Banking, Money and International Finance – serie

Throughout the industry, financial institutions seek to eliminate cumbersome authentication methods, such as PINs, passwords, and security questions, as these antiquated tactics prove increasingly weak. Thus, many organizations now aim to implement emerging technologies in an effort to validate identities with greater certainty. The near instantaneous nature of online banking, purchases, transactions, and payments puts tremendous pressure on banks to secure their operations and procedures.In order to reduce the risk of human error in financial domains, expert systems are seen to offer a great advantage in big data environments. Besides their efficiency in quantitative analysis such as profitability, banking management, and strategic financial planning, expert systems have successfully treated qualitative issues including financial analysis, investment advisories, and knowledge-based decision support systems. Due to the increase in financial applications’ size, complexity, and number of components, it is no longer practical to anticipate and model all possible interactions and data processing in these applications using the traditional data processing model. The emergence of new research areas is clear evidence of the rise of new demands and requirements of modern real-life applications to be more intelligent.This book provides an exhaustive review of the roles of expert systems within the financial sector, with particular reference to big data environments. In addition, it offers a collection of high-quality research that addresses broad challenges in both theoretical and application aspects of intelligent and expert systems in finance. The book serves to aid the continued efforts of the application of intelligent systems that respond to the problem of big data processing in a smart banking and financial environment.

This book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001.The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees.This book makes a very useful reference to understanding financial planning licencing model in Australia.

Starting with Medici and Fugger and ending with Barings and Royal Bank of Scotland under neo-liberal de-regulation, the author gives an account of how a number of banks failed over a 500 year-period. The author offers an explanation of the leading ideas about the world and good society at the time, and summarizes this narrative using Streeck & Schmitter’s three bases for regulation of society: Community (spontaneous solidarity), State (hierarchical control), and Market (dispersed competition).The bank failures are presented in the context of social philosophies of the day (scholasticism, mercantilism, neo-liberalism, and libertarianism), and the changing business practices (Bills of Exchange, rents and financial instruments of various kinds). The dominating explanation of financial crises has been market-related. Here, the author argues that managerial failures are an important contributor. He demonstrates the failure of management to act on early signals such as existential risk, strategic stress syndrome, and lack of proper oversight by top management. The author encourages a return to ethical principles for banks, suggesting that his ethical aspect should be at the core of the credit process of banks in the future.With its interdisciplinary approach, this book will be an important contribution to the discussion surrounding bank failures. It will interest any scholar looking at the origins of financial crises and will be particularly useful for post-graduate students of economic and financial history, banking, finance and accounting.

This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth.This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

This book discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy in the world by both population size and gross domestic product.Offering a systematic framework combining conceptual principles with real practice, the book enables the reader to gain useful insight into how capital markets and investment banking work in the real world of a frontier market. The book provides a synopsis of the economic attractiveness, financial systems intermediation and capital markets, as well as the regulatory framework within a frontier market. It explores capital raising through equity and underwriting and private equity, paying particular attention to putting capital to work on mergers and acquisitions, project and infrastructure finance and real estate finance. Furthermore, it analyses asset management, pension industry and securities trading in a frontier market. The authors use detailed case studies from Nigeria to illustrate the operations of investment banking in frontier markets. The cases, tables and charts serve as useful illustrations of the topics under discussion.With the authors’ combined experience of more than 50 years as economists, finance and investment professionals and in executive leadership positions in the financial services industry, this book will interest the academic community, professionals in the financial industry, retail and institutional investors interested in frontier markets, development practitioners in international organizations and policy makers including securities and capital market regulators.

Many books have addressed the economic and financial history of Hong Kong, and the imperialist conflicts in the key Chinese port-cities but very few books have explored French initiatives and performance in this area, beyond diplomacy, geopolitics or cultural issues. In this book, Hubert Bonin confronts arguments about "the great divergence", "the first globalisation", and forms of "economic patriotism". He gauges the competitive edge of French companies and banks, their struggle with British domination (HBSC, Chartered, shipping, trade houses/hongs) and their resistance against competitors from other countries (Japan, Germany, Netherlands, Belgium, USA, or Russia). The book delves into studies of management abroad, therefore mixing broad geo-economic issues with precise business history and deep banking history. The connections between French interests in China and Hong Kong and the colony of Indochina are established too. A second part of the book is dedicated to the case study of Hong Kong, as the British colony acted as a hub for Asian and European interests at the heart of connections with mainland China and some neighbouring territories (Indochina, etc.). This is essential reading for academics interested in banking and business history, the history of entrepreneurship, as well as, those involved in the contemporary history of China and Hong Kong, in the assessment of world-wide geo-economic competition between European powers in Asia (Great-Britain, and France), and in the first stages of economic "modernity", along European models, in emerging modern China.

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment.For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias.The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.

This book deals directly with the risk/return multiple trade-offs coming out of the closely intertwined relationship between banking and real estate. The authors explore how banks could embrace a more proactive approach to make the most of their, mostly ‘long only’, exposure to real estate, and create positive spillover effects on their real estate counterparts and the sector as a whole. It provides a "state of the art" representation and analysis of the strategies that best practices in banking are adopting to manage these issues and plan for a new set of interrelations, driving a "virtuous circle" as opposed to the current one. Banking, Lending and Real Estate is built on the academic knowhow and professional expertise of the authors, who have been researching, writing and working on this joint topic for over a decade. With its pragmatic approach, it allows the reader to capture which leading hedge active and holistic approaches are available today and proven to treat, for example, the banks’ overexposure to this asset class; to manage "unlikely to pay" and sub-performing positions; and to optimize the recovery value coming from the work out of real estate related NPL (and underlying assets). Case studies and relevant examples are provided, leveraging on the authors’ experience in consulting projects in the EMEA region and from working with global, regional and domestic banks and the real estate players acting across its value chain.This book will appeal to both academics and business practitioners within the banking, financial services and real estate sectors, as well as professionals from financial and strategic/industrial advisory working in those fields.

Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones. The book is of interest to scholars interested in financial economics, political economy of finance, alternative banking and development finance, and banking regulation. The book also gives valuable output to central bankers and financial and monetary policy makers in underdeveloped economies. In addition, it will be of particular interest to practitioners in international development institutions, especially those engaged in development finance and rural finance.

This book provides a technical and specialised discussion of contemporary and emerging issues in foreign exchange and financial markets by addressing the issues of risk management and theory and hypothesis development, which have general implications for finance theory and foreign exchange market management. It offers an in-depth, comprehensive analysis of the issues concerning the volatility of exchange rates.The book has three main objectives. First, it applies the integrated study of exchange rate volatility in terms of depth and breadth. Second, it applies the integrated study of exchange rate volatility in Malaysia, as a case study of a developing country. Malaysia had imposed capital control measures in the past and has now liberalised its exchange rate market and will continue to liberalise it further in the long run. Hence, the need to understand exchange rate volatility measurement and management will be even more important in the future. Third, the book highlights new conditional volatility models for a developing country, such as Malaysia, and develops advanced econometric models which have produced results for sound risk management strategies and for achieving risk management in the financial market and the economy. Additionally, the authors recommend risk management themes which may be of relevance to other developing countries.This work can be used as a reference book by fund managers, financial market analysts, researchers, academics, practitioners, policy makers and postgraduate students in the areas of finance, accounting, business and financial economics. It can also be a supplementary text for Ph.D. and Masters’ students in these areas.

From the 1890s to the 1940s, French State and entrepreneurial companies were enticed to promote French interests, beyond mere colonial targets, for the sake of economic patriotism. Chinese concessions, not including Hong Kong, were thus inserted into geo-economic moves, and French stakeholders asserted their philosophy of competition, and displayed their means of influence and investment. In this book, the author assesses the challenges which confronted French actors in the face of powerful British imperial action overseas, all the more so because German Belgian, Japanese, and then also North-American competitors joined the fray. The book targets three concessions: Canton/Guangzhou, Tientsin/Tianjin, and Hankeou/Wuhan because of their significance in the emergence of a modern economy in the country. The three main sections of the book explore the position of French stakeholders, mainly businessmen, merchant houses, bankers, and a few industrialists, in these three port-cities and China overall. The chapters gauge their capital of influence and networking, commercial tools, and banking skills in the face of competition, the hardships of crossing the changes in economic productive systems or clusters in the various port-cities and their areas, rich with commercial offshoots. Also, several chapters underscore the uncertainties caused by geopolitical and military events in China. For each of the three concessions, commercial and banking systems, assessments of the successes and limits of the French bankers and merchants are investigated, with the aim of evaluating the reality of French entrepreneurialism and power in the regions prospected by the offshoots of French capitalism. The book will be an invaluable resource for academics interested in the history of banking and finance, business, entrepreneurship, colonialism and "economic patriotism" in Chinese history, in geo-economics and in connected history.

In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment – whether it is ‘hyperactive’ or ‘excessively lethargic’ in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of ‘stock market development’ in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors.Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers’ protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors.The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors.Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers’ protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors.The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

The authors of this book argue that post-war fiscal and monetary policies in the U.S. are prone to more frequent and more destabilizing domestic and international financial crises. So, in the aftermath of the one that erupted in 2008, they propose that now we are sleepwalking into another, which under the prevailing institutional circumstances could develop into a worldwide financial Armageddon.Thinking ahead of such a calamity, this book presents for the first time a model of democratic governance with privately produced money based on the case of Athens in Classical times, and explains why, if it is conceived as a benchmark for reference and adaptation, it may provide an effective way out from the dreadful predicament that state managed fiat money holds for the stability of Western-type democracies and the international financial system. As the U.S. today, Athens at that time reached the apex of its military, economic, political, cultural, and scientific influence in the world. But Athens triumphed through different approaches to democracy and fundamentally different fiscal and monetary policies than the U.S. Thus the readers will have the opportunity to learn about these differences and appreciate the potential they offer for confronting the challenges contemporary democracies face under the leadership of the U.S.The book will find audiences among academics, university students, and researchers across a wide range of fields and subfields, as well as legislators, fiscal and monetary policy makers, and economic and financial consultants.

The authors of this book argue that post-war fiscal and monetary policies in the U.S. are prone to more frequent and more destabilizing domestic and international financial crises. So, in the aftermath of the one that erupted in 2008, they propose that now we are sleepwalking into another, which under the prevailing institutional circumstances could develop into a worldwide financial Armageddon.Thinking ahead of such a calamity, this book presents for the first time a model of democratic governance with privately produced money based on the case of Athens in Classical times, and explains why, if it is conceived as a benchmark for reference and adaptation, it may provide an effective way out from the dreadful predicament that state managed fiat money holds for the stability of Western-type democracies and the international financial system. As the U.S. today, Athens at that time reached the apex of its military, economic, political, cultural, and scientific influence in the world. But Athens triumphed through different approaches to democracy and fundamentally different fiscal and monetary policies than the U.S. Thus the readers will have the opportunity to learn about these differences and appreciate the potential they offer for confronting the challenges contemporary democracies face under the leadership of the U.S.The book will find audiences among academics, university students, and researchers across a wide range of fields and subfields, as well as legislators, fiscal and monetary policy makers, and economic and financial consultants.

Due to a historical lack of attention to the importance of modelling, measuring and managing risk, senior bank leaders are struggling to implement unified practices within their financial institutions that could address the gaps posed by risky management behaviour, rogue trading, liquidity crises, prohibited investments in mortgage-backed securities, and default risks aligned with loans. This book discusses the theories at play between bank agents (bank managers) and their principals (shareholders), a topic which has gained importance as a result of the banking crisis, and similarly, governed the need for more efficient risk management and ethical managerial practices. The author worked with a senior bank leadership team to identify and describe effective capital regulation practices that can lead to a reduction in loss and risky management behavioural practices. The book offers consensus on a number of activities that bank managers can implement to address bank risk. It analyses the relevant factors that determine the necessity for banking regulation and the important role of regulation in managing banking crises. The author’s analysis of the important regulatory aspects in developed countries such as the US, offers a useful conceptual framework for creating an adequate banking regulatory environment in developing countries.This book offers an original contribution to the field of banking that undergraduate, masters, PhD students, academics and researchers can use to gain a deeper understanding of the constructs at play in the banking industry.

Due to a historical lack of attention to the importance of modelling, measuring and managing risk, senior bank leaders are struggling to implement unified practices within their financial institutions that could address the gaps posed by risky management behaviour, rogue trading, liquidity crises, prohibited investments in mortgage-backed securities, and default risks aligned with loans. This book discusses the theories at play between bank agents (bank managers) and their principals (shareholders), a topic which has gained importance as a result of the banking crisis, and similarly, governed the need for more efficient risk management and ethical managerial practices. The author worked with a senior bank leadership team to identify and describe effective capital regulation practices that can lead to a reduction in loss and risky management behavioural practices. The book offers consensus on a number of activities that bank managers can implement to address bank risk. It analyses the relevant factors that determine the necessity for banking regulation and the important role of regulation in managing banking crises. The author’s analysis of the important regulatory aspects in developed countries such as the US, offers a useful conceptual framework for creating an adequate banking regulatory environment in developing countries.This book offers an original contribution to the field of banking that undergraduate, masters, PhD students, academics and researchers can use to gain a deeper understanding of the constructs at play in the banking industry.

This book provides a technical and specialised discussion of contemporary and emerging issues in foreign exchange and financial markets by addressing the issues of risk management and theory and hypothesis development, which have general implications for finance theory and foreign exchange market management. It offers an in-depth, comprehensive analysis of the issues concerning the volatility of exchange rates.The book has three main objectives. First, it applies the integrated study of exchange rate volatility in terms of depth and breadth. Second, it applies the integrated study of exchange rate volatility in Malaysia, as a case study of a developing country. Malaysia had imposed capital control measures in the past and has now liberalised its exchange rate market and will continue to liberalise it further in the long run. Hence, the need to understand exchange rate volatility measurement and management will be even more important in the future. Third, the book highlights new conditional volatility models for a developing country, such as Malaysia, and develops advanced econometric models which have produced results for sound risk management strategies and for achieving risk management in the financial market and the economy. Additionally, the authors recommend risk management themes which may be of relevance to other developing countries.This work can be used as a reference book by fund managers, financial market analysts, researchers, academics, practitioners, policy makers and postgraduate students in the areas of finance, accounting, business and financial economics. It can also be a supplementary text for Ph.D. and Masters’ students in these areas.

The book provides deep insight into theoretical and empirical evidence on information and communication technologies (ICT) as an important factor affecting financial markets. It is focused on the impact of ICT on stock markets, bond markets, and other categories of financial markets, with the additional focus on the linked FinTech services and financial institutions. Financial markets shaped by the adoption of the new technologies are labeled ‘digital financial markets’.With a wide-ranging perspective at both the local and global levels from countries at varying degrees of economic development, this book addresses an important gap in the extant literature concerning the role of ICT in the financial markets. The consequences of these processes had until now rarely been considered in a broader economic and social context, particularly when the impact of FinTech services on financial markets is taken into account. The book’s theoretical discussions, empirical evidence and compilation of different views and perspectives make it a valuable and complex reference work.The principal audience of the book will be scholars in the fields of finance and economics. The book also targets professionals in the financial industry who are directly or indirectly linked to the new technologies on the financial markets, in particular various types of FinTech services.Chapters 2, 5 and 10 of this book are available for free in PDF format as Open Access from the individual product page at www.routledge.com. They have been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

The book provides deep insight into theoretical and empirical evidence on information and communication technologies (ICT) as an important factor affecting financial markets. It is focused on the impact of ICT on stock markets, bond markets, and other categories of financial markets, with the additional focus on the linked FinTech services and financial institutions. Financial markets shaped by the adoption of the new technologies are labeled ‘digital financial markets’.With a wide-ranging perspective at both the local and global levels from countries at varying degrees of economic development, this book addresses an important gap in the extant literature concerning the role of ICT in the financial markets. The consequences of these processes had until now rarely been considered in a broader economic and social context, particularly when the impact of FinTech services on financial markets is taken into account. The book’s theoretical discussions, empirical evidence and compilation of different views and perspectives make it a valuable and complex reference work.The principal audience of the book will be scholars in the fields of finance and economics. The book also targets professionals in the financial industry who are directly or indirectly linked to the new technologies on the financial markets, in particular various types of FinTech services.Chapters 2, 5 and 10 of this book are available for free in PDF format as Open Access from the individual product page at www.routledge.com. They have been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

As the world plans for economic recovery following the global COVID-19 pandemic, major economies are looking to comprehensive strategies for addressing carbon risks and identifying green finance opportunities. Since Bank of England Governor Mark Carney and Michael Bloomberg began tackling climate change as a financial concern, the international financial community has been developing sophisticated analytical tools that will enable the success of comprehensive efforts to address carbon risks and identify green finance opportunities.This timely publication offers a cutting-edge analysis of the financial aspects of climate change. It discusses the most important analytical tools, their origin, how they work, where they can go, and how they fit into a larger strategy. First, reporting frameworks can allow companies to see how well they are addressing carbon risks, in particular with respect to the recommendations of the Task Force on Climate-related Financial Disclosures. Second, by quantifying how much greenhouse gas companies emit into the atmosphere as a direct or indirect result of their operations, carbon footprint calculations can help identify carbon risks with particular companies, especially within supply chains. Third, brown taxonomies can help investors identify current carbon risks by classifying fossil fuel assets in a systematic manner. Fourth, green taxonomies can help investors identify current green finance opportunities by classifying sustainable activities in a systematic manner. Fifth, scenario analysis for assets can help investors identify future carbon risks and green finance opportunities. Finally, stress testing for liabilities can help insurers and banks address future carbon risks and better inform policymakers.Scholars, policymakers, and business professionals will find this book informative. They will gain a comprehensive understanding of the analytical tools supporting efforts to address carbon risks and identify green finance opportunities. This will hopefully make these individuals more successful in their personal endeavors to build a more sustainable and resilient economy for future generations.

As the world plans for economic recovery following the global COVID-19 pandemic, major economies are looking to comprehensive strategies for addressing carbon risks and identifying green finance opportunities. Since Bank of England Governor Mark Carney and Michael Bloomberg began tackling climate change as a financial concern, the international financial community has been developing sophisticated analytical tools that will enable the success of comprehensive efforts to address carbon risks and identify green finance opportunities.This timely publication offers a cutting-edge analysis of the financial aspects of climate change. It discusses the most important analytical tools, their origin, how they work, where they can go, and how they fit into a larger strategy. First, reporting frameworks can allow companies to see how well they are addressing carbon risks, in particular with respect to the recommendations of the Task Force on Climate-related Financial Disclosures. Second, by quantifying how much greenhouse gas companies emit into the atmosphere as a direct or indirect result of their operations, carbon footprint calculations can help identify carbon risks with particular companies, especially within supply chains. Third, brown taxonomies can help investors identify current carbon risks by classifying fossil fuel assets in a systematic manner. Fourth, green taxonomies can help investors identify current green finance opportunities by classifying sustainable activities in a systematic manner. Fifth, scenario analysis for assets can help investors identify future carbon risks and green finance opportunities. Finally, stress testing for liabilities can help insurers and banks address future carbon risks and better inform policymakers.Scholars, policymakers, and business professionals will find this book informative. They will gain a comprehensive understanding of the analytical tools supporting efforts to address carbon risks and identify green finance opportunities. This will hopefully make these individuals more successful in their personal endeavors to build a more sustainable and resilient economy for future generations.

Why are financial prices so much more crisis-prone and unstable than real economy prices? Because they are doing different things. Unlike real economy prices, rooted in the real goods and services produced and exchanged, financial prices attempt to value future income flows from financial and capital assets. These valuations fluctuate erratically because expectations of the future fluctuate – and large liquid financial markets can amplify, rather than correct, these effects. The book builds on the insights of economists Frank Knight and John Maynard Keynes, that uncertainty of the future is essential to understand the processes of economic production and capital investment, and adds to this Karl Popper's general explanation of how expectations of an uncertain future are formed and tested through a trial and error process. Rather than relying on fluctuating financial prices to provide a guide to an uncertain future, it suggests a better approach would be to adopt the methods common to other branches of science, and create testable (falsifiable) theories allowing reasonable predictions to be made. In finance, the elements of one such theory could be based on the concept of forecasting yield from capital assets, which is a measurable phenomenon tending towards aggregate and long-term stability, and where there is a plentiful supply of historic data. By methods like this, financial economics could become a branch of science like any other. To buttress this approach, the widely accepted public policy objective of promoting real economy price stability could be widened to include financial price stability.

California was at the epicentre of the collapse of the real estate market in 2008, which had a devastating effect on the world economy. Taking this diverse and powerful state as a case study, this book presents a financial history of the property business, from the time Spanish Missions were established to the Great Recession.Financing California Real Estate provides the history of expansions and contractions in the real estate market, and describes factors in the state and nation which may have triggered changes in the direction of growth in real estate lending. It explores how financial institutions which provided funding for building and buying homes changed over time, from the establishment of Spanish Missions in 1769, to the Gold Rush, to rail transportation, all the way through to the real estate bubble that peaked in 2005. Using detailed information on financial institutions to explain the changing nature of the real estate market, this book ultimately suggests an alternative theory for what led to the Great Recession.This book will be of interest to researchers working in the area of real estate cycles in the economy, historians interested in the economy of California, and financial historians.

When European powers annexed parts of Asia, banking systems were an important part of that process. The essays in this edited collection are based on original research using primary sources in English, French, Russian, Chinese and Japanese. The book as a whole provides new insights into banking in imperial Asia and a platform for further research.

With contributions from world-renowned figures such as Niall Ferguson and Adair Turner, this volume investigates how financial institutions and markets have undergone or reacted to past pressures, and the regulatory responses that emerged as a result.

This book presents a collection of high-quality contributions on the state-of-the-art in Artificial Intelligence and Big Data analysis as it relates to financial risk management applications. It brings together, in one place, the latest thinking on an emerging topic and includes principles, reviews, examples, and research directions. The book presents numerous specific use-cases throughout, showing practical applications of the concepts discussed. It looks at technologies such as eye movement analysis, data mining or mobile apps and examines how these technologies are applied by financial institutions, and how this affects both the institutions and the market. This work introduces students and aspiring practitioners to the subject of risk management in a structured manner. It is primarily aimed at researchers and students in finance and intelligent big data applications, such as intelligent information systems, smart economics and finance applications, and the internet of things in a marketing environment.

This book presents a collection of high-quality contributions on the state-of-the-art in Artificial Intelligence and Big Data analysis as it relates to financial risk management applications. It brings together, in one place, the latest thinking on an emerging topic and includes principles, reviews, examples, and research directions. The book presents numerous specific use-cases throughout, showing practical applications of the concepts discussed. It looks at technologies such as eye movement analysis, data mining or mobile apps and examines how these technologies are applied by financial institutions, and how this affects both the institutions and the market. This work introduces students and aspiring practitioners to the subject of risk management in a structured manner. It is primarily aimed at researchers and students in finance and intelligent big data applications, such as intelligent information systems, smart economics and finance applications, and the internet of things in a marketing environment.