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Neben allgemeinen Finanzbegriffen, Finanzinstrument-, Finanzprodukt- und Finanzmarktinnovationen berücksichtigt dieses Lexikon Finanzprozessinnovationen, die abwicklungstechnische und finanztechnische Aspekte betreffen. Darüber hinaus wird die in Zusammenhang mit Finanzinnovationen entwickelte spezifische Terminologie transparent gemacht, sodass Studierenden und Praktikern ein wertvolles Nachschlagewerk an die Hand gegeben wird. This lexicon takes into consideration new developments in financial products and markets, as well as innovations in financial processes and systems. The lexicon lends transparency to the specific vocabulary that has developed in relation to financial innovation, and is sure to be a valuable reference work for students and professionals alike.
Derivate. --- Derivatives. --- Finanzinnovationen. --- Finanzprodukte. --- Futures. --- Optionen. --- Stocks. --- financial innovation. --- financial products. --- futures. --- options. --- stocks.
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This paper tests for financial constraints as a market failure in education in a low-income country. In an experimental setup, unconditional cash grants are allocated to one private school or all private schools in a village. Enrollment increases in both treatments, accompanied by infrastructure investments. However, test scores and fees only increase in the setting of all private schools along with higher teacher wages. This differential impact follows from a canonical oligopoly model with capacity constraints and endogenous quality: greater financial saturation crowds-in quality investments. The findings of higher social surplus in the setting of all private schools, but greater private returns in the setting of one private school underscore the importance of leveraging market structure in designing educational subsidies.
Education --- Education Finance --- Education Markets --- Educational Achievement --- Financial Innovation --- Private Schools --- Return to Capital --- Small and Medium Enterprises --- SMEs
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Financial engineering. --- Risk assessment. --- Financial engineering --- Risk assessment --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Evaluation --- Computational finance --- Engineering, Financial --- Finance --- Financial innovation.
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A comprehensive account of the rise and fall of the mortgage-securitization industry, which explains the complex roots of the 2008 financial crisis. More than a decade after the 2008 financial crisis plunged the world economy into recession, we still lack an adequate explanation for why it happened. Existing accounts identify a number of culprits—financial instruments, traders, regulators, capital flows—yet fail to grasp how the various puzzle pieces came together. The key, Neil Fligstein argues, is the convergence of major US banks on an identical business model: extracting money from the securitization of mortgages. But how, and why, did this convergence come about? The Banks Did It carefully takes the reader through the development of a banking industry dependent on mortgage securitization. Fligstein documents how banks, with help from the government, created the market for mortgage securities. The largest banks—Countrywide Financial, Bear Stearns, Citibank, and Washington Mutual—soon came to participate in every aspect of this market. Each firm originated mortgages, issued mortgage-backed securities, sold those securities, and, in many cases, acted as their own best customers by purchasing the same securities. Entirely reliant on the throughput of mortgages, these firms were unable to alter course even when it became clear that the market had turned on them in the mid-2000s. With the structural features of the banking industry in view, the rest of the story falls into place. Fligstein explains how the crisis was produced, where it spread, why regulators missed the warning signs, and how banks’ dependence on mortgage securitization resulted in predatory lending and securities fraud. An illuminating account of the transformation of the American financial system, The Banks Did It offers important lessons for anyone with a stake in avoiding the next crisis.
Mortgages --- Financial crises --- Banks and banking --- Global Financial Crisis, 2008-2009. --- History --- Banks. --- CDO. --- Federal Reserve. --- Financial crisis. --- Financial deregulation. --- Financial innovation. --- Financial institutions. --- Financialization. --- Great Recession. --- MBS. --- Market Devices. --- Mortgage Securitization. --- Securitization. --- Sociology of markets.
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This paper takes stock of the current state of banking systems across Sub-Saharan Africa and discusses recent developments including innovations that might help Africa leapfrog more traditional banking models. Using an array of different data, the paper documents that African banking systems are shallow but stable. African banks are well capitalized and over-liquid, but lend less to the private sector than banks in non-African developing countries. African enterprises and households are less likely to use financial services than their peers in other developing countries. The paper also describes a number of financial innovations across the continent that can help overcome different barriers to financial inclusion and have helped to expand the bankable and the banked population.
Access to Finance --- Banking --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial Inclusion --- Financial Innovation --- Financial Stability --- Private Sector Development --- Sub-Saharan Africa
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Does too much competition in banking hurt society? What policies can best protect and stabilize banking without stifling it? Institutional responses to such questions have evolved over time, from interventionist regulatory control after the Great Depression to the liberalization policies that started in the United States in the 1970s. The global financial crisis of 2007-2009, which originated from an oversupply of credit, once again raised questions about excessive banking competition and what should be done about it. Competition and Stability in Banking addresses the critical relationships between competition, regulation, and stability, and the implications of coordinating banking regulations with competition policies.Xavier Vives argues that while competition is not responsible for fragility in banking, there are trade-offs between competition and stability. Well-designed regulations would alleviate these trade-offs but not eliminate them, and the specificity of competition in banking should be accounted for. Vives argues that regulation and competition policy should be coordinated, with tighter prudential requirements in more competitive situations, but he also shows that supervisory and competition authorities should stand separate from each other, each pursuing its own objective. Vives reviews the theory and empirics of banking competition, drawing on up-to-date analysis that incorporates the characteristics of modern market-based banking, and he looks at regulation, competition policies, and crisis interventions in Europe and the United States, as well as in emerging economies.Focusing on why banking competition policies are necessary, Competition and Stability in Banking examines regulation's impact on the industry's efficiency and effectiveness.
Banks and banking. --- Banks and banking --- Competition. --- Competition --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Government policy. --- Economic aspects --- Government policy --- E-books --- BUSINESS & ECONOMICS / Finance. --- BUSINESS & ECONOMICS / Commercial Policy. --- BUSINESS & ECONOMICS / Banks & Banking. --- Europe. --- European Union. --- United States. --- asymmetric information. --- banking sector. --- cartels. --- competition policy. --- competition. --- concentration. --- consolidation. --- consumer protection. --- contagion. --- credit. --- crisis interventions. --- deregulation. --- developing economies. --- economic growth. --- emerging economies. --- financial crisis. --- financial innovation. --- financial intermediation. --- financial sector. --- fragility. --- industrial organization approach. --- macroprudential regulation. --- mergers. --- network externalities. --- pricing. --- product differentiation. --- prudential regulation. --- regulation. --- regulatory failure. --- regulatory reform. --- restrictive agreements. --- risk taking. --- safety net. --- savings banks. --- shadow banking. --- stability. --- state aid. --- state ownership. --- systemic risk. --- two-sided markets.
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The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future. While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints. Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.
Private finance --- Banks and banking --- Global Financial Crisis, 2008-2009 --- Financial crises --- Government policy --- State supervision --- History --- AA / International- internationaal --- 333.17 --- 333.139.2 --- -Banks and banking --- -Global Financial Crisis, 2008-2009 --- -332.1 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Crises, saneringen en hervormingen van het bankwezen. --- Bankcontrole en -reglementering. Reglementering van het bankberoep. --- Global Financial Crisis, 2008-2009. --- Government policy. --- State supervision. --- -AA / International- internationaal --- -Private finance --- 332.1 --- Bankcontrole en -reglementering. Reglementering van het bankberoep --- Crises, saneringen en hervormingen van het bankwezen --- E-books --- Basel Accords. --- G20 countries. --- banking industry. --- banking regulation. --- banking sector. --- capital requirements. --- credit-rating agency. --- distressed banks. --- economy. --- financial crises. --- financial crisis. --- financial industry. --- financial innovation. --- financial institution. --- financial policy. --- financial regulation. --- financial system reform. --- global finance. --- international cooperation. --- international financial regime. --- prudential regulation. --- real estate lending. --- regulatory reform. --- state aid. --- subsidies. --- Banks and banking - Government policy --- Banks and banking - State supervision --- Financial crises - History - 21st century
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"Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work." -- Publisher's description.
Investments --- Stock exchanges. --- Efficient market theory. --- Psychological aspects. --- Market theory, Efficient --- Capital market --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Speculation --- Adaptive market hypothesis. --- Arbitrage. --- Asset. --- Bank run. --- Bank. --- Behavior. --- Behavioral economics. --- Biology. --- Broker-dealer. --- Calculation. --- Career. --- Central bank. --- Competition. --- Cryptocurrency. --- Currency. --- Customer. --- Debt. --- Decision-making. --- Economics. --- Economist. --- Ecosystem. --- Efficient-market hypothesis. --- Employment. --- Entrepreneurship. --- Equity Market. --- Evolution. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial economics. --- Financial innovation. --- Financial institution. --- Financial services. --- Financial technology. --- Forecasting. --- Fraud. --- Funding. --- Hedge Fund Manager. --- Hedge fund. --- Heuristic. --- Homo economicus. --- Human behavior. --- Incentive. --- Income. --- Insider. --- Insurance. --- Interest rate. --- Investment strategy. --- Investment. --- Investor. --- Leverage (finance). --- Macroeconomics. --- Margin (finance). --- Market (economics). --- Market Dynamics. --- Market liquidity. --- Market maker. --- Market price. --- Market trend. --- Myron Scholes. --- Narrative. --- Paul Samuelson. --- Ponzi scheme. --- Portfolio manager. --- Prediction. --- Prefrontal cortex. --- Probability matching. --- Probability. --- Psychology. --- Random walk hypothesis. --- Rational expectations. --- Rationality. --- Result. --- Risk aversion. --- Risk management. --- S&P 500 Index. --- Salary. --- Saving. --- Scientist. --- Share price. --- Sociobiology. --- Speculation. --- Stock market crash. --- Stock market. --- Supply (economics). --- Systemic risk. --- Technology. --- The Wisdom of Crowds. --- Theory. --- Thought experiment. --- Thought. --- Time series. --- Trade-off. --- Trader (finance). --- Trading strategy. --- Uncertainty. --- Venture capital. --- Warren Buffett. --- Wealth. --- Year.
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