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The Econometrics of Financial Markets
by John Y. Campbell Andrew W. Lo A. Craig MacKinlayThe past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory. Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.
The Econometrics of Individual Risk: Credit, Insurance, and Marketing
by Joann Jasiak Christian GourierouxThe individual risks faced by banks, insurers, and marketers are less well understood than aggregate risks such as market-price changes. But the risks incurred or carried by individual people, companies, insurance policies, or credit agreements can be just as devastating as macroevents such as share-price fluctuations. A comprehensive introduction, The Econometrics of Individual Risk is the first book to provide a complete econometric methodology for quantifying and managing this underappreciated but important variety of risk. The book presents a course in the econometric theory of individual risk illustrated by empirical examples. And, unlike other texts, it is focused entirely on solving the actual individual risk problems businesses confront today. Christian Gourieroux and Joann Jasiak emphasize the microeconometric aspect of risk analysis by extensively discussing practical problems such as retail credit scoring, credit card transaction dynamics, and profit maximization in promotional mailing. They address regulatory issues in sections on computing the minimum capital reserve for coverage of potential losses, and on the credit-risk measure CreditVar. The book will interest graduate students in economics, business, finance, and actuarial studies, as well as actuaries and financial analysts.
The Economic Accomplices to the Argentine Dictatorship
by Horacio VerbitskyMuch has been written on the Argentine dictatorship and the transitional justice movement that brought its members to justice. However there has been no study to date of the economic accomplices to this dictatorship and the recent advancements in Argentina towards holding these actors accountable. What was the role of banks, companies, and individuals in perpetuating a murderous regime? To what extent should they be held responsible? As the first academic study on economic complicity in Argentina, this book attempts to answer these questions. Renowned human rights scholars investigate the role played by such actors as Ford, Mercedes Benz, the press, foreign banks, and even the Catholic Church. Across numerous case studies, the authors make a compelling argument for the legal responsibility of economic accomplices. A groundbreaking interdisciplinary study, this book will be essential to anyone interested in transitional justice, business, and human rights.
The Economic Analysis of Public Policy
by William K. BellingerA critical analysis of public policy decisions requires a far greater depth of knowledge than can be received from news reports and political speeches. Issues such as how best to reduce traffic congestion, reduce acid rain, improve airline safety or develop a parcel of land are better understood by organizing, measuring and weighing the effects of alternative policies.?The Economic Analysis of Public Policy, now in its second edition, is the ideal introduction to benefit-cost analysis, the economics of efficiency, risk analysis and present value, and is suitable for those with only a modest background in mathematics and economics. This brand new edition of the book has been rigorously updated throughout in terms of examples and data references, issues covered, and layout and pedagogical features. Key concepts are reinforced through multiple problems and discussion questions within each chapter. This latest edition contains extra material on loss aversion, global warming, technology, and US health care reform, as well as a wider range of international examples. Extra tables have been included in order to clarify more complicated issues. Instructors will also benefit from the new companion website, which will offer power point presentations, answers to end of chapter questions, and a test bank. This textbook encourages its readers to understand and apply key concepts whilst also learning to appreciate policy analysis as part of an interdisciplinary, analytical, and political process that can lead to better government policy decisions. It is an ideal teaching tool for undergraduate and postgraduate students engaged in Public Administration, Public Economics, and Public Policy.
The Economic Analysis of Random Events: Economic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance
by Volkan HacıoğluThis book investigates applications of probability theory to random events from an economic standpoint and considers how economics can deal with uncertainty in today’s world. As such the nature of chance and probability will be discussed with examples taken from the theoretical literature in probability and the history of economic thought, as well as real-life events.Chapters cover the nature of randomness and the element of chance, the concepts of both hidden costs and opportunity costs, the economic effect of human action, the randomness of economic events, random walk hypotheses and observable and unobservable phenomena. It situates the discussion in John Maynard Keynes’ and Ronald Fisher’s seminal works on probability, as well as introducing key tenets of probability theory and how these can be applied to economic events. The book considers the relationship between artificial intelligence and economic events, the role of big data, and international examples fromdifferent economic systems and how these can be evaluated. It also introduces a multidisciplinary exploration of other social sciences and how they deal with uncertainty, to assess the extent to which it is possible to apply probability theory to economic events which are by nature erratic and uncertain.This book will be of interest to researchers and students in economics, statistics, and those in the social sciences interested in questions of randomness and chance.
The Economic Analysis of Terrorism (Routledge Studies in Defence and Peace Economics)
by Tilman BrückWhilst most books look at the political response to terror, this unique book takes an economic approach and includes contributions from Todd Sandler, Sanjay Jain, Andrew Chen, Valpy Fitzgerald and Dennis Mueller. Research in the field of terrorism has increased dramatically since 9/11, responding to the sudden need by policy makers, journalists and the general public to understand terrorism. A unique feature of this field of research is that it expands beyond typical academic categories such as macroeconomics, development studies, international relations or peace science, instead, a range of analysts have applied their various skills of different sub-disciplines to a common theme since 9/11, providing inter-disciplinary insights characterized by a clear focus.
The Economic Analysis of Unions: New Approaches and Evidence (Routledge Library Editions: Industrial Relations)
by John T. Addison Barry T. Hirsch1. An Overview 2. Unionism: Individual and Collective Choice 3. Union Membership and Growth 4. Unions, Bargaining and Strikes 5. Union Effects on Relative Wages 6. Unions, Wage Dispersion and the Distribution of Income 7. Unions and Economic Performance: Productivity, Productivity Growth and Probability 8. Unions and Inflation 9. Unions and Politics
The Economic Approach to Human Behavior
by Gary S. BeckerSince his pioneering application of economic analysis to racial discrimination, Gary S. Becker has shown that an economic approach can provide a unified framework for understanding all human behavior. In a highly readable selection of essays Becker applies this approach to various aspects of human activity, including social interactions; crime and punishment; marriage, fertility, and the family; and "irrational" behavior. "Becker's highly regarded work in economics is most notable in the imaginative application of 'the economic approach' to a surprising breadth of human activity. Becker's essays over the years have inevitably inspired a surge of research activity in testimony to the richness of his insights into human activities lying 'outside' the traditionally conceived economic markets. Perhaps no economist in our time has contributed more to expanding the area of interest to economists than Becker, and a number of these thought-provoking essays are collected in this book."—Choice Gary Becker was awarded the Nobel Prize in Economic Science in 1992.
The Economic Approach: Unpublished Writings of Gary S. Becker
by Gary S. Becker Edward L. GlaeserA revealing collection from the intellectual titan whose work shaped the modern world.As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history.After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family.These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.
The Economic Approach: Unpublished Writings of Gary S. Becker
by Gary S. BeckerA revealing collection from the intellectual titan whose work shaped the modern world. As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history. After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family. These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.
The Economic Aspects of the History of the Civilisation of Japan (Routledge Library Editions Ser.)
by Yosaburo TakekoshiFirst Published in 2004. This is Volume II looking at the aspects of econnomic life in the civilisation of Japan. The chapters span the areas of Foreign Trade in the Port of Nagasaki, through the ages of Yiyeysuna, Genroku; the influence of money and politcal power, and foreign trade in silver and gold to name a few.
The Economic Aspects of the History of the Civilization of Japan (Routledge Library Editions)
by Yosaburo TakekoshiOriginally published by Allen & Unwin in 1930 this 3-volume collection brings together writings on the economic aspects of Japan's history. Covering the period from the 1600s until the 1920s this work offers the reader, not only an economic history of the Japanese, but also a social and political history. By explaining the realities of daily life during the periods covered, this collection allows the economic aspects to be fully appreciated.
The Economic Assessment of Mergers under European Competition Law
by Frances Dethmers Daniel Gore Stephen Lewis Andrea LofaroThis concise and practical guide to the most important economic techniques and evidence employed in modern merger control draws on the authors' extensive experience in advising on European merger cases. It offers an introduction to the relevant economic concepts and analytical tools, and stand-alone chapters provide an in-depth overview of the theoretical and practical issues related to market definition, unilateral effects, coordinated effects and non-horizontal mergers. Each form of economic evidence and analysis is illustrated with practical examples and an overview of key merger decisions.
The Economic Basis of Ethnic Solidarity: Small Business in the Japanese American Community
by John Modell Edna BonacichThis title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1980.
The Economic Basis of Politics (Routledge Revivals Ser.)
by Charles BeardEconomic interpretations of history are irrevocably identified with the name of Charles A. Beard. This is mainly due to his early book An Economic Interpretation of the Constitution of the United States (1913). Yet, in Beard's later work, The Economic Basis of Politics (1922), he articulates the main principles of his method and argues for its applicability to understanding of current events. In this brief survey of Western political philosophy and contemporary constitutional arrangements, Beard concludes that it is well established doctrine that "there is a vital relation between the forms of state and the distribution of property, revolutions in the state being usually the results of contests over property." In advancing this axiom, Beard responds to charges that he was a "Marxist" by constructing an interpretation of Western political philosophy and history that draws a firm distinction between his economic interpretation of history and Marx's historical materialism. Beard traces the origins of his own method to the works of Aristotle, Machiavelli, Harrington, Locke, and Montesquieu. This view of political theory and political theorists stands in sharp contrast to the view prevailing among many contemporary political philosophers, who insist that political theory must somehow transcend history and rise above ordinary politics to count as theory. Beard's observations on the nature and tradition of Western political philosophy provide an entrue into New World political thought, which many academic political philosophers have long regarded as something less than "political theory." In contrast, Beard regards the development and application of the method of economic interpretation to be the greatest contribution of American political thought to the tradition of Western political theory. In his surveys of thinkers such as Madison, Webster, and Calhoun, Beard links American political thought to the Western tradition of economic interpretation, which undergirds both "liberalism" and "republicanism." The present-day relevance of this important volume will be evident to all social scientists.
The Economic Basis of a Durable Peace (Collected Works of James Meade)
by James E. MeadeFirst published in 1940, this book suggested the basic principles upon which a new international economic order should be built at the end of the Second World War. Particular attention is paid to the possibility of constructing such an international order on the basis of divergent national economic systems – whether liberal or planned, capitalist or socialist. In undertaking this task the author combines theoretical analysis with a description of the immediate pre-war economic situation and writes in a language which is equally accessible to the economist and the layman.
The Economic Burden of Providing Health Insurance
by Christine EibnerMore than 60 percent of nonelderly Americans receive health-insurance (HI) coverage through employers. However, rising health-care costs may threaten the long-term viability of the employer-based insurance system. This report explores trends in the economic burden associated with HI provision for small and large businesses, as well as the quality of plans that small and large firms offer.
The Economic Case for LGBT Equality: Why Fair and Equal Treatment Benefits Us All
by M. V. BadgettAn economist demonstrates how LGBT equality and inclusion within organizations increases their bottom line and allows for countries' economies to flourishWe know that homophobia harms LGBT individuals in many ways, but economist M. V. Lee Badgett argues that in addition to moral and human rights reasons for equality, we can now also make a financial argument. Finding that homophobia and transphobia cost 1% or more of a country's GDP, Badgett expertly uses recent research and statistics to analyze how these hostile practices and environments affect both the US and global economies.LGBT equality remains a persistent and pertinent issue. The continued passing of discriminatory laws, people being fired from jobs for their sexual orientation and/or gender identity, harassment and bullying in school, violence and hate crimes on the streets, exclusion from intolerant families, and health effects of stigma all make it incredibly difficult to live a good life. Examining the consequences of anti-LGBT practices across multiple countries, including the US, Canada, the UK, Australia, India and the Philippines, Badgett reveals the expensive repercussions of hate and discrimination, and how our economy loses when we miss out on the full benefit of LGBT people's potential contributions.
The Economic Consequences of Globalization on Thailand (Routledge Studies in Development Economics)
by Juthathip JongwanichThis book explores the impact of globalization, especially in the context of trade and investment policies, on the key economic outcomes, including innovation, productivity, employment, and wages, using Thai manufacturing as a case study. The book looks at the impacts of the shift of manufacturing share from industrialized to emerging countries and emergence of ‘global value chains’ (GVCs) as well as liberalization through the proliferation of free-trade agreements (FTAs) on key economic outcomes. The book highlights that globalization, through trade (including the parts and components trade) and investment, continues in Thailand amid the anti-globalization sentiment since the onset of the new millennium, especially the US–China trade war and the COVID-19 pandemic. Thailand has gained considerable benefit from trade and investment liberalization in various forms, including innovation, firm productivity improvements, and workers’ skills enhancement. Although the country has prospered in these areas, several further enhancements are needed in order to effectively harness the benefits available from globalization, including continued trade and investment policy reforms. Key policy inferences are provided in the last chapter. The book will appeal to those with an interest in international economics, especially issues relating to the economic consequences of globalization. It will also appeal to policymakers and practitioners responsible for international trade and investment regulations.
The Economic Consequences of Peace (The\best Sellers Of 1920 Ser.)
by John Maynard Keynes Paul A. VolckerGenerally regarded as the most influential social science treatise of the 20th century, this work by legendary economist John Maynard Keynes is relevant reading even today for anyone who wants to understand international economics and foreign affairs. First published in 1919, The Economic Consequences of Peace created an intense and immediate controversy for its brazen criticism of world leaders and the Treaty of Versailles that ended World War I. Keynes argued that as a blueprint for peace, it was destined to create tension and conflict ahead...and history proved him right when world war broke out again within a generation. The popularity of this key work, and its place in history, helped cement Keynes's status as one of the 20th century's principal economists.
The Economic Consequences of U.S. Mobilization for the Second World War
by Alexander J. FieldA reminder that war is not always, or even generally, good for long-term growth Many believe that despite its destructive character, war ultimately boosts long‑term economic growth. For the United States this view is often supported by appeal to the experience of the Second World War, understood as a triumph of both production and productivity. Alexander Field shows that between 1941 and 1945 manufacturing productivity actually declined, depressed by changes in the output mix and resource shocks from enemy action, including curtailed access to natural rubber and, on the Eastern Seaboard, petroleum. The war forced a shift away from producing goods in which the country had a great deal of experience toward those in which it had little. Learning by doing was only a partial counterbalance to the intermittent idleness and input hoarding that characterized a shortage economy and dragged down productivity. The conflict distorted human and physical capital accumulation and once it ended, America stopped producing most of the new goods. The war temporarily shut down basic scientific research and the ongoing development of civilian goods. U.S. world economic dominance in 1948, Field shows, was due less to the experience of making war goods and more to the country&’s productive potential in 1941.
The Economic Consequences of the Euro: The Safest Escape Plan (Economics in the Real World)
by Stefan Kawalec Ernest Pytlarczyk Kamil KamińskiThis book presents a new narrative on the eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the eurozone first, the book makes the case that the optimal solution would be to start the process with the most competitive countries exiting first. The authors argue that a return to national currencies would be beneficial not only to the crisis-ridden southern countries, but also to France and Germany, which were the main promoters of the single currency. An organised unwinding of the euro area would be beneficial both for the European economy and for Europe’s main trading partners. The authors contend that to defend the euro at all costs weakens the European economy and threatens the cohesion of the European Union. If pro-European and pro-market EU leaders do not dismantle the eurozone, it will most likely be done by their anti-European and anti-market successors. If that happens, the European Union and the common market will be destroyed. This book will be a useful and engaging contribution to the existing literature in the fields of macro, monetary and international finance and economics.
The Economic Consequences of the Gulf War
by Kamran MofidThe Iran-Iraq War were one of the longest and most devastating uninterrupted wars amongst modern nation states. It produced neither victor nor vanquished and left the regimes in both countries basically intact. However, it is clear that the domestic, regional and international repercussions of the war mean that 'going back' is not an option. Iraq owes too much to regain the lead it formerly held in economic performance and development levels. What then does reconstruction mean? In this book, Kamran Mofid counteracts the scant analysis to date of the economic consequences of the Gulf War by analysing its impact on both economies in terms of oil production, exports, foreign exchange earnings, non-defence foreign trade and agricultural performance. In the final section, Mofid brings together the component parts of the economic cost of the war to assign a dollar value to the devastation.
The Economic Consequences of the Peace
by John Maynard Keynes Robert LekachmanJohn Maynard Keynes, at the time a rising young economist, abruptly resigned his position as adviser to the British delegation negotiating the peace treaty ending World War I. Frustrated and angered by the Allies' focus on German war guilt, Keynes predicted that the vindictive reparations policy, which locked Germany into long-term payments, would not only stifle the German economy for another generation but leave Europe in ruins. Published in 1919, Keynes's The Economic Consequences of the Peace aroused heated debates throughout Europe; his remarkably prescient conclusions were frequently cited by German leaders during the decades between the wars. Keynes's well-reasoned yet impassioned arguments, peppered with biting portraits of the statesen involved in the peace treaty-including Llyod George, Georges Clemenceau, and Woodrow Wilson-brought him immediate fame. "The most important economic document relating to World War I and its aftermath" -John Kenneth Galbraith .
The Economic Consequences of the Peace
by John Maynard KeynesIn 1919, Keynes participated in the negotiations of World War I's armistice. He strongly disagreed with terms of reparation imposed on Germany, arguing in this controversial book that German impoverishment would threaten all of Europe. This prophetic view of the European marketplace in the early 20th century represents a much-studied landmark of economic theory.