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.

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