Codes of Finance

2011 ◽  
Author(s):  
Vincent Antonin Lépinay
Keyword(s):  
Global Financial Crisis ◽  
Financial Instruments ◽  
Complex Products ◽  
Financial Products ◽  
Equity Derivatives ◽  
Credit Default ◽  
Innovative Products ◽  
The Global Financial Crisis ◽  
Economic Goods

The financial industry's invention of complex products such as credit default swaps and other derivatives has been widely blamed for triggering the global financial crisis of 2008. This book takes readers behind the scenes of the equity derivatives business at the bank before the crisis, providing a detailed firsthand account of the creation, marketing, selling, accounting, and management of these financial instruments-and of how they ultimately created havoc inside and outside the bank. The book explains how financial operators and financial products coexist and how this coexistence is tense because the bank deals with innovative products that yield unexpected reactions on unevenly charted markets. The book is also a case study of economic derivation, but rather than look at derivatives as a class of economic goods, it studies derivation as a process.

Bonds and Currencies, 2007–20

2020 ◽  
pp. 426-448
Author(s):  
Ranald C. Michie
Keyword(s):  
Financial Crisis ◽  
Direct Contact ◽  
Global Financial Crisis ◽  
Fixed Income ◽  
Financial Instruments ◽  
Electronic Trading ◽  
Complex Products ◽  
The World ◽  
The Global Financial Crisis ◽  
The Voice

Though markets are normally associated with regulated institutions such as exchanges of far greater importance was that trading which took place outside them. Ranked among the largest and most active financial markets in the world were those involving fixed income financial instruments and currencies, where trading took place through direct contact between buyers and sellers, the intermediation of inter-dealer brokers and, increasingly, the use of electronic platforms that matched sales and purchases. These markets were essential tools used by banks in their constant adjustment of assets and liabilities across time and space, as well as type, or the lending and borrowing they did between each other so as to profitably employ the resources at their command. This was a world in flux that was pushing traditional exchanges and the voice brokers towards oblivion, though leaving a role for those who negotiated bespoke deals or handled complex products. That was the position on the eve of the Global Financial Crisis, and then resumed thereafter. The advance of the electronic trading platforms proved unstoppable, sweeping away all rivals that failed to embrace the revolution taking place.

scholarly journals Islamic instruments in treating and mitigating the mortgage – Crisis Malaysia Capital Market Case Study 2007/2016 –: دور الصكوك الإسلامية في علاج أزمة الرهون العقارية والتخفيف من حدتها – دراسة حالة سوق رأس مال ماليزيا 2007/2016 –

2021 ◽  
Vol 5 (21) ◽  
pp. 65-49
Author(s):  
Achoub leila, Ghedabna lilia Achoub leila, Ghedabna lilia
Keyword(s):  
Capital Market ◽  
Global Financial Crisis ◽  
Real Economy ◽  
Financial Architecture ◽  
Mortgage Crisis ◽  
Innovative Products ◽  
The Global Financial Crisis ◽  
Financial Economy

  In light of the increasing interest and development of Islamic financial architecture, especially after the 2008 mortgage crisis and its innovative products and financial instruments such as Islamic Sukuk, , Not to mention its important and large role in reducing the big difference between the financial economy and the real economy, we decided In our research, to study the role of Islamic sukuk in dealing with the global financial crisis 2008, by studying the state of Malaysia, especially as the latter is among the first countries in the field of Islamic financial market activity.    

Questioning Finance

2011 ◽  
Author(s):  
Vincent Antonin Lépinay
Keyword(s):  
Financial Engineering ◽  
Financial Products ◽  
Innovative Products ◽  
Economic Goods

This introductory chapter considers the significance of examining how financial operators and financial products coexist. This coexistence is tense because the bank deals with innovative products that yield unexpected reactions on unevenly charted markets. Since the designs of the financial products introduced here is coextensive to the lives of traders, engineers, and salespeople, these innovations are major protagonists and need to be fleshed out. The chapter also explains how the book is a case study of economic derivation, but rather than look at derivatives as a class of economic goods, it studies derivation as a process. In doing so, it fills the gap between propagandists of financial engineering and its blunt critics by offering some elements of an analysis of economic derivation.

Becoming the World’s Biggest Market

2018 ◽  
Author(s):  
Irene Spagna
Keyword(s):  
Global Economy ◽  
Global Financial Crisis ◽  
Credit Default Swaps ◽  
Deregulated Markets ◽  
Otc Derivatives ◽  
Regulatory Uncertainty ◽  
Credit Default ◽  
Basic Characteristics ◽  
The Global Financial Crisis

This chapter analyzes the growth of OTC derivatives before the global financial crisis of 2008 and the role of credit default swaps, in particular, in the near collapse of the global economy. It begins by exploring the basic characteristics of derivatives used as risk management instruments by investors to hedge against or exploit the volatility of asset prices. The analysis further reveals that the pre-crisis period was characterized by a broad-based consensus favoring deregulated markets and globally designed private rules. While not always unanimously supported, permissive public regulatory choices were often encouraged by interest group lobbying, the market-friendly views of many domestic authorities, and concerns about regulatory uncertainty and international competitiveness.

Social work mobility in Europe: a case study from Ireland

2018 ◽  
Author(s):  
Trish Walsh ◽  
George Wilson ◽  
Erna O’Connor
Keyword(s):  
Social Work ◽  
Northern Ireland ◽  
Global Financial Crisis ◽  
Mobility Patterns ◽  
Worker Mobility ◽  
The Republic ◽  
The Global Financial Crisis ◽  
The Uk ◽  
National Governments

Social work has been viewed as one of the most nation-specific of the professions, ‘being closely tied up with national traditions, mentalities and institutions’ (Kornbeck, 2004, p 146). In addition, the political imperatives of national governments, austerity measures and managerialism drive approaches to service delivery which may supersede social work’s professional priorities. This militates against an automatic or easy transfer of professional knowledge from one country to another. In spite of this, there has been an enduring interest in developing international forms of social work that transcend national borders (Gray and Fook, 2004; Lyons et al, 2012). In this chapter, we present a case study of social worker mobility as it has evolved from the establishment of the first national social work registration body in the Republic of Ireland in 1997 with a particular focus on data from 2004-13 capturing the years leading up to, and in the aftermath of, the global financial crisis of 2008. We contrast this with the situation in Northern Ireland (NI), part of the UK and a separate and distinct political and legal entity with its own policies and practices. We draw on statistical and descriptive data provided by Irish social work registration bodies (NSWQB 1997-2011; CORU established in 2011 and NISCC, the Northern Ireland Social Care Council established in 2001) to illustrate (i) how sensitive contemporary mobility patterns are to changing economic and political factors; (ii) how rapidly patterns of mobility change and (iii) how much more mired in complexity European social work mobility is likely to be if the European project itself fractures, as is possible following the Brexit referendum vote in the UK.

scholarly journals Financial cycle − A critical analysis of the methodology for its identification

2021 ◽  
Vol 10 (3) ◽  
pp. 99-116
Author(s):  
Łukasz Kurowski
Keyword(s):  
Economic Policy ◽  
Critical Analysis ◽  
Global Financial Crisis ◽  
Critical Perspective ◽  
Financial Cycle ◽  
Economic Justification ◽  
The Business Cycle ◽  
The Global Financial Crisis

Abstract While the legitimacy of the concept of the financial cycle (as distinct from the business cycle) in research and economic policy after the experience of the global financial crisis raises no concerns, the methodology for its application has become a subject of discussion. The purpose of this article is to indicate which research methods dominate in identifying a financial cycle and which methodological traps accompany them. The low level of critical perspective on the methods used to identify cycles often results in conclusions that have no economic justification and may result in erroneous decisions in economic policy and central bank practice. The case study carried out in the article confirms that the key elements in identifying a financial cycle are part of a long-term series covering at least two lengths of the financial cycle. In addition, because the results may be sensitive to the type of filter used, it is important not to rely on a single variable but rather to build indexes that take into account a number of them (including those obtained using filtration methods).

scholarly journals The Determinants of CDS Spreads in Multiple Industry Sectors: A Comparison between the US and Europe

Risks ◽  
2018 ◽  
Vol 6 (3) ◽  
pp. 89 ◽  
Author(s):  
Jatin Malhotra ◽  
Angelo Corelli
Keyword(s):  
Interest Rates ◽  
Global Financial Crisis ◽  
Causality Test ◽  
Macroeconomic Variables ◽  
Credit Default ◽  
The Us ◽  
Before And After ◽  
The Global Financial Crisis ◽  
Industry Sectors ◽  
The Relationship

The paper analyzes the relationship between the credit default swaps (CDS) spreads for 5-year CDS in Europe and US, and fundamental macroeconomic variables such as regional stock indices, oil prices, gold prices, and interest rates. The dataset includes consideration of multiple industry sectors in both economies, and it is split in two sections, before and after the global financial crisis. The analysis is carried out using multivariate regression of each index vs. the macroeconomic variables, and a Granger causality test. Both approaches are performed on the change of value of the variables involved. Results show that equity markets lead in price discovery, bidirectional causality between interest rate, and CDS spreads for most sectors involved. There is also bidirectional causality between stock and oil returns to CDS spreads.

scholarly journals Global Financial Crisis of Islamic and Conventional Banking in Middle East – A Case Study in Turkey

2017 ◽  
Vol 9 (8) ◽  
pp. 239
Author(s):  
Ayman Abdal-Majeed Ahmad Al-Smadi ◽  
Mahmoud Khalid Almsafir ◽  
Muzamri Bin Mukthar
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Banking System ◽  
Financial System ◽  
Secondary Data ◽  
Islamic Banking ◽  
The Social ◽  
The Global Financial Crisis ◽  
The Impact

The financial tools all over the world become extremely decisive in these days. The main goal of this paper is to measure then to discuss the impact of performance of conventional and Islamic banking in Turkey during the financial crisis. some variables such as profitability, liquidity, operational efficiency and business growth are used as a measuring factor to determine the performance for both financial models. The period of study is taken during the financial crisis in 1997 and during the global financial crisis in 2007. The comparison in this study is made between the performances of Islamic banking  and conventional banking in Turkey.Some secondary data had examines in this study which was drown from the annual report from one of Turkey bank since 2002 until 2013. SPSS (Statistical Package for the Social Sciences) “18.0” has been used to compare between Islamic finance model and other model. The findings of this paper shows that Islamic financial system is performing superior than conventional financial system for the period of this study. Hence, it can be concluded that the system of Islamic banking is able to sustain and compete with the conventional banking system especially during any financial crisis.

scholarly journals Caught in the Crosswinds

2020 ◽  
Vol 20 (225) ◽  
Author(s):  
Ghada Fayad ◽  
Helene Poirson Ward
Keyword(s):  
Financial Stability ◽  
Global Financial Crisis ◽  
Flexible Exchange Rate ◽  
External Shocks ◽  
Case Study Approach ◽  
Macroeconomic Conditions ◽  
Study Approach ◽  
Management Measures ◽  
The Global Financial Crisis

A case study approach is used to assess the multi-pronged policy response of seven small financially open economies with flexible exchange rate regimes to external shocks following the global financial crisis. FX intervention was frequently used— including during outflow episodes to prevent disorderly depreciation and preserve financial stability. Monetary policy often considered both financial and external stability. Capital flow management measures were sometimes calibrated symmetrically over the cycle while macroprudential measures were mostly deployed during inflow episodes. Assessment of the macroeconomic conditions paints an inconclusive picture on the benefits or costs of such policies, suggesting the need for further analysis.

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