Transactions in China’, Journal of Corporate Finance, 16 (2), April, 225–35 50. Michael J. Ferrantino, Xuepeng Liu and Zhi Wang (2012), ‘Evasion Behaviors of Exporters and Importers: Evidence from the U.S.-China Trade Data Discrepancy’, Journal of International Economics, 86 (1), January, 141–57 Index

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Book SynopsisThis book explores the key issues relating to links between exchange rate instability and domestic inflation, including real exchange rate and interest rate manifestations, and the co-variability of exchange rates and commodity prices. The common theme throughout is the behaviour of asset prices and interest rates in international markets.A number of interrelated questions regarding the interactions of exchange rates, interest rates and commodity prices are posed: Why is purchasing power parity invariably controversial? Despite overwhelming evidence that sterilised central bank interventions are impotent, why do major industrialised countries (such as the G-7) continue to look for accords to stem exchange rate volatility? Why are the currencies of resource-based economies depreciating when the commodity prices are holding up? Has the link between exchange rates and commodity prices collapsed? In a world of increasing globalisation, why are interest rate movements so poorly correlated across countries? New insights to these and other fundamental questions in international finance are provided by way of empirical analyses. Whilst there remains much that is little understood, the conclusions concerning the validity of the theory of purchasing power parity are becoming more and more reliable.This book is a must-read for graduate students, researchers and lecturers interested in finance, economics or business. Exchange Rates, Interest Rates and Commodity Prices will also appeal to policymakers.Table of ContentsContents: Preface 1. Exchange Rates, Interest Rates and Commodity Prices: An Introduction 2. The Explosion of Purchasing Power Parity 3. On Exchange Rates, Nominal and Real 4. Purchasing Power Parity and International Competitiveness 5. The World Real Interest Rate 6. Term Structure of Interest Rates: Experience from the G7 Countries 7. Notes on Exchange Rates and Commodity Prices 8. The Price of Gold and the Exchange Rate 9. Is the $A a Commodity Currency? Index

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Book SynopsisNobel Prize winner James Tobin has made outstanding contributions to modern macroeconomics. In this final collection of his work he examines the economic policies of the United States and its relations with other major economies after 1990. In James Tobin's view, the welfare of populations depends uniquely on these policies and it is important to be aware of their impact.This book brings together James Tobin's recent work, both published and unpublished, on finance and globalization, currency crises and bailouts. Emphasis is placed on international economic relations and policies, and on the IMF and World Bank. In particular, economic and monetary relations among nations, exchange rate problems and policies and the 'Tobin Tax' - popular in Europe but much misunderstood - are discussed.Professor Tobin also examines the impact of his earlier work on recent US fiscal policy. The Clinton administration followed a tight fiscal policy leading to budget surpluses, and this enabled Alan Greenspan at the Federal Reserve to follow an 'easy', low interest rate, monetary policy. This mix was advocated back in the 1950s and 1960s by Paul Samuelson and James Tobin. The memo Professor Tobin wrote for the J.F. Kennedy campaign of 1960 is published for the first time. The policy was not applied until 30-35 years later. Presenting a framework for understanding monetary and fiscal policies and how they determine full employment and growth, the book will prove invaluable to students and scholars of macroeconomics, as well as economists wishing to gain an insight into Professor Tobin's unique contribution to economics.Table of ContentsContents: Foreword by Janet Yellen Introduction Part I: Financial Globalization and World Money Part II: Currency Crises and Bailouts Part III: Growth and the Fiscal–Monetary Policy Mix Part IV: Political Economy Index

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