Book Description
As trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as “financial statecraft,” or those aspects of economic statecraft directed at influencing international capital flows. How precisely has the American government practiced financial statecraft? How effective have these efforts been? And how can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book.
Customer Reviews:
TERRIBLE.......2007-01-21
Very naive - these guys need to work harder before publising. Some terrible naive comments - reads like a bad essay at university and perhaps even high school. waste of money... Terrible stuff a shame that anyone published this.
Too little on actual financial statecraft.......2006-05-07
I must respectfully disagree with the esteemed reviewers of this book listed above. I expected so much more from a book with such a fine pedigree (Brookings and the US Council on Foreign Relations).
The topic of how states use financial instruments towards their foreign policy goals is an area which certainly requires more understanding. As such, I expected this book to be an in-depth study of the various ways states have used such tools, and how the authors expect such tools to be used in the future. I thus expected analyses of topics such as how states respond to currency crises of allies and enemies and how states use counterfeiting of enemies' currencies as foreign policy (i.e. as Iran is alleged to do with the US dollar). I also expected a study of how states manipulate access to important currencies (as when the US cut Panama off from receiving dollars as part of an effort to topple Noreiga) and how they have sought to manipulate the foreign financial press (as is alleged to have happened during the classical Gold Standard era).
Some of these topics did receive mention. The issue of how the US should respond to allies' crises received good coverage, especially regarding South Korea. There was also one paragraph acknowledging that countries have counterfeited others' currencies, and a brief discussion of petro-dollar recycling. Moreover, I found the chapter on how interest groups have attempted to restrict access to US capital markets to further other goals very illuminating, and there was a nice summary of anti-terrorism finance legislation. Overall, I found the first half of the book very enlightening.
Unfortunately, the other half of the book dealt predominantly with the authors' assertions that dollarization should be the way forward for developing countries to prevent currency crises, and in particular, that the US should encourage this and absorb some of the costs. The issues of whether countries should use floating, dirty float, pegged or dollarized exchange rates is an important one. However, I did not pick up this book to read about the authors' assertions about dollarization--I picked it up to read about financial statecraft.
Financial statecraft will only grow in importance, and as the authors note, it is critical that policymakers understand how it functions and what tools are at their disposal. This book only discusses financial statecraft primarily in its first 80 pages (and scattered in some places in the latter part of the book as well). I feel eighty pages was just too little to adequately examine financial statecraft. Instead, the reader is unfortunately left with a quick gloss-over of only a few aspects of such an important and under-analyzed topic.
Capital Markets Sanctions: A Very Stupid Idea Whose Time Has Come.......2006-03-09
Steil and Litan define economic statecraft as applying economic means to influence other actors in the international system, and financial statecraft as those aspects of economic statecraft that are directed at influencing capital flows. They cover a wide range of issues, starting from the recycling of petrodollars in the 1970s to the fight against the financing of terrorism after 9/11, with special highlights on financial sanctions against non-state actors and on the foreign policy dimension on financial crises.
Capital market sanctions, the idea of restricting access to the US capital markets in the service of foreign policy aims, are increasingly popular in some quarters, reflecting the growing importance of capital transactions over trade flows. The authors demonstrate that it is also an incredibly stupid idea: money is fungible, and the capital that is not raised in New York can be easily raised elsewhere at the same cost. Even if all major stock markets cooperated to bar access to targeted companies that operate in certain rogue states or participate in arms dealings, the small rise in the cost of capital that these firms would incur would be vastly offset by the gains accrued from these operations.
The authors raise the example of PetroChina, which Congress tried to ban from listing on the New York Stock Exchange because of its involvement in the Sudanese energy sector. The public campaign against the Chinese company assembled a motley crew of activists, ranging from organizations associated with the Christian Right to the AFL-CIO and human rights advocates. In the end, the IPO was scaled down and the campaigners claimed victory, as the AFL-CIO convinced some pension funds not to invest in the Chinese company.
Meanwhile, the share price of PetroChina quadrupled in four years, and Sudan now exports 85% of its oil to China. Interestingly, the main foreign investor in the company is the US mogul Warren Buffet, known for his investment acumen and who acquired 14% of the company through the Hong Kong Stock Exchange, where most of its shares are listed. The idea that foreign firms can raise capital only on Wall Street and that US investors wait at home for them to come is simply wrong.
This book is a reminder that "policymakers frequently apply financial statecraft with a poor understanding of how financial markets actually work, leading to policy actions which are inadequate or which exacerbate the problems they are trying to remedy."
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Banking Regulation and World Trade Law: Gats, Eu and "Prudential" Institution Building
Lazaros, E Panourgias
Manufacturer: Hart Publishing
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ASIN: 1841134589 |
Book Description
This book covers the legal aspects of international trade in financial services, with a focus on the possible conflicts between international trade liberalisation norms and banking regulation.
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Financial Geography: A Banker's View (Routledge International Studies in Money and Banking)
Ris Laulajainen
Manufacturer: Routledge
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ASIN: 0415278708 |
Book Description
Previously, there a been a distinct lack of literature on the economic geography of the world's financial centers. This book is set to remedy that gap.
Financial Geography is the only geographical reader explaining the intricacies of high finance from a global perspective in the 1990s. It is a comprehensive presentation of institutional backgrounds, markets, products, actors and locations, a non-technical primer for future bankers and financial analysts, and a keystone in the basic education of future executives.
This truly internationally focused book is as enjoyable as is it informative. All students and academics involved with economic geography as well as professionals in the banking and finance industries will find this text to be an indispensible book for their bookshelves.
Book Description
In the past decade, Islamic finance has grown at rates exceeding 20% a year. It is now a $200 billion industry, with operations in over 70 countries. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. It traces the evolution of Islamic finance, explores its significance from a historical and comparative perspective, and considers the strategic, marketing, managerial, political, economic, regulatory and cultural challenges faced by Islamic institutions. Based on rigorous academic research as well as considerable empirical work, this authoritative book is set to become an invaluable reference work for all those with an interest in Islamic and Middle Eastern economics, business and finance.
Customer Reviews:
excellent book.......2002-10-18
this an excellent book, very comprehensive and clearly written, which could be read by both beginners and specialists. i recommend it highly.
A Good Reading.......2001-06-20
This is a good reading but it lacks reference to all the sources from which the ideological foundation of Islamic Economic System has been derived. If you are interested in a rational ideological background of Islamic Economics the following two books are also a must read:
1. Society and Economics in Islam :Writings and Declarations of Sayyid Mahmud Taleghani by Sayyid Mahmud Taleghani, Prof. Hamid Algar (Editor) (available on amazon)
2. Our Economy by Muhammad Baqir As-Sadr
By far the best book on Islamic banking and finance.......2001-02-14
After the frustration of looking for a good book on the subject of Islamic banking and finance, I was glad I found 'Islamic finance in the global economy'. It is by far the best, most comprehensive and most readable book on the subject. The author has an encyclopedic knowledge of the subject in all its ramifications (religion, finance, economics, politics, history, etc.), yet his erudition does not stand in the way of clarity. Indeed, Warde is a superb writer, and the book can be read and enjoyed by a wide range of readers - bankers and other professionals, academics and researchers, students, etc. While the book's lucid and fluid style makes it accessible to those who are new to the subject, it will be equally valuable to those well versed in the subject: academics, experts, Shari'ah advisers (who will not doubt use it as a handy reference book). Indeed it is heavily footnoted and has a comprehensive index. As the title indicates, it is a book about Islamic finance 'in the global economy'. As such it provides a welcome departure from most books on the subject, which are really about theology, and not about the 'real world' of Islamic finance. One criticism of the book is its rather steep price. Although it is in my opinion worth every penny, the book will be out of the reach of most of its potential audience. The publisher may assume that bankers can afford it, but I feel that its potential audience is much larger: certainly all students of Islamic economics and finance will want to read it. (I assume however that there will be at some point a paperback edition.) M. Osman, London
Book Description
The overriding objective of Eun and Resnick's International Financial Management, 3e is to teach students how to be effective global financial managers. The text covers the fundamentals of the macroeconomic environment of international financial management, discusses the financial environment in which the multinational firm and its managers must function, and covers foreign exchange management and financial management in a multinational firm.
Customer Reviews:
Useless!!!.......2007-04-11
First and foremost, all the previous 7 reviews are not for this "Cram 101 Textbook Outlines". It's a shame that Amazon used the reviews for textbook itself without verifying the contents of the totally different "Cram 101 Textbook Outlines".
So disregard the previous 7 reviews and let's talk about this "Cram 101 Textbook Outlines".
This is supposed to be a companion book for a textbook published by McGraw-Hills Irvin, "International Financial Management" 3rd edition by Eun and Resnick.
However, this "Cram 101 Textbook Outlines" is useless!!! This is nothing but a bunch of glossary. And a half of the book is blank for writing notes. What a rip-off!!!
There's no outlines at all. No chapter summaries, no explanation of concepts. Totally useless.
I have used "Collins College Outlines" series (I rate them 3 stars) and "Barron's Business Reviews" series (I rate them 5 stars).
Never buy any of "Cram 101 Textbook Outlines" series.
Extra notes: textbook "International Financial Management" is now 4th edition. Another reason why this "Cram 101 Textbook Outlines" is useless.
Technical notes: "Cram 101 Textbook Outlines" is POD (Print on demand). No wonder quality of printing is inferior (Looks like a Xerox copy). And priced too high for this quality. For those who are not familiar with publishing industry--POD is used for ultra small quantity less than 100 copies. This is a telltale sign that book is not expected to sell minimum quantity (usually 3,000 copies) that commercial publisher is willing to commit to publish. Simply put, POD means inferior and overpriced books. A work of amateur.
The most disgusting textbook I ever read!.......2006-12-12
This is the most disgusting book I have ever read.
This not actually a textbook, but a bunch of statistical data. Authors even do not try to teach you, what they try is to make you familiar with techniques and tools used in the world. Yes, they do provide you with some simple examples, but do not teach you how to apply. They try to be concise, instead of being concise, they just ommit a lot of information and provide book references for you to search on your own.
If you want to get familiar with the most modern financial tools, you can buy it, but if your goal is to learn, get a profound understanding of concepts, train yourself, then look for another option.
The authors, from my point of view, just scholars, who do know a lot, but unfortunately, cannot teach and explain.
The book lacks exercises. There are some, but do not pretend to master swaps or hedging doing them. Book is just a statistical summary on current situation in financial markets, some theories, which of little value for a real job and that is all.
Do not pay for it, unless you are Warren Buffet. :))
Finance in Practice.......2006-11-10
The approach this book has on the International Finance topic is good. Some chapters have more theory than others which might be confusing for someone without a business background. However, the examples provided are excellent.
Boring.......2006-02-23
Wow...This book was boring and confusing. I got it for my international finance class and it is just really hard to follow. It was a waste of money.
Step-by-step guide from the master.......2002-03-10
This book set me up very nicely for a career in forex markets. Possibly the gentlest introduction to international finance, the book does not waste any time with implementation of the ideas, instead provides you with the requisite knowledge, and illustrative examples. I had the fortune of being taught the subject by the author (Dr. Eun), and so the book was fully utilized. However, other teachers would also find the book an ideal companion to course notes. In fact, the book is so well written, it seems like a tutorial. You cannot go wrong if you are using it for international finance courses. The book will also help you with preparation for the CFA charter examinations.
Book Description
Predict, Avoid, Manage—and Even Profit From—Bankruptcy With this new Second Edition of the first definitive guide This new edition of the premier business failure, insolvency, default, and bankruptcy guide provides financial professionals of every stripe with a master reference to the latest banking, credit, investment, legal, financial, and management thought and practice. To help readers combat corporate distress in the '90s and beyond, distinguished author Edward I. Altman includes coverage of…
- Unique statistical tools—author-developed techniques for assessing firms' distress potential, measuring debt price movements, benchmarking debt investor and market performance, establishing the present value of loans, and so much more.
- Junk bonds—Altman revisits this market to provide an in-depth analysis of the role and risk-return trade-offs of this controversial source of finance
- Emerging trends—complete explorations of debtor-in-possession lending, prepackaged bankruptcy, and the epidemic of fraudulent conveyance suits resulting from ill-conceived restructurings
- An evaluation of the Chapter 11 process, now under public scrutiny and criticism
- Bankruptcy reorganization case histories—real-world data to help readers carry out debtor valuation analyses and restructurings, featuring Duplan Corporation and Wheeling Pittsburgh Steel Corporation
With this wealth of authoritative information and practical guidelines, bankruptcy creditors, debtors, investors, and third party professionals will have everything they need to predict, avoid, manage, and profit from corporate distress. "Corporate Financial Distress and Bankruptcy is an excellent analysis of an increasingly important topic. Professor Altman is the premier scholar in this area, and this book is a fitting reflection of that scholarship." —Ben Branch, Trustee Bank of New England Corporation Professor of Finance, University of Massachusetts "Corporate Financial Distress and Bankruptcy is an indispensable resource for all who are interested in bankruptcy. Ed Altman has collected, in a single volume, the history, legislative facts, statistics and analytic methods that I search for time and time again. This book is outstandingly comprehensive and up-to-date." —Martin S. Fridson, Managing Director Securities Research and Economics, High Yield Research Group Merrill Lynch
Book Description
The globalization of finance is widely recognised as one of the most significant features of the contemporary world. In this timely new book, Tony Porter guides students through current debates about global finance and discusses the extent to which the development of a global marketplace affects our daily lives. He examines the complex networks of public-sector and non-governmental institutions and practices that facilitate the globalization of finance and provide an emerging set of arrangements for regulating it. The book is both comprehensive and innovative, and includes chapters on banking, securities markets, foreign direct investment, private authority, the role of developing and transition countries, global civil society, gender, the politics of risk practices and financial crises, and democracy. Written for students approaching the topic for the first time, this book provides a coherent, empirical and theoretically rigorous introduction to the governance of global finance.
Book Description
Step-by-step guidance, insider tips, and all the tools you need to create budgets and financial plans that win grants
Grants are a major source of funding in the nonprofit sector, and nonprofits invest considerable time, effort, and resources into obtaining them. A key aspect of any successful grant application initiative is budgeting and financial planning. A well-crafted budget, clearly delineating when, where, and how grant moneys will be applied, goes a long way toward selling a grantor on an applicant's vision. Unfortunately, many nonprofit professionals lack the know-how required to create budgets that instill grantors with confidence. This book fills that much-needed gap. Authors James Aaron Quick and Cheryl Carter New walk you through the entire budgeting process, providing invaluable insider tips, guidelines, and rules of thumb. More importantly, they provide you with indispensable guidance including a complete, step-by-step budgeting system, with each step fully documented and accompanied by an arsenal of powerful tools, plus much more to help you transform your organization's vision-and mission-into reality.
Customer Reviews:
Great Step by Step to a Budget that Makes Sense.......2005-01-25
I discovered this book when writing The Complete Idiot's Guide to Grant Writing and found it terrific for learning how to put together a program budget. Having done this for years and having taught others how to do it, I found their approach clear and to the point. The many examples are especially helpful.
Much more that you asked for...........2002-07-14
I have done many budgets and taught workshops and seminars on how to do budgets. The first response I had to this book is that I was glad I understood the process because if I didn't, I would not be able to understand this book. It is obfuscating, repetitive, and full of obscure, irrelevant quotes from such diverse sources as Humpty Dumpty, the Cheshire Cat and Shakespeare. As a matter of fact, I usually don't use obfuscating words or concepts myself, but this book has led me to do so. Having said that, I did gain new knowledge, new concepts and new viewpoints that will be very helpful. It was hard work to find these gems - I prefer direct, basic explanations since they usually avoid confusion. I also disliked Wise Guy and Wise Lady - text set aside in blocks - where he asks dumb questions and she give smart-aleck or condescending answers to dumb questions. Both are insulting to the intelligence of the reader.
This is definitely not a book that you pick up as a reference source when you are beginning or in the middle of preparing a budget. It is not a book for beginners, unless you have the time and patience to work your way through, chapter by chapter, learning their process step by step. Indeed, it would be a good text for a full semester class, with lectures and homework and steady progression through its many topics. Budgets don't really come into the picture until Chapter 5. The authors require that you learn or relearn their terminology relevant to grant writing before you can approach actual budgeting. Throughout the book they present concepts and ideas, and drag on through several paragraphs or pages saying what something is not before saying what it is. By their definition, of course - which you must accept to move forward.
This is really a book on preparing grant applications, not just budgets. Several chapters and sections of chapters are devoted to projects, programs, defining problems, defining solutions, project development, and program evaluation. Each is described in detail, with examples and forms, which are also available on the accompanying CD-ROM. By the time you get to Chapter 5 and see a budget form you are exhausted. But take a vitamin pill - Chapters 6 through 9 detail in depth the difference components of a budget, using their terminology. Which you memorized back in the beginning of the semester for the first test. Again, the explanations are exhaustive and belabored, and stated often in negatives, which is confusing. For example, Chapter 6 is dedicated to explaining direct costs. There are nine pages defining the different types of travel, including definitions of travel by watercraft and by animal. After all the various modes of travel are defined, the rest of the chapter explains how to acquire each of them on site and the different types of each. Bus travel is broken down into inter-city, intra-city, and chartered. They also describe express buses and local buses, and where and how to purchase tickets. More information than most of us need, to say the least. If you don't know the difference between an express and a local bus by now, you are in big trouble. Not that it is relevant to preparing a budget anyway.
The authors are committed to a budget format that uses very specific line items. They state that any item you can put in a budget can fit into one of their categories. Just for fun, I came up with a couple of items I would put in a budget that I couldn't fit into their scheme. And if you want to use their forms from the CD-ROM, you must do all your budgets according to their line items. You are on your own if you have a potential funder that demands you use their forms and their line items.
If you can ignore all the indirect, convoluted and useless information, this book has a lot to offer. Many concepts are very valuable and useful. Some of the forms are also useful. There are planning forms and evaluation forms in addition to more budget forms that usually appear in one place. Select the information that is relevant, ignore the rest and use what is applicable. Wading through the chaff to get to the wheat is not easy, but many of the kernels are worth the effort. And if you are taking or teaching a full semester course this could be a useful text or supplement.
Book delivers more than budgeting advice.......2001-11-15
In providing a much-needed context for the discussion of grant proposal budgets, the authors have actually created a step by step, straightforward plan to design a sound project. They begin with how a good project springs from a problem that your organization can solve. Then they walk you through defining the project's purpose, goals, and component steps.
I am torn about this book, because I believe grant seekers should NOT be the ones to design programs; program staff ought to do that. However, I realize that in reality grants people often end up with this task, or can act as advisors and coaches to those going through the process. And in any case, we grant seekers need to understand the task of project design and how it relates to expressing a project in numbers and words when approaching a funder.
The book goes on to focus on budgets, after the groundwork of planning has been expertly laid. The sections on budgets are very useful for anyone dealing with government proposals.
So, while the book takes a stance I don't necessarily agree with - that the grant seeker is a project designer - I have rated it highly because it is sure to result in better planned projects for anyone who follows its advice.
Average customer rating:
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European Foreign Exchange Movements and Financial Institutions
John Doukas
Manufacturer: International Business Press
ProductGroup: Book
Binding: Hardcover
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ASIN: 1560246634 |
Books:
- Food and Beverage Cost Control
- Foundations of Financial Markets and Institutions (3rd Edition)
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- Generational Accounting around the World (National Bureau of Economic Research Project Report)
- Governmental and Nonprofit Accounting: Theory and Practice (8th Edition) (Charles T Horngren Series in Accounting)
- Guide to the Sarbanes-Oxley Act: What Business Needs to Know Now That it is Implemented
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
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