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This book focuses on worldwide historical experiences of monetary reforms and the reformist minds behind them: the money doctors. The process of doctoring is the process of listening to many pieces of information and sorting them in order to correctly diagnose the causes of the problem and derive the appropriate cure, if it exists. A money doctor is “a person who, helped by theoretical and practical knowledge, advises and/or proposes to act on how to build a stable monetary and financial system or to repair ongoing monetary turbulences.” Economists and policy makers are money doctors when their involvement includes the observation and diagnostic of the monetary and financial troubles and the proposition for a cure. Each contribution highlights the theoretical underpinning of the doctors, and the key factors for the success or failures of the reform they have promoted. We collect cases from Americas, Asia, Europe, and Oceania from the 16th to the 20th century anddiscuss their aims, strategies, and consequences to draw implications for today.

This book is a solutions manual and study guide to the 3rd edition of Economic Growth and Development. It includes solutions to all end-of-chapter questions and model-based problems within the text. In addition, each chapter contains a reader's guide for students working through the main text, including objectives, discussion of sticking points, and main takeaways. These should prove useful to students and instructors using this book.

Dieses Buch hilft bei der systematischen Vorbereitung auf die Abschlussprüfung zum Leasingfachwirt. Die Inhalte sind dazu übersichtlich nach Formen, Vertragsarten, weiteren rechtlichen und steuerlichen Aspekten gegliedert. Zur Festigung des Erlernten bzw. zur eigenen Kontrolle dienen die Aufgaben am Ende der Kapitel. Auch für auszubildende Bankkaufleute, die sich besonders für die Finanzierungsformen Leasing und Factoring interessieren, ist dieses Buch ein idealer Leitfaden.

Prominent economists including Nassau Senior, Eugene von Bӧhm-Bawerk, Gustav Cassel, Irving Fisher, Walter Eucken, and Robert Dorfman have recognized or toyed with the idea of waiting as a factor of production, but this concept has not yet been explored in its entirety until now. In this book, Leland B. Yeager and Steve H. Hanke dive into the economic theory behind waiting and contextualize its relevance to modern-day monetary policy. Capital, Interest, and Waiting challenges economists to reconsider capital theory. The arguments presented within the book embrace extant literature on capital theory, including the numerous controversies, puzzles, and debates crowding the subject. These debates range from the Cambridge controversies triggered by Joan Robinson's work to the famous “reswitching” problem to a broader array of important problems in capital theory that were laid out by Walter Eucken, among others. Leland B. Yeager and Steve H. Hanke present, discuss, and resolve these many complexities of capital theory. Chapters break new ground again and again by demonstrating how waiting is a factor of production and interest is its price. Those who read this book will challenge long-held beliefs relevant to monetary economics and reconsider their approach to capital theory.

This textbook guides the student step-by-step in developing and solving a DSGE (Dynamic Stochastic General Equilibrium) model–not only from the technical and conceptual aspects but also through the simulation process of each model. Characterized by a learning-by-doing approach, the book is set apart from the extant textbooks in three ways. First, it performs all the algebra associated with each model, such as the calculation of steady-state and the log-linearization of the model. Second, each model developed has been generated in Dynare, and every chapter is accompanied by a set of codes (mod-files and m-files) that the reader can use to replicate the model developed in every chapter. Finally, the models considered are toy models in the closed and open economy, which allows the student to learn the basic lessons and understand the fundamental relationships of the variables. All of this prepares the student to deal with more complex models. This book is intended for advanced undergraduate or beginning graduate courses in economics, finance, or applied mathematics, as well as practitioners in central banks that use these models daily in the preparation of forecasts or simulations of aggregate variables.

This book explains how central banks, banks and governments create money. Written in an accessible style, this book provides an introduction to modern monetary theory without requiring any prior knowledge of economics. It covers the most important aspects of monetary theory, including inflation targeting, government spending, and international trade, as well as economic policy to achieve macroeconomic goals, such as price stability, full employment and sustainable use of resources. Accordingly, it offers a valuable asset for students of economics, central bankers, banking professionals, and academics alike.

This book demonstrates the relevance of the historical perspective with respect to national and international payment systems. Its analysis of national and international payments develops along a dialectical path that starts with the work of the Classics (thesis), undergoes a radical turn with the advent of the neoclassical school (antithesis), and reaches the modern theory of emissions passing through Keynes's contribution (synthesis). That the history of economic thought occupies a legitimate place in the field of historical studies is beyond dispute. What may be less well understood is that it can serve purposes beyond those of the academic community of historians.This book critically investigates the contributions of the greatest economists of the past to provide insights into the pathologies of today's systems of national and international payments and into the reforms that are needed to correct them. It will be relevant to students and researchers interested in economicpolicy and the history of economic thought.

This book analyses the dynamics of Indian stock market with a special emphasis during the period following emergence of Covid-19. Coming from the instability in stock market following Covid-19, it delves deeper into the dynamics and unfolds the causal relationship between various economic fundamentals and the stock prices. Observing short-term herding in the stock market following Covid-19, the book's finding suggests that investors in the Indian stock market made investment choices irrationally during Covid-19 crisis periods. It also showcases how the stock market became inefficient following the emergence of pandemic and did not follow the fundamentals. Interestingly, the findings suggest no relationship between stock returns and real economic activities in India. The format of presentation makes the book well suited not only for students, academics, policy makers and investors in the stock markets, but also people engaged or interested in business and finance. The book wouldthus be of interest to both specialists and the laity. Analysis contained in this book will help different readership groups in different ways. Researchers from economics and finance disciplines will be able to learn about frontiers in the theoretical paradigms discussed in the book; advanced econometric techniques applied in the book will also be useful for their own research. The macroeconomic insights, and insights from behavioural economics, can expand the knowledge of corporate sector, useful in making real life decisions. Finally, it will help policy makers, like SEBI (Securities and Exchange Board of India), to formulate appropriate regulatory policies so as to minimize possibility of speculative bubbles as experienced during the pandemic period in the Indian stock markets.

This book extensively examines various contemporary macroeconomic themes of India, namely growth and macro policies, tax reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environment and social sector policies. It has three to six chapters devoted to each of these broad themes, with the contributors being eminent economists from the region. The book serves as an excellent reference for students in economics, finance, and management, and a valuable tool for professionals such as policymakers and investment analysts and other stakeholders in the areas of global economics and finance, in general, and India in particular.Excerpt from the Foreword:'This book examines various contemporary macroeconomic themes of India: growth and macro policies, fiscal reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environmental and social sector policies. Forty-four eminent economists who have had the privilege of working with and learning from Dr. C. Rangarajan have contributed 25 chapters.I am sure that this book will serve as an excellent reference for professionals such as policymakers and financial analysts, students, and other stakeholders interested in the field of economics and finance.'- Dr. Manmohan Singh, Former Prime Minister of India and eminent economist

'Geld'ist in modernen Volkswirtschaft einerseits unbestrittene Notwendigkeit, andererseits Objekt sowohl sachlicher wie auch emotionaler Diskussion. Dieses Buch stellt das Geld der Kreditgeldwirtschaft in seiner Universalität vor. Dabei ergeben sich Problemlösungen auch zu den Randerscheinungen der Geldwirtschaft, die vorhier nicht oder nicht in vollem Umfang möglich waren. Die'Geldeckungsproblematik'etwa konnte in Bezug auf das heute umlaufende Geld bisher keiner vernunftgereichten Lösung zugeführt werden. Der Autor gibt eine intersubjektiv akzeptierbare Antwort. Er beschäftigt sich zudem auch mit den aktuellen Fragen der Geldwirtschaft und liefert nützliche Aufschlüsse zum Problem der Tilgungsfähigkeit von Großschuldern.

This book aims to provide first-hand information for readers who are concerned about inclusive finance and sustainable development by summarizing China's policy measures and practical innovations in the development of inclusive finance and expects to provide China's experience for the development of inclusive finance in more regions. From a worldwide perspective, a large number of people had been excluded from formal financial services for a long time due to various factors. Even in developed economies with sound financial systems, relatively disadvantaged groups are often denied access to effective financial services. In 2005, the United Nations proposed the concept of Inclusive Finance, emphasizing the extension of financial services to less developed regions and low-income groups in society at an affordable cost by improving financial infrastructure and providing them with reasonably priced and convenient financial services. In 2015, the United Nations adopted the 2030 Agenda forSustainable Development, making inclusive finance an important focus for achieving sustainable development. It has become a global consensus to vigorously develop inclusive finance. China has attached importance to improving financial services for disadvantaged groups such as rural residents, micro-, small and medium enterprises (MSMEs) and others. In 2013, Developing “Inclusive Finance” became China's national strategy. In 2015, China formulated the Plan for Promoting the Development of Inclusive Finance (2016-2020). In 2016, during its presidency of the Global Partnership for Financial Inclusion (GPFI), China proposed the issue of'Digital Financial Inclusion'and issued the G20 High-level Principles for Digital Financial Inclusion at the G20 Hangzhou Summit in the same year. Through policy guidance and active practice by the financial sector, China has gradually formed a unique development model of inclusive finance and achieved remarkable successes. Physical outlets, service machines and online service channels have been improved, and basic financial services have generally covered both urban and rural areas. The financial services for rural households and MSMEs have improved significantly. The efficiency and convenience of financial services have been significantly improved, and the satisfaction of financial services has significantly increased. China's experience in inclusive finance has been recognized by the international community. In 2017, five cases from China were selected in the G20 report on Digital Financial Inclusion: Emerging Policy Approaches.

Wir befinden uns inmitten eines komplexen Strukturwandels, der alle Dimensionen der Gesellschaft und des Wirtschaftssystems betrifft. Die Bekämpfung der Klimakrise und konsequentes Verfolgen der Nachhaltigkeitsziele der Vereinten Nationen sind Jahrhundertaufgaben, die keinen Aufschub dulden. Die COVID-19-Pandemie und Putins Angriffskrieg verweisen auf die Bedeutung resilienter Wirtschafts- und Gesellschaftsstrukturen. Welche Rolle spielt hierbei die Finanzwirtschaft? Ein nachhaltiges, zukunftsfähiges Finanzsystem ist eine der zentralen Voraussetzungen, um die Transformation unserer Wirtschaft zügig und gezielt zu gestalten.Diese Momentaufnahme zum Agenda Setting für Sustainable Finance kann für die vielschichtigen Prozesse in Gremien und Unternehmen, in Banken und Versicherungswirtschaft auf europäischer, nationaler und betrieblicher Ebene Nutzen stiften. Expertise und Perspektive der verschiedenen Anspruchsgruppen, Akteurinnen und Akteure kommen zu Wort. Ihre Beiträge spiegeln diese Vielfalt und greifen an vielen Stellen die großen Möglichkeiten auf, die in kooperativen Ansätzen und Instrumenten schlummern.

This book includes papers presented at the 14th International Conference “Economies of the Balkan and Eastern European Countries” (EBEEC), held in Florence, Italy, in May 2022. It sheds new light on the micro- and macroeconomic developments in the Eastern European and Balkan countries, taking into account also the broader regional and global factors influencing these developments. In particular, it includes the latest theoretical and empirical research and policy insights from Central and Southeastern Europe and presents new ideas on how to resolve economic problems, also generated by the pandemic, in the Balkan and Eastern European economies in a pan-European context. By examining how the decisions and the performance of economic, social, and political actors in the area are intertwined with wider events, also at a global level, the papers highlight the dynamic development in Eastern Europe and the Balkans region. Further, the book demonstrates how the area is evolving within the framework of European economic integration and the global effervescent economy.

This book is an innovative exercise to unravel recent advances in development fundamentals in emerging economies through Indian lens that include various aspects of macroeconomics, international trade, finance, and issues connected to social sector that have become more important in post-pandemic world. The book throws light on efficacy of existing policies and need of reform in policy framework to enhance growth and development and reduce gender disparities in the context of India and other emerging economies. The papers included in different chapters use frontline techniques to discuss various issues that in turn will be of great help for graduate and postgraduate teaching as well as for research. The book substantially contributes to the growing literature on issues relating trade, development, finance, and social sector in light of threat posed by COVID-19 pandemic in emerging market economies and extends the frontiers of knowledge.

This book addresses major economic problems affecting the United States and proposes policy reforms to target them. The authors use a broad survey of economic research to conduct an evidence-based assessment of four economic issues affecting the US and other developed nations: slowing economic growth, unsustainable public debt increases, widening wage inequality, and climate change. Finding that the problems are interconnected and should be dealt with in a comprehensive manner, the authors explain how current policies have contributed to the issues and make recommendations on policy reforms. All four issues are examined in one place and the resulting policy recommendations form a consistent plan to mediate the problems simultaneously. Providing a comprehensive approach to some of economic policy's most difficult problems, this book will be an excellent resource for students and researchers interested in macroeconomic theory, public sector economics, international economics, labor economics, and environmental economics.

This book is designed to fulfill a long felt need for a wide ranging empirical research on foreign capital-growth nexus. It presents an analysis of disaggregated flows of foreign capital and their long run relationship with growth process in an emerging nation like India during the past four decades. The study detects factors like financial deepening, trade openness and market size, as potential determinants of FDI. The book investigates long run relationship between FDI and Growth, with causality running from FDI to Growth, whereby Aid-Growth long run relationship is detected with causal direction from Aid to Growth. Further, Net foreign capital-growth nexus is also established in the long run, however, with no causal direction. The book examines the relative significance of Aid and FDI in terms of their impact on growth. The results reveal that Aid appears to be more productive than FDI, but when export is included in the model FDI appears to be more productive than Aid. Empirical results have been calculated in the book, with the help of Johansen and Juselius (1990) co-integration technique, vector error correction, impulse response function and variance decomposition. The results in the book show, superiority of FDI over Aid is not established in India, hence two variables remain complementary to each other. This timely book on foreign capital-growth nexus in India is likely to attract researchers, teachers of Economics, Mathematics, Commerce, Business Economics, Management, Technology and policy-makers interested in the foreign capital-growth nexus in future.

What is Financial Economics The subfield of economics known as financial economics is distinguished by its'concentration on monetary activities'and the fact that'money of one type or another is likely to appear on both sides of a trade.'It is therefore concerned with the interrelationship of financial factors, such as share prices, interest rates, and exchange rates, as opposed to those that pertain to the actual economy. Asset pricing and corporate finance are the two primary areas of concentration that it focuses on. The first is the viewpoint of those who offer capital, sometimes known as investors, and the second is the viewpoint of those who need capital.The theoretical foundation for a significant portion of finance is therefore provided by it. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Financial economics Chapter 2: Finance Chapter 3: Black-Scholes model Chapter 4: Capital asset pricing model Chapter 5: Real options valuation Chapter 6: Risk-neutral measure Chapter 7: Rational pricing Chapter 8: Arbitrage pricing theory Chapter 9: Beta (finance) Chapter 10: Monte Carlo methods in finance Chapter 11: Monte Carlo methods for option pricing Chapter 12: Business valuation Chapter 13: Asset pricing Chapter 14: Financial modeling Chapter 15: Lattice model (finance) Chapter 16: Georgism Chapter 17: Option (finance) Chapter 18: Heston model Chapter 19: Quantitative analysis (finance) Chapter 20: Mathematical finance Chapter 21: Contingent claim (II) Answering the public top questions about financial economics. (III) Real world examples for the usage of financial economics in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of financial economics. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of financial economics.

This is an open access book.This book is an integration of keynote speeches, lectures, and related teaching materials during the five years of the'Central Bank Policy Mix: Issues, Challenges and Policy Responses'flagship program of the BI Institute, the learning and research centre of Bank Indonesia. The book examines the interactions among central bank policies including monetary policy, exchange rate policy, macroprudential policy, and capital flow management and also elaborates on modeling issues and quantitative analysis of the interaction between macroeconomic variables and policy instruments.

This book explores how the economic sphere has experienced an ultimate shape after the occurrence of several crises, since 2000s. The subprime crisis has trigged the transition from conventional to unconventional frameworks in most industrialised and emerging economies. This book highlights how the sovereign debt crisis has exacerbated the economic environment and raised economic uncertainty. This book asserts that markets integration have boosted contagion and risk spillovers among financial markets. Moreover, the Brexit and US-China trade tension has intensified uncertainty and the economic challenges. This book examines in recent times how humanity has experienced the most dramatic health crisis and their economic effects. This pandemic lockdowns several countries and caused an economic and financial collapse. This book expands on these crises, with different origins and mechanisms, have shaped the economic systems in several ways: monetary policy, macroeconomic imbalance, economic growth, economic integration, financial risk, volatility and trade effects.The main aims of this book cover the topical issues related to crises and uncertainty and the economic consequences. This book is drawn from academics and practitioners presenting high-quality original research papers, presented in the Financial and Economic Meeting conference 2021.

Diese zweite Auflage des essentials stellt mit der Ergänzung der End-to-End- Betrachtung möglicher Anwendungsfelder des Kartengeschäfts in Unternehmen, sowie durch den Einblick in die Bedeutung des Kartengeschäftes in der Aufbau- und Ablauforganisation der European Payment Initiative, sowie deren kartengetriebenen Innovation wichtiges Know-how bereit und hilft damit bei der Klärung aktueller Marktentwicklungen. Dem interdisziplinären Charakter des essentials zufolge, ist das Kartengeschäft an der Schnittstelle von Banken und Nicht-Banken verortet, mit zunehmender Bedeutung für Nicht-Banken. Das essential richtet sich dabei mit seinen konzise beschriebenen und mit anschaulichen Grafiken ergänzten Inhalten gleichermaßen an Studierende sowie Interessierte aus Wissenschaft und Praxis.

Die europäischen Integrationsanstrengungen stehen auf der Kippe. Dabei wirkt die Euro-Währungsunion in ihrer jetzigen Verfassung ungewollt eher als ein Des-Integrationsfaktor denn als ein verbindendes Element. Dirk Meyer liefert Zustandsbeschreibungen, Analysen, Hintergründe und Zusammenhänge, die in der Tagespolitik entweder gar nicht zum Tragen kamen oder aber schnell vergessen wurden. Konzepte einer möglichen Umstrukturierung der Währung hin zu einer funktionsfähigen Gemeinschaftswährung bilden einen konstruktiv-zuversichtlich stimmenden Ausblick. Das Buch ist das Ergebnis einer etwa zehnjährigen Beschäftigung mit der Thematik.

The book's central theme is to develop a new theory of speculative capital related to other forms of capital, the world market, and the state. Unlike most Marxist and heterodox theories, the book distinguishes credit and fictitious capital from speculative capital to show its hegemony today in the capital markets. Speculative capital structures and also controls the so-called “real capital.” The method is Marxist while also incorporating material from contemporary Marxist and heterodox authors like John Milios, Robert Meister, Tony Norfeld, Li Puma, Harald Strauß, Michael Heinrich, Suhail Malik, Bichler/Nitzan and Ellie Ayache. Offering a comprehensive study of the logic and mode of existence of capital in the 21st century, the book will be of interest to academics and students of monetary and financial economics alongside political economy.

This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and hisenviable academic contributions.- Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah. This book will greatly benefit the academic community as well as our policy makers.- Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume.- Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician, Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments.- Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book.

The European Monetary Union based on the Maastricht Treaty doesn't exist any longer. Permanent rescue parachutes, joint liability and legal presumptions by the EU Commission lead to a fiscal union with a redistributive character. Bond-purchasingprogrammes endanger the independence of the ECB. As an alternative, Dirk Meyer develops a parallel currency concept for a functioning common currency.

An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions'instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Dieses Buch beleuchtet für Banken, Versicherungen und andere Finanzinstitute sämtliche gesetzlich vorgeschriebenen Meldungen an die Aufsichtsbehörden. Finanzinstitute, insbesondere Kreditinstitute, unterliegen aufgrund ihrer Bedeutung für die Finanzmärkte weitaus strengeren Vorschriften und Meldeverpflichtungen als andere Unternehmen, denn Verwerfungen in diesem Bereich können gravierende Auswirkungen auf gesamte Volkswirtschaften haben. Ziel der Bankenaufsicht und der Aufsicht anderer Finanzinstitute ist es, die Zahl der Insolvenzen in diesem Bereich gering zu halten und so die Stabilität des Finanz- und Währungssystems zu gewährleisten. Damit die Aufsichtsbehörden die eingegangenen Risiken und die finanzielle Stabilität der Institute beurteilen können, müssen diese verpflichtend regelmäßige Meldungen an die Aufsicht übermitteln. Ziel dieses Buches ist es, Praktikern sowie Personen aus Lehre und Forschung einen Überblick über die vielfältigen und laufend steigenden Anforderungen des Meldewesens für Finanzinstitute zu vermitteln.

EBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 22nd volume of the Eurasian Studies in Business and Economics (EBES's official proceeding series) which includes selected papers from the 35th EBES Conference – Rome 2021. Due to the COVID-19, the conference presentation mode has been switched to'online/virtual presentation only”. In the conference, 142 papers by 302 colleagues from 48 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.

This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 5th International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as the global financial markets, international banking and finance, microfinance, fintech, and corporate finance.Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.

Wie ruiniert man eine Währung? Geld kann nicht Unrecht tun, heißt es – doch Politiker, die für unser Geld verantwortlich sind, schon. Im vergangenen Jahrzehnt wurde im Namen der Banken- und Staatenrettung Geld gedruckt, als gäbe es kein Morgen mehr. Und da Politiker nie um eine Erklärung für ihr politisch motiviertes Verhalten verlegen sind, haben sie sich die Ideen der Modern Monetary Theory auf die Fahnen geschrieben, die postuliert, dass der Staat so viel Geld drucken kann, wie er braucht. Infrastruktur, grüne Wende, Arbeitsbeschaffungsprogramme – das alles kann, darf, soll der Staat mittels Druckerpresse finanzieren. Schaut man sich die aktuelle Lage in der Euro-Zone an, so zeigt sich, dass die Ideen dieser Theorie bereits dabei sind, sich in den wirtschaftspolitischen Alltag einzuschleichen. Aber ist es wirklich so einfach? Ist die Druckerpresse unsere Rettung? Und wie soll das funktionieren? Dieses Buch deckt die Schwachstellen, sowie die beträchtlichen Risiken und Nebenwirkungen dieser Politik auf und zeigt, dass sich die Eurozone bereits gefährlich nahe an einen Punkt bewegt hat, an dem unser Geld- und Finanzsystem droht, ernsthaften Schaden zu nehmen. Prof. Dr. Hanno Beck ist Professor für Volkswirtschaftslehre an der Hochschule Pforzheim. Prof. Dr. Aloys Prinz ist Professor für Volkswirtschaftslehre an der Westfälischen Wilhelms-Universität Münster.

This book offers new insights into the real and financial sectors in the post-pandemic European Union, with a specific focus on the countries of Central and Eastern Europe and a special reference to Croatia. The contributors examine the timeliness, justification, and appropriateness of the measures taken in response to the deteriorating economic conditions and the associated outcomes. They further discuss various aspects of economic, financial, and energy policy. While doing so, they focus on two important issues. The first is an analysis and assessment of the financial development and performance of the real sector. The second is an insight into the institutional dimensions of the COVID-19 pandemic, including the discussion of obstacles and opportunities for recovery in the near future. The topics covered in this book include, but are not limited to, unconventional monetary policy, financial cycles, fiscal incentives, institutional development and institutional quality, the banking system, real estate markets, competitiveness, pension systems, financial regulation, energy markets, environmental, social, and governance (ESG) factors, as well as agricultural policy. Therefore, this volume will appeal to researchers, students, and scholars of finance and economics, as well as policy-makers interested in a better understanding of real and financial sectors, economic policy, and post-pandemic economic development in Central and Eastern Europe.

Winner of Axiom Business Book Award's 2023 Bronze Medal for EconomicsIncomes are stagnating, middle-class jobs are disappearing, economic growth is slowing, and the meager gains are mostly going to those who are already wealthy. More Americans than ever are frustrated by the direction in which we are headed. Understandable Economics aims to replace this frustration with a practical understanding of our economy and empower readers to identify and advocate for a better approach to the problems we face.In this entertaining and informative guide, author Howard Yaruss breaks down our economic system in a straightforward way, avoiding jargon, formulas, graphs, and other technical material so common in books on this subject. Instead, he creates a compelling and comprehensive picture of our economy using accessible analogies, real-world observations, and entertaining anecdotes.Understandable Economics will enable readers to answer questions such as:Why is inequality soaring and what can we do about it?Do tax cuts for the wealthy create jobs or just create more inequality?Where does money come from, why does it have value, and who controls it?What does the Fed do and how does it affect our lives?Could alternative currencies like Bitcoin replace the dollar?Is our national debt a threat?Why do so many people believe free trade is good if it causes some people to lose jobs?Why does the economy regularly turn down and how can we get it back on track?... and many more.Understandable Economics provides the context, tools and foundational knowledge readers need to thoroughly understand our economy, determine which policies would work best, and champion those policies effectively.

There are many studies confirming the relationship between financial systems and economic development, but there are few which examine the degree to which financial systems a) impact the quality of information, b) influence sound corporate governance, c) ensure effective mechanisms of risk management, d) mobilize savings and f) facilitate trade. In the context of sustainability, there should also be a line of inquiry into how a particular financial system influences the assurance and implementation of sustainable development principles and goals. This book delivers a methodological approach to designing and assessing sustainable financial systems. It provides an original contribution by prioritizing ESG factors in the decision-making process of financial institutions and identifying their impact on sustainable financial systems. The author argues that to achieve financial stability, it is necessary to have in place mechanisms designed to prevent financial problems from becoming systemic and/or threatening the stability of the financial and economic system, while maintaining (or not undermining) the economy's ability to sustain growth and perform its other functions. The book primarily takes a simulation and experimental approach. It is the first book to take such a comprehensive look at sustainable financial systems as opposed to sustainable finance in general. It will appeal to academics, students and researchers in the fields of economics, finance and banking, business, management and political and social sciences.

Dieses Buch hilft bei der systematischen Vorbereitung auf die Abschlussprüfung zum Leasingfachwirt. Die Inhalte sind dazu übersichtlich nach Formen, Vertragsarten, weiteren rechtlichen und steuerlichen Aspekten gegliedert. Zur Festigung des Erlernten bzw. zur eigenen Kontrolle dienen die Aufgaben am Ende der Kapitel. Auch für auszubildende Bankkaufleute, die sich besonders für die Finanzierungsformen Leasing und Factoring interessieren, ist dieses Buch ein idealer Leitfaden.

In the last twenty years, several periods of turmoil have shaped the financial and economic system. Many regulatory policies, such as Basel III, have been introduced to overcome further crises and scandals. In addition, monetary policy has experienced a transition from conventional to unconventional frameworks in most industrialized and emerging economies. For instance, turning to hedge and diversification of portfolios, commodities markets have attracted increasing interest. More recently, new forms of money have been introduced, such as virtual money. These changes have influenced governance features at both macro and micro levels. Therefore, calls for ethical and sustainable standards in financial and economic spheres have been growing since 2007.Financial and Economic Systems: Transformations and New Challenges provides readers with insights about future transformations and challenges for financial and economic systems. Prominent contributors focus on different aspects, providing a global overview of crisis implications. The book is split into four main areas: Changes in the Real Sphere, covering issues related to yields, risk, unconventional monetary policy, and macroprudential policy; Financial Markets and Macroeconomics, covering uncertainty in finance and economics; CSR, Sustainability and Ethical Finance, highlighting the emergence of corporate social responsibility; and Digitalization, Blockchain and FinTech and the consequences of these transformations on markets and economic systems.

This Open Access book outlines ideas for a novel, scalable and, above all, sustainable financial system.We all know that today's global markets are unsustainable and global governance is not effective enough. Given this situation, could one boost smart human coordination, sustainability and resilience by tweaking society at its core: the monetary system? A Computational Social Science team at ETH Zürich has indeed worked on a concept and little demonstrator for a new financial system, called “Finance 4.0” or just “FIN4”, which combines blockchain technology with the Internet of Things (“IoT”). What if communities could reward sustainable actions by issuing their own money (“tokens”)? Would people behave differently, when various externalities became visible and were actionable through cryptographic tokens? Could a novel, participatory, multi-dimensional financial system be created? Could it be run by the people for the people and lead to more societal resilience than today's financial system (which is effectively one-dimensional due to its almost frictionless exchange)? How could one manage such a system in an ethical and democratic way? This book presents some early attempts in a nascent field, but provides a fresh view on what cryptoeconomic systems could do for us, for a circular economy, and for scalable, sustainable action.

This workbook presents the answers to the exercises in Macroeconomic Theory, Fluctuations, Inflation and Growth in Closed and Open Economies by Fernando de Holanda Barbosa (2018). Altogether, there are 172 exercises in eleven chapters and three appendices. The organization of this workbook follows the organization of the main text. The first part deals with flexible price models, including the representative agent model, the overlapping generations model, and the Solow growth model. The second part covers sticky price models; both Keynesian and Neoclassical. The third part presents exercises on the government budget constraint and monetary theory issues. There are two types of exercises in this workbook. The first type provides the student with material to practice for a full understanding the subjects presented in the text. The second type covers topics that are not dealt with in the main text, but are included for the sake of completeness. These exercises are marked with an asterisk and can be solved using the tools presented in the corresponding textbook chapter or appendix.

This book applies finance to the field of capital theory. While financial economics is a well-established field of study, the specific application of finance to capital theory remains unexplored. It is the first book to comprehensively study this financial application, which also includes modern financial tools such as Economic Value Added (EVA®). A financial application to the problem of the average period of production includes two discussions that unfold naturally from this application. The first one relates to the dual meaning of capital, one as a monetary fund and the other one as physical (capital) goods. The second concerns its implications for business-cycle theories. This second topic (1) provides a solid financial microeconomic foundation for business cycles and, also (2) makes it easy to compare different business-cycle theories across the average period of production dimension. By clarifying the obscure concept of average period of production, the authors make it easier to analyze the similarities with and differences from other business-cycle theories. By connecting finance with capital theory, they provide a new point of view and analysis of the long-standing problems in capital theory as well as other related topics such as the use of neoclassical production functions and theorizing about business cycles. Finally, they emphasize that the relevance of their application rests on both its policy implications and its contributions to contemporary economic theory.

Das Buch richtet sich an Studierende, die sich an einer Universität oder an einer auf den Finanzdienstleistungssektor ausgerichteten Hochschule im Rahmen eines betriebswirtschaftlichen Studiums auf den Kapitalmarkt und insbesondere den Derivatemarkt spezialisieren. Ferner richtet sich das Buch an interessierte Praktiker aus dem Treasury einer Bank oder eines Industrieunternehmens, die sich über Produktgestaltung, -bewertung und -einsatz sowie deren Risiken informieren wollen. Die Einsatzmöglichkeiten und Risiken werden anhand zahlreicher Fallstudien und Beispiele aus der Praxis vertieft. Eine mathematische Herleitung der Modelle findet aufgrund des angestrebten Zielgruppe nicht statt, die Motivation der angesprochenen Bewertungsmodelle erfolgt auf Basis der grundsätzlich in betriebswirtschaftlichen Studiengängen vorhandenen Kenntnisse in Stochastik und Mathematik. Für den interessierten Leser werden entsprechende Literaturverweise auf entsprechende Standardwerke der Finanzmathematikgegeben.

This book assesses the current state of the Greek economy and detects its development and growth prospects up to 2030. The analysis begins with 19th century Greece, addressing the repeated defaults that led to the formation of a dependent state, and the failed modernizing attempts. Then the book addresses current geostrategic dimensions as well as the current structure of institutions and culture in Greece. The second part presents the evolution of sustainability, governance, and inclusivity, as well as the evolution of culture in Greek society and insights into the production prototype. The third part of the book looks forward to what lays ahead for Greece up to 2030. It presents the theoretical background for two scenarios: the normal scenario (business as usual, including the effects of the recent Covid-19 pandemic) and the optimal scenario (a pro-growth scenario including increases of Total Factor Productivity through structural reforms). In presenting these scenarios, the book discusses issues ranging from a comparative analysis between Greece and the Eurozone, the developments in output gap and potential output, public debt, competitiveness, basic macroeconomic variables, a detailed analysis on investments, and inclusive growth.

This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digitdecline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis.This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance.Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

This book showcases written dialogue from Brendan Brown and Philippe Simonnot on the subject of European monetary turmoil past and present and what hope there could be for future reform. Starting with the collapse of the gold standard in 1914, proceeding to the brief gold-dollar standard of the mid inter-war years, on to the collapse of Bretton Woods and the heyday of the Deutsche mark and ultimately discussing the euro, this book looks at a broad range of financial history alongside many new and provoking hypotheses about the devastating monetary turbulence of the successive eras, always with a focus on the US monetary hegemon. A highlight of the dialogue is an exploration of how past and future crises could combine to give birth to sound money in Europe – the launch, in effect, of a new euro. In the questions and answers within these pages, the authors draw on global examples and the challenges for Europe in deciding how to adapt to successive monetary shocks from the US, crafting a book that would be of interest to general finance and economics readers alongside students, researchers, and policymakers.

Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital are considered separately along with labor as inputs. The estimation is based on our newly developed dataset on public and private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find evidence against perfect substitutability between public and private capital, especially for emerging and LIDCs, with the point estimate of the elasticity of substitution estimated closely around 3.

The financial system is a densely interconnected network of financial intermediaries, facilitators, and markets that serves three major purposes: allocating capital, sharing risks, and facilitating intertemporal trade. Asset prices are an important mechanism in each of these phenomena. Capital allocation, whether through loans or other forms of investment, can vary both across sectors-at the broadest, manufactures, agriculture, and services-and within sectors, for example different firms. The risk that various investors are willing to take reflects their financial position and alternative opportunities. Risk and asset allocation are also influenced by whether money, and especially its expenditure, is more important now or in the future. These decisions are all influenced by governmental policies. When there are mismatches, the results include financial meltdowns, fiscal deficits, sovereign debt, default and debt crises. Harold L. Cole provides a broad overview of the financial system and assets pricing, covering history, institutional detail, and theory. The book begins with an overview of financial markets and their operation and then covers asset pricing for standard assets and derivatives, and analyzes what modern finance says about firm behavior and capital structure. It then examines theories of money, exchange rates, electronic payments methods, and cryptocurrencies. After exploring banks and other forms of financial intermediation, the book examines the role they played in the Great Recession. Having provided an overview of the provate sector, Cole switches to public finance and government borrowing as well as the incentives to monetize the public debt and its consequences. The book closes with an examination of sovereign debt crises and an analysis of their various forms. Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area.

This book is the first of two volumes that aim to provide an up-to-date overview of the key data and techniques necessary for analysing the historical behaviour of business and financial cycles in the United Kingdom. Drawing on an extensive secondary literature and the considerable body of historical macroeconomic and financial time series data that exist for the United Kingdom, the two volumes will review the key features of historical recessions and recoveries over the course of three and a half centuries. Volume 1 provides an overview of UK business cycles since 1660. The first part of the book considers old and new theories of the business cycle, looking at the impulses that generate business cycles and the propagation mechanisms that determine their duration and amplitude. The second part of the book uses the latest historical estimates of GDP to look at different ways of measuring and estimating business cycle fluctuations within a simple univariate framework. Finally, the book provides a narrative of UK economic fluctuations since 1660 using a whole range of economic data to shed light on the main drivers of cyclical behaviour. It concludes by highlighting areas for future research especially with regard to the link between business and financial cycles, some of which will be explored in Volume 2.

Dieses Buch hilft bei der systematischen Vorbereitung auf die Abschlussprüfung zum Leasingfachwirt. Die Inhalte sind dazu übersichtlich nach Formen, Vertragsarten, weiteren rechtlichen und steuerlichen Aspekten gegliedert. Zur Festigung des Erlernten bzw. zur eigenen Kontrolle dienen die Aufgaben am Ende der Kapitel. Auch für auszubildende Bankkaufleute, die sich besonders für die Finanzierungsformen Leasing und Factoring interessieren, ist dieses Buch ein idealer Leitfaden.

This book offers a concise introduction to the field of financial economics and presents, for the first time, recent behavioral finance research findings that help us to understand many puzzles in traditional finance. Tailor-made for master's and PhD students, it includes tests and exercises that enable students to keep track of their progress. Parts of the book can also be used at the bachelor level.

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii) the negative debt-ratings relationship is nonlinear and depends on the rating grade itself; and iii) the identified nonlinearity explains the differential impact of debt on ratings in advanced economies versus in emerging markets and developing economies. These results hold for both gross debt and net debt, and are robust to alternative dependent variable definitions, analytical techniques, and empirical specifications. These findings underscore the potential for fiscal consolidation in helping countries achieve a better credit rating.

Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking.Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda.This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.

This book is an extension of the author's last book (Crisis and Sustainability: The Delusion of Free Markets, Palgrave Macmillan, 2017) and sheds light on the evolution of the financial system after the 2007/08 crisis and on changes and developments in the regulatory framework that have taken place concurrently over the last ten years. The book's central theme addresses the neoliberal philosophy of financial regulation and, in particular, the role of self-regulating markets in the finance sector and how this has affected incentives and behaviour within the finance sector. The author contends that neoliberal maxims have led us to believe that market-based finance is superior to, and safer than, a more rules-based regulatory regime for the sector, and then explains that experience suggests otherwise. The huge expansion of ‘financialization'in the developed economies over the last two decades has greatly magnified the risks emanating from the impact of highly leveraged, risk averse, under-regulated finance on other sectors of these economies. The author concludes that financial institutions need to be encouraged to operate within a more socially responsible matrix that facilitates and promotes long-term economic growth coupled with social stability.