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Economic bubbles go hand in hand with financial inventions, financial liberalization and excess leverage. Frequently these bubbles are fueled by the overoptimistic outlook not only of the so-called experts or gurus but also by the extremely positive perception of the general public. Great hikes in asset and commodity markets are believed to be a result of the new economy that has been created. Historical levels of markets and where the level of fundamentals should really be are either unknown or completely ignored. Partially one could account this to the short financial memory of market participants. Partially the abstract nature of the markets and the complexity of financial products themselves may be the reason. This paper tries to identify regularities defining economic bubbles concentrating on the most recent ones. Different approaches in explaining market movements will be discussed. Further, not only structural but especially psychological factors which may cause the emergence, the inflation and the implosion of economic bubbles are considered. Already existing agent based models, policy responses and possible future policy measures are analyzed and evaluated.
Ethical discourse is commonly not a priority in a conventional finance syllabus. Moral sentiments often take a back seat to market sentiments, even in shaping the direction of ethical finance business. This anomaly persists despite growing interest in ethical finance. Taking an interdisciplinary and diverse perspective, this book enriches the evolving definition and scope of ethical finance literature by focusing on actors, products and regulation that shape markets. Considering the gap between theory and practice, this book bridges academic and professional knowledge in unpacking ethical and governance issues in the financial industry. In an effort to include as many viewpoints as possible, regardless of popularity or who holds them, the book editors gathered thoughts from diverse fields, including accounting, economics, ethics, finance, governance, law, management, philosophy and religion. Appealing to academic and non-academic stakeholders with an interest in ethics and finance, this book is the result of and a testament to a distinct educational and public engagement project that included different generations and communities, for future reference.
I first came across the issue of derivatives documentation when writing my diploma thesis on measuring the credit risk ofOTC derivatives while I was an economics student at the University of Bonn. Despite the fact that security design has been an area of research in economics for many years and despite the widespread use of derivatives documentation in financial practice, the task of designing contracts for derivatives transactions has not been dealt with in financial theory. The one thing that aroused my curiosity was that two parties with usually opposing interests, namely banking supervisors and the banking industry's lobby, unanimously endorse the use ofcertain provisions in standardized...
The main focus is on a novel analysis, a first-time exposure of the true causes and a sensational immediate solution (which I rightly call a "trick") to our economic, monetary and financial problems, a solution that can not only be implemented in a sensationally short time, but is also made sustainable and lasting by accompanying measures. This sustainability of the solution, which goes hand in hand with the immediate effect of the trick, does not apply to the commercial banks, because they were only deliberately made into superficial scapegoats, the main evil being the algorithms used by the central banks to create so-called primary money creation. Within EMU, the "trick" involves the intro...
Derivatives stand at the forefront of financial innovation, continually evolving to accommodate new asset classes and risk categories. In the past decade, the growing popularity of cryptoassets and ESG investments has sparked the development of a variety of innovative investment strategies and risk management tools, including crypto and ESG derivatives and related structured products. This new edition has similarly evolved. Using illustrative examples, it provides a comprehensive analysis of the key tax issues associated with derivatives and cryptoassets in domestic and cross-border transactions and presents approaches that tax legislators could adopt to solve them. The new edition also comm...
The fall of the Berlin Wall and the unification of East and West Germany in 1989/90 were events of world-historical significance. The twentieth anniversary of this juncture represents an excellent opportunity to reflect upon the evolution of the new Berlin Republic. Given the on-going significance of the country for theory and concept–building in many disciplines, an in-depth examination of the case is essential. In this volume, unique in its focus on all aspects of contemporary Germany - culture, historiography, society, politics and the economy - top scholars offer their assessments of the country’s performance in these and other areas and analyze the successes and continued challenges.
Migration is conceived differently in Europe compared with countries like the US, Canada or Australia. International Innovation Networks and Knowledge Migration confronts traditional views on migration with modern theories of brain circulation and innovation networks, showing that migration leads to mutual benefits for both the home and host countries This new volume brings together several case studies and empirical in-depth analyses which are constructed from the strong migration relationship between Turkey and Germany that has existed for more than 50 years. Bringing together over 20 international contributors, this book highlights that knowledge migration and cultural diversity can stron...
This book is the English edition of the German third edition, which has proven to be a standard work on the subject of risk management. The English edition extends the scope of use to the English-language bachelor's and master's degree courses in economics and for potential use (especially as a reference work) in the professional practice of risk management. The subject of the book is company-wide risk management based on the Value at Risk concept. This includes quantitative and qualitative risk measurement, risk analysis based on the RoRaC and various management tools for risk control. Other topics covered are the peculiarities of the various risk types, e.g. risk management of the effects of climate change, the global financial crisis and risk reporting. The book is rounded off by a comprehensive case study, in which all aspects are summarized. The volume is thus an indispensable standard work for students and practitioners.
This book provides hands-on insights and encourages readers to challenge existing methods and processes. The management of digital projects requires professional and state-of-the-art methods, tools, and techniques. In this book, the authors pass on practical approaches from their experiences in the field. The authors also critically acclaim existing methods and discuss their limitations. In particular, the book covers the following topics: - Methods and Best Practices; - Tools and Techniques; - Soft Skills, Team Dynamics, and Human Resources. Thirteen international subject matter experts contributed to this book. The objective is two-fold. First, the authors aim to further the discussion on business practices and methods. Second, the authors aim to stimulate the professional community. Senior professionals can benchmark their activities, while junior professionals can apply proven methods from this book.
A provocative look at how today’s trade conflicts are caused by governments promoting the interests of elites at the expense of workers Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today’s trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative that shows how the class wars of rising inequality are a threat to the global economy and international peace—and what we can do about it.