Financial Innovations and the Welfare of Nations

How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets

Inbunden, Engelska, 2001

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This edited conference volume provides a survey of scholarly and professional thinking about the state of financial innovations and innovators and their diffusion across national boundaries, as well as the welfare-enhancing implications for firms and nation-states. Like the engineering and practice of financial innovation itself, "Financial Innovation and the Welfare of Nations" is interdisciplinary and international in scope. Leading academics and professionals in economics, finance, strategic management, and law offer their latest thinking on: financial innovations and the dynamics of emerging capital markets; first-mover advantages and disadvantages with financial innovations; modelling banking deregulation and systemic risk; identifying "blue-chip" investments in "frontier" equity markets; piercing the "sovereign ceiling" with cross-border securitization; credit derivatives and economic restructuring; and insurance derivatives and the convergence of the banking and insurance industry.

Produktinformation

Utgivningsdatum2001-04-30
Mått155 x 235 x 26 mm
Vikt740 g
FormatInbunden
SpråkEngelska
Antal sidor367
Upplaga2001
FörlagKluwer Academic Publishers
ISBN9780792373285

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Laurent L. Jacque is a Professor of International Finance and Banking and Director of the Program of International Business Relations at the Fletcher School (Tufts University). He is also Professor of Finance and International Business at the HEC School of Management (France).Paul M. Vaaler is Assistant Professor of International Business, and Director of the Hitachi Center for Technology and International Affairs at the Fletcher School (Tufts University).

Financial Innovations and the Dynamics of Emerging Capital Markets.- I: Financial Innovations and Systemic Risk.- Fads and Fashions in the Policy Response To Financial Market Crises.- Towards a Global Financial Architecture.- The New Capital Adequacy Framework and the Need for Consistent Risk Measures for Financial Institutions.- Systemic Risk.- II: Financial Innovations and Capital Market Integration.- The Secondary Market for Latin American Debt.- The Role of American Depositary Receipts in the Development of Emerging Markets.- Screening for Blue-Chip Potential During the ‘Genesis’ of Equity Markets.- Privatization and Business Valuation in Transition Economies.- III: International Securitization Innovations.- Cross-Border Securitization.- ATale of Two Citis.- The Promise and Limits of Financial Engineering in Emerging Markets.- Engineering a Way Around the Sovereign Ceiling.- Chargeurs Wool: A Case Study in Securitization.- IV: Financial Derivatives Innovations.- Insurance: From Underwriting to Derivatives.- Insurance Derivatives.- Credit Derivatives and Emerging Markets.

Praise for Financial Innovations and the Welfare of Nations 'In an increasingly connected world financial flows and innovation have taken center stage. For anyone who wants to understand how this new international arrangement affects one's life, business, and nation, this book is a must read.' Walter B. Wriston, Former CEO, Citigroup 'This is a first-rate conference volume that covers all of the salient dimensions of innovation in modern financial markets. For innovations to contribute to the System in a durable way, they must be perceived as value-adding for both intermediaries and end-users, and the innovative structures must carry acceptable systemic risks. The essays in this collection provide a compelling overview of the innovation process and its impact on the financial dynamics of the global economy.' Ingo Walter, Charles Simon Chair in Applied Financial Economics and Director, New York University Solomon Center