Alfred Steinherr

Derivatives the Wild Beast of Finance

A Path to Effective Globalisation?

• Broschiertes Buch

Produktbeschreibung

This new paperback edition of the successful 1998 cloth edition proves the soundness of many of Dr. Steinherr's earlier predictions as well as his alternative view of the role of derivatives in the world economy. Often regarded as the villain behind such recent financial disasters at Barings, Orange County, and the ERM crisis, derivatives, Steinherr argues, are just the opposite: financial instruments that ensure risk management in global markets, safeguarding against financial collapse and disaster.

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In den letzten 20 Jahren ist der Derivatehandel regelrecht explodiert. Die Struktur dieser Finanzprodukte wird jedoch zunehmend komplexer; die Beträge werden immer höher. Derivate wurden häufig als die großen Übeltäter identifiziert, die für viele der wohl bekanntesten Finanzkatastrophen, einschließlich der Barings Bank- und ERM Krise, verantwortlich waren. Dies ist die neue, komplett überarbeitete und aktualisierte Broschurausgabe von "Derivatives: The Wild Beast of Finance". Der Inhalt wurde komprimiert und um einige der komplexeren Themen gekürzt. Dadurch wurde diese Ausgabe für Anleger und Finanzinteressierte verständlicher. Steinherr vertritt hier die Ansicht, daß Derivate - wenn man umsichtig vorgeht - ein wirksames und durchaus akzeptables Anlagemittel sind. Darüber hinaus sind sie ideal geeignet, um effektives Risikomanagement in globalen Märkten zu gewährleisten und mögliche Finanzkatastrophen einzudämmen.

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Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.

Produktdetails

• Verlag: Wiley & Sons
• 1. Auflage
• Seitenzahl: 370
• Erscheinungstermin: 8. Juni 2000
• Englisch
• Abmessung: 229mm x 152mm x 20mm
• Gewicht: 466g
• ISBN-13: 9780471822400
• ISBN-10: 047182240X
• Artikelnr.: 08780428

Autorenporträt

Alfred Steinherr is General Manager at the European Investment Bank in Luxembourg and Rector of the Free University of Bolzano in Italy. He was responsible for the development of the EIB's risk-management and performance systems and for the design of risk hedging.

Inhaltsangabe

Preface to the Revised Paperback Edition
Introduction
Part I A Look Back
1 Evolution of Finance
Venice, April 1470
1 The functions of finance
2 The first step towards managing financial risk: diversification and
collateral
3 The second step towards managing financial risk: limited liability,
bankruptcy laws, seniority rules, balance-sheet structure
4 The third step towards managing financial risk: creating tradable
instruments and liquidity in organised markets
5 The final step towards managing financial risk: derivatives and financial
engineering
6 Could the acceleration in financial innovation since 1970 have been
predicted?
7 Conclusion
Notes
2 The Americanisation of Global Finance
Minnesota Banc Corporation
1 The emergence of the American model of finance
2 The crowning achievement: risk-management finance
3 Maintaining market liquidity: the sine qua non of the "American model"
4 Global finance: the result of exporting the "American model"
5 Conclusion
Notes
3 Dramatic Events
How George Soros sees it
1 The EMS crisis of 1992-93
2 Metallgesellschaft: in the red or in the black?
3 Barings: victim of high-leveraged speculation and loose controls
4 Bankers Trust: caveat emptor
5 David Askin: the fallen star of the mortgage-backed securities sky
6 Instability in emerging markets: Mexican tequila
7 Hedge funds and the collapse of LTCM
8 Conclusion
Notes
Part II Derivatives and Their Markets
4 The Revolution in Risk Management
Farming for the future
1 What can derivatives achieve?
2 Price discovery and volatility
3 Is risk management a fundamental corporate objective?
4 Risk management: science or fad?
5 Risk management: some examples
6 Conclusion
Notes
5 Mutualisation of Risk on Exchanges
Chicago's other side
1 Evolution of exchange-traded financial derivatives
2 Organisation of the exchanges
3 What makes a successful exchange-traded contract?
4 New product developments on the exchanges
5 Exchanges for a global market
6 Conclusion
Notes
6 Customised Risk Management in OTC Markets
How to lose money on a long put when markets crash
1 Market developments
2 Significant bank involvement
3 Contagion risk
4 Regulatory inadequacies for the specificities of OTC markets
5 New developments
6 Conclusion
Notes
Part III Public Policy Options
7 Are Derivatives a Threat to Global Financial Stability?
The global financial crash of October 2002
1 Systemic risk illustrated with the crises in Asia and Russia
2 Derivatives: the dynamite for financial crises
3 Global derivative finance: the fuse for contagion
4 Conclusion
Notes
8 Challenges for the Established Financial Order
The butterflies of finance
1 The classical paradigm of financial policy
2 Paradise lost
3 Reducing systemic risk: the Basle approach
4 Conclusion
Notes
9 A Financial Policy Model for the Next Century
The challenge of global money
1 Reform of the international financial system
2 The architecture for regulatory rethinking
3 Risk management through clearing-houses
4 Phasing out the banking franchise and institutional regulation
5 Redefining the relationship between central banks and financial
intermediaries
6 Conclusion
Notes
Part IV A Look into the Future
10 Derivatives: the Future of Finance
Antofagasta (Chile), summer of 2020
1 The ascent of institutional investors
2 Ownership and corporate governance
3 Macro futures
4 Real estate futures
5 The end of banking?
6 Conclusion
Notes
11 Conclusions
1 The origin of the species
2 OTC versus exchange-traded contracts
3 Americanisation of global finance
4 Risk management: one of the most important innovations of the 20th
century
5 Work of the devil or social benefit?
6 Financial structure in the 21st century
7 Shifts of power
8 Crystal ball gazing
Glossary
References
Index

Rezensionen

"This book is a stimulating read with an excellent overview of risk in banking. It can be recommended to anyone who is interested in banking, derivatives and the regulation of the financial sector." -- Times Higher Educational Supplement, 17th November 2000