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The Money Changers
At almost $2 trillion per day in trades, currency markets vitally link the world together. Yet few people understand how they work and why they are prone to instability and bouts of panic. This book takes the reader behind the scenes on a tour of the places, the machines, the circuitry and the people involved in moving world money. This journey begins as a traveler removes foreign currency from an ATM machine in Istanbul. The author guides us from the periphery of the market into its neural centers in financial hubs such as London and New York. Currency traders, market analysts, money managers and payments systems architects show their workplaces and reveal their day-to-day experiences in th...
The Money Problem
Introduction -- Instability -- Taking the money market seriously -- Money creation and market failure -- Banking in theory and reality -- Panics and the macroeconomy -- Design alternatives -- A monetary thought experiment -- The limits of risk constraints -- Public support and subsidized finance -- The public-private partnership -- Money and sovereignty -- A more detailed blueprint -- Rethinking financial reform
The Anatomy of the Transmission of Macroprudential Policies
We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.
Agency costs, mispricing, and ownership structure
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs and can induce a controlling shareholder to list equity. Higher valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample of publicly listed corporate subsidiaries in Japan. When there is greater scope for expropriation by the parent firm, minority shareholders fare poorly after listing. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when repurchases are announced.
Lethal But Legal
Examines the links between unhealthy consumer products, business-influenced politics, and the challenges of disease, arguing that commercial interests have a greater impact on health care than scientists and policymakers.
Measuring the Perceived Liquidity of the Corporate Bond Market
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio holdings to be at a given point in time. The perceived liquidity of speculative grade and Rule 144A bonds is significantly lower than investment grade bonds in the cross section and deteriorated significantly following the 2008-9 financial crisis. Our measure can be applied in settings where either transaction data are not available or transactions are rare, including the markets for asset-backed securities, syndicated loans, and municipal bonds.
A Potent Moment
A Potent Moment assesses the current state of cannabis laws in the United States in the context of broader discussions about drug policy and advances a framework for future efforts to use cannabis legalization to advance social equity. It describes the racist origins of cannabis criminalization and the ways in which the prosecutors of the War on Drugs have disproportionately harmed people of color. It also offers numerous detailed case studies to identify both the successes and failures of the more recent movement to legalize cannabis at the state level, particularly in terms of their efficacy at using cannabis policy to redress social inequality. At the same time, the author considers the difficulty of crafting effective policies in the face of ongoing cannabis criminalization at the federal level, a theme which is present throughout the book as well as in a chapter dedicated to weighing the benefits—but also real dangers—of various proposals for national legalization. A Potent Moment ends with a forceful call to reorient American drug policy away from fear, stigma, and punishment and toward evidence-driven approaches that are applied with compassion.
Trading Activity and Exchange Rates in High-frequency EBS Data
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market. The dataset gives volumes and prices at the one-minute frequency over a five-year time period in the euro-dollar and dollar-yen currency pairs. We first document intraday volume patterns in euro-dollar and dollar-yen trading, noting the effects of macroeconomic news announcements but also purely institutional factors. We study the effects of UK-specific holidays on euro-dollar and dollar-yen trading volu...
Liquidity Transformation in Asset Management
We study liquidity transformation in mutual funds using a novel data set on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial amounts of cash, which they use to accommodate inflows and outflows rather than transacting in the underlying portfolio assets. This is particularly true for funds with illiquid assets and at times of low market liquidity. We provide evidence suggesting that mutual funds cash holdings are not large enough to fully mitigate price impact externalities created by the liquidity transformation they engage in.
Artificial Intelligence in Models, Methods and Applications
This book is based on the accepted research papers presented in the International Conference "Artificial Intelligence in Engineering & Science" (AIES-2022). The aim of the AIES Conference is to bring together researchers involved in the theory of computational intelligence, knowledge engineering, fuzzy systems, soft computing, machine learning and related areas and applications in engineering, bioinformatics, industry, medicine, energy, smart city, social spheres and other areas. This book presents new perspective research results: models, methods, algorithms and applications in the field of Artificial Intelligence (AI). Particular emphasis is given to the medical applications - medical images recognition, development of the expert systems which could be interesting for the AI researchers as well for the physicians looking for the new ideas in medicine. The central audience of the book are researchers, industrial practitioners, students specialized in the Artificial Intelligence.
