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Global Capital Markets
This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.
eBook
Islamic capital markets : a comparative approach
\"Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate. Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike.\" -- Provided by publisher.
Book
Financial markets in practice : from post-crisis intermediation to fintechs
\"Financial Markets in Practice: From Post-Crisis Intermediation to FinTechs delivers an overview of risk transformations operated by the financial industries from the perspective of quantitative finance. It gives a pedagogical and comprehensive understanding of the structure of the financial system as a network of risk suppliers and risk consumers, where different categories of market participants buy, transform, net and re-sell different kinds of risks. This risk-transformation oriented view is supported by the evolutions that followed the last global financial crisis: consumers of financial products asked for less complex risk transformations, regulators demanded to keep as few risks as possible inside financial institutions, and market participants turned to run mass market-like businesses rather than \"haute couture\"-like businesses. This book portrays the network of intermediaries composing the financial system, describes their most common business models, explains the exact role of each kind of market participant and underlines the interaction between them. It seeks to reveal the potential disintermediation that could happen inside the financial sector led by FinTechs and Artificial Intelligence-based innovations. Readers are invited to rethink the role of market participants in the post-crisis world, and are prepared for the next wave of changes that are driven by data sciences, AI and blockchain. Amid these transformations, quantitative finance will be increasingly involved in all aspects of the financial system. This handy resource helps practitioners from the buy-side and sell-side to gain insights to an overview of business models in the financial system from an intermediation perspective, and guides students to comprehensively understand the complex ecosystem they will evolve into\"-- Provided by publisher.
Book
The Age of ESMA
Since its establishment in 2011, the European Securities and Markets Authority (ESMA) has become a pivotal actor in EU financial market regulation and supervision. Its burgeoning influence extends from the rule-making process to supervisory convergence/coordination to direct supervision. Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in its evolution, particularly in light of the Commission’s 2017 proposals to reform ESMA and the UK’s withdrawal from the EU, The Age of ESMA maps, contextualises, and examines ESMA’s role and the implications for EU financial market governance.
eBook
Global algorithmic capital markets : high frequency trading, dark pools, and regulatory challenges
Global capital markets have undergone fundamental transformations in recent years and, as a result, have become extraordinarily complex and opaque. Trading space is no longer measured in minutes or seconds but in time units beyond human perception: milliseconds, microseconds, and even nanoseconds. Technological advances have thus scaled up imperceptible and previously irrelevant time differences into operationally manageable and enormously profitable business opportunities for those with the proper high-tech trading tools. These tools include the fastest private communication and trading lines, the most powerful computers and sophisticated algorithms capable of speedily analysing incoming news and trading data and determining optimal trading strategies in microseconds, as well as the possession of gigantic collections of historic and real-time market data. 0Fragmented capital markets are also becoming a rapidly growing reality in Europe and Asia, and are an established feature of U.S. trading. This raises urgent market governance issues that have largely been overlooked. Global Algorithmic Capital Markets seeks to understand how recent market transformations are affecting core public policy objectives such as investor protection and reduction of systemic risk, as well as fairness, efficiency, and transparency. 0The operation and health of capital markets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators discusses ways to strengthen market governance for the benefit of society at whole.
Book
Understanding the Growth of African Financial Markets
This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.
eBook
From Suez to Tequila: The IMF as Crisis Manager
The IMF was established in 1944 in part to \"give confidence\" to member countries by providing short-term credits. Although the intention was that the availability of the Fund's resources should prevent countries from experiencing financial crises, in practice the institution often has found itself helping its members cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved over time, from its earliest loans to the exchange crisis that hit Mexico in December 1994. It argues that the defining moment for this role was the international debt crisis of 1982.
Journal Article