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Books in Economics and finance

Our Economics and Finance titles are essential reading for students, scholars, policymakers, and market practitioners who want to stay up-to-date with the latest research and foundational topics in the field, from financial markets and trade to e-commerce, econometrics, quantiative investing, financial technology, financial engineering, global finance, corporate finance, law and economics, macro and microeconomics, and risk management.

Titles manage to balance quality of content with the increasing demand for a wider view of the vast array of topics in the field of Economics and Finance.

BooksJournals

    • Microscopic Simulation of Financial Markets

      • 1st Edition
      • June 23, 2000
      • Haim Levy + 2 more
      • English
      • Hardback
        9 7 8 0 1 2 4 4 5 8 9 0 1
      • Paperback
        9 7 8 0 1 2 3 9 9 5 8 0 3
      • eBook
        9 7 8 0 0 8 0 5 1 1 5 9 7
      Microscopic Simulation (MS) uses a computer to represent and keep track of individual ("microscopic") elements in order to investigate complex systems which are analytically intractable. A methodology that was developed to solve physics problems, MS has been used to study the relation between microscopic behavior and macroscopic phenomena in systems ranging from those of atomic particles, to cars, animals, and even humans. In finance, MS can help explain, among other things, the effects of various elements of investor behavior on market dynamics and asset pricing. It is these issues in particular, and the value of an MS approach to finance in general, that are the subjects of this book. The authors not only put their work in perspective by surveying traditional economic analyses of investor behavior, but they also briefly examine the use of MS in fields other than finance. Most models in economics and finance assume that investors are rational. However, experimental studies reveal systematic deviations from rational behavior. How can we determine the effect of investors' deviations from rational behavior on asset prices and market dynamics? By using Microscopic Simulation, a methodology originally developed by physicists for the investigation of complex systems, the authors are able to relax classical assumptions about investor behavior and to model it as empirically and experimentally observed. This rounded and judicious introduction to the application of MS in finance and economics reveals that many of the empirically-observed "puzzles" in finance can be explained by investors' quasi-rationality. Researchers use the book because it models heterogeneous investors, a group that has proven difficult to model. Being able to predict how people will invest and setting asset prices accordingly is inherently appealing, and the combination of computing power and statistical mechanics in this book makes such modeling possible. Because many finance researchers have backgrounds in physics, the material here is accessible.

    • Valuing Oil and Gas Companies

      • 1st Edition
      • June 19, 2000
      • Nick Antill + 1 more
      • English
      • Hardback
        9 7 8 1 8 5 5 7 3 4 5 1 7
      • eBook
        9 7 8 1 8 5 5 7 3 8 9 9 7
      Market value is set by investor behaviour ....but objective methods of valuation are vital for accurate predictions of market behaviour. What are the key issues facing the industry - and the main points the analyst needs to look for when interpreting oil industry accounts? Do the best prospects necessarily lie with the larger and better-financed companies? How best can an investment strategy be managed in the refining industry, with its conflicting pressures of environmental controls and inadequate returns?This unique and authoritative book has the answers to these and many other questions, offering a series of benchmarks and performance indicators with which to evaluate oil company shares. An updated edition of a respected and established title, it remains the only comprehensive handbook of its kind available, and will be eagerly welcomed by corporate planners as well as investors and analysts.

    • Sugar Trading Manual

      • 1st Edition
      • May 26, 2000
      • Jonathan Kingsman + 1 more
      • English
      • eBook
        9 7 8 1 8 5 5 7 3 9 5 0 5
      Since its launch, Sugar Trading Manual (STM) has established itself as the definitive information source for the sugar market worldwide. It is compiled from contributions by some of the most senior and widely respected figures in the international sugar trade. This edition takes into account changes in all aspects of the business including production, markets, pricing, contracts, administration and management, and the influence of the major trading blocs. STM is an invaluable training resource for all new entrants to the industry as well as providing everyone already involved in the global sugar business with vital information on its day-to-day workings.

    • Handbook of Income Distribution

      • 1st Edition
      • Volume 1
      • May 24, 2000
      • Anthony B. Atkinson + 1 more
      • English
      • Hardback
        9 7 8 0 4 4 4 8 1 6 3 1 3
      • eBook
        9 7 8 0 0 8 0 5 7 4 0 2 8
      Distributional issues may not have always been among the main concerns of the economic profession. Today, in the beginning of the 2000s, the position is different. During the last quarter of a century, economic growth proved to be unsteady and rather slow on average. The situation of those at the bottom ceased to improve regularly as in the preceding fast growth and full-employment period. Europe has seen prolonged unemployment and there has been widening wage dispersion in a number of OECD countries. Rising affluence in rich countries coexists, in a number of such countries, with the persistence of poverty. As a consequence, it is difficult nowadays to think of an issue ranking high in the public economic debate without some strong explicit distributive implications. Monetary policy, fiscal policy, taxes, monetary or trade union, privatisation, price and competition regulation, the future of the Welfare State are all issues which are now often perceived as conflictual because of their strong redistributive content.Economists have responded quickly to the renewed general interest in distribution, and the contents of this Handbook are very different from those which would have been included had it been written ten or twenty years ago. It has now become common to have income distribution variables playing a pivotal role in economic models. The recent interest in the relationship between growth and distribution is a good example of this. The surge of political economy in the contemporary literature is also a route by which distribution is coming to re-occupy the place it deserves. Within economics itself, the development of models of imperfect information and informational asymmetries have not only provided a means of resolving the puzzle as to why identical workers get paid different amounts, but have also caused reconsideration of the efficiency of market outcomes. These models indicate that there may not necessarily be an efficiency/equity trade-off; it may be possible to make progress on both fronts.The introduction and subsequent 14 chapters of this Handbook cover in detail all these new developments, insisting at the same time on how they tie with the previous literature on income distribution. The overall perspective is intentionally broad. As with landscapes, adopting various points of view on a given issue may often be the only way of perceiving its essence or reality. Accordingly, income distribution issues in the various chapters of this volume are considered under their theoretical or their empirical side, under a normative or a positive angle, in connection with redistribution policy, in a micro or macro-economic context, in different institutional settings, at various point of space, in a historical or contemporaneous perspective. Specialized readers will go directly to the chapter dealing with the issue or using the approach they are interested in. For them, this Handbook will be a clear and sure reference. To more patient readers who will go through various chapters of this volume, this Handbook should provide the multi-faceted view that seems necessary for a deep understanding of most issues in the field of distribution.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

    • An Introduction to the Mathematics of Financial Derivatives

      • 2nd Edition
      • May 19, 2000
      • Salih N. Neftci
      • English
      • Hardback
        9 7 8 0 1 2 5 1 5 3 9 2 8
      • Paperback
        9 7 8 1 4 9 3 3 0 1 6 6 9
      • eBook
        9 7 8 0 0 8 0 4 7 8 6 4 7
      An Introduction to the Mathematics of Financial Derivatives, Second Edition, introduces the mathematics underlying the pricing of derivatives. The increased interest in dynamic pricing models stems from their applicability to practical situations: with the freeing of exchange, interest rates, and capital controls, the market for derivative products has matured and pricing models have become more accurate. This updated edition has six new chapters and chapter-concluding exercises, plus one thoroughly expanded chapter. The text answers the need for a resource targeting professionals, Ph.D. students, and advanced MBA students who are specifically interested in financial derivatives. This edition is also designed to become the main text in first year masters and Ph.D. programs for certain courses, and will continue to be an important manual for market professionals and professionals with mathematical, technical, or physics backgrounds.

    • Managing Operational Risk in Financial Markets

      • 1st Edition
      • May 1, 2000
      • Amanat Hussain
      • English
      • Hardback
        9 7 8 0 7 5 0 6 4 7 3 2 8
      • Paperback
        9 7 8 0 0 8 0 9 7 2 8 2 4
      • eBook
        9 7 8 0 0 8 0 4 9 1 7 4 5
      Risk Management is one of the biggest issues facing the financial markets today. 'Managing Operational Risk in Financial Markets' outlines the major issues for risk management and focuses on operational risk as a key activity in managing risk on an enterprise-wide basis. While risk management had always been an integral part of financial activity, the 1990s has seen the requirement for risk management establish itself as a key function within banks and other financial institutions. With greater emphasis on ensuring that money is not lost through adverse market conditions, counterparty failure or inappropriate controls, systems or people, risk management has become a discipline in its own right. Managing risk is now THE paramount topic within the financial sector. Recurring major losses through the 1990s has shocked financial institutions into placing much greater emphasis on risk management and controls. The collapse of Barings and losses made by Metallgescellschaft, Orange County, Diawa and Sumitomo as a result of a lack of procedures, systems or managerial control has demonstrated to organisations the need to broaden the scope of their risk management activity from merely looking at market and credit risk. This has brought into focus the need for managing operational risk. Operational risk can only be managed on an enterprise wide basis as it includes the entire process of policies, culture, procedures, expertise and systems that an institution needs in order to manage all the risks resulting from its financial transactions. In fact, in order to effectively manage market and credit risks it is necessary to have the relevant skills and expertise in the staff, technical and organisational infrastructure, as well as monitoring and control systems. As all of these are components of operational risk, it then becomes apparent that an integrated risk management approach needs to focus on operational risk.

    • Managing Currency Risk Using Foreign Exchange Options

      • 1st Edition
      • March 29, 2000
      • Alan Hicks
      • English
      • Hardback
        9 7 8 1 8 5 5 7 3 4 9 1 3
      • eBook
        9 7 8 1 8 4 5 6 9 2 1 1 7
      Building on the success of his bestselling Foreign Exchange Options, Alan Hicks has produced this new and invaluable guide to the use of currency options for corporate treasurers and other financial executives. Setting the principal OTC instruments within the company’s risk management framework, he provides an authoritative guide to the characteristics, advantages and uses of currency options in the management and control of foreign exchange risk. Alan Hicks’ unique experience allows him to concentrate on the practical application of options as experienced in the real world of foreign exchange, illustrated by the use of case study material throughout the book.

    • Professional's Handbook of Financial Risk Management

      • 1st Edition
      • February 25, 2000
      • Lev Borodovsky + 1 more
      • English
      • Hardback
        9 7 8 0 7 5 0 6 4 1 1 1 1
      • Paperback
        9 7 8 0 0 8 0 9 7 4 5 7 6
      • eBook
        9 7 8 0 0 8 0 4 8 0 4 4 2
      Professional's Handbook of Financial Risk Management is a major reference work in finance. A complete practical reference book covering all aspects of financial risk management including an in-depth look at operational risk management, regulation, risk-based capital, and risk adjusted performance measurement. The book focuses on practical financial risk management techniques and solutions, and is designed to guide the risk professional step-by-step through the implementation of a firm-wide risk management framework. This book covers the various roles of the risk management function. Rather than describing every possible role in exhaustive detail, the authors have provided a story line for each of the discussed topics, including practical issues that a risk manager needs to consider when tackling the subject, possible solutions to difficulties that might be encountered, background knowledge that is essential to know, and more intricate practices and techniques that are being used. By providing these fundamentals, the novice risk professional can gain a thorough understanding of the topic in question while the more experienced professional can use some of the more advanced concepts within the book. Thus the book can be used to broaden your own knowledge of the risk world, both by familiarizing yourself with areas in which you lack experience and by enhancing your knowledge in areas that you already have expertise. All authors are leaders in their field who between them have the expertise and knowledge, both practical and theoretical, to produce this definitive risk management guide. The editors of this book, Marc Lore and Lev Borodovsky, are senior financial risk managers at Sanwa Bank (International) London, and Credit Suisse First Boston, USA respectively. They also run The Global Association of Risk Professionals (GARP), the industry association for financial risk management practitioners and researchers.

    • Handbook of Macroeconomics

      • 1st Edition
      • Volume 1A
      • December 13, 1999
      • John B. Taylor + 1 more
      • English
      • Hardback
        9 7 8 0 4 4 4 5 0 1 5 6 1
      • Paperback
        9 7 8 1 4 9 3 3 0 2 2 2 2
      • eBook
        9 7 8 0 0 8 0 9 2 9 1 6 3
      This handbook aims to provide a survey of the stet of knowledge in the broad area that includes the theories and facts of economic growth and economic fluctuations, as well as the consequences of monetary conditions. Macroeconomics underwent a evolution in the 70s and 80s due to the introduction of the methods of rational expectations, dynamic optimization, and general equilibrium analysis into macroeconomic models, to the development of new theories of economic fluctuations, and to the introduction of sophisticated methods for the analysis of economic time series. These developments were both important and exciting. However, the rapid change in methods and theories led to considerable-disagre... especially in the 80s, as to whether there was any core of common beliefs, even about the defining problems of the subject, that united macroeconomists any longer. The 90s have also been exciting, but for a different reason. Modern methods of analysis have progressed to the point where they are now much better able to address practical or substantive macroeconomic questions - whether traditional, new, empirical, or policy related. Indeed, it is no longer necessary to choose between more powerful methods and practical policy concerns. The editors believe that both the progress and the focus on substantive problems has led to a situation in macroeconomics where the area of common ground is considerable, though they cannot yet announce a "new synthesis" that could be endorsed by most scholars working in the field. For this reason this handbook is organized around substantive macroeconomic problems, and not around alternative methodological approaches or schools of thought. The extent to which the field has changed over the past decade is considerable. This work is a response to the need for the survey of the current state of macroeconomics.

    • Handbook of Macroeconomics

      • 1st Edition
      • Volume 1C
      • December 13, 1999
      • John B. Taylor + 1 more
      • English
      • Paperback
        9 7 8 1 4 9 3 3 0 2 2 3 9
      • Hardback
        9 7 8 0 4 4 4 5 0 1 5 8 5
      • eBook
        9 7 8 0 0 8 0 9 2 9 1 8 7
      This text aims to provide a survey of the state of knowledge in the broad area that includes the theories and facts of economic growth and economic fluctuations, as well as the consquences of monetary and fiscal policies for general economic conditions.

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