The Theory of Money and Financial Institutions

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Author :
Publisher : MIT Press
ISBN 13 : 9780262693110
Total Pages : 472 pages
Book Rating : 4.6/5 (931 download)

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Book Synopsis The Theory of Money and Financial Institutions by : Martin Shubik

Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation

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Publisher : Ed. Universidad de Cantabria
ISBN 13 : 8481028770
Total Pages : 90 pages
Book Rating : 4.4/5 (81 download)

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Book Synopsis Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation by : Iván Blanco

Download or read book Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.

Three Essays in International Finance

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Author :
Publisher : Stanford University
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Three Essays in International Finance by : Byong-Ju Lee

Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.

Financial Innovation (Collection)

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Publisher : FT Press
ISBN 13 : 0133115259
Total Pages : 843 pages
Book Rating : 4.1/5 (331 download)

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Book Synopsis Financial Innovation (Collection) by : Franklin Allen

Download or read book Financial Innovation (Collection) written by Franklin Allen and published by FT Press. This book was released on 2012-06-01 with total page 843 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable, responsible financial innovation: lessons from the crisis, and new paths to global prosperity After the global financial crisis, responsible financial innovation is more crucial than ever. However, financial innovation will only succeed if it reflects the true lessons of the past decade. In this collection, three leading global finance researchers share those lessons, offering crucial insights for market participants, policymakers, and other stakeholders. Drawing on their pioneering work, they illuminate new opportunities for sustainable innovation in finance that can help restore housing markets and the overall global economy, while avoiding the failures of predecessors. In Financing the Future, Franklin Allen and Glenn Yago carefully discuss the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. Allen and Yago explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms at lower cost, accomplishing tasks that would otherwise be impossible -- and offer a full chapter of essential lessons for using financial innovation to add value, manage risk, and improve the stability of the global economy. Next, in Fixing the Housing Market, Allen, Yago, and James R. Barth explain how responsible financial innovation can "reboot" damaged housing markets, improve their efficiency, and make housing more accessible to millions. The authors walk through the history of housing finance, evaluate housing finance systems in mature economies during and after the crisis, highlight benefits and risks associated with each leading mortgage funding structure and product, and assess current housing finance structures in BRIC economies. Building on these comparisons, they show how to create a more stable and sustainable financing system for housing: one that provides better shelter for more people, helps the industry recover, and creates thousands of new jobs. From world-renowned leaders and experts Franklin Allen, Glenn Yago, and James R. Barth

Financial Innovation in the Banking Industry

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Author :
Publisher : Routledge
ISBN 13 : 1135690413
Total Pages : 220 pages
Book Rating : 4.1/5 (356 download)

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Book Synopsis Financial Innovation in the Banking Industry by : Lamia Obay

Download or read book Financial Innovation in the Banking Industry written by Lamia Obay and published by Routledge. This book was released on 2014-01-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the motivations behind the adoption of the technique of asset securitization by US commercial banks and its effects on the financial performances.

Three Essays on Industrial Innovation

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Author :
Publisher :
ISBN 13 :
Total Pages : 114 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Three Essays on Industrial Innovation by : Chun-gyŏng Pak

Download or read book Three Essays on Industrial Innovation written by Chun-gyŏng Pak and published by . This book was released on 1985 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Accelerating Green Innovation

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Publisher : Springer
ISBN 13 : 3658172517
Total Pages : 158 pages
Book Rating : 4.6/5 (581 download)

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Book Synopsis Accelerating Green Innovation by : Michael Migendt

Download or read book Accelerating Green Innovation written by Michael Migendt and published by Springer. This book was released on 2017-02-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Migendt explains the role of alternative investments in supporting the growth of a sustainable economy and recognizes levers that policy makers, managers and entrepreneurs could use for further accelerating green innovation through finance. He focuses on specific examples of alternative investments into green industries, companies, projects, and infrastructure, covering the developments along the innovation chain. Especially the acceleration of green technologies and the in this context occurring interrelations between the three areas of finance, innovation, and policy are key to this work.

Three Essays on Behavioral Finance

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Publisher :
ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.3/5 (129 download)

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Book Synopsis Three Essays on Behavioral Finance by : Gabriele M. Lepori

Download or read book Three Essays on Behavioral Finance written by Gabriele M. Lepori and published by . This book was released on 2008 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financing the Future

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Publisher : Pearson Prentice Hall
ISBN 13 : 0137083319
Total Pages : 262 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Financing the Future by : Franklin Allen

Download or read book Financing the Future written by Franklin Allen and published by Pearson Prentice Hall. This book was released on 2010-03-23 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible. The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers. Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls. Distinguishing genuine innovation from dangerous copycats Crafting sustainable financial innovations that add value and manage risk The best tools for the job: choosing them, customizing them, using them Selecting the right instruments and structures, and making the most of them Financial innovations for business, housing, and medical research Finding new and better ways to promote entrepreneurship and advance social goals Innovating to save the planet and help humanity The power of finance to protect natural resources and alleviate global poverty This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.

Three Essays on Antitrust and Innovation

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Author :
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Three Essays on Antitrust and Innovation by : Donald Karl Stockdale

Download or read book Three Essays on Antitrust and Innovation written by Donald Karl Stockdale and published by . This book was released on 1989 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Competitiveness in Financial Services

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Publisher : Springer Science & Business Media
ISBN 13 : 9401138761
Total Pages : 247 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis International Competitiveness in Financial Services by : Marvin H. Kosters

Download or read book International Competitiveness in Financial Services written by Marvin H. Kosters and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: financial markets suggests that factors such as differences in capital requirements, limi tations on size or on the range of financial activities in which firms can engage, govern ment guarantee arrangements for deposits or payments, and reporting or disclosure requirements can have important effects on the efficiency of industrial and commercial firms and thus on the international competitive positions of major sectors of the U.S. economy. Regulatory and tax policies must therefore take into account effects on inter national competitive positions in addition to domestic concerns. The articles in this issue analyze differences in market organization and regulation across countries and examine how efficiency in producing financial services is influenced by these differences. These articles were presented and discussed at a conference sponsored by the Amer ican Enterprise Institute in Washington, D.C., on May 31 and June 1, 1990. This confer ence on International Competitiveness in Financial Services brought to the attention of Washington policy officials these analyses by leading scholars in finance. Publication of these studies and critiques in the Journal of Financial Services Research is intended to stimulate further interest in research on these important issues.

Financing Innovation in the United States, 1870 to the Present

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Publisher :
ISBN 13 :
Total Pages : 528 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis Financing Innovation in the United States, 1870 to the Present by : Naomi R. Lamoreaux

Download or read book Financing Innovation in the United States, 1870 to the Present written by Naomi R. Lamoreaux and published by . This book was released on 2007 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading economists and economic historians offer case studies and theoretical perspectives that fill a longstanding gap in the existing literature on technology-driven industrial development, discussing the interaction of finance and technological innovation in the American economy since the Second Industrial Revolution. Although technological change is vital for economic growth, the interaction of finance and technological innovation is rarely studied. This pioneering volume examines the ways in which innovation is funded in the United States. In case studies and theoretical discussions, leading economists and economic historians analyze how inventors and technologically creative entrepreneurs have raised funds for their projects at different stages of U.S. economic development, beginning with the post-Civil War period of the Second Industrial Revolution. Their discussions point to intriguing insights about how the nature of the technology may influence its financing and, conversely, how the availability of funds influences technological advances.These studies show that over the long history of American technological advancement, inventors and innovators have shown considerable flexibility in finding ways to finance their work. They have moved to cities to find groups of local investors; they have worked for large firms that could tap the securities market for funds; they have looked to the federal government for research and development funding; and they have been financed by the venture capital industry. The studies make it clear that methods of funding innovation--whether it is in the auto industry or information technology--have important implications for both the direction of technological change and the competitive dynamism of the economy.

Of Synthetic Finance

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Publisher : Routledge
ISBN 13 : 1317652835
Total Pages : 163 pages
Book Rating : 4.3/5 (176 download)

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Book Synopsis Of Synthetic Finance by : Benjamin Lozano

Download or read book Of Synthetic Finance written by Benjamin Lozano and published by Routledge. This book was released on 2014-09-19 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Synthetic finance revolutionizes materialism such that we can now create wealth in the process of universally distributing it. While financial innovation in global capitalism provided the conditions for the 2008 financial crisis, it has also engineered a set of financial technologies with universal distributive potential. This book explains this possibility and demonstrates how it can be achieved through a rigorous ontological exposition of the radical, nomadic, distributive power of synthetic finance. It also illustrates that Gilles Deleuze is the heterodox political economist who best reveals its profound material capacities. This book articulates an innovative method for the study of finance, fundamentally revaluates political economy as a discipline and practice, and inaugurates a research project from which derivative methodologies and approaches to critical finance can evolve. Of Synthetic Finance actualizes a new kind of heterodox political economy called speculative materialism, and advocates a radical project of speculative materialist financial engineering. Both of these are predicated on the deployment of the latent, nomadic, monstrous capacities of synthetic finance to create and universally distribute risk and cash flow. This book is a must read for anyone interested in critical finance, the financial crisis and the future of political economy.

Smart Computing Applications in Crowdfunding

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Publisher : CRC Press
ISBN 13 : 1351265075
Total Pages : 533 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Smart Computing Applications in Crowdfunding by : Bo Xing

Download or read book Smart Computing Applications in Crowdfunding written by Bo Xing and published by CRC Press. This book was released on 2018-12-07 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book focuses on smart computing for crowdfunding usage, looking at the crowdfunding landscape, e.g., reward-, donation-, equity-, P2P-based and the crowdfunding ecosystem, e.g., regulator, asker, backer, investor, and operator. The increased complexity of fund raising scenario, driven by the broad economic environment as well as the need for using alternative funding sources, has sparked research in smart computing techniques. Covering a wide range of detailed topics, the authors of this book offer an outstanding overview of the current state of the art; providing deep insights into smart computing methods, tools, and their applications in crowdfunding; exploring the importance of smart analysis, prediction, and decision-making within the fintech industry. This book is intended to be an authoritative and valuable resource for professional practitioners and researchers alike, as well as finance engineering, and computer science students who are interested in crowdfunding and other emerging fintech topics.

Financial Innovation and Risk Sharing

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Author :
Publisher : MIT Press
ISBN 13 : 9780262011419
Total Pages : 398 pages
Book Rating : 4.0/5 (114 download)

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Book Synopsis Financial Innovation and Risk Sharing by : Franklin Allen

Download or read book Financial Innovation and Risk Sharing written by Franklin Allen and published by MIT Press. This book was released on 1994 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Franklin Allen and Douglas Gale assemble some of their key papers along with a five-chapter overview that not only synthesizes their work but provides a historical and institutional review and a discussion of alternative approaches as well.

Advances in Production Management Systems: Innovative and Knowledge-Based Production Management in a Global-Local World

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Publisher : Springer
ISBN 13 : 3662447363
Total Pages : 732 pages
Book Rating : 4.6/5 (624 download)

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Book Synopsis Advances in Production Management Systems: Innovative and Knowledge-Based Production Management in a Global-Local World by : Bernard Grabot

Download or read book Advances in Production Management Systems: Innovative and Knowledge-Based Production Management in a Global-Local World written by Bernard Grabot and published by Springer. This book was released on 2014-08-26 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three volumes IFIP AICT 438, 439, and 440 constitute the refereed proceedings of the International IFIP WG 5.7 Conference on Advances in Production Management Systems, APMS 2014, held in Ajaccio, France, in September 2014. The 233 revised full papers were carefully reviewed and selected from 271 submissions. They are organized in 6 parts: knowledge discovery and sharing; knowledge-based planning and scheduling; knowledge-based sustainability; knowledge-based services; knowledge-based performance improvement, and case studies.

Three Essays in International Finance and Econometrics

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Publisher :
ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.3/5 (129 download)

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Book Synopsis Three Essays in International Finance and Econometrics by : Chien Nan Wang

Download or read book Three Essays in International Finance and Econometrics written by Chien Nan Wang and published by . This book was released on 1987 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: